Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
 Dated as of
June 14, 2018 
 ICBC STANDARD BANK PLC 

and 
 WORLD GOLD TRUST

 on behalf of its series set forth on Schedule A hereto 

 
  

UNALLOCATED GOLD ACCOUNT AGREEMENT 
  

 
  

  
 1 

 This UNALLOCATED GOLD ACCOUNT AGREEMENT (this “Agreement”) is made as of the date set out
on the cover page of this Agreement 
 BETWEEN 
  

	(1)	ICBC Standard Bank Plc, a public limited company incorporated under the laws of England and Wales with its registered office at 20 Gresham Street, London, EC2V 7JE, United Kingdom (the
“Custodian”); and 

  

	(2)	World Gold Trust, a Delaware statutory trust organized in series having its principal office and place of business at 685 Third Avenue, 27lh Floor, New York,
NY 10017 (the “Trust”). 

 INTRODUCTION 
  

	 	(l)	The Custodian has agreed to open and maintain an Unallocated Account for each series of the Trust listed on Schedule A hereto (each, a “Fund” and collectively, the “Funds”) and to
provide other services to the Funds in connection with the Unallocated Accounts. 

  

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

  

	 	(3)	The Custodian has agreed to transfer Gold deposited into a Fund Unallocated Account to the corresponding Fund Allocated Account. 

  

	 	(4)	In order to effect redemptions of Shares of a Fund for Authorized Participants, Physical Gold must be transferred from the Fund Allocated Account to the Fund Unallocated Account by way of
de-allocation, and must then be delivered to the AP Account. 

  

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

 IT IS AGREED AS FOLLOWS 

 

	1.	INTERPRETATION 

  

	 	1.1	Definitions: In this Agreement, unless there is anything in the subject or context inconsistent therewith, the following expressions shall have the following meanings. 

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

  
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 “Allocated Gold Account Agreement” means the Allocated Gold Account Agreement of
even date herewith between the Trust and the Custodian pursuant to which each Fund’s Allocated Account is established and operated. 

“AP Account” means a loco London Gold account maintained on an Unallocated Basis by the Custodian or a Gold clearing bank
approved by the LBMA for the Authorized Participant, as specified in the applicable transfer instructions given under clause 5.2. 

“AP Application” means an offer by an Authorized Participant to a Fund (in the form prescribed by the Fund) to subscribe for
Shares, being an offer on terms referred to in the Fund’s Prospectus and in accordance with the provisions of the relevant Authorized Participant Agreement and the Conditions. 

“AP Redemption Form” means an offer by an Authorized Participant to a Fund (in the form prescribed by the Fund) to redeem
Shares in exchange for Gold, being an offer on terms referred to in the Fund’s Prospectus and in accordance with the provisions of the relevant Authorized Participant Agreement and the Conditions. 

“Authorized Participant” means a person which, at the time of submitting an order to a Fund for the creation or redemption of
Shares: (a) is a person who (i) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which, but for an exclusion from registration, would be required to register
as a broker-dealer to engage in securities transactions, and (ii) is a participant in The Depository Trust Company or its successors; (b) has in effect a valid Authorized Participant Agreement and (c) has established an
AP Account. 
 “Authorized Participant Agreement” means a written agreement between the Trust, the Sponsor and an Authorized
Participant in relation to Shares and, if such agreement is subject to conditions precedent, provided that such conditions have been satisfied. 

“AURUM” means the electronic matching and settlement system operated by LPMCL. 

“Authorised Representatives” has the meaning given to that expression in clause 5.1. 

“Availability Date” means the London Business Day on which a Fund wishes the Custodian to credit to the Fund Unallocated
Account Gold to be transferred to the Fund Unallocated Account on such London Business Day. 

  
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 “Benchmark Price” means, as of any day, (i) such day’s LBMA Gold Price
PM or the next most recent LBMA Gold Price PM if such day’s LBMA Gold Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trust and which the Trust may determine fairly represents the
commercial value of gold held by the Trust. 
 “Conditions” means the terms and conditions on and subject to which Shares
are issued in the form or substantially in the form set out in the Prospectus and the Authorized Participant Agreement. 

“Dispute” means for the purpose of clause 15 any disagreement between the Trust and the Custodian which has not been
resolved amicably within a period of fourteen London Business Days after the Trust has received from the Custodian, or the Custodian has received from the Trust, written notification of the disagreement. 

“Fund Allocated Account” means the loco London Gold account established in the name of a Fund and maintained for the benefit
of the Fund by the Custodian on an allocated basis pursuant to the Allocated Gold Account Agreement. 
 “Fund Unallocated
Account” means the loco London Gold account established in the name of a Fund and maintained for the benefit of the Fund by the Custodian on an Unallocated Basis pursuant to this Agreement. 

“Gold” means (i) Physical Gold held by the Custodian or any sub-custodian under
the Allocated Gold Account Agreement and/or (ii) any credit to an account, including a Fund Unallocated Account, on an Unallocated Basis, as the context requires. 

“LBMA” means The London Bullion Market Association or its successors. 

“LBMA Gold Price AM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England time. 

“LBMA Gold Price PM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London, England time. 

“Loco London” means with respect to an account holding Gold, the custody, trading or clearing of such Gold in London, United
Kingdom. 

  
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 “London Business Day” means a day (excluding Saturdays, Sundays and public
holidays) on which commercial banks generally are open for business in London and on which the London gold bullion market is open for business. 

“London Good Delivery Standards” means the specifications for “good delivery” gold bars, including, without
limitation, the specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars, set forth in “The Good Delivery Rules for Gold and Silver Bars” published by the LBMA. 

“LPMCL” means London Precious Metals Clearing Limited or its successors. 

“Metal Accounts” means a Fund Allocated Account and the corresponding Fund Unallocated Account. 

“New York Business Day” means a day other than a day on which a Fund’s listing exchange is closed for regular trading.

 “Phoenix Portal” means the Custodian’s electronic system which allows input of clearing instructions and viewing of
account balances, as it may be updated from time to time. 
 “Physical Gold” means gold bullion that meets the London Good
Delivery Standards. 
 “Prospectus” means the prospectus constituting a part of the registration statement filed with
respect to a Fund with the Securities Exchange Commission in accordance with the U.S. Securities Act of 1933, as amended, in relation to the Fund’s Shares, as the same may be modified, supplemented or amended from time to time. 

“Rules” means the rules, regulations, practices, procedures and customs of the LBMA, including the London Good Delivery
Standards, the LPMCL, the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority or other body, applicable to the activities contemplated by this Agreement. 

“Shareholder” means the beneficial owner of one or more Shares of a Fund. 

“Shares” means the units of fractional undivided beneficial interest in a Fund which are issued by the Fund pursuant to its
Prospectus. 
 “Sponsor” means WGC USA Asset Management Company, LLC, its successors and assigns and any successor Sponsor.

  
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 “Unallocated Basis” means, with respect to the holding of gold, that the holder
is entitled to receive delivery of Physical Gold in the amount standing to the credit of the holder’s account, but the holder has no ownership interest in any particular gold that the custodian maintaining that account owns or holds. 

“VAT” means value added tax as provided for in the Value Added Tax Act 1994 (as amended or
re-enacted from time to time) and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal
nature. 
 “Withdrawal Date” means the London Business Day on which a Fund wishes a withdrawal of Gold from the Fund
Unallocated Account to take place. 
  

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

  

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

  

	 	1.4	Construction: The word “including” means “including without limitation”. The word “or” is not exclusive. 

2. UNALLOCATED ACCOUNT 
  

	 	2.1	Opening Unallocated Account: The Custodian shall open and maintain a Fund Unallocated Account for each Fund. 

  

	 	2.2	Denomination of Unallocated Account: A Fund Unallocated Account will hold deposits of Gold and will be denominated in fine troy ounces (to three decimal places). 

