Document:

EXHIBIT 10(nn)

ADTALEM GLOBAL EDUCATION INC.
EXECUTIVE EMPLOYMENT AGREEMENT
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THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of 6-15-18 (the “Effective Date”), by and between Adtalem Global Education Inc. (“Adtalem”), and Karen Cox (the “Executive”).  Adtalem and the Executive are sometimes hereinafter referred to individually as a “Party” and together as “Parties.”
Unless otherwise defined in the body of this Agreement, capitalized terms shall be defined as provided in Appendix I to this Agreement.
In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:
AGREEMENT
1.Employment Period.  Adtalem will employ the Executive, and the Executive hereby accepts employment with Adtalem, upon the terms and subject to the conditions set forth in this Agreement.  The Executive’s employment under this Agreement shall begin on the Effective Date and shall continue thereafter until the first to occur of the events described in Section 8(a) (the “Employment Period”).
2.Position and Duties.
(a)Title; Responsibilities.  During the Employment Period, the Executive will serve as the President, Chamberlain University of Adtalem and will have the normal duties, responsibilities and authority of that position, subject to the power of the CEO to expand or limit such duties, responsibilities and authority; provided, however, at all times, Executive’s duties, responsibilities and authority shall be commensurate with such duties, responsibilities and authority held by executives in comparable positions in corporations of similar size and scope to Adtalem in Adtalem’s industry.  The Executive shall report to the CEO or the CEO’s designee.  In this trusted, executive position, the Executive will be given access to Adtalem’s Confidential Information.  The Executive shall comply in all material respects with all applicable laws, rules and regulations relating to the performance of the Executive’s duties and responsibilities hereunder, including Adtalem’s Code of Business Conduct and Ethics.

3.Compensation. 
(a)Base Salary.  The Executive’s Base Salary under this Agreement shall be at the initial rate of $430,000.  The Executive’s Base Salary will be paid by Adtalem in substantially equal bi-weekly installments.  The Base Salary will be reviewed annually by the CEO in coordination with the Compensation Committee and upon such review the Base Salary may be increased by the CEO in coordination with the Compensation Committee (but subject to any applicable Adtalem policy, law, or exchange listing requirement); provided, however, the Base Salary under this Agreement, including as subsequently adjusted upwards, may not be decreased thereafter except in the case of an across-the-board percentage reduction in base salaries of executives at the Executive’s level affecting such executives equally.  All amounts payable to the Executive under this Agreement will be subject to all required withholding by Adtalem.
(b)Equity Awards.  In addition to the Base Salary, the Executive shall be eligible for annual equity awards, as determined by Adtalem, the Board and/or Compensation Committee as necessary and appropriate to comply with Adtalem policy, applicable law, or exchange listing requirements, under Adtalem’s equity award plan(s) covering executives at the Executive’s level, as in effect from time to time. 
4.Management Incentive.  In addition to the Base Salary, the Executive will be eligible to receive an annual MIP Target payment under Adtalem’s annual Management Incentive Plan, as in effect from time to time, upon the achievement of specific Adtalem-wide and personal performance goals that will be determined each fiscal year by the Executive’s direct supervisor and/or the Compensation Committee as necessary and appropriate to comply with Adtalem policy; provided, however, the MIP Award may be based on a higher or lower percentage of the MIP Target for performance which is in excess of target goals or below target goals, respectively.  Any MIP Award due and owing hereunder with respect to any fiscal year shall be paid no later than the fifteenth day of the third month following the end of Adtalem’s fiscal year in which the MIP Award was earned.
5.Vacation.  The Executive will be entitled to the number of weeks of vacation each fiscal year equal to that of other executives at the Executive’s level.
6.Benefits.  In addition to the Base Salary and other compensation provided for in Section 3 and Section 4 above, the Executive shall be eligible to participate in such health and welfare benefit plans (including Executive’s eligible dependents) and any qualified and/or non-qualified retirement plans of Adtalem as may be in effect from time to time; provided, however, that participation shall be subject to all of the terms and conditions of such plans, including, without limitation, all waiting periods, eligibility requirements, 

vesting, contributions, exclusions and other similar conditions or limitations.   Any and all benefits under any such plans shall also be payable, if applicable, in accordance with the underlying terms and conditions of such plan document.  Executive’s participation in the foregoing plans and any perquisite programs will be on terms no less favorable than afforded to executives at the Executive’s level, as in effect from time to time.  Adtalem, however, shall have the right in its sole discretion to modify, amend or terminate such benefit plans and/or perquisite programs at any time.  Adtalem will reimburse the Executive for all reasonable business expenses incurred by Executive in the course of performing Executive’s duties and responsibilities under this Agreement which are consistent with Adtalem’s policies and procedures in effect from time to time.
7.Relocation Expenses.  [RESERVED].
8.Termination.
(a)When Does Termination Occur.  The Executive’s employment with Adtalem and the Employment Period will end on the earlier of (i) the Executive’s death or Permanent Disability, (ii) the Executive’s resignation at any time with or without Good Reason, or (iii) termination by Adtalem at any time with or without Cause.  Except as otherwise provided herein, any termination of the Employment Period by Adtalem or by the Executive will be effective as specified in a written notice from the terminating Party to the other Party; provided, however, if the Executive’s employment with Adtalem is terminated during the Employment Period by Adtalem without Cause or by the Executive without Good Reason, the terminating Party must give the other Party at least thirty (30) days prior written notice.  For avoidance of doubt, Executive’s voluntary retirement from Adtalem shall be deemed a resignation by Executive without Good Reason.
(b)Termination Due to Death or Permanent Disability.  If the Employment Period is terminated pursuant to Section 8(a)(i) above, then, through the date of termination of Executive’s employment with Adtalem, the Executive will be entitled to the Accrued Benefits payable no later than thirty (30) days following Executive’s Termination Date.  Except as set forth in this paragraph (b), the Executive will not be entitled to any other Base Salary, severance, compensation or benefits from Adtalem thereafter, other than those previously earned under any of Adtalem’s retirement plans or expressly required under applicable law.
(c)Termination by Adtalem With Cause or By the Executive Without Good Reason.  If the Employment Period is terminated by Adtalem with Cause or if the Executive resigns without Good Reason, then the Executive will only be entitled to receive the Accrued Benefits payable no later than thirty (30) days following Executive’s 

Termination Date.  Except as set forth in this paragraph (c), the Executive will not be entitled to any other Base Salary, severance, compensation or benefits from Adtalem thereafter, other than those previously earned under any of Adtalem’s retirement plans or expressly required under applicable law.  Within ten (10) days following notice of termination with Cause, the Executive may request of the CEO an opportunity to cure the Cause event, which request shall be determined by the CEO in the CEO’s sole discretion.
(d)Termination by Adtalem Without Cause or By the Executive With Good Reason.  If: 
(i)the Executive’s employment with Adtalem is terminated during the Employment Period (A) by Adtalem without Cause or (B) by the Executive with Good Reason; and 
(ii)the Executive executes a Release and such Release is not timely revoked by Executive and becomes legally effective; and
(iii)the Executive complies with the terms of this Agreement and the Release, 
then the Executive will be entitled to receive: 
(A)Accrued Benefits.  the Accrued Benefits payable no later than thirty (30) days following Executive’s Termination Date; 
(B)Base Salary and MIP Award.  payment of an amount equal to one ( 1 ) times the sum of Executive’s Base Salary (at the rate then in effect) plus MIP Target, which shall be payable in twelve (12) equal monthly payments commencing with the first payroll period following the date the Release becomes legally effective; and 
(C)Other Benefits.  the following “Additional Benefits”:
(I)Pro-Rated MIP Award.  Provided that Executive has been employed for not less than six (6) months during the fiscal year during which Executive’s Termination Date occurs, payment of a pro-rated MIP Award pursuant to Section 4 (based on the number of days in the fiscal year which have passed divided by 365) based upon accomplishment of the relevant performance targets for the relevant fiscal year which includes the Executive’s Termination Date, which MIP Award shall be payable in a 

lump sum payment at the time all other MIP Awards for such fiscal year are paid to the other Adtalem senior executives; 
(II)Health Continuation.  Twelve (12) months of continued health benefit plan coverage following the Termination Date at active employee levels and active employee cost for Executive and Executive’s eligible dependents; such health benefits shall be provided and paid for by the Executive per regular payroll period of Adtalem commencing with the first payroll period following the Executive’s termination of employment and continuing until the earlier of (1) the twelve (12) month anniversary of Executive’s Termination Date, or (2) the date Executive is eligible for equivalent coverage and benefits under the plans and programs of a subsequent employer.  Medical expenses (as defined in Code Section 213(d)) paid pursuant to this paragraph are intended to be exempt from Code Section 409A to the extent permitted under Treasury Regulation §§1.409A-1(b)(9)(v)(B) and -3(i)(1)(iv)(B).  However, to the extent any health benefits provided pursuant to this paragraph do not qualify for exemption under Code Section 409A, Adtalem shall provide Executive with a lump sum payment in an amount equal to the number of months of coverage to which Executive is entitled times the then applicable premium for the relevant health plan in which Executive participated.  Such lump sum amount will be paid during the second month following the month in which such coverage expires; and 
(III)Outplacement Services.  Adtalem shall, at its sole expense, provide the Executive with a six (6) month senior executive level outplacement program the provider of which shall be selected by Adtalem in Adtalem’s sole discretion with such expenses being payable to the outplacement service as soon as administratively practicable but in no event later that the last day of the calendar year immediately following the calendar year in which such expense was incurred by the Executive. 
(e)Specified Employee Six Month Delay Requirement.  Notwithstanding the provisions of paragraph (d) immediately above, because Adtalem is a “public company” within the meaning of Code Section 409A, any amounts payable to the Executive during the first six months and one day following the Termination Date pursuant to paragraph (d) immediately above shall be deferred until the date which is six months and one day following such Termination Date, with the first payment being in an amount equal to the total amount to which the Executive would otherwise have been entitled during the period following the Termination Date of employment if the six-month deferral had not been required.  Except as otherwise expressly provided in paragraph (d) immediately above, all of the Executive’s rights to Base Salary, employee benefits, severance and other compensation hereunder or under any policy or program of Adtalem which accrue or become payable on or 

after the termination of the Employment Period will cease upon such Termination Date other than those expressly required under applicable law.
(f)No Offset or Mitigation.  Except for such monies due and owing Adtalem, if Executive’s employment with Adtalem is terminated for any reason, Adtalem will have no right of offset, nor will Executive be under any duty or obligation to seek alternative or substitute employment at any time after the effective date of such termination or otherwise mitigate any amounts payable by Adtalem to Executive.
9.Change in Control.  
(a)Obligations of Adtalem upon Executive’s Termination with Good Reason or Adtalem’s Termination of Executive Without Cause During Change in Control Period.  If:
(i)during the Change in Control Period, Adtalem terminates the Executive’s employment without Cause (other than for death or Disability) or the Executive terminates employment for Good Reason, and
(ii)the Executive executes the Release and such Release is not timely revoked by Executive and becomes legally effective; and
(iii)the Executive complies with the terms of this Agreement and the Release, 
then the Executive will be entitled to receive: 
(A)Accrued Benefits.  the Accrued Benefits payable no later than thirty (30) days following Executive’s Termination Date; 
(B)Base Salary and MIP Award.  payment of an amount equal to one and one half (1.5) times the sum of Executive’s Base Salary (at the rate then in effect) plus MIP Target, which shall be payable in eighteen (18) equal monthly payments commencing with the first payroll period following the date the Release becomes legally effective; and 
(C)Other Benefits.  Additional Benefits as delineated in Section 8(d)(iii)(C) above except that in subsection (II) the reference to “twelve (12) months” shall be changed to “eighteen (18) months” and in subsection (III) the reference to “six (6) month” shall be changed to “nine (9) month.”