 

	 	2.3	Unallocated Account Reports: The Custodian shall provide the Notices and Reports set forth on Schedule B hereto. Such reports also will be made available to the Trust by means of the Phoenix Portal, provided
that, if the Phoenix Portal is unavailable for any reason, the Trust and the Custodian will agree upon a temporary notification system for making such reports available to the Trust. Unallocated holdings are available real time on the
Custodian’s Phoenix Portal. 

  

	 	2.4	Reversal of Entries: The Custodian shall reverse any provisional or erroneous entries to a Fund Unallocated Account which it discovers or of which it is notified with effect back-valued to the date upon which the
final or correct entry (or no entry) should have been made. 

  
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	 	2.5	Provision of Information: Subject to clause 7.3, the Custodian agrees that it will forthwith notify the Trust in writing of any encumbrance of which it is aware is or is purported to have been created over
or in respect of a Fund Unallocated Account or any of the amounts standing to the credit thereof. 

  

	 	2.6	Access: The Custodian will allow the Sponsor and the Trust and their identified representatives, independent public accountants and bullion auditors access to its premises, upon reasonable notice during normal
business hours, to examine the Gold and such records, as they may reasonably require to perform their respective duties with regard to investors in a Fund’s Shares. The Trust agrees that any such access shall be subject to execution of a
confidentiality agreement and agreement to the Custodian’s security procedures, and any such audit shall be at the applicable Fund’s expense. 

  

	 	2.7	Regulatory Reporting: To the extent that the Custodian’s activities under this Agreement are relevant to the preparation of the filings required of the Trust under the securities laws of the United States or
any other jurisdiction, the Custodian will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, cooperate with the Trust and the Sponsor and the Trust’s and the Sponsor’s representatives to provide such
information concerning the Custodian’s activities as may be necessary for such filings to be completed. Additionally, to the extent that the Custodian’s activities or controls in its capacity as custodian of the Trust’s assets are
relevant to the information presented in the financial statements of the Trust, the Custodian will cooperate with the Sponsor and the Trust to assist the Sponsor in providing the required written assurances regarding the reliability of the internal
controls used in the preparation of such financial statements, including by providing the Sponsor’s and the Trust’s external auditors with any necessary information and reports regarding the Custodian’s internal controls over
financial reporting as far as such reporting relates to the scope of the Custodian’s duties. 

 3. DEPOSITS 

 

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

 

	 	(a)	de-allocation of Gold held in the corresponding Fund Allocated Account on redemption of Shares by an Authorized Participant; or 

 

	 	(b)	transfer of Gold from an AP Account relating to the same kind of Gold and having the same denomination as that to which the Fund Unallocated Account relates in connection with an AP Application by an Authorized
Participant for Shares. 

 No other methods of deposit are permitted. 

  
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	 	3.2	Notice Requirements: Notice of intended deposit must be received by the Custodian from the Trust (or its Authorised Representatives) no later than 3:00 p.m. (London time) one London Business Day prior to the
Availability Date and specify the weight (in fine troy ounces of gold) to be credited to the applicable Fund Unallocated Account, the Availability Date, the account from which such deposit will be transferred, and any other information which the
Custodian may, with the agreement of the Trust, from time to time require. The Custodian will promptly notify the Trust by email upon a deposit of Gold being made into the Fund Unallocated Account pursuant to clause 3.1(b). When, by reference
to the Trust’s notifications and instructions to the Custodian, the Custodian reasonably believes an amount of Gold has been credited to a Fund Unallocated Account in error, the Custodian will notify the Trust promptly and, pending a joint
resolution of the error, will treat such amount as not being subject to the standing instruction in clause 5.3 below. 

  

	 	3.3	Right to Amend Procedure: The Custodian may amend the procedure in relation to the deposit of Gold to a Fund Unallocated Account only where such amendment is caused by a change in the Rules, provided that the
Custodian shall, whenever practicable, notify the Trust and the Sponsor within a commercially reasonable time prior to the date on which the Custodian amends its procedures or imposes additional ones in relation to the transfer of Gold into a Fund
Unallocated Account, and in doing so the Custodian will consider the Trust’s needs to communicate any such change to Authorized Participants and others. 

  

	4.	WITHDRAWALS 

  

	 	4.1	Procedure: The Trust, on behalf of the applicable Fund, may at any time give instructions to the Custodian for the withdrawal of Gold standing to the credit of a Fund Unallocated Account as provided for in this
Agreement, provided that a withdrawal may be made only by: 

  

	 	(a)	transfer to an AP Account relating to the same kind of Gold and having the same denomination as that to which the Fund Unallocated Account relates when Shares are to be redeemed by an Authorized Participant;

  

	 	(b)	transfer of Gold to the corresponding Fund Allocated Account; or 

  

	 	(c)	the collection of Physical Gold from the Custodian at its vault premises, or such other location as the Custodian may direct; 

  

	 	(d)	delivery of Gold to such location as the Trust directs, at the applicable Fund’s expense and risk; or 

  

	 	(e)	transfer to an account maintained by the Custodian or by a third party on an Unallocated Basis in connection with the sale of Gold or other permitted transfers. 

The Trust anticipates exercising its rights under clauses 4.1(c) and (d) on an exceptional basis only. Any Gold made available to
the relevant person (as instructed by the Trust) pursuant to clauses 4.1(c) and (d) will be in a form which complies with the Rules or in such other form as may be agreed 

  
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between the Trust and the Custodian the combined fine weight of which will not exceed the number of fine ounces of Gold the Trust has instructed the Custodian to debit. To the extent that the
Trust is authorized to sell Gold, the Custodian may, but is not required to, purchase such Gold; provided that, if the Trust’s instruction to sell Gold is received by the Custodian by 2:00 p.m. (London time) on a London Business Day, the
purchase price for such Gold shall be that day’s Benchmark Price and, if the Trust’s instruction to sell Gold is received by the Custodian after 2:00 p.m. (London time) on a London Business Day, the purchase price for such Gold shall be
the next Benchmark Price available after that day. The Trust’s instruction to sell Gold may be an instruction to sell such amount of Gold as necessary to produce a specified amount of United States dollars. 

 

	 	4.2	Notice Requirements: Any notice from the Trust, on behalf of a Fund, relating to a withdrawal of Gold must be in writing and: 

 

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

  

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

  

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

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

	 	4.3	Right to Amend Procedure: The Custodian may amend the procedure for the withdrawal of Gold from a Fund Unallocated Account only where such amendment is caused by a change in the Rules. Any such amendment will be
subject to the notification conditions of clause 3.3. 

  
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	 	4.4	Allocation: Without limiting clause 5.3, in the case of a transfer under clause 4.1(b) and after receipt of notice given in the form prescribed in clause 4.2(b), the Custodian will use its
commercially reasonable endeavours to complete the allocation of such deposits of Gold by not later than 3:00 p.m. (London time) on the Withdrawal Date provided that the Gold referenced in such notice is deposited into a Fund Unallocated Account by
10:00 a.m. (London time) on the Withdrawal Date, and the Custodian will promptly notify the Trust by email upon the completion of such allocation. Following the Custodian’s receipt of such notice, the Custodian shall identify bars of a weight
most closely approximating, but not exceeding, the balance in the Fund Unallocated Account and shall transfer such weight from the Fund Unallocated Account to the corresponding Fund Allocated Account. The Trust acknowledges that the process of
allocation of Gold to the Fund Allocated Account from the Fund Unallocated Account may involve minimal adjustments to the weights of Gold to be allocated to adjust such weight to the number of whole bars available. 

 

	5.	INSTRUCTIONS 

  

	 	5.1	Giving of Instructions: Only the Trust, on behalf of the applicable Fund, acting through its Authorised Representatives, shall have the right to give instructions in respect of a Fund Unallocated Account. The
Trust shall notify the Custodian in writing of the names of the people who are authorised to give instructions on a Fund’s behalf (the “Authorised Representatives”). Until the Custodian receives written notice to the contrary,
the Custodian is entitled to assume that any of those people have full and unrestricted power to give instructions on a Fund’s behalf. The Custodian is also entitled to rely on any instructions which are from, or which purport to emanate from,
any person who appears to have such authority. The Custodian reserves the right to obtain further validation of any instructions. 

  

	 	5.2	Transfer Instructions: All transfers into and out of a Fund Unallocated Account shall be made upon receipt of, and in accordance with, instructions given by the Trust to the Custodian. Such instructions shall be
given through the Phoenix Portal or by authenticated SWIFT message or, if for any reason the SWIFT messaging system is not operational, by such other temporary means as the Trust and the Custodian may agree from time to time. Other information
(which shall not constitute an instruction) related to transfers into and out of a Fund Unallocated Account may be sent between the Trust and the Custodian by email or by such other means as the Trust and the Custodian may agree from time to time.
Any such communication shall be deemed to have been given, made or served upon actual receipt by the recipient. 

  
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	 	5.3	Continuous Allocation of Gold: 

  

	 	(a)	Without prejudice to clause 5.1, unless otherwise notified by the Trustee in writing, the Custodian shall, at the end of each London Business Day, including when Gold is to be transferred from an AP Account to a
Fund’s Metal Accounts, transfer all of the Gold then standing to the credit of a Fund Unallocated Account (excluding Gold which has been de-allocated in order to effect delivery of Gold to a redeeming
Authorized Participant or pursuant to other withdrawal occurring on such day) to the corresponding Fund Allocated Account. 

  

	 	(b)	If the overdraft facility (as defined below) between the Fund and the Custodian is not in effect or available for any reason, the Custodian shall so allocate an amount of Gold such that the amount of Gold that remains
standing to the credit of a Fund in the Fund Unallocated Account does not exceed 430.000 fine ounces at the close of such London Business Day. 

  

	 	(c)	In order to comply with the foregoing instruction, the Custodian shall make available to each Fund an on demand overdraft facility (the “Facility”) and, pursuant thereto, the Custodian shall advance to the
Fund’s Unallocated Account from time to time such number of ounces of Gold as may be needed in order for the Custodian to fully allocate all of the Gold standing to the Fund’s credit in the Fund’s Unallocated Account (after repayment
to the Custodian of any overdraft balance existing prior to such allocation as provided hereafter) to the Fund’s Allocated Account pursuant to the standing instruction set forth above, provided that the maximum amount of Gold that the Custodian
will make available to a Fund pursuant to the Facility is 430 fine ounces. 

  

	 	(d)	The Custodian shall not charge a Fund any fees, interest or costs in connection with the Facility. Any amount of Gold advanced by the Custodian shall not create any right, charge, security interest, lien or claim
against the Gold held in a Fund’s Allocated Account. Without limiting the Custodian’s right to repayment as hereafter provided, the Custodian will not have any right to set off against the Gold held in a Fund’s Allocated Account or
the Gold standing to the Fund’s credit in the Fund’s Unallocated Account any claim or amount related to any amount of Gold advanced by the Custodian. 

  

	 	(e)	The Custodian shall identify on its books and records and in the reports it sends to a Fund any overdraft balance in the Fund’s Unallocated Account as of the date of such reports, which shall be accepted as
conclusive evidence of such balance, save in the case of manifest error. Each Fund agrees that, on each London Business Day, the Custodian may repay itself the amount of any overdraft from, and to the extent of, the positive balance of the
Fund’s Unallocated Account determined taking into account all credits to and debits from the Fund’s Unallocated Account on such London Business Day but prior to its execution of the standing instruction to allocate Gold. 

 

	 	5.4	Account Not to be Overdrawn: Except as otherwise specifically provided herein, a Fund Unallocated Account may not at any time have a debit balance thereon, and no instruction shall be valid to the extent that the
effect thereof would be for the Fund Unallocated Account to have a debit balance thereon. 

  
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	 	5.5	AURUM: The Trust acknowledges that instructions relating to a counterparty for whom the Custodian does not already provide settlement services will be forwarded by the Custodian to AURUM on the Trustee’s
behalf. The Trust acknowledges that AURUM is operated by a third party and that the Custodian cannot be responsible for any errors, omissions or malfunctions in the systems operated by AURUM. To the extent that AURUM is not available or suffering a
malfunction, the Trust agrees that the Custodian’s obligations under this Agreement shall be postponed during such unavailability or such malfunction. 

  

	 	5.6	Amendments: Once given, instructions continue in full force and effect until they are cancelled, amended or suspended. Any communication that cancels, amends or suspends an instruction shall be valid only after
actual receipt by the Custodian in accordance with clause 5.2. 

  

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

  

	 	5.8	Refusal to Execute: The Custodian may refuse to execute instructions if in its reasonable opinion they are or may be, or require action which is or may be, contrary to the Rules or any applicable law.

  

	6.	CONFIDENTIALITY AND DATA SECURITY 

  

	 	6.1	Disclosure to Others: Subject to clause 6.2, each party shall respect the confidentiality of information acquired under this Agreement and neither will, without the consent of the other party,
disclose to any other person any transaction or other information acquired about the other party, its business or the Trust under this Agreement, provided that such other party has made clear, at or before the time such information is provided, that
such information is being provided on a confidential basis (hereinafter referred to as “Confidential Information”). Notwithstanding anything to the contrary in this Agreement, to the extent required, a copy of this Agreement may be filed
under the securities laws of the United States or any other jurisdiction in connection with the registration of the public offering of Shares by the Trust. 

  

	 	6.2	 Permitted Disclosures: Each party accepts that from time to time the other party may be required by law or
the Rules, or required or requested by a government department or agency, fiscal body or regulatory or listing authority, required by the LPMCL (e.g., in connection with AURUM), or required as otherwise may be necessary in conducting the
Trust’s business, to disclose this Agreement or Confidential Information acquired under this Agreement. In addition, the 

  
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disclosure of such information may be required by a party’s auditors, by its legal or other advisors, by a company which is in the same group of companies as a party (i.e., a subsidiary or
holding company of a party) or (in the case of the Trust) by the Sponsor, or any beneficiary of the Trust. Subject to the agreement of the party to which information is disclosed to maintain it in confidence in accordance with clause 6.1,
each party irrevocably authorizes such persons to make such disclosures without further reference to such party. The obligations of each party under clause 6.1 will not apply to any Confidential Information that: (a) was known to the
receiving party prior to the date of this Agreement other than as a result of disclosure under any other agreement between the parties, (b) is or becomes generally available to the public through means other than an unauthorized disclosure by
the receiving party, (c) was or subsequently is disclosed to the receiving party by a third party having a bona fide right to disclose such Confidential Information without breaching any obligation to the disclosing party, or (d) is
developed by the receiving party independently of information disclosed by the disclosing party. 

  

	 	6.3	Permitted Disclosures to LPMCL and/or Other Clearing Members: The Trust acknowledges that, the Custodian is a member of the LPMCL, and that from time to time in carrying out the Custodian’s duties and
obligations under this Agreement, it may be necessary for the Custodian to disclose to LPMCL and/or other clearing members, details of deposits and/or withdrawals undertaken or to be undertaken on behalf of the Trust pursuant to the terms of this
Agreement, the Trust’s account details and certain other information in order to act in accordance with the Trust’s notices hereunder. Such disclosures may be made by the Custodian for the purposes set out in this clause 6.3.

  

	 	6.4	Data Security: The Custodian shall implement administrative, physical and technical safeguards to protect Confidential Information under this Agreement consistent with applicable industry standards. The Custodian
hereby confirms that the information technology resources used for administering the Unallocated Account are located within the territory of United Kingdom and that it shall seek the prior written consent of the Trust in the event that such
resources are located outside of the United Kingdom or the European Union. 

  

	7.	CUSTODY SERVICES 

  

	 	7.1	Appointment: The Trust hereby appoints the Custodian to act as custodian of the Gold held in a Fund Unallocated Account in accordance with this Agreement and any Rules which apply to the Custodian, and the
Custodian hereby accepts such appointment. 