(b)Obligations of Adtalem upon Executive’s Death.  If the Executive’s employment is terminated by reason of the Executive’s death during the Change in Control Period, Adtalem shall provide the Executive’s estate or beneficiaries with the Accrued Benefits, and shall have no other severance obligations under this Agreement.  The Accrued Benefits shall be paid to the Executive’s estate or beneficiary, as applicable, within thirty (30) days following the Termination Date.
(c)Obligations of Adtalem upon Executive’s Permanent Disability.  If the Executive’s employment is terminated by reason of the Executive’s Permanent Disability during the Change in Control Period, Adtalem shall provide the Executive with the Accrued Benefits, and shall have no other severance obligations under this Agreement.  The Accrued Benefits shall be paid to the Executive within thirty (30) days following the Termination Date.  
(d)Obligations of Adtalem upon Executive’s Termination Without Good Reason or Adtalem’s Termination of Executive With Cause During Change in Control Period.  If the Executive’s employment is terminated for Cause during the Change in Control Period or the Executive resigns during the Change in Control Period without Good Reason, Adtalem shall provide the Executive with the Accrued Benefits, and shall have no other severance obligations under this Agreement.  In such case, all Accrued Benefits shall be paid to the Executive within thirty (30) days following the Termination Date.  
(e)Anticipatory Change in Control.  If a Change in Control occurs and if the Executive’s employment with Adtalem was terminated by Adtalem without Cause within six (6) months prior to the date such Change in Control occurred, and if it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who had taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with or in anticipation of a Change in Control, then Executive shall be deemed to have been involuntarily terminated by Adtalem without Cause during the Change in Control Period and shall be eligible to receive the monies and benefits under Section 9(a) rather than Section 8(d) of the Agreement.
10.Confidential Information.
(a)The Executive recognizes and acknowledges that the continued success of Adtalem and its Affiliates depends upon the use and protection of a large body of confidential and proprietary information and that the Executive will have access to the entire universe of Adtalem’s Confidential Information (as defined below in Section 10(b)), as well as certain confidential information of other Persons with which Adtalem and its Affiliates do 

business, and that such information constitutes valuable, special and unique property of Adtalem, its Affiliates and such other Persons.
(b)Confidential Information.  For purposes of this Agreement, Adtalem’s “Confidential Information” shall include Adtalem and its Affiliates’ trade secrets as defined under Delaware law, as well as any other information or material which is not generally known to the public, and which:  (a) is generated, collected by or utilized in the operations of Adtalem or its Affiliates’ business and relates to the actual or anticipated business, research or development of Adtalem, its Affiliates or Adtalem and its Affiliates’ actual or prospective Customers; or (b) is suggested by or results from any task assigned to the Executive by Adtalem or its Affiliates, or work performed by the Executive for or on behalf of Adtalem or its Affiliates.  Confidential Information shall not be considered generally known to the public if the Executive or others improperly reveal such information to the public without Adtalem or its Affiliates’ express written consent and/or in violation of an obligation of confidentiality owed to Adtalem or its Affiliates.  Confidential Information includes, without limitation, the information, observations and data obtained by the Executive while employed by Adtalem concerning the business or affairs of Adtalem or its Affiliates, including information concerning acquisition opportunities in or reasonably related to Adtalem or its Affiliates’ business or industry, the identities of and other information (such as databases) relating to the current, former or prospective employees, suppliers and Customers of Adtalem or its Affiliates, development, transition and transformation plans, methodologies and methods of doing business, strategic, marketing and expansion plans, financial and business plans, financial data, pricing information, employee lists and telephone numbers, locations of sales representatives, new and existing customer or supplier programs and services, customer terms, customer service and integration processes, requirements and costs of providing service, support and equipment.  
(c)The Executive agrees to use Adtalem’s Confidential Information only as necessary and only in connection with the performance of Executive’s duties hereunder.  The Executive shall not, without Adtalem’s prior written permission, directly or indirectly, utilize for any purpose other than for a legitimate business purpose solely on behalf of Adtalem or its Affiliates, or directly or indirectly, disclose outside of Adtalem or outside of the Affiliates, any of Adtalem’s Confidential Information, as long as such matters remain Confidential Information.  The restrictions set forth in this paragraph are in addition to and not in lieu of any obligations the Executive may have by law with respect to Adtalem’s Confidential Information, including any obligations the Executive may owe under any applicable trade secrets statutes or similar state or federal statutes.  This Agreement shall not prevent the Executive from revealing evidence of criminal wrongdoing to law enforcement or prohibit the Executive from divulging Adtalem’s Confidential Information by order of court or agency of competent jurisdiction.  However, the Executive shall promptly inform 

Adtalem of any such situations and shall take such reasonable steps to prevent disclosure of Adtalem’s Confidential Information until Adtalem or its relevant Affiliates have been informed of such requested disclosure and Adtalem has had an opportunity to respond to the court or agency.
(d)The Executive understands that Adtalem and its Affiliates will receive from third parties confidential or proprietary information ("Third Party Information") subject to a duty on Adtalem or its Affiliates to maintain the confidentiality of such information and to use it only for certain limited purposes.  During the Employment Period and thereafter, and without in any way limiting the foregoing provisions of this Section 10, the Executive will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than personnel and consultants of Adtalem and its Affiliates who need to know such information in connection with their work for Adtalem or its Affiliates) or use Third Party Information unless expressly authorized by such third party or by the CEO.
(e)During the Employment Period, the Executive will not improperly use or disclose any confidential information or trade secrets, if any, of any former employers or any other person or entity to whom the Executive has an obligation of confidentiality, and will not bring onto the premises of Adtalem or its Affiliates any unpublished documents or any property belonging to any former employer or any other person or entity to whom the Executive has an obligation of confidentiality unless consented to in writing by the former employer or such other person or entity.  The Executive will use in the performance of Executive’s duties only information which is (i) generally known and used by persons with training and experience comparable to the Executive's and which is (x) common knowledge in the industry or (y) otherwise legally in the public domain, (ii) otherwise provided or developed by Adtalem or its Affiliates or (iii) in the case of materials, property or information belonging to any former employer or other person or entity to whom the Executive has an obligation of confidentiality, approved for such use in writing by such former employer or other person or entity.
11.Return of Adtalem Property.  The Executive acknowledges and agrees that all notes, records, reports, sketches, plans, unpublished memoranda or other documents, whether in paper, electronic or other form (and all copies thereof), held by the Executive concerning any information relating to the business of Adtalem or its Affiliates, whether confidential or not, are the property of Adtalem and its Affiliates.  The Executive will immediately deliver to Adtalem at the termination or expiration of the Employment Period, or at any other time the CEO may request, all equipment, files, property, memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and all electronic, paper or other copies thereof) belonging to Adtalem or its Affiliates which 

includes, but is not limited to, any materials that contain, embody or relate to the Confidential Information, Work Product or the business of Adtalem or its Affiliates, which Executive may then possess or have under Executive’s control.  The Executive will take any and all actions reasonably deemed necessary or appropriate by Adtalem or its Affiliates from time to time in its sole discretion to ensure the continued confidentiality and protection of the Confidential Information.  The Executive will notify Adtalem and the appropriate Affiliates promptly and in writing of any circumstances of which the Executive has knowledge relating to any possession or use of any Confidential Information by any Person other than those authorized by the terms of this Agreement.
12.Intellectual Property Rights.  The Executive acknowledges and agrees that all inventions, technology, processes, innovations, ideas, improvements, developments, methods, designs, analyses, trademarks, service marks, and other indicia of origin, writings, audiovisual works, concepts, drawings, reports and all similar, related, or derivative information or works (whether or not patentable or subject to copyright), including but not limited to all resulting patent applications, issued patents, copyrights, copyright applications and registrations, and trademark applications and registrations in and to any of the foregoing, along with the right to practice, employ, exploit, use, develop, reproduce, copy, distribute copies, publish, license, or create works derivative of any of the foregoing, and the right to choose not to do or permit any of the aforementioned actions, which relate to Adtalem or Affiliates’ actual or anticipated Business, research and development or existing or future products or services and which are conceived, developed or made by the Executive while employed by Adtalem or an Affiliate (collectively, the "Work Product") belong to Adtalem.  The Executive further acknowledges and agrees that to the extent relevant, this Agreement constitutes a “work for hire agreement” under the Copyright Act, and that any copyrightable work (“Creation”) constitutes a “work made for hire” under the Copyright Act such that Adtalem is the copyright owner of the Creation.  To the extent that any portion of the Creation is held not to be a “work made for hire” under the Copyright Act, the Executive hereby irrevocably assigns to Adtalem all right, title and interest in such Creation.  All other rights to any new Work Product and all rights to any existing Work Product are also hereby irrevocably conveyed, assigned and transferred to Adtalem pursuant to this Agreement.  The Executive will promptly disclose and deliver such Work Product to Adtalem and, at Adtalem's expense, perform all actions reasonably requested by Adtalem (whether during or after the Employment Period) to establish, confirm and protect such ownership (including, without limitation, the execution of assignments, copyright registrations, consents, licenses, powers of attorney and other instruments).  All Work Product made within six months after termination of the Executive's employment with Adtalem will be presumed to have been conceived during the Executive's employment with Adtalem, unless the Executive can prove conclusively that it was created after such termination.