  

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

  
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	 	7.3	Ownership of Gold: The Custodian will identify in its books that the Gold belongs to the applicable Fund. The Custodian shall ensure that the Gold belonging to a Fund shall at all times be free and clear of all
liens and encumbrances and shall not be subject to any right, charge, security interest, lien or claim of any kind, whether arising by operation of law or otherwise, in favor of the Custodian, any
sub-custodian or any creditor of any of them or any other person. The Custodian shall not loan, hypothecate, pledge or otherwise encumber any Gold held in a Fund Unallocated Account absent the Trust’s
written instructions to the contrary. 

  

	8.	REPRESENTATIONS 

  

	 	8.1	Each party represents and warrants to the other party, on the basis that each of its following representations and warranties is deemed repeated each time that a notice is given for the deposit or withdrawal of Gold
under this Agreement, that: 

  

	 	(a)	it is duly constituted and validly existing under the laws of its jurisdiction of constitution; 

  

	 	(b)	it has all necessary authority, powers, consents, licences and authorizations and has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;

  

	 	(c)	the person or persons entering into this Agreement on its behalf has or have been duly authorized to do so; and 

  

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

  

	 	8.2	The Custodian represents and warrants to the Trust, on the basis that each of its following representations and warranties is deemed repeated each time that a notice is given for the deposit or withdrawal of Gold under
this Agreement, that: 

  

	 	(a)	it is a bank, duly organized under the laws of its country of organization as set forth above, and is regulated as such by that country’s government or any agency thereof; and 

 

	 	(b)	it is a member of the LBMA. 

  

	9.	FEES AND EXPENSES 

  

	 	9.1	Fees: There will be no fees charged directly to the Trust or a Fund by the Custodian for the services provided by it under this Agreement. Payment of such fees will be made by the Sponsor pursuant to the
provisions of the Allocated Gold Account Agreement. 

  
 14 

	 	9.2	Expenses: Pursuant to a separate agreement between the Sponsor and the Custodian, to which the Custodian has agreed, the Sponsor shall pay to the Custodian on demand all costs, charges and expenses (excluding
(i) any relevant taxes and VAT (if chargeable), duties and other governmental charges, (ii) fees for storage of the Gold, which will be recovered under the Allocated Gold Account Agreement, and (iii) indemnification obligations of a
Fund under clause 10.5, which will be paid pursuant to the following sentence) incurred by the Custodian in connection with the performance of its duties and obligations under this Agreement or otherwise in connection with the Gold. A Fund
will procure payment on demand, solely from and to the extent of the assets of the Fund, of any other costs, charges and expenses not assumed by the Sponsor under its agreement with the Custodian referenced in this clause 9.2 (including any
relevant taxes (other than VAT, which is addressed in clause 12.1), duties, other governmental charges and indemnification claims of the Custodian payable by the Fund pursuant to clause 10.5, but excluding fees for storage of the Gold,
which will be recovered under the Allocated Gold Account Agreement) incurred by the Custodian in connection with the Gold. 

  

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

 

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

 

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

  

	10.	SCOPE OF RESPONSIBILITY 

  

	 	10.1	 Exclusion of Liability: The Custodian will use reasonable care in the performance of its duties under this
Agreement and will only be responsible for any loss or damage suffered by a Fund as a direct result of any negligence, fraud or willful default on its part in the performance of its duties, and in which case its liability will not exceed the market
value of the Gold credited to the Fund 

  
 15 

	 	
Unallocated Account and the Fund Allocated Account at the time such negligence, fraud or willful default is either discovered by or notified to the Custodian (such market value calculated using
the nearest available LBMA Gold Price PM following the occurrence of such negligence, fraud or willful default), provided that, in the case of such discovery by or notification to the Custodian, the Custodian notifies the Sponsor and the Trust
promptly after any discovery of such negligence, fraud or willful default. If the Custodian delivers from a Fund Unallocated Account Gold that is not of the fine weight the Custodian has represented to the Fund or that is not in accordance with the
Rules, recovery by the Fund, to the extent such recovery is otherwise allowed, shall not be barred by any delay in asserting a claim because of the failure to discover the corresponding loss or damage regardless of whether such loss or damage could
or should have been discovered. 

  

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

	 	

	 	10.3	Insurance: The Custodian shall make such insurance arrangements from time to time in connection with the storage of the Trust’s Gold under this Agreement as the Custodian considers appropriate and will be
responsible for all costs, fees and expenses (including any relevant taxes) in relation to such insurance policy or policies. The Custodian shall provide the Trust with evidence of the Custodian’s insurance upon execution of this Agreement and
at the Trust’s request, within 10 Business Days following the end of the calendar year. Additionally, the Custodian will allow the Trust and the Sponsor, upon 10 Business Days’ prior written notice, to review such insurance in connection
with the Trust’s preparation of any registration statement under the United States Securities Act of 1933, as amended, covering any Shares, or any amendment thereto. Any permission to review the Custodian’s insurance is limited to the term
of this Agreement and is conditioned on the reviewing party executing a form of confidentiality agreement provided by the Custodian, or if the confidentiality agreement is already in force, acknowledging that the review is subject thereto. In the
event of a reduction, cancellation or non-renewal of the Custodian’s insurance, or a change in the provider of the Custodian’s insurance, the Custodian will give the Trust and the Sponsor written
notice of any such event within no more than 10 Business Days after the date of any such event. 

	 	

	 	10.4	Force Majeure: The Custodian shall not be liable for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by reason of any
cause beyond the Custodian’s reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of, or connected with, any communication, computer, transmission, clearing or settlement facilities,
industrial action, or acts, rules and regulations of any governmental or supra national bodies or authorities or any relevant regulatory or self-regulatory organization. 

  
 16 

	 	10.5	Indemnity: Each Fund, solely from and to the extent of the assets of that Fund, shall indemnify and keep indemnified the Custodian (on an after tax basis) on demand against all costs and expenses, damages,
liabilities and losses (other than VAT, which is addressed in clause 12.1 and the expenses assumed by the Sponsor under its agreement with the Custodian referenced in clause 9.2) which the Custodian may suffer or incur, directly or
indirectly in connection with services provided to the Fund under this Agreement, except to the extent that such sums are due directly to the negligence, willful default or fraud of the Custodian. 

	 	

	 	10.6	Trust Liability: This Agreement is executed by or on behalf of the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of the
Trust individually. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Trust, or any other Fund of the Trust. The Custodian
acknowledges that the Custodian is not entitled to use the assets of a particular Fund to discharge the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other
Fund, and none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any such other Fund shall be enforceable against the assets of that particular Fund. The
Trust’s Declaration of Trust is on file with the Trust. 

	 	

	 	10.7	Custodian’s Interests and Affiliates’ Interests: The Custodian has the right, without notifying the Trustee, to act upon the Trust’s instructions or to take any other action permitted by the terms
of this Agreement where: 

  

	 	(a)	the Custodian, directly or indirectly, has a routine business interest in the consequences of such instruction or action; 

  

	 	(b)	except as otherwise provided in this Agreement, the Custodian processes the Trust’s instructions on an aggregated basis together with similar instructions from other clients; or 

 

	 	(c)	the Custodian, except as otherwise provided in this Agreement, has a relationship with another party which does or may create a conflict with its duty to a Fund or the Trust including (without prejudice) circumstances
where the Custodian or any of its associates may (i) act as financial adviser, banker or otherwise provide services to a contract counterparty of a Fund or the Trust; (ii) act in the same arrangement as agent for more than one client; or
(iii) earn profits from any of the activities listed herein. 

 The Custodian or any of its divisions, branches or
Affiliates may be in possession of information tending to show that the action required by a Fund’s instructions may not be in the Fund’s best interests, but shall not have any duty to disclose any such information. 

  
 17 

	11.	TERMINATION 

  

	 	11.1	Notice: Any termination notice given by the Trust, on behalf of a Fund, under clause 11.2 must specify: 

  

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

  

	 	(b)	the person to whom the Gold is to be transferred; and 

  

	 	(c)	all other necessary arrangements for the transfer of Gold to the order of the Fund. 