13.Non-Compete, Non-Solicitation.
(a)In further consideration of the compensation to be paid to the Executive hereunder, the Executive acknowledges that in the course of Executive’s employment with Adtalem, Executive has, and will continue to, become familiar with Adtalem's Confidential Information, methods of doing business, business plans and other valuable proprietary information concerning Adtalem, its Affiliates, and their customers and suppliers and that Executive’s services have been and will be of special, unique and extraordinary value to Adtalem and its Affiliates.  The Executive agrees that, during the Employment Period and continuing for, as applicable, (i) twelve (12) months thereafter, regardless of the reason for the termination of Executive's employment other than under Section 9(a) above or (ii) eighteen (18) months in the event of a termination under Section 9(a) above (the "Restricted Period"), the Executive will not, directly or indirectly, anywhere in the Restricted Area:
(i)own, manage, operate, or participate in the ownership, management, operation, or control of, or be employed by, any entity which is in competition with the Business of Adtalem or its Affiliates in which the Executive would hold a position with responsibilities that are entirely or substantially similar to any position the Executive held during the last twelve (12) months of the Executive’s employment with Adtalem or in which the Executive would have responsibility for and access to confidential information that is similar to or relevant to that which the Executive had access to during the last twelve (12) months of the Executive’s employment with Adtalem; or 
(ii)provide services to any person or entity that engages in any business that is similar to, or competitive with Adtalem or its Affiliates’ Business if doing so would require the Executive to use or disclose Adtalem’s Confidential Information.
Nothing herein will prohibit the Executive from being a passive owner of not more than one percent (1%) of the outstanding stock of any class of a corporation which is publicly traded, so long as the Executive has no active participation in the business of such corporation.  
(b)During the Restricted Period, the Executive will not, directly or indirectly, in any manner:  (i) hire or engage, or recruit, solicit or otherwise attempt to employ or retain any individual who is or was an employee of or consultant to Adtalem or its Affiliates within the twelve (12) month period immediately preceding the termination of Executive's employment, (ii) induce or attempt to induce any individual who is or was an employee of, or consultant to, Adtalem or its Affiliates within the twelve (12) month period immediately preceding the termination of Executive's employment, to leave the employ of 

Adtalem or the relevant Affiliates, or in any way interfere with the relationship between Adtalem, its Affiliates and any of their employees or consultants, or (iii) recommend the hiring of, or provide a reference for any individual who was an employee of or consultant to Adtalem or its Affiliates (provided, however that the Executive may hire former employees and individual consultants to Adtalem and its Affiliates after such former employees or individual consultants have ceased to be employed or otherwise engaged by Adtalem or its Affiliates for a period of at least twelve (12) months).
(c)During the Restricted Period, the Executive will not, directly or indirectly:  (i) call on, solicit or service any Customer with the intent of selling or attempting to sell any service or product similar to, or competitive with, the services or products sold by Adtalem or its Affiliates as of the date of the termination of Executive's employment, or (ii) in any way interfere with the relationship between Adtalem, its Affiliates and any Customer, supplier, licensee or other business relation (or any prospective Customer, supplier, licensee or other business relationship) of Adtalem or its Affiliates (including, without limitation, by making any negative or disparaging statements or communications regarding Adtalem, its Affiliates or any of their operations, officers, directors or investors).  This non-solicitation provision applies to those Customers, suppliers, licensees or other business relationships of Adtalem with whom the Executive: (1) has had contact or has solicited at any time in the twelve (12) month period of time preceding the termination of the Executive's employment; (2) has supervised the services of any of Adtalem's or Affiliates’ employees who have had any contact with or have solicited at any time during the twelve (12) month period of time preceding the termination of Executive's employment; or (3) has had access to any Confidential Information about such Customers, suppliers, licensees or other business relationships at any time during the twelve (12) month period of time preceding the termination of Executive’s employment.
(d)The Executive acknowledges and agrees that the restrictions contained in this Section 13 with respect to time, geographical area and scope of activity are reasonable and do not impose a greater restraint than is necessary to protect the goodwill and other legitimate business interests of Adtalem and its Affiliates.  In particular, the Executive agrees and acknowledges that Adtalem is currently engaging in Business and actively marketing its services and products throughout the Restricted Area, that Executive's duties and responsibilities for Adtalem and/or its Affiliates are co-extensive with the entire scope of Adtalem's Business, that Adtalem has spent significant time and effort developing and protecting the confidentiality of their methods of doing business, technology, customer lists, long term customer relationships and trade secrets and that such methods, technology, customer lists, customer relationships and trade secrets have significant value.  However, if, at the time of enforcement of this Section 13, a court holds that the duration, geographical area or scope of activity restrictions stated herein are unreasonable under circumstances then 

existing or impose a greater restraint than is necessary to protect the goodwill and other business interests of Adtalem and its Affiliates, the Parties agree that the maximum duration, scope or area reasonable under such circumstances will be substituted for the stated duration, scope or area and that the court will be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law, in all cases giving effect to the intent of the parties that the restrictions contained herein be given effect to the broadest extent possible.  The existence of any claim or cause of action by the Executive against Adtalem, whether predicated on this Agreement or otherwise, will not constitute a defense to the enforcement by Adtalem of the provisions of Sections 10, 11, 12 or this Section 13, which Sections will be enforceable notwithstanding the existence of any breach by Adtalem.  Notwithstanding the foregoing, the Executive will not be prohibited from pursuing such claims or causes of action against Adtalem.  The Executive consents to Adtalem notifying any future employer of the Executive of the Executive's obligations under Sections 10, 11, 12 and this Section 13 of this Agreement.
(e)In the event of the breach or a threatened breach by the Executive of any of the provisions of Sections 10, 11, 12 or this Section 13, Adtalem, in addition and supplementary to any other rights and remedies existing in its favor, will be entitled to seek specific performance and/or injunctive or other equitable relief (in the form of a temporary restraining order, preliminary injunction and/or permanent injunction) from a court of competent jurisdiction in order to enforce or prevent any violations of the provisions hereof.
(f)Upon the Executive’s written request, the CEO may, in the CEO’s sole discretion, permit the Executive to engage in certain work or activity that is otherwise prohibited by this Agreement, if and only if the Executive first provides the CEO with written evidence satisfactory to the CEO, including assurances from any new employer of the Executive, that the contribution of Executive’s knowledge to that work or activity will not cause the Executive to disclose, base judgment upon, or use Adtalem’s trade secrets or other Confidential Information.  The Executive shall not engage in such work or activity unless and until the Executive receives written consent from the CEO.
(g)Neither the CEO’s consent under Section 13(f) nor Adtalem’s failure to seek enforcement of any restrictive covenant under this Agreement shall be deemed a consent or waiver by Adtalem of any subsequent breach of this Agreement by the Executive and Adtalem shall have the right to seek enforcement of this Agreement against the Executive for any breach not specifically consented to in writing by the CEO or Adtalem.
14.Executive’s Representations.  [RESERVED].

15.Survival.  Any provisions which by its nature is intended to survive and continue in full force in accordance with its terms shall continue notwithstanding the termination of the Employment Period.
16.Notices.  Any notice provided for in this Agreement will be in writing and will be either personally delivered, sent by reputable overnight courier service, sent by facsimile (with hard copy to follow by regular mail) or mailed by first class mail, return receipt requested, to the recipient at the address below indicated:
Notices to the Executive:
​
Executive’s Name
At such home address which is on record with Adtalem
​
Notices to Adtalem:
Adtalem Global Education Inc.
Attn:  President and Chief Executive Officer
500 W. Madison Ave. 
Chicago IL, 60661
​
with copies to (which will not constitute notice to Adtalem):
​
Adtalem Global Education Inc.
Attn: General Counsel
500 W. Madison Ave. 
Chicago IL, 60661
​
or such other address or to the attention of such other person as the recipient Party will have specified by prior written notice to the sending Party.  Any notice under this Agreement will be deemed to have been given when so delivered, sent or mailed.

17.Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any action in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
18.Complete Agreement.  This Agreement embodies the complete agreement and understanding among the Parties and supersedes and preempts any prior understandings, agreements or representations by or among the Parties, written or oral, which may have related to the subject matter hereof in any way.  
19.Counterparts.  This Agreement may be executed in separate counterparts (including by facsimile signature pages), each of which is deemed to be an original and all of which taken together constitute one and the same agreement.
20.No Strict Construction.  The parties hereto jointly participated in the negotiation and drafting of this Agreement.  The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their collective mutual intent, this Agreement will be construed as if drafted jointly by the parties hereto, and no rule of strict construction will be applied against any Person.
21.Successors and Assigns.  This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive, Adtalem and their respective heirs, successors and assigns.  The Executive may not assign Executive’s rights or delegate Executive’s duties or obligations hereunder without the prior written consent of Adtalem.  Adtalem may not assign its rights and obligations hereunder, without the consent of, or notice to, the Executive, with the sole exception being a sale to any Person that acquires all or substantially all of Adtalem whether stock or assets, in which case such consent of the Executive is not necessary.
22.Choice of Law; Exclusive Venue.  THIS AGREEMENT, AND ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT, WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN 

THE STATE OF DELAWARE.  SUBJECT TO SECTION 24 OF THIS AGREEMENT, THE PARTIES AGREE THAT ALL LITIGATION ARISING OUT OF OR RELATING TO SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT MUST BE BROUGHT EXCLUSIVELY IN DELAWARE (COLLECTIVELY THE “DESIGNATED COURTS”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
23.Dispute Resolution.  Notwithstanding anything to the contrary, any and all other disputes, controversies or questions arising under, out of, or relating to this Agreement (or the breach thereof), or, the Executive’s employment with Adtalem or termination thereof, other than those disputes relating to Executive’s alleged violations of Sections 10 (Confidential Information), 11 (return of property), 12 (intellectual property) and 13 (covenants of noncompete and nonsolicitation) of this Agreement, shall be referred for binding arbitration in Chicago, Illinois to a neutral arbitrator (who is licensed to practice law in any State within the United States of America) selected by the Executive and Adtalem and this shall be the exclusive and sole means for resolving such dispute.  Such arbitration shall be conducted in accordance with the National Rules for Resolution of Employment Disputes of the American Arbitration Association.  The arbitrator shall have the discretion to award reasonable attorneys' fees, costs and expenses to the prevailing party.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  This Section 24 does not apply to any action by Adtalem to enforce Sections 10, 11, 12 and 13 of this Agreement and does not in any way restrict Adtalem’s rights under Section 22 of this Agreement.
24.Mutual Waiver of Jury Trial.  IN THE EVENT OF LITIGATION AS PERMITTED UNDER SECTION 22 (AND SUBJECT TO SECTION 23) OF THIS AGREEMENT, ADTALEM AND THE EXECUTIVE EACH WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, AS PERTAINS TO A CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE UNDER 

SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT.  ADTALEM AND THE EXECUTIVE EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION WILL BE TRIED BY A COURT TRIAL WITHOUT A JURY.  WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT.  THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO SECTIONS 10, 11, 12 OR 13 OF THIS AGREEMENT.
25.Indemnification.  In addition to any rights to indemnification to which the Executive is entitled under Adtalem’s charter and by-laws, to the extent permitted by applicable law, Adtalem will indemnify, from the assets of Adtalem supplemented by insurance in an amount determined by Adtalem, the Executive at all times, during and after the Employment Period, and, to the maximum extent permitted by applicable law, shall pay the Executive’s expenses (including reasonable attorneys’ fees and expenses, which shall be paid in advance by Adtalem as incurred, subject to recoupment in accordance with applicable law) in connection with any threatened or actual action, suit or proceeding to which the Executive may be made a party, brought by any shareholder of Adtalem directly or derivatively or by any third party by reason of any act or omission or alleged act or omission in relation to any affairs of Adtalem or any subsidiary or Affiliate of Adtalem of the Executive as an officer, director or employee of Adtalem or of any subsidiary or Affiliate of Adtalem.  Adtalem shall use its best efforts to maintain during the Employment Period and thereafter insurance coverage sufficient in the determination of the Board to satisfy any indemnification obligation of Adtalem arising under this Section 25.
26.Nondisparagement.  Executive agrees that both during the Employment Period and thereafter, the Executive shall not make or publish any statements or comments that disparage or injure the reputation or goodwill of Adtalem or any of its affiliates, or any of its or their respective officers or directors, or otherwise make any oral or written statements that a reasonable person would expect at the time such statement is made to likely have the effect of diminishing or injuring the reputation or goodwill of Adtalem, or any of its affiliates, or any of its or their respective officers or directors; provided, however, nothing herein shall prevent the Executive from providing any information that may be compelled by law. Likewise, Adtalem and its affiliates, as represented by their respective Directors and Officers, shall not make or publish any statements or comments that disparage or injure the reputation of the Executive, or otherwise make any oral or written statements that a reasonable person would expect at the time such statement is made to likely have the effect of diminishing or 

injuring the reputation of the Executive; provided, however, nothing herein shall prevent the Adtalem from providing any information that may be compelled by law.
27.Assistance in Proceedings.  During the Employment Period and thereafter, the Executive will cooperate with Adtalem in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by Adtalem (including, without limitation, the Executive being available to Adtalem upon reasonable notice for interviews and factual investigations, appearing at Adtalem’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to Adtalem all pertinent information and turning over to Adtalem all relevant documents which are or may come into the Executive's possession, all at times and on schedules that are reasonably consistent with the Executive’s other permitted activities and commitments).  In the event Adtalem requires the Executive’s cooperation in accordance with this Section 27, Adtalem will pay the Executive a reasonable per diem as determined by the Board and reimburse the Executive for reasonable expenses incurred in connection therewith (including lodging and meals, upon submission of receipts).
28.Amendment and Waiver.  The provisions of this Agreement may be amended or waived only with the prior written consent of Adtalem and the Executive or pursuant to Section 17, and no course of conduct or course of dealing or failure or delay by any Party hereto in enforcing or exercising any of the provisions of this Agreement will affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.  
*    *    *    *    *
​

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.
ADTALEM GLOBAL EDUCATION INC.
By: ​ ​​ ​​ ​​ ​​ ​​ ​
​
Printed:  Lisa Wardell
Title:  President and Chief Executive Officer
​
EXECUTIVE
​
​
​ ​​ ​​ ​​ ​​ ​​ ​​
​
Printed:  
​ ​​ ​​ ​​ ​​ ​​ ​​
​
Date:  
​ ​​ ​​ ​​ ​​ ​​ ​​
​
​

​
APPENDIX I
DEFINITIONS
“Accrued Benefits” means (a) Base Salary earned through the Termination Date; (b) except in the event of a termination by Adtalem with Cause, the balance of any awarded (i.e., the amount and payment of the specific award has been fully approved by the Board) but as yet unpaid, annual cash incentive or other incentive awards for any fiscal year prior to the fiscal year during which the Executive’s Termination Date occurs; (c) a payment representing the Executive’s accrued but unused vacation; and (d) anything in this Agreement to the contrary notwithstanding, (i) the payment of any vested, but not forfeited, benefits as of the Termination Date under Adtalem’s employee benefit plans payable in accordance with the terms of such plans and (ii) the availability of such benefit continuation and conversion rights to which Executive is entitled in accordance with the terms of such plans.
“Affiliates” means any company, directly or indirectly, controlled by, controlling or under common control with Adtalem, including, but not limited to, Adtalem’s subsidiary entities, parent, partners, joint ventures, and predecessors, as well as its successors and assigns.
“Base Salary” means the amount specified in Section 3(a) of the Agreement, as adjusted from time to time.
“Board” means the Board of Directors of Adtalem Global Education Inc.
“Business” means (a) the provision of educational services to individuals at the secondary through post-secondary levels of education and/or training services to individuals seeking professional certifications or professional education by (i) a market funded institution offering degree and non-degree programs (ii) at classroom locations in multiple states and/or through an online curriculum delivery mechanism, and (b) any other business directly engaged in by Adtalem and its Affiliates during the Employment Period.
“Cause” means (i) the commission of a felony or other crime involving moral turpitude or the commission of any other act or omission involving misappropriation, dishonesty, fraud, illegal drug use or breach of fiduciary duty, (ii) willful failure to perform duties as reasonably directed by the CEO or the CEO’s designee, (iii) the Executive’s gross negligence or willful misconduct with respect to the performance of the Executive’s duties hereunder, (iv) obtaining any personal profit not fully disclosed to and approved by the Board in connection with any transaction entered into by, or on behalf of, Adtalem, or (v) any other 

material breach of this Agreement or any other agreement between the Executive and Adtalem.
“CEO” means the President and Chief Executive Officer of Adtalem Global Education Inc.
“Change in Control” means such term as defined in the Adtalem Global Education Inc. Incentive Plan of 2013.
“Change in Control Period” means the period commencing on the date of a Change in Control and ending on the twelve (12) month anniversary of such date.
“Code” means the Internal Revenue Code of 1986, as amended.
“Code of Business Conduct and Ethics” means such code as maintained by Adtalem Global Education Inc., as amended from time to time.
“Compensation Committee” means that committee of the Board which shall have authority over the compensation (cash and non-cash) of certain aspects of Adtalem, including, but not limited to, all officers and executives of Adtalem, including Adtalem’s Chief Executive Officer, and all option grants for any employee, executive, officer, director or consultant of Adtalem.
“Copyright Act” means the United States Copyright Act of 1976, as amended.
“Customer” means any Person:
(a)who purchased products or services from Adtalem or any of its Affiliates during the twelve (12) month period prior to the date of termination of the Executive's employment; or
(b)to whom Adtalem or any of its Affiliates solicited the sale of its products or services during the twelve (12) month period prior to the date of termination of the Executive’s employment.
“Good Reason” means, without the Executive’s consent, (i) material diminution in title, duties, responsibilities or authority; (ii) reduction of Base Salary, MIP Target or employee benefits except for across-the-board changes for executives at the Executive’s level; (iii) exclusion from executive benefit/compensation plans; (iv) material breach of the Agreement that Adtalem has not cured within thirty (30) days after the Executive has provided Adtalem notice of the material breach which shall be given within sixty (60) days 

of the Executive’s knowledge of the occurrence of the material breach; or (v) resignation in compliance with securities, corporate governance or other applicable law (such as the US Sarbanes-Oxley Act) as specifically applicable to such Executive.  For avoidance of doubt, a change in reporting relationship to the CEO’s designee shall not constitute “Good Reason.”
“MIP Award” means the amount actually awarded Executive under Adtalem’s annual Management Incentive Plan, as in effect from time to time, upon the achievement of specific Adtalem-wide and personal performance goals of the Executive that will be determined each fiscal year by the Executive’s direct supervisor and/or the Compensation Committee as necessary and appropriate to comply with Adtalem policy.
“MIP Target” means the percentage of Executive’s Base Salary established as the target under Adtalem’s Management Incentive Plan as adjusted from time to time.
“Permanent Disability” means mental, physical or other illness, disease or injury, which has prevented the Executive from substantially performing Executive’s duties hereunder for the greater of:  (a) the eligibility waiting period under the Adtalem long term disability program in which he/she participates, if any, (b) an aggregate of six (6) months in any twelve (12) month period, or (c) a period of three (3) consecutive months.
“Person” means any natural person, corporation, general partnership, limited partnership, limited liability company or partnership, proprietorship, other business organization, trust, union, association or governmental or regulatory entities, department, agency or authority.
“Release” means the waiver and release agreement generally used by Adtalem for executives, as amended from time to time.
“Restricted Area” means (a) throughout the world, but if such area is determined by judicial action to be too broad, then it means (b) within North America, but if such area is determined by judicial action to be too broad, then it means (c) within the continental United States, but if such area is determined by judicial action to be too broad, then it means (d) within any state in which Adtalem and its Affiliates is engaged in Business.
“Termination Date” means the last day of Executive’s employment with Adtalem Global Education Inc.EX-10.1

 Exhibit 10.1 

HSBC BANK PLC 
 and

 THE BANK OF NEW YORK MELLON, 

not in its individual capacity, but solely as 

TRUSTEE OF THE SPDR®
GOLD TRUST 
  

 
 SPDR® GOLD TRUST 

THIRD AMENDED AND RESTATED 

ALLOCATED BULLION ACCOUNT AGREEMENT 

 
  

RESTRICTED 

 THIS AGREEMENT is made on as of August 18, 2020. 

BETWEEN 
  

	(1)	 HSBC BANK PLC, a company incorporated in England, whose principal place of business in England is at 8
Canada Square, London E14 5HQ (“we” or “us”); and 

  

	(2)	 THE BANK OF NEW YORK MELLON, not in its individual capacity, but solely as trustee (the “Trustee”)
of SPDR® Gold Trust (the “Trust”) as established pursuant to the Trust Indenture (defined below) (“you”). 

INTRODUCTION 
 Pursuant to a Novation Agreement dated
June 4, 2014, between HSBC Bank USA, National Association (“HSBC USA”), us and you, effective as of December 22, 2014, we succeeded to all of the rights and obligations of HSBC USA under that certain First Amended and
Restated Allocated Bullion Account Agreement (the “First A/R Agreement”) dated June 1, 2011, as amended, between HSBC USA and you. Under the First A/R Agreement, HSBC USA agreed to open and maintain for you an Allocated Account
and to provide other services to you in connection with your Allocated Account. Pursuant to a Second Amendment and Restated Allocated Bullion Account Agreement (the “Second A/R Agreement”) dated July 17, 2015, between us and
you, we and you agreed to amend and restate the First A/R Agreement in order to make certain amendments. You and we now wish to amend and restate the Second A/R Agreement to make further amendments. This Agreement now sets out the terms under which
we will provide those services to you and the arrangements which will apply in connection with those services and your Allocated Account. 
 IT IS AGREED
AS FOLLOWS 
  

	1.	 INTERPRETATION 

 

	1.1	 Definitions: In this Agreement: 

“Account Balance” means, in relation to the Allocated Account, the specific Precious Metal held by us for you as from time to
time identified in, and recorded on, the Allocated Account. 
 “Agreement” means this Third Amended and Restated Allocated
Bullion Account Agreement between you and us, as the same may be amended from time to time. 
 “Allocated Account” means, in
relation to Precious Metal, the account maintained by us in your name recording the amount of, and identifying, the Bullion received and held by us for you on an allocated basis pursuant to this Agreement. 

“Availability Date” means the Business Day on which you wish us to credit to your Allocated Account an amount of Bullion
debited from your Unallocated Account. 