  

	 	11.2	Term: This Agreement shall have a fixed term up to and including 4 (four) years and will automatically renew for further successive terms of 1 (one) year thereafter unless terminated by the parties in accordance
with this clause 11; provided that during such periods (i) either the Trust, on behalf of one or more Funds, or the Custodian may terminate this Agreement for any reason or for no reason by giving not less than 90 days’ written
notice to the other party and (ii) this Agreement may be terminated immediately upon written notice as follows: 

  

	 	(a)	by the Trust, if the Custodian ceases to offer the services contemplated by this Agreement to its clients or proposes to withdraw from the gold bullion business; 

 

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

  

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

 

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

 

	 	(e)	by the Trust, with respect to one or more Funds if a Fund or the Trust is to be terminated; or 

  

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

  

	 	11.3	 Change in the Sponsor: If there is any change in the identity of the Sponsor, then the Custodian, the
Sponsor and the Trust shall, subject to the last sentence of this clause 11.3, execute such documents and shall take such actions as the new Sponsor and the outgoing Sponsor may reasonably require for the purpose of

  
 18 

	 	
vesting in the new Sponsor the rights and obligations of the outgoing Sponsor, and releasing the outgoing Sponsor from its future obligations under this Agreement. The Custodian’s
obligations under this clause 11.3 shall be conditioned on the Custodian having conducted due diligence in accordance with its internal procedures to the Custodian’s reasonable satisfaction on any such new Sponsor. 

 

	 	11.4	Redelivery Arrangements: If the Trust does not make arrangements acceptable to the Custodian for the delivery of the Gold, the Custodian may continue to maintain the applicable Fund Unallocated Account, in which
case the Custodian will continue to charge the fees and expenses payable under clause 10 of the Allocated Gold Account Agreement. If the Trust has not made arrangements acceptable to the Custodian for the transfer of Gold from a Fund Unallocated
Account within 6 months of the date specified in the termination notice as the date on which the termination will take effect, the Custodian will be entitled to close the Fund Unallocated Account and sell the Gold (at such time and on such markets
as the Custodian considers appropriate) and account to the Fund for the proceeds. 

  

	 	11.5	Effect of Termination; Existing Rights: Termination of this Agreement with respect to the coverage of any one Fund shall in no way affect the rights and duties under this Agreement with respect to any other Fund.
Termination shall not affect rights and obligations then outstanding under this Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed. 

 

	12.	VALUE ADDED TAX 

  

	 	VAT	Inclusive: All sums payable or other consideration provided to the Custodian by the Trust or the Sponsor in connection with this Agreement and the Allocated Gold Account Agreement (including pursuant to the
separate agreement referred to in clause 10.1 of the Allocated Gold Account Agreement) shall be deemed to be inclusive of any VAT. 

  

	13.	NOTICES 

  

	 	13.1	Notices: Except as provided in clauses 2.3, 3.2, 4.6, 5.2 and 15.5, any notice or other communication shall be delivered personally or sent by first class post, prepaid recorded delivery (or air
mail if overseas), authenticated electronic transmission (including email and SWIFT) or such other electronic transmission as the parties may from time to time agree, to the party due to receive the notice or communication, at its address, number or
destination set out in clause 13.3 or another address, number or destination specified by that party by written notice to the other. 

  
 19 

	 	13.2	Deemed Receipt of Notice: A notice or other communication under or in connection with clause 13.1 will be deemed received only if actually received or delivered. 

 

	 	13.3	Contact Information: The contact information of the parties for the purposes of clauses 5.2 and 13.1 is: 

The Custodian: 

ICBC Standard Bank Plc 

20 Gresham Street 

London 

EC2V 7JE 

Attention: Precious Metals Operations 

E-mail: London.PreciousMetalsOperations@icbcstandard.com and 

Bullion.Physical@icbcstandard.com 

The Trust: 

World Gold Trust 

c/o WGC USA Asset Management Company, LLC 

685 Third Avenue, 27th Floor 

New York, NY 10017 

Attention: General Counsel 

Facsimile: 212-688-0410 

Telephone: 212-317-3800 

The contact information of the Sponsor for purposes of receiving notices under this Agreement is: 

The Sponsor: 

WGC USA Asset Management Company, LLC 

685 Third Avenue, 27th Floor 

New York, NY 10017 

Attention: Managing Director, Investment 

Facsimile: 212-688-0410 

Telephone: 212-317-3800 

E-Mail: Greg.Collett@gold.org 

 

	 	13.4	 Recording of Calls: The Custodian and the Trust may each record telephone conversations without use of a
warning tone. Such recordings will be the recording party’s sole property and accepted by the other party hereto as evidence of the orders or instructions that are permitted to be given orally under this Agreement, provided that (i) in
case of any dispute or disagreement regarding any 

  
 20 

	 	
conversation so recorded the recording party will promptly share the recordings with the other party and its representatives and (ii) the recording party will have no obligation to retain
any such recordings prior to becoming aware of any such dispute or disagreement. 

  

	14.	GENERAL 

  

	 	14.1	Amendment of Schedules: The name of any Fund listed on Schedule A may be changed by the Sponsor without amendment to this Agreement provided that the Trust shall notify the Custodian promptly upon, and provide
the Custodian with documentary evidence of, any such name change. Additional series of the Trust (each a “New Fund”) may from time to time become parties to this Agreement by (a) delivery to the Custodian of (i) an
instrument of adherence agreeing to become bound by and party to this Agreement executed by the Trust on behalf of such New Fund, and (ii) an amendment and restatement of Schedule A setting forth the New Fund, and (b) upon receipt of the
foregoing documents, the Custodian may agree in writing to the addition of such New Fund, which agreement shall not be unreasonably withheld. 

  

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

  

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

  

	 	14.4	Business Day: If an obligation of a party would otherwise be due to be performed on a day which is not a New York Business Day or a London Business Day, as the case may be, in respect of a Fund Unallocated
Account, such obligation shall be due to be performed on the next succeeding New York Business Day or London Business Day, as the case may be, in respect of the Fund Unallocated Account. 

 

	 	14.5	 Assignment: This Agreement is for the benefit of and binding upon both the Custodian and the Trust and
their respective successors and assigns. Save as expressly provided in clause 11.3 and this clause 14.5. no party may assign, transfer or encumber, or purport to assign, transfer or encumber, any right or

  
 21 

	 	
obligation under this Agreement unless the other party otherwise consents in writing. This clause shall not restrict the Custodian’s power to merge or consolidate with any party, or to
dispose of all or part of its custody business, and further provided that this clause shall not restrict the Trust from assigning its rights hereunder to a Shareholder to the extent required for the Trust to fulfill its obligations.

  

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

  

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

  

	 	14.8	Liability: Nothing in this Agreement shall exclude or limit any liability which cannot lawfully be excluded or limited (e.g. liability for personal injury or death caused by negligence). 

 

	 	14.9	Entire Agreement: This Agreement and the Allocated Gold Account Agreement represent the entire agreement between the parties in respect of their subject matter. This Agreement and the Allocated Gold Account
Agreement supersede and replace any prior existing agreement between the parties hereto relating to the same subject matter. 

  

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

  

	 	14.11	Compliance with Laws: Each party undertakes that in the performance of this Agreement and transactions connected with this Agreement it shall comply with all applicable anti-corruption laws, sanctions and
anti-money laundering legislation and shall maintain adequate and appropriate policies and procedures designed to ensure and which are reasonably expected to ensure continued compliance with such anti-corruption laws, sanctions and anti-money
laundering legislation. Furthermore and in connection with the foregoing, the Trust undertakes to the Custodian that it has conducted appropriate due diligence on any recipient of Gold and that the Trust will comply with any reasonable requests the
Custodian may make from time to time for confirmation and evidence that the Trust has complied with its obligations pursuant to this clause 14.11 (including in respect of Authorized Participants, the Sponsor and Shareholders) and acknowledges
that should it fail to do so the Custodian may terminate this Agreement immediately in accordance with the provisions of clause 11.2(ii) above. 

  
 22 

	15.	GOVERNING LAW AND JURISDICTION 

  

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

  

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

  

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

  

	 	15.4	Third Party Rights: Except with respect to the Sponsor, which shall be considered a beneficiary (as applicable) of clauses 2.6, 2.7, 3.3, 4.3, 6.2, 10.1, 10.3, 11.3, 13.3 and 15.4, the Custodian
does not owe any duty or obligation or have any liability towards any person who is not a party to this Agreement. Except as set forth in this clause 15.4, this Agreement does not confer a benefit on any person who is not a party to it. The
parties to this Agreement do not intend that any term of this Agreement shall be enforceable by any person who is not a party to it and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this Agreement, provided that
the Sponsor may enforce its rights under clauses 2.6, 2.7, 3.3, 4.3, 6.2, 10.1, 10.3, 11.3, 13.3 and 15.4. 

  

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

 Custodian’s Address for service of process; 

ICBC Standard Bank Plc 

20 Gresham Street 

London 

EC2V 7JE 

Attention: The Head of Legal 

  
 23 

 Trust’s Address for service of process: 

World Gold Trust 

c/o WGC USA Asset Management Company, LLC 

685 Third Avenue, 27th Floor 

New York, NY 10017 

Attention: General Counsel 

Facsimile: 212-688-0410 

Telephone: 212-317-3800 

[Signature Page Follows] 

  
 24 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set out on the cover page of this
Agreement. 
 Signed on behalf of 
 ICBC STANDARD BANK PLC

 By its authorized signatories 
  

							
	Signature	 	/s/ Dominique Spurr                        	 	Signature	 	/s/ Paul McKerrell                        
	Name	 	Dominique Spurr	 	Name	 	Paul McKerrell
	Title	 	Legal Department	 	Title	 	Authorised Signatory
	Date	 	ICBC Standard Bank Plc	 	Date	 	19/6/18
		 	19/6/18	 		 	

 Signed on behalf of 
 WORLD
GOLD TRUST 
 on behalf of its series set forth on Schedule A 

By its authorized signatorty 
  

			
	Signature	 	/s/ Gregory S. Collett                        
	Name	 	Gregory S. Collett
	Title	 	Vice President
	Date	 	June 14, 2018

 [Signature Page to Unallocated Gold Account Agreement] 

  
 25 

 Schedule A 

List of Funds 
 SPDR® Gold MiniShares Trust 

  
 26 

 Schedule B 

Notices and Reports 
 The Custodian
shall provide the following notices and reports via email to fundops@gold.org or other electronic delivery as agreed upon: 
  

	(1)	For each London Business Day, by no later than 9:00 a.m. NY Time on the following London Business Day: 

  

	 	(a)	information showing the increases and decreases to the Gold standing to a Fund’s credit in the Fund’s Unallocated Account and identifying separately each transaction and the New York or London Business Day on
which it occurred; 

  

	 	(b)	a notification of (i) each separate transaction, if any, transferring Gold to a Fund Unallocated Account, including the amount of Gold transferred to the Fund Unallocated Account and the AP Account from which such
Gold is transferred; (ii) the amount of Gold, if any, transferred from the Fund Unallocated Account to the corresponding Fund Allocated Account or to any AP Account and (iii) the closing balance of Gold credited to the Fund Unallocated
Account for such London Business Day; and 

  

	 	(c)	such other information about the increases and decreases to the Gold standing to a Fund’s credit in the Fund Allocated Account on a same day basis at such other times and in such other form as the Trust and the
Custodian shall agree. 

  

	(2)	Within a reasonable time after the end of each calendar month, a statement of account for each Fund Unallocated Account which shall include the opening and closing monthly balance and all transfers to and from each Fund
Unallocated Account. 

  
 27Exhibit

EXHIBIT 10.1 
 
ALARM.COM HOLDINGS, INC. 
RESTRICTED STOCK UNIT GRANT NOTICE 
(2015 EQUITY INCENTIVE PLAN)
Alarm.com Holdings, Inc. (the “Company”), pursuant to its 2015 Equity Incentive Plan (the “Plan”), hereby awards to Participant a Restricted Stock Unit Award for the number of shares of the Company’s Common Stock (“Restricted Stock Units”) set forth below (the “Award”). The Award is subject to all of the terms and conditions as set forth in this notice of grant (this “Restricted Stock Unit Grant Notice”) and in the Plan and the Restricted Stock Unit Award Agreement (the “Award Agreement”), both of which are attached hereto and incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan or the Award Agreement. In the event of any conflict between the terms in the Award and the Plan, the terms of the Plan shall control.
	
		
	Participant:
	 

	Date of Grant:
	 

	Vesting Commencement Date:
	 

	Number of Restricted Stock Units/Shares:
	 

		
	Vesting Schedule: 
	The shares subject to the Award shall vest as follows: [________________________________].

		
	Issuance Schedule:
	Subject to any change on a Capitalization Adjustment, one share of Common Stock will be issued for each Restricted Stock Unit that vests at the time set forth in Section 6 of the Award Agreement.

		
	Forfeiture: 
	This Award is subject to the forfeiture provisions of Section 10 of the Award Agreement.

Mandatory Sale To
		
	Cover Withholding Taxes:
	As a condition to acceptance of this award, to the fullest extent permitted under the Plan and applicable law, withholding taxes will be satisfied through the sale of a number of the shares subject to the Award as determined in accordance with Section 12 of the Award Agreement and the remittance of the cash proceeds to the Company. Under the Award Agreement, the Company is authorized and directed by the Participant to make payment from the cash proceeds of this sale directly to the appropriate taxing authorities in an amount equal to the taxes required to be withheld. The mandatory sale of shares to cover withholding taxes is imposed by the Company on the Participant in connection with the receipt of this Award, and it is intended to comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and be interpreted to meet the requirements of Rule 10b5-1(c).

Additional Terms/Acknowledgements:  Participant acknowledges receipt of, and understands and agrees to, this Restricted Stock Unit Grant Notice, the Award Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Award Agreement 

and the Plan set forth the entire understanding between Participant and the Company regarding the acquisition of the Common Stock pursuant to the Award specified above and supersede all prior oral and written agreements on the terms of this Award with the exception, if applicable, of (i) the written employment agreement or offer letter agreement entered into between the Company and Participant specifying the terms that should govern this specific Award, and (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law. 
By accepting this Award, Participant acknowledges having received and read the Restricted Stock Unit Grant Notice, the Award Agreement and the Plan and agrees to all of the terms and conditions set forth in these documents. Participant consents to receive Plan documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
	
					
	ALARM.COM HOLDINGS, INC.
	 
	PARTICIPANT

	 
	 
	 
	 
	 

	By:
	 
	 
	 

	 
	Signature
	 
	Signature

	 
	 
	 
	 
	 

	Title:
	 
	 
	Date: 
	 

	 
	 
	 
	 
	 

	Date:
	 
	 
	 
	 

		
	ATTACHMENTS: 
	Award Agreement and 2015 Equity Incentive Plan

ALARM.COM HOLDINGS, INC.
2015 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT

Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Award Agreement (the “Agreement”), Alarm.com Holdings, Inc. (the “Company”) has awarded you (“Participant”) a Restricted Stock Unit Award (the “Award”) pursuant to Section 6(b) of the Company’s 2015 Equity Incentive Plan (the “Plan”) for the number of Restricted Stock Units/shares indicated in the Grant Notice. Capitalized terms not explicitly defined in this Agreement or the Grant Notice shall have the same meanings given to them in the Plan. The terms of your Award, in addition to those set forth in the Grant Notice, are as follows.
1.GRANT OF THE AWARD. This Award represents the right to be issued on a future date one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 below) as indicated in the Grant Notice. As of the Date of Grant, the Company will credit to a bookkeeping account maintained by the Company for your benefit (the “Account”) the number of Restricted Stock Units/shares of Common Stock subject to the Award. This Award was granted in consideration of your services to the Company. 
2.VESTING. Subject to the limitations contained herein, your Award will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice, provided that vesting will cease upon the termination of your Continuous Service. Upon such termination of your Continuous Service, the Restricted Stock Units/shares of Common Stock credited to the Account that were not vested on the date of such termination will be forfeited at no cost to the Company and you will have no further right, title or interest in or to such underlying shares of Common Stock.
3.NUMBER OF SHARES. The number of Restricted Stock Units/shares subject to your Award may be adjusted from time to time for Capitalization Adjustments, as provided in the Plan. Any additional Restricted Stock Units, shares, cash or other property that becomes subject to the Award pursuant to this Section 3, if any, shall be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Restricted Stock Units and shares covered by your Award. Notwithstanding the provisions of this Section 3, no fractional shares or rights for fractional shares of Common Stock shall be created pursuant to this Section 3. Any fraction of a share will be rounded down to the nearest whole share.
4.SECURITIES LAW COMPLIANCE. You may not be issued any Common Stock under your Award unless the shares of Common Stock underlying the Restricted Stock Units are either (i) then registered under the Securities Act, or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award must also comply with other applicable laws and regulations governing the Award, and you shall not receive such Common Stock if the Company determines that such receipt would not be in material compliance with such laws and regulations.
5.TRANSFER RESTRICTIONS. Prior to the time that shares of Common Stock have been delivered to you, you may not transfer, pledge, sell or otherwise dispose of this Award or the shares issuable in respect of your Award, except as expressly provided in this Section 5. For example, you may not use shares that may be issued in respect of your Restricted Stock Units as security for a loan. The restrictions on transfer set forth herein will lapse upon delivery to you of shares in respect of your vested Restricted Stock Units. 

1.

(a)    Death. Your Award is transferable by will and by the laws of descent and distribution. At your death, vesting of your Award will cease and your executor or administrator of your estate shall be entitled to receive, on behalf of your estate, any Common Stock or other consideration that vested but was not issued before your death. 
(b)    Domestic Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your right to receive the distribution of Common Stock or other consideration hereunder, pursuant to a domestic relations order or marital settlement agreement that contains the information required by the Company to effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this Award with the Company General Counsel prior to finalizing the domestic relations order or marital settlement agreement to verify that you may make such transfer, and if so, to help ensure the required information is contained within the domestic relations order or marital settlement agreement.
6.DATE OF ISSUANCE. 
(a)    The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the satisfaction of the withholding obligations set forth in this Agreement, in the event one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 above). The issuance date determined by this paragraph is referred to as the “Original Issuance Date”. 
(b)    If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following business day.
(c)    The form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company. 
7.DIVIDENDS. You shall receive no benefit or adjustment to your Award with respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment. 
8.RESTRICTIVE LEGENDS. The shares of Common Stock issued under your Award shall be endorsed with appropriate legends as determined by the Company.
9.EXECUTION OF DOCUMENTS. You hereby acknowledge and agree that the manner selected by the Company by which you indicate your consent to your Grant Notice is also deemed to be your execution of your Grant Notice and of this Agreement. You further agree that such manner of indicating consent may be relied upon as your signature for establishing your execution of any documents to be executed in the future in connection with your Award.
10.FORFEITURE FOR DETRIMENTAL ACTIVITY
(a)    Definition of Detrimental Activity. Notwithstanding any other provision of this Agreement to the contrary, you shall not engage in any Detrimental Activity prior to, or during the two (2) year period following the termination of your Continuous Service (the “Restricted Period”).  For purposes of this Section 10, “Detrimental Activity” shall mean: (i) to perform, provide, or attempt to perform or provide, wireless and web-enabled security system technology or wireless health solutions that is competitive with any product or service offered by the Company (“Conflicting Services”) within the 

2.

Restricted Territory or assist any other company to perform or provide Conflicting Services within the Restricted Territory; (ii)  to induce, or attempt to induce, any employee of the Company to be employed or perform services for you or any company that is competitive to the Company; or (iii)  to solicit, divert, take away, contact, call upon, accept business from, or service any current or prospective customer, dealer or partner of the Company for the purpose of providing any wireless and web-enabled security system technology or wireless health solution that competes with any product or service then offered by the Company.  For purposes of this Section 10, “Restricted Territory” means the geographic territory serviced by you within the last twelve (12) months of your employment with the Company.
(b)    Forfeiture and Clawback.  If you engage in any Detrimental Activity during the Restricted Period without the Company’s express written consent, the Company shall have the right to cause a forfeiture of your rights under this Award and/or a clawback of proceeds you receive in connection with this Award, including, but not limited to, the right to: (i) cancel any portion of the Award prior to settlement, (ii) cause a forfeiture of any Common Stock acquired by you upon the settlement of this Award, and (iii) with respect to the period commencing twelve (12) months prior to and ending two (2) years following the termination of your Continuous Service, require you to pay over to the Company any consideration paid to you upon the sale, transfer or other transaction involving this Award or the sale of shares of Common Stock received upon settlement of this Award, in such manner and on such terms and conditions as may be required, and the Company shall be entitled to set-off against the amount of any such proceeds any amount owed to you by the Company to the fullest extent permitted by law.
(c)    Remedies Cumulative.  The right of the Company to cancel your Award and demand a return of any shares of Common Stock and/or consideration paid to you pursuant to your Award, to the extent permitted by law, is cumulative and in addition to every other right and remedy given to the Company at law or in equity, including rights to injunctive relief.  In addition, you and the Company agree that this Section 10 does not supersede and shall in no way limit the application of any Invention Assignment and Restrictive Covenants Agreement between you and the Company entered into in connection with your employment with the Company, and should be interpreted consistently with any such agreement.
(d)    Reform.  In the event that a court finds this Section 10, or any of its restrictions, to be ambiguous, unenforceable, or invalid, you and the Company agree that the court will read the Agreement as a whole and interpret the restriction(s) at issue to be enforceable and valid to the maximum extent allowed by law.  If the court declines to enforce this Section 10 in the manner provided in the preceding sentence, you and the Company agree that this Section 10 will be automatically modified to provide the Company with the maximum protection of its business interests allowed by law and you agree to be bound by this Section 10 as modified.

3.

11.AWARD NOT A SERVICE CONTRACT. 
(a)    Nothing in this Agreement (including, but not limited to, the vesting of your Award or the issuance of the shares subject to your Award), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Agreement or the Plan shall: (i) confer upon you any right to continue in the employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit under this Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Agreement or Plan; or (iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity that you may have. 
(b)    The Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”). Such a reorganization could result in the termination of your Continuous Service, or the termination of Affiliate status of your employer and the loss of benefits available to you under this Agreement, including but not limited to, the termination of the right to continue vesting in the Award. This Agreement, the Plan, the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of them do not constitute an express or implied promise of continued engagement as an employee or consultant for the term of this Agreement, for any period, or at all, and shall not interfere in any way with the Company’s right to conduct a reorganization.
12.WITHHOLDING OBLIGATIONS.
(a)    On each vesting date, and on or before the time you receive a distribution of the shares underlying your Restricted Stock Units, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, you agree to make adequate provision for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate that arise in connection with your Award (the “Withholding Taxes”). Specifically, pursuant to Section 12(d), you have agreed to a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you have irrevocably agreed to sell a portion of the shares to be delivered in connection with your Restricted Stock Units to satisfy the Withholding Taxes and whereby the FINRA Dealer committed to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its Affiliates.  If, for any reason, such “same day  sale” commitment pursuant to section 12(d) does not result in sufficient proceeds to satisfy the Withholding Taxes, the Company or an Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes relating to your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or an Affiliate; (ii) causing you to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted by the Company); or (iii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with your Restricted Stock Units with a fair market value (measured as of the date shares of Common Stock are issued to you) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld will not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income; and to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the express prior approval of the Company’s Compensation Committee.

4.