  

					
	RESTRICTED	  	-1-	  	

 “Bullion” means the Precious Metal held for you under this Agreement or
standing to your credit in your Unallocated Account, as the case may be. 
 “Business Day” means a day other than (i) a
day on which the Exchange (as such term is defined in the Trust Indenture) is closed for regular trading or (ii), if the transaction involves the receipt or delivery of gold or confirmation thereof in the United Kingdom or in some other
jurisdiction, (a) a day on which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b) a day on which banking
institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and transaction
procedures required to be executed or completed before the close of the business day may not be so executed or completed. 

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

“LBMA Gold Price” means the London gold price per troy ounce of gold for delivery in London through a member of the LBMA
authorized to effect such delivery, stated in U.S. Dollars, as calculated and administered by independent service provider(s), and published by the LBMA on its website at www.lbma.org.uk or by its successor that publically displays prices. 

“Participant” means a Participant as defined in the Trust Indenture. 

“Participant Agreement” means that certain Participant Agreement in effect from time to time between the Trustee, the Sponsor
and each Participant, as those terms are defined in the Trust Indenture. 
 “Participant Unallocated Account” means the
Precious Metal account a Participant is required by the Participant Agreement to have maintained by us for such Participant on an Unallocated Basis. 

“Point of Delivery” means such date and time that the recipient or its agent acknowledges in written form its receipt of
delivery of Precious Metal. 
 “Precious Metal” means gold. 

“Rules” means the rules, regulations, practices and customs of the LBMA (including the rules of the LBMA as to good delivery),
the London Precious Metals Clearing Limited (LPMCL), the Financial Conduct Authority, The Governor and Company of the Bank of England and such other regulatory authority or body applicable to the activities contemplated by this Agreement,
including the activities of any Sub-Custodian. 
 “Sponsor” means World Gold Trust
Services, LLC. 
 “Sub-Custodian” means a
sub-custodian (including an entity within our corporate group) selected by us (and approved in writing by you and the Sponsor) for the temporary custody and safekeeping of Bullion. 

  

					
	RESTRICTED	  	-2-	  	

“Sub-Sub-Custodian” has the meaning given to
it in Clause 8.1. 
 “Third Party Unallocated Account” means a Precious Metal account maintained by us on an Unallocated
Basis in the name of a person other than you in your capacity as Trustee of the Trust. 
 “Trust Indenture” means that
certain Trust Indenture of SPDR® Gold Trust, dated as of November 12, 2004, between World Gold Trust Services, LLC, as Sponsor, and The Bank of New York Mellon, as Trustee, as amended
and/or restated from time to time. 
 “Unallocated Account” means, in relation to Precious Metal, the account maintained by
us in your name recording the amount of Precious Metal held on an Unallocated Basis pursuant to the Unallocated Bullion Account Agreement that, in the case of a positive balance, we have a contractual obligation to transfer to you and that, in the
case of a negative balance, if so permitted by us, you have a contractual obligation to transfer to us. 
 “Unallocated
Basis” means, with respect to a Precious Metal account maintained with us, that the person in whose name the account is held is entitled to delivery in accordance with the Rules of an amount of Precious Metal equal to the amount of Precious
Metal standing to the credit of the person’s account but has no ownership interest in any Precious Metal that we own or hold. 

“Unallocated Bullion Account Agreement” means that certain Second Amended and Restated Unallocated Bullion Account Agreement
between you and us dated as of the Second Amended and Restated Allocated Bullion Account Agreement, as amended and/or restated from time to time. 

“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 Business Day on which you wish to withdraw Bullion from your Allocated Account. 

 

	1.2	 Headings: The headings in this Agreement do not affect its interpretation. Any Schedule to this
Agreement shall form part of this Agreement. 

  

	1.3	 Singular and plural; other usages: 

 

	 	(a)	 References to the singular include the plural and vice versa. 

 

	 	(b)	 “A or B” means “A or B or both.” 

 

	 	(c)	 “Including” means “including but not limited to.” 

  

					
	RESTRICTED	  	-3-	  	

	2.	 ALLOCATED ACCOUNT 

 

	2.1	 Opening the Allocated Account: We shall open and maintain the Allocated Account for you in
respect of Bullion, and we shall hold the Bullion in the Allocated Account on an allocated basis pursuant to this Agreement. 

  

	2.2	 Deposits and withdrawals: The Allocated Account shall evidence and record the holdings of Bullion
in, and the movements of Bullion into and out of, the Allocated Account. 

  

	2.3	 Denomination of the Allocated Account: The Precious Metal recorded in the Allocated Account shall
be denominated in fine ounces of gold to three decimal places. 

  

	2.4	 Reports: We will send you reports in relation to any Precious Metal held by us for you, as we may
agree from-to-time. This includes, without limitation, for each Business Day, by no later than the following Business Day, we will: 

(a) transmit to you by SWIFT message(s) information showing the movement of Bullion into and out of your Allocated Account, and identifying
separately each transaction and the Business Day on which it occurred. In addition, we will provide you such information about the movement of Bullion into and out of your Allocated Account on a same-day basis
at such other times and in such other form as you and we shall agree, including by email, as described in Clause 2.4(b) below. In the case of any difference between the information provided by SWIFT message and the information we provide you
pursuant to the immediately preceding sentence, the SWIFT message will be controlling, and we shall not be liable for your or any third party’s reliance on the information we provide to you by means other than SWIFT message; and 

(b) send to pre-agreed email addresses details of each bar of Bullion held by us or, as applicable, at
a Sub-Custodian, for the benefit of the Trust, and will refer to each bar of Bullion by refiner, assay, serial number and gross and fine weight, and by any other marks required for the identification of a bar
of Bullion under the Rules. 
  

	2.5	 Reversal of entries: In order to maintain the accuracy of our books and records, but without
limiting our responsibilities or liability under this Agreement, we shall reverse or amend any entries to your Allocated Account to correct errors that we discover or of which we are notified with, if we deem it necessary, effect back-valued to the
date upon which the correct entry (or no entry) should have been made. Without limiting the foregoing, if Bullion delivered to your Allocated Account upon withdrawal from your Unallocated Account is determined to be of a fineness or weight different
from the fineness or weight we have reported to you, (i) we shall debit your Allocated Account and credit your Unallocated Account with the requisite amount of Bullion if the determination reduces the total fine ounces of Bullion that should
have been credited to your Allocated Account, and (ii) we shall credit your Allocated Account and debit your Unallocated Account with the requisite amount of Bullion if the determination increases the total fine ounces of Bullion that should
have been credited to your Allocated Account. 

  

					
	RESTRICTED	  	-4-	  	

	2.6	 Access: Upon reasonable prior written notice, we will, during our normal business hours, allow
your or the Sponsor’s representatives, not more than twice during any calendar year, and your independent public accountants, in connection with their audit of the financial statements of the Trust, to visit our premises and examine the Bullion
and such records maintained by us in relation to your Allocated Account as they may reasonably require. Any such visit shall be conducted over such number of Business Days as may be reasonably necessary to complete the examination which is the
purpose of such visit. You shall bear all costs relating to such visits and exams, including any out of pocket or other costs we may incur in connection therewith. Our providing of any such visits or exams is conditioned on the relevant parties
complying with all our security rules and procedures and undertaking to keep confidential all information they obtain in accordance with a form of confidentiality agreement we will provide. If at the time of any visit none of the Bullion is at our
premises, the relevant parties will not be permitted to visit our vault. Any visits by your representatives pursuant to clause 2.6 of the Unallocated Bullion Account Agreement shall be deemed to be a visit for purposes of this clause 2.6. To the
extent that our activities under this Agreement are relevant to the preparation of the filings required of the Trust under the securities laws of the United States, we will, to the extent permitted by applicable law, the Rules or applicable
regulatory authority, cooperate with you and the Sponsor and your and the Sponsor’s representatives to provide such information concerning our activities as may be necessary for such filings to be completed. 

 

	3.	 TRANSFERS INTO THE ALLOCATED ACCOUNT 

 

	3.1	 Procedure: We shall receive transfers of Bullion into your Allocated Account only at your
instruction given pursuant to your Unallocated Bullion Account Agreement, by debiting Bullion from your Unallocated Account and allocating such Bullion to your Allocated Account, unless we otherwise agree in writing. For any instruction we have
received to transfer Bullion standing to your credit in your Unallocated Account to your Allocated Account pursuant to clause 4.2(b) of the Unallocated Bullion Account Agreement, we shall allocate the amount of Bullion indicated in such instruction
as soon as practicable and by no later than 2:00 p.m. (London time) on the date of allocation, provided that, if we are required to use one or more Sub-Custodians for the allocation process, we shall use our
best efforts to complete such allocation by no later than 2:00 p.m. (London time) on the date of allocation. As of 2:00 p.m. (London time) on the date of allocation, we shall send you an email notifying you of the status of the allocation process
and including (i) the amount of Bullion transferred to your Unallocated Account from each Participant’s Participant Unallocated Account, separately stated; (ii) the amount of Bullion that has been transferred into your Allocated
Account from your Unallocated Account and (iii) the amount of Bullion, if any, remaining in the your Unallocated Account. Notwithstanding the foregoing, when New York is on daylight savings time and London is not on daylight savings time, the
references to 2:00 p.m. (London time) in this clause 3.1 shall be deemed to be 1:00 p.m. (London time). Notwithstanding anything else to the contrary and in the absence of manifest error, the information contained in such email shall represent our
official and conclusive records. Additionally, we shall send you promptly after the foregoing message an e-mail (or other agreed upon form of communication) including a bar list for the Bullion that has been
allocated. 

  

					
	RESTRICTED	  	-5-	  	

	3.2	 Power to amend procedure: We may amend our procedure for the transfer of Bullion into your
Allocated Account or impose additional procedures therefor upon your and the Sponsor’s prior written consent, provided that we may make any such amendment or imposition without such consent where such amendment or imposition is required by a
change in the Rules or applicable law. We will notify you within a commercially reasonable time before we amend our procedures or impose additional ones in relation to the withdrawal of Bullion, and in doing so we will consider your needs to
communicate any such change to Participants and others. 

  

	4.	 TRANSFERS FROM THE ALLOCATED ACCOUNT 

 

	4.1	 Procedure and instructions: We will transfer Bullion from your Allocated Account to such persons
and at such times as specified in your instructions to us and not otherwise. Unless you instruct us otherwise, we will transfer Bullion from your Allocated Account only by debiting Bullion from your Allocated Account and crediting the Bullion to
your Unallocated Account. When you instruct us in accordance with clause 4.4, we will transfer Bullion from your Allocated Account by debiting Bullion from your Allocated Account and making such Bullion available for collection or delivery as
provided in clause 4.4. All instructions to transfer Bullion from your Allocated Account must: 

  

	 	(a)	 in the normal course, be received by us no later than 9:00 a.m. (London time) on (i) the day that is two
Business Days prior to the Withdrawal Date or (ii), in the case of a transfer of Bullion to your Unallocated Account in connection with a redemption of Trust shares that has been held open one Business Day, on the Withdrawal Date, unless we
otherwise agree; 

  

	 	(b)	 specify (i) the minimum number of fine ounces of Bullion to be debited from your Allocated Account and
(ii), if you are identifying the Bullion to be debited, the serial numbers of the Bullion to be debited; and 

  

	 	(c)	 provide any other information which we may from time to time require, including, where applicable, the name of
the person that will collect the Bullion from us or, if applicable, to whom we are to deliver it, and the Withdrawal Date. 