(b)    Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock.
(c)    In the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.
(d)    You hereby acknowledge and agree to the following:
(i)    I hereby appoint Solium Financial Services LLC, a broker-dealer affiliate of Solium Capital LLC, or such other registered broker-dealer that is a FINRA Dealer as the Company may select as the agent (the “Agent”) as my agent, and authorize the Agent: 
		
	(1)
	To sell on the open market at the then prevailing market price(s), on my behalf, as soon as practicable on or after each date on which Shares vest, the number (rounded up to the next whole number) of the shares of Common Stock to be delivered to me in connection with the vesting of those Shares sufficient to generate proceeds to cover (A) the Withholding Taxes that I am required to pay pursuant to the Plan and this Award Agreement as a result of the Shares vesting (or being issued, as applicable) and (B) all applicable fees and commissions due to, or required to be collected by, the Agent with respect thereto; and

		
	(2)
	To remit any remaining funds to me.

(ii)    I hereby authorize the Company and the Agent to cooperate and communicate with one another to determine the number of Shares that must be sold pursuant to this Section 12(d).
(iii)    I understand that the Agent may effect sales as provided in this Section 12(d) in one or more sales and that the average price for executions resulting from bunched orders will be assigned to my account. In addition, I acknowledge that it may not be possible to sell shares of Common Stock as provided by in this Section 12(d) due to (A) a legal or contractual restriction applicable to me or the Agent, (B) a market disruption, or (C) rules governing order execution priority on the national exchange where the Common Stock may be traded. In the event of the Agent’s inability to sell shares of Common Stock, I will continue to be responsible for the timely payment to the Company of all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld, including but not limited to those amounts specified in this Section 11(d).
(iv)    I acknowledge that regardless of any other term or condition of this Section 12(d), the Agent will not be liable to me for (A) special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages of any kind, or (B) any failure to perform or for any delay in performance that results from a cause or circumstance that is beyond its reasonable control.

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(v)    I hereby agree to execute and deliver to the Agent any other agreements or documents as the Agent reasonably deems necessary or appropriate to carry out the purposes and intent of this Section 12(d). The Agent is a third-party beneficiary of this Section 12(d).
(vi)    I hereby agree that if I have signed the Grant Notice at a time that I am in possession of material non-public information, unless I inform the Company in writing within five business days following the date I cease to be in possession of material non-public information that I am not in agreement with the provisions of this Section 12(d), my not providing such written determination shall be a determination and agreement that I have agreed to the provisions set forth in this Section 12(d) on such date as I have ceased to be in possession of material non-public information.
(vii)    This Section 12(d) shall terminate not later than the date on which all withholding taxes arising in connection with the vesting of my Award have been satisfied.
13.TAX CONSEQUENCES. The Company has no duty or obligation to minimize the tax consequences to you of this Award and shall not be liable to you for any adverse tax consequences to you arising in connection with this Award. You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this Award and by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so. You understand that you (and not the Company) shall be responsible for your own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. 
14.UNSECURED OBLIGATION. Your Award is unfunded, and as a holder of a vested Award, you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares or other property pursuant to this Agreement. You shall not have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this Agreement. Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person. 
15.NOTICES. Any notice or request required or permitted hereunder shall be given in writing to each of the other parties hereto and shall be deemed effectively given on the earlier of (i) the date of personal delivery, including delivery by express courier, or delivery via electronic means, or (ii) the date that is five (5) days after deposit in the United States Post Office (whether or not actually received by the addressee), by registered or certified mail with postage and fees prepaid, addressed at the following addresses, or at such other address(es) as a party may designate by ten (10) days’ advance written notice to each of the other parties hereto: 
	
		
	COMPANY:
	Alarm.com Holdings, Inc.

	 
	Attn: Stock Administrator

	 
	8281 Greensboro Drive

	 
	Tysons, Virginia 22102

	 
	 

	PARTICIPANT:
	Your address as on file with the Company at the time notice is given

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16.HEADINGS. The headings of the Sections in this Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Agreement or to affect the meaning of this Agreement.
17.PERSONAL DATA.  You understand that your employer, if applicable, the Company, and/or its Affiliates hold certain personal information about you, including but not limited to your name, home address, telephone number, date of birth, social security or equivalent tax identification number, salary, nationality, job title, and details of your option (the “Personal Data”).  Certain Personal Data may also constitute “Sensitive Personal Data” or similar classification under applicable local law and be subject to additional restrictions on collection, processing and use of the same under such laws.  Such data include but are not limited to Personal Data and any changes thereto, and other appropriate personal and financial data about you.  You hereby provide express consent to the Company or its Affiliates to collect, hold, and process any such Personal Data and Sensitive Personal Data.  You also hereby provide express consent to the Company and/or its Affiliates to transfer any such Personal Data and Sensitive Personal Data outside the country in which you are employed or retained, including transfers to the United States.  The legal persons for whom such Personal Data are intended are the Company and any broker company providing services to the Company in connection with the administration of the Plan. 
18.GOVERNING PLAN DOCUMENT. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. Your Award (and any compensation paid or shares issued under your Award) is subject to recoupment in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy otherwise required by applicable law. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntarily terminate employment upon a resignation for “good reason,” or for a “constructive termination” or any similar term under any plan of or agreement with the Company.
19.CHOICE OF LAW; FORUM SELECTION; WAIVER OF JURY TRIAL.  The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the Commonwealth of Virginia without regard to such state’s conflicts of laws rules.  Any legal action or other legal proceeding relating to this Agreement or the enforcement of any provision of this Agreement may be brought or otherwise commenced in any state and federal court located in Fairfax County, Virginia.  You expressly and irrevocably consent and submit to the jurisdiction of each state and federal court located in Fairfax County, Virginia (and each appellate court located in the Commonwealth of Virginia), in connection with any such legal proceeding.  YOU IRREVOCABLY WAIVE THE RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LEGAL PROCEEDING RELATING TO THIS AGREEMENT OR THE ENFORCEMENT OF ANY PROVISION OF THIS AGREEMENT.
20.WAIVER.  The failure of the Company or any successor or assign, or you, to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.
21.EFFECT ON OTHER EMPLOYEE BENEFIT PLANS. The value of the Award subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating benefits under any employee benefit plan (other than the Plan) sponsored by the Company or any Affiliate except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any or all of the employee benefit plans of the Company or any Affiliate.

7.

22.SEVERABILITY. If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.
23.OTHER DOCUMENTS. You acknowledge receipt of and/or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus.  In addition, you acknowledge receipt of the Company’s policy permitting certain individuals to sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to time.
24.AMENDMENT. This Agreement may not be modified, amended or terminated except by an instrument in writing, signed by you and by a duly authorized representative of the Company. Notwithstanding the foregoing, this Agreement may be amended solely by the Board by a writing which specifically states that it is amending this Agreement, so long as a copy of such amendment is delivered to you, and provided that, except as otherwise expressly provided in the Plan, no such amendment materially adversely affecting your rights hereunder may be made without your written consent. Without limiting the foregoing, the Board reserves the right to change, by written notice to you, the provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose of the Award as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable only to rights relating to that portion of the Award which is then subject to restrictions as provided herein. 
25.COMPLIANCE WITH SECTION 409A OF THE CODE. This Award is intended to comply with the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4). Notwithstanding the foregoing, if it is determined that the Award fails to satisfy the requirements of the short-term deferral rule and is otherwise deferred compensation subject to Section 409A, and if you are a “Specified Employee” (within the meaning set forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h) and without regard to any alternative definition thereunder), then the issuance of any shares that would otherwise be made upon the date of the separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, with the balance of the shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition of adverse taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2). 
26.MISCELLANEOUS.
(a)    The rights and obligations of the Company under your Award shall be transferable by the Company to any one or more persons or entities, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by, the Company’s successors and assigns. 
(b)    You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award.

8.

(c)    You agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company held by you, for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor or similar rules or regulation (the “Lock-Up Period”).  You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto.  In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period.  You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 16(c).  The underwriters of the Company’s stock are intended third party beneficiaries of this Section 16(c) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.
(d)    You acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award.
(e)    This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
(f)    All obligations of the Company under the Plan and this Agreement shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
* * * * * 

This Restricted Stock Unit Award Agreement shall be deemed to be signed by the Company and the Participant upon the signing by the Participant of the Restricted Stock Unit Grant Notice to which it is attached.

9.

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