  

	4.2	 Power to amend procedure: We may amend our procedure for the withdrawal of Bullion from your
Account Balance or impose additional procedures therefor upon your and the Sponsor’s prior written consent, provided that we may make any such amendment or imposition without such consent where such amendment or imposition is required by a
change in the Rules or applicable law. We will notify you within a commercially reasonable time before we amend our procedures or impose additional ones in relation to the withdrawal of Bullion, and in doing so we will consider your needs to
communicate any such change to Participants and others. 

  

	4.3	 Specification of Bullion: Unless you instruct us as to the serial numbers of the Bullion to be
debited, we are entitled to select the Bullion to be debited from your Allocated Account. When you instruct us to debit a minimum amount of Bullion from your Allocated Account for credit to your Unallocated Account without specifying the serial
numbers of the Bullion to be debited, we will select the Bullion to be debited and will use commercially reasonable efforts to select for deallocation the smallest amount of Bullion necessary to satisfy your instruction. When you notify us of a
debit of Bullion pursuant to clause 4.1 in the case of a redemption of Trust shares that has been held open one Business Day, you may not specify the serial numbers of the Bullion to be debited to your Allocated Account. 

  

					
	RESTRICTED	  	-6-	  	

	4.4	 Physical withdrawals of Bullion: Subject to clause 5.4, upon your instruction, we will debit
Bullion from your Allocated Account and make the Bullion available for collection by you or, if separately agreed, for delivery by us, at your expense and risk. You and we agree nevertheless that you expect to withdraw Bullion physically from your
Allocated Account (rather than by crediting it to your Unallocated Account) only in exceptional circumstances, as for example when we are unable to transfer Precious Metal on an Unallocated Basis. In the case of all physical withdrawals of Bullion
from your Allocated Account, unless we agree to undertake delivery, you must collect, or arrange for the collection of, the Bullion being withdrawn from us, the Sub-Custodian or other party having physical
possession thereof. We will advise you of the location from which the Bullion may be collected no later than one Business Day prior to the Withdrawal Date. When we have agreed separately to deliver Bullion in connection with a physical withdrawal,
we shall make transportation and insurance arrangements on your behalf in accordance with our usual practice unless we have agreed in writing to other arrangements, with which we shall use commercially reasonable efforts to comply. Anything in this
Agreement to the contrary notwithstanding, and without limiting your right to withdraw Bullion physically, we shall not be obliged to effect any requested delivery if, in our commercially reasonable opinion, this would cause us or our agents to be
in breach of the Rules or other applicable law, court order or regulation, the costs incurred would be excessive or delivery is impracticable for any reason. When pursuant to your instruction Bullion, including Bullion allocated to the Allocated
Account in connection with the overdraft facility provided for in clause 4.7 of the Unallocated Bullion Account Agreement, is physically withdrawn from your Allocated Account, all risk in and to the Bullion withdrawn shall pass at the Point of
Delivery to the person to whom or for whose account such Bullion is transferred, delivered or collected. If you instruct us as to the serial number of one or more whole bars of Bullion to be debited, the Bullion you specify will be made available
for collection or delivery as soon as reasonably practicable. 

  

	5.	 INSTRUCTIONS 

  

	5.1	 Your representatives: We will act only on instructions given in accordance with this clause 5.1
and clause 14 and will not otherwise act on instructions given by any person claiming to have a beneficial interest in the Trust. You shall notify us promptly in writing of the names of the people who are authorized to give instructions on your
behalf. Until we receive written notice to the contrary, we are entitled to assume that any of those people have full and unrestricted power to give us instructions on your behalf. We are also entitled to rely on any instructions which are from, or
which purport to emanate from, any person who appears to have such authority. 

  

	5.2	 Amendments: Once given, instructions continue in full force and effect until we receive further
instructions that they are cancelled, amended or superseded. We must receive an instruction cancelling, amending or superseding a prior instruction before the time the prior instruction is acted upon. Any instructions shall have effect only after
actual receipt by us in accordance with clause 14 of this Agreement. 

  

					
	RESTRICTED	  	-7-	  	

	5.3	 Unclear or ambiguous instructions: If, in our commercially reasonable opinion, any instructions
are unclear or ambiguous, we shall use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions but, failing that, we may in our absolute discretion and without any liability on our
part, act upon what we believe in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to our satisfaction. 

 

	5.4	 Refusal to execute: We reserve the right to refuse to execute instructions if (i) in our
commercially reasonable opinion they are or may be contrary to the Rules or applicable law or (ii), with respect to instructions relating to the full withdrawal of the aggregate balance of Bullion standing to your credit in your Allocated Account
and your Unallocated Account, a negative balance is outstanding on your Unallocated Account. Additionally, we shall in no circumstances have any obligation to act upon any instruction which in our commercially reasonable opinion would result in a
negative balance on your Allocated Account. Any such refusal or inaction will be promptly notified to you. 

  

	6.	 CONFIDENTIALITY 

 

	6.1	 Disclosure to others: Subject to clause 6.2, we shall treat as confidential and will not, without
your consent, disclose to any other person any transaction or other information we acquire about you or your business pursuant to this Agreement. Subject to clause 6.2, you shall treat as confidential and will not, without our consent, disclose to
any other person any information that we provide to you about us or our business pursuant to this Agreement and that we tell you, at or before the time we provide it, we are providing to you on a confidential basis. 

 

	6.2	 Permitted disclosures: Each party accepts that from time to time the other party may be required
by law or the Rules, or by a court proceeding or similar process, or requested by or required in connection with filings made with a government department or agency, fiscal body or regulatory or self-regulatory authority, to disclose information
acquired under this Agreement. In addition, the disclosure of such information may be required by a party’s auditors, by its legal or other advisors, by a company which is in the same group of companies as a party (e.g., a subsidiary or holding
company of a party) or by a Sub-Custodian. 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
the other to make such disclosures without further reference to such party. 

  

	7.	 CUSTODY SERVICES 

 

	7.1	 Appointment: You hereby appoint us to act as custodian and bailee of the Bullion comprising the
Account Balance in accordance with this Agreement and any Rules and laws which apply to us, and we hereby accept such appointment. Except as otherwise provided under this Agreement, we do not undertake the responsibility of a trustee or any other
duties in relation to such Bullion not implied by the law of bailment. 

  

					
	RESTRICTED	  	-8-	  	

	7.2	 Segregation of Bullion: We will be responsible for the safekeeping of the Bullion on the terms
and conditions of this Agreement. We will segregate the Precious Metal comprising the Account Balance in your Allocated Account from any Precious Metal which we own or which we hold for others by making entries in our books and records to identify
such Precious Metal as being held for your Allocated Account, and we will require each Sub-Custodian to identify in their books and records the Precious Metal held by them for us (including any Precious Metal
which we hold for the benefit of the Trust in the Allocated Account in accordance with this Agreement) from any Precious Metal which they own or which they hold for others. Entries on our books and records will identify each bar of Bullion held by
us or, as applicable, at a Sub-Custodian, for the benefit of the Trust, and will refer to each bar of Bullion by refiner, assay, serial number and gross and fine weight, and by any other marks required for the
identification of a bar of Bullion under the Rules. We will notify you of each bar of Bullion held by us or, as applicable, a Sub-Custodian, for the benefit of the Trust, in accordance with clause 2.4
(Reports) of this Agreement or upon request. 

 Schedule 1 (Sub-Custodian
Trust Provisions) will apply in relation to any Sub-Custodian or any other person with which we have deposited, or which is in possession, of any Bullion in your Allocated Account.. 

 

	7.3	 Ownership of Bullion: We will identify in our books and records that the Bullion belongs solely
to you. 

  

	7.4	 Location of Bullion: Unless otherwise agreed between you and us, the Bullion held for you in your
Allocated Account must be held by us at our London vault premises or, when Bullion has been allocated in a vault other than our London vault premises, by a Sub-Custodian or a Sub-Sub-Custodian. We shall use commercially reasonable efforts promptly to transport any Bullion held for you by a Sub-Custodian or a Sub-Sub-Custodian to our London vault premises, and such transport shall be at our cost and risk. We agree that all delivery and packing shall be in accordance with the Rules and LBMA good market practices.

  

	7.5	 Replacement of Bullion: Upon a determination by us that any Bullion credited to the Allocated
Account does not comply with the Rules, we shall as soon as practical replace such Bullion with Bullion which complies with the Rules by (i) debiting the Allocated Account and crediting the Unallocated Account with the requisite amount of
Bullion to be replaced, (ii) providing replacement Bullion which complies with the Rules and which is of an amount that approximates the amount of Bullion to be replaced as closely as practical and (iii) debiting the Unallocated Account
and crediting the Allocated Account with the requisite amount of replacement Bullion. We shall not start the foregoing replacement process on a particular Business Day unless we are reasonably sure that such replacement process can be started and
completed in the same Business Day. We shall notify you by email and/or SWIFT message as soon as practical on the Business Day (but no later than the end of business on such Business Day) when (i) we have determined that Bullion credited to the
Allocated Account does not comply with the Rules and will be replaced and (ii) when replacement Bullion has been credited to the Allocated Account in accordance with the above instructions. 

  

					
	RESTRICTED	  	-9-	  	

 8. SUB-CUSTODIANS 

 

	8.1	 Sub-Custodians: We may use
Sub-Custodians solely for the temporary custody and safekeeping of Bullion, until transported to our London vault premises as provided in clause 7.4. The Sub-Custodians
may themselves select sub-custodians (such sub-custodian of the relevant Sub-Custodian, a
“Sub-Sub-Custodian”) to provide such temporary custody and safekeeping of Bullion, but such Sub-Sub-Custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian. We will use commercially reasonable efforts for (a) any
Bullion to be held by a Sub-Custodian, rather than a Sub-Sub-Custodian, and (b) (subject to clause 7.4) any Bullion held by a Sub-Sub-Custodian (which is also a Sub-Custodian) to be promptly held by it as a Sub-Custodian.
We will use reasonable care in selecting any Sub-Custodian. We will notify you if we want to select any additional Sub-Custodian, or stop using any Sub-Custodian for such purpose. Your receipt of notice that we have selected a Sub-Custodian shall not be deemed to limit our responsibility in selecting such Sub-Custodian. Not more frequently than annually, upon your request, we shall confirm to you that from time to time we may hold Precious Metal for our own account with one or more of each of the Sub-Custodians, provided that this confirmation shall not constitute a representation by us regarding the solvency or creditworthiness of any Sub-Custodian. Any Sub-Custodian and Sub-Sub-Custodian shall be a LBMA member. 

 

	8.2	 Liability for Sub-Custodian: Except for our obligations
under clause 7.4 related to obtaining delivery of Bullion to us from Sub-Custodians and Sub-Sub-Custodians, we shall not be
liable for any loss suffered by you as a result of any act or omission or insolvency of any Sub-Custodian and any
Sub-Sub-Custodian, except to the extent directly resulting from our fraud, negligence or bad faith in the appointment of that
Sub-Custodian. 

  

	8.3	 Notice: We will provide you on request with the name and address of the Sub-Custodians and the Sub-Sub-Custodians, along with any other information which you may reasonably request concerning the Sub-Custodians and the Sub-Sub-Custodians. 

  

	9.	 REPRESENTATIONS 

 

	9.1	 Your representations: You represent and warrant to us that (such representations and warranties
being deemed to be repeated upon each occasion Bullion is credited to or debited from your Allocated Account under this Agreement): 

  

	 	(a)	 you are duly constituted and validly existing under the laws of your jurisdiction of constitution;

  

	 	(b)	 you have all necessary authority, powers, consents, licences and authorizations (which have not been revoked)
and have taken all necessary action to enable you lawfully to enter into and perform your duties and obligations under this Agreement; 

  

					
	RESTRICTED	  	-10-	  	

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

  

	 	(d)	 this Agreement and the obligations created under it constitute your legal and valid obligations which are
binding upon you and enforceable against you in accordance with their terms (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 you are
bound. 

  

	9.2	 Our representations: We represent and warrant to you that (such representations and warranties
being deemed to be repeated upon each occasion Bullion is credited to or debited from your Allocated Account under this Agreement): 

  

	 	(a)	 we are duly constituted and validly existing under the laws of our jurisdiction of constitution;

  

	 	(b)	 we have all necessary authority, powers, consents, licences and authorizations (which have not been revoked)
and have taken all necessary action to enable us lawfully to enter into and perform our duties and obligations under this Agreement; 

  

	 	(c)	 any trust constituted under Schedule 1 has been validly constituted; 

 

	 	(d)	 the person entering into this Agreement on our behalf has been duly authorized to do so; and

  

	 	(e)	 this Agreement and the obligations created under it constitute our legal and valid obligations which are
binding upon us and enforceable against us in accordance with their terms (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 we are
bound. 

 10. FEES AND EXPENSES 
  

	10.1	 Fees: Pursuant to a separate written agreement between the Sponsor and us, the Sponsor has
agreed to pay the fee for our services under this Agreement. Such fee is inclusive of fees for storage and insurance of the Bullion and any fees and expenses of Sub-Custodians. 

 

	10.2	 Expenses: Pursuant to a separate written agreement between the Sponsor and us, the Sponsor has
agreed to pay us on demand all ordinary and customary out-of-pocket costs, charges and expenses, including reasonable legal fees as provided in Section 3.05(a) of
the Trust Indenture, incurred by us in connection with the performance of our duties and obligations under this Agreement or otherwise in connection with the Bullion. You will pay on demand, solely from and to the extent of the assets of the Trust,
any other costs, charges and expenses (including (i) any relevant taxes charged to us, duties and other governmental charges (other than VAT, which is addressed in Clause 11.1), (ii) reasonable

  

					
	RESTRICTED	  	-11-	  	

	 	
legal fees as provided in Section 3.05(b) of the Trust Indenture and (iii) indemnification claims payable by you pursuant to clause 12.5) incurred by us in connection with the
performance of our duties and obligations under this Agreement or otherwise in connection with the Bullion that are not payable to us by the Sponsor under its separate written agreement with us. Additionally, you will pay on demand, solely from and
to the extent of the assets of the Trust, any amount of our ordinary and customary out-of-pocket costs, charges or expenses which the Sponsor has failed to pay pursuant
to this clause 10.2. 

  

	10.3	 Default interest: If you or the Sponsor, as the case may be, fail to pay us any amount when it is
due, we reserve 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 secured overnight financing rate (SOFR). Interest will accrue on a daily basis
and will be due and payable by the relevant party as a separate debt. 

  

	11.	 VALUE ADDED TAX 

 

	11.1	 VAT inclusive: All sums payable under this Agreement, including under the separate written
agreement referenced in clause 10.1, by the Sponsor or you, as the case may be, shall be deemed to be inclusive of VAT. 

  

	12.	 SCOPE OF RESPONSIBILITY 

 

	12.1	 Exclusion of liability: We will use reasonable care in the performance of our duties under
this Agreement and will only be responsible to you for any loss or damage suffered by you as a direct result of any negligence, fraud or wilful default on our part in the performance of our duties, in which case our liability will not exceed the
aggregate market value of the Account Balance at the time such negligence, fraud or wilful default is discovered by us (such market value calculated using the nearest available morning or afternoon LBMA Gold Price following the occurrence of such
negligence, fraud or willful default), provided that we notify you promptly after we discover such negligence, fraud or wilful default. If we credit Bullion to your Allocated Account that is not of the fine weight we have represented to you,
recovery by you, to the extent such recovery is otherwise allowed, shall not be barred by your delay in asserting a claim because of the failure to discover such loss or damage regardless of whether such loss or damage could or should have been
discovered. We shall not in any event be liable for any consequential loss, or loss of profit or goodwill. 

  

	12.2	 No duty or obligation: We are under no duty or obligation to make or take, or require any Sub-Custodian to make or take, any special arrangements or precautions beyond those required by the Rules or as specifically set forth in this Agreement. 

 

	12.3	 Insurance: We shall maintain insurance in regard to our business, including our bullion and
custody business, on such terms and conditions as we consider appropriate. We will annually provide you with a copy of our certificate of insurance and, additionally, we will, upon reasonable prior notice, allow our insurance to be reviewed by you
and the Sponsor in connection with any registration statement or amendment thereto under the United States federal Securities Act of 1933, as amended, covering shares of the Trust. Any permission

  

					
	RESTRICTED	  	-12-	  	

	 	
to review our certificate of insurance or insurance is limited to the term of this Agreement and is conditioned on the reviewing party executing a form of confidentiality agreement we will
provide, or if the confidentiality agreement is already in force, acknowledging that the review is subject to it. The foregoing permission for the Sponsor to review our certificate of insurance or insurance shall cease when the Sponsor ceases to
serve the Trust as sponsor. 

  

	12.4	 Force majeure: We shall not be liable to you for any delay in performance, or for the non-performance, of any of our obligations under this Agreement by reason of any cause beyond our reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of, or in
connection with, any transmission, clearing or settlement facilities, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra national bodies or
authorities or relevant regulatory or self-regulatory organizations or failure of any such body, authority, or relevant regulatory or self-regulatory organizations to perform its obligations for any reason. 

 

	12.5	 Indemnity: You shall, solely out of the assets of the Trust, indemnify and keep us, and
each of our directors, shareholders, officers, employees, agents, affiliates (as such term is defined in Regulation S-X adopted by the United States Securities and Exchange Commission under the United States
federal Securities Act of 1933, as amended) and subsidiaries (us and each such person a “Custodian Indemnified Person” for purposes of this clause 12.5) indemnified (on an after tax basis) on demand against all costs and expenses,
damages, liabilities and losses which any such Custodian Indemnified Person may suffer or incur, directly or indirectly, in connection with this Agreement except to the extent that such sums are due directly to our negligence, wilful default or
fraud or that of such Custodian Indemnified Person. The foregoing indemnity shall not apply to our fees that are paid by the Sponsor pursuant to clause 10.1. 

  

	12.6	 Third parties: You are our sole customer under this Agreement. Except with respect to the Trust,
which shall be considered a beneficiary of this entire Agreement, and the Sponsor, which shall be a beneficiary (as applicable) of clauses 2.6, 3.2, 4.2, 8.1 and 12.3, we do not owe any duty or obligation or have any liability towards any person who
is not a party to this Agreement, and, other than the Sponsor and the Custodian Indemnified Persons, 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, except for the Sponsor and the Custodian Indemnified Persons, and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this Agreement. Nothing in
this paragraph is intended to limit the obligations hereunder of any successor Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce our obligations hereunder. 

 

	12.7	 No Liens: We will not create any right, charge, security interest, lien or claim against the
Bullion, except those in our favour arising under this Agreement or under the Unallocated Bullion Account Agreement, and we will not loan, hypothecate, pledge or otherwise encumber any Bullion except pursuant to your instructions. Notwithstanding
the foregoing sentence, we will not create any right, charge, security interest, lien or claim against the Bullion with respect to the payment or non-payment by the Sponsor of our fees pursuant to clause 10.1.

  

					
	RESTRICTED	  	-13-	  	

	12.8	 Other Activities: We and any of our affiliates may act as a Participant or own or
hold Precious Metal or shares issued by the Trust or both and may deal with them in any manner, including acting as underwriter for the shares, with the same rights and powers as if we were not a custodian and bailee hereunder.

  

	13.	 TERMINATION 

  

	13.1	 Method: This Agreement may be terminated by: 

 

	 	(i)	 either party by giving not less than 90 Business Days’ written notice to the other party; or

  

	 	(ii)	 either party immediately by written notice in the event such party has determined in their commercially
reasonable opinion the existence of the presentation of a winding-up order, bankruptcy or analogous event in relation to the other party. 

Any such notice given by you must specify: 
  

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

 

	 	(b)	 the person to whom the Bullion is to be delivered; and 

 

	 	(c)	 all other necessary arrangements for the delivery of the Bullion to you or to your order.

  

	13.2	 Resignation of Trustee: In the event you resign or are discharged or removed as Trustee,
this Agreement will terminate 90 Business Days following your resignation, discharge or removal unless a successor trustee to the Trust is appointed before the end of the 90 Business Day period or a full liquidation of the Trust is started during
the 90 Business Day period and you request us to continue this Agreement in effect until the liquidation is completed. If a successor Trustee is appointed before the end of the 90 Business Day period, the Custodian and the Trustee shall take such
actions and execute such documents as the successor Trustee and the outgoing Trustee may reasonably require for the purpose of vesting in the successor Trustee the rights and obligations of the outgoing Trustee and releasing the outgoing Trustee
from its future obligations under this Agreement. 

  

	13.3	 Redelivery arrangements: Following any termination of this Agreement, if you do not make
arrangements acceptable to us for the redelivery of the Bullion, we may continue to store the Bullion, in which case we will continue to charge the fees and expenses payable under clause 10. If you have not made arrangements acceptable to us for the
redelivery of the Bullion within 6 months of the date specified in the termination notice as the date on which the termination will take effect, we will be entitled to sell the Bullion and account to you for the proceeds after deducting any amounts
due to us under this Agreement. 

  

					
	RESTRICTED	  	-14-	  	

	13.4	 Existing rights: Termination shall not affect rights and obligations then outstanding under this
Agreement, which rights and obligations shall continue to be governed by this Agreement until all obligations have been fully performed. 

14. NOTICES 
  

	14.1	 Form: Subject to clause 14.5, any notice, notification, instruction or other communication under
or in connection with this Agreement shall be given in writing. References to writing include emails and SWIFT messages. 

  

	14.2	 Method of transmission: Any notice, notification, instruction or other communication required to
be in writing may be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), email or SWIFT message, at its address, number or destination set out in this
Agreement or another address, number or destination specified by that party by written notice to the other. 

  

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

  

	14.4	 Recording of calls: We may record telephone conversations without use of a warning tone. Such
recordings will be our sole property and accepted by you as evidence of the orders or instructions given that are permitted to be given orally under this Agreement. 

 

	14.5	 Instructions Relating to Bullion: Unless otherwise set out in this Agreement, all notices,
notifications, instructions and other communications relating to the movement of Bullion in relation to your Allocated Account shall be by way of email and/or SWIFT message, and shall be addressed to: 

(a) to us at: 

Ukmetals.operations@hsbc.com 

MIDLGB22 
 (b) to you at: 

etfservicescom@bnymellon.com 

IRVTUS3N 
  

	15.	 GENERAL 

  

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

  

					
	RESTRICTED	  	-15-	  	

	15.2	 Rights and remedies: Our rights under this Agreement are in addition to, and independent of, any
other rights which we may have at any time in relation to the Account Balance, except that we will not have any right to set-off against any account we maintain or property that we hold for you under this
Agreement any claim or amount that we may have against you or that may be owing to us other than pursuant to this Agreement, no matter how that claim or amount arose. Notwithstanding the foregoing, we will not have any such right of set-off for any such claim or amount with respect to the payment by the Sponsor of our fee under clause 10.1. 

  

	15.3	 Assignment: This Agreement is for the benefit of and binding upon you and us and our respective
successors, including any successor trustees and assigns. Except as otherwise provided herein, this Agreement may not be assigned by either party without the written consent of the other party, except that this clause shall not restrict our power to
merge or consolidate with any party, or to dispose of all or part of our custody business. 

  

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

  

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

 

	15.6	 Entire agreement: This document and the Unallocated Bullion Account Agreement represent our
entire agreement, and supersede any previous agreements between you and us, relating to the subject matter of this Agreement. 

  

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

  

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

  

	15.9	 Business Days: If any obligation of either you or us falls due to be performed on a day
which is not a Business Day in respect of the Allocated Account in question, then the relevant obligations shall be performed on the next succeeding Business Day applicable to such account. 

 

	15.10	 Processing of account entries: Except for physical withdrawals as to which transfer of ownership
is determined at the Point of Delivery, records of (i) all deposits to and withdrawals from the Allocated Account and all debits and credits to the Unallocated Account which, pursuant to instructions given in accordance with this Agreement and
the Unallocated Bullion Account Agreement, occur on a Business Day and (ii) all end of Business Day account balances in the Allocated Account and the Unallocated Account are prepared overnight as at the close of our business (usually 4:00 p.m.
London time) on that Business Day. For avoidance of doubt, the foregoing sentence is illustrated by the following examples, which are not intended to create any separate obligations on our part: 

  

					
	RESTRICTED	  	-16-	  	

 Reports of a transfer of Precious Metal from a Third Party Unallocated Account for credit to
your Unallocated Account on a Business Day and a debit of Bullion from your Unallocated Account for credit to your Allocated Account on that Business Day pursuant to the standing instruction contained in the Unallocated Bullion Account Agreement and
of the balances in your Allocated Account and your Unallocated Account for that Business Day shall be prepared overnight as at the close of our business on that Business Day. 

Reports of a transfer of Bullion which we debit from your Allocated Account for credit to your Unallocated Account on a Business Day and a
transfer of Bullion which we debit from your Unallocated Account for credit to a Third Party Unallocated Account on that Business Day and of the balances in your Allocated Account and Unallocated Account for that Business Day shall be prepared
overnight as at the close of our business on that Business Day. 
 When you instruct us to debit Bullion from your Allocated Account for
credit to your Unallocated Account and direct us to execute such instruction on the same Business Day as and in connection with one or more instructions that you give to us to debit Bullion from your Unallocated Account, we will use commercially
reasonable efforts to execute the instructions in a manner that minimizes the time the Bullion to be debited from your Allocated Account stands to your credit in your Unallocated Account, save that we shall not be responsible for any delay caused by
late, incorrect or garbled instructions or information from you or any third party. 
  

	15.11	 Maintenance of this Agreement: Concurrently with this Agreement, we and you are entering into the
Unallocated Bullion Account Agreement. That agreement shall remain in effect as long as this Agreement remains in effect, and if that agreement is terminated, this Agreement terminates with immediate effect. 

 

	15.12	 Prior Agreements: The Agreement supersedes and replaces any prior existing agreement between you
and us relating to the same subject matter. 

  

	15.13	 Cooperation: During the term of this Agreement, we and you will cooperate with each other and
make available to each other upon reasonable request any information or documents necessary to insure that each of our respective books and records are accurate and current. 

 

	16.	 GOVERNING LAW AND JURISDICTION 

 

	16.1	 Governing law: This Agreement and any issues or disputes arising out of or in connection
with it (whether such disputes are contractual or non-contractual in nature, such as claims in tort, for breach of statute or regulation or otherwise) are governed by, and will be construed in accordance with,
English law. 

  

	16.2	 Jurisdiction: We both 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 or claims which may arise out of or in connection with this Agreement and, for these purposes we both
irrevocably submit to the non-exclusive jurisdiction of such courts, waive any claim of forum non conveniens and any objections to the laying of venue, and further waive any personal service.

  

					
	RESTRICTED	  	-17-	  	

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

  

	16.4	 Service of process: Process by which any proceedings are begun may be served by being
delivered to the addresses specified below. This does not affect the right of either of us to serve process in another manner permitted by law. 

 

			
	Our address for service of process:	  	Your address for service of process
		
	 HSBC Bank plc
 8 Canada Square

London, E14 5HQ, United Kingdom
 Attention: Precious Metals
Department
                  Legal Department
	  	 The Bank of New York Mellon
 240 Greenwich
Street
 New York, New York 10286
 Attention: ETF
Services
  
 with copies to:

 
 The Bank of New York Mellon

240 Greenwich Street
 New York, New York 10286

Attention: ADR Administration

		
		  	and
		
		  	 The Bank of New York Mellon
 240 Greenwich
Street
 New York, New York 10286
 Attention: Andrew
Pfeifer, Vice President

 [Remainder of page intentionally left blank] 

  

					
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 IN WITNESS WHEREOF this Agreement has been executed and delivered as a deed by each party to this
Agreement in each relevant capacity described above in the manner described therein the day and year first before written. 
  

			
	 Signed as a deed on behalf of
  

HSBC BANK PLC
  

By:

		
	Signature:	 	 /s/ Timothy J. Brown

	Name: Timothy J. Brown
	Title: Co-Head Global Markets Product Risk
	
	 In the presence of:
 Name: Vincent
Domien

	Signature:	 	 /s/ Vincent Domien

	 Address: 8 Canada Square, Canary Wharf, London E14 5HQ, United Kingdom

Occupation: Precious Metals Trader (Head EMEA)

  

			
	 Signed as a deed on behalf of
  

THE BANK OF NEW YORK MELLON, not in its individual capacity, but solely as Trustee of the SPDR®
Gold Trust,
  
 by

		
	Signature:	 	 /s/ Patrick Griffin

	Name: Patrick Griffin
	Title: Vice President
	
	 In the presence of:
 Name: Thomas
Watkins

	Signature: /s/ Thomas Watkins
	 Address: 240 Greenwich Street, NY NY 10286

Occupation: Banking

  

  

					
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 SCHEDULE 1 

SUB-CUSTODIAL TRUST PROVISIONS 

1. DECLARATION OF TRUST 
  

	1.1	 We irrevocably declare that we shall hold all right, title, interest and benefit in, to and under the Trust
Property as trustee upon bare trust for your absolute benefit in accordance with the terms of this Schedule. 

  

	1.2	 In this Schedule: 

“Sub-Custodian Trust” means the trust declared by us in paragraph 1.1 above; and 

“Trust Property” means our right, title and interest in and to: 

 

	 	(a)	 any Bullion in your Allocated Account deposited with, or in the possession of, a Sub Custodian;

  

	 	(b)	 any Bullion in your Allocated Account deposited with, or in the possession of, any other person;

  

	 	(c)	 any agreement with a Sub-Custodian or other such person in respect of
such Bullion; and 

  

	 	(d)	 any rights of recourse against a Sub-Custodian or other such person in
respect of such Bullion. 

  

	2.	 APPLICATION OF TRUST PROPERTY 

You are only entitled to instruct us to take any action in relation to the Trust Property that you would otherwise be entitled to instruct us
to take pursuant to the terms of this Agreement (disregarding this Schedule 1) and we will only be required to take any such action to the same extent that we would be required to take pursuant to the terms of this Agreement (disregarding this
Schedule 1). 
  

	3.	 DISAPPLICATION OF TRUSTEE ACTS 

Section 1 of the Trustee Act 2000 shall not apply to our duties as trustee in respect of the Trust Property. Where there are any
inconsistencies between the Trustee Act 1925, the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act
2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act. 
  

	4.	 LIABILITY 

  

	4.1	 In acting as trustee in respect of the Trust Property, we shall have all of the obligations, liabilities
rights, powers, indemnities and protections applicable to us under this Agreement including, without limitation, those under Clause 7.4 (Location of Bullion), Clause 8 (Sub-Custodians), Clause 10
(Fees and Expenses), Clause 12 (Scope of Responsibility) and Clause 15 (General). 

  

					
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	4.2	 The indemnity in Clause 12.5 shall apply to the Sub-Custodian Trust.

  

	4.3	 No provision of this Agreement shall require us to do anything which is illegal in the place of its
performance, or contrary to any applicable law or regulation or the applicable requirements of any regulatory authority. 

  

	5.	 TERMINATION 

  

	5.1	 The Sub-Custodian Trust shall be terminated: 

 

	 	(a)	 by notice in writing from you to us, in which case the terms of this Agreement (disregarding this Schedule 1)
shall apply; or 

  

	 	(b)	 subject to Clauses 13.3 and 13.4, upon termination of this Agreement in accordance with Clause 13
(Termination). 

  

	6.	 PERPETUITY PERIOD 

The perpetuity period for the purposes of the Sub-Custodian Trust shall be the period of 80 years from
the date of this Agreement. 
  

	7.	 CONTRACTING WITH THE TRUSTEE AND OTHERS 

Neither we nor any of our directors or officers or holding companies, subsidiaries or associated companies shall by reason of our duties in
relation to the Sub-Custodian Trust be in any way precluded from entering into or being interested in any other trust arrangement, contract or financial or other transaction or arrangement with the Trustee or
Trust or any person or body corporate associated with the Trustee or the Trust. 

  

					
	RESTRICTED

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