Document:

ABERDEEN STANDARD PALLADIUM ETF TRUST 8-K

 

Exhibit 10.1

 

Execution
Version

AMENDMENT
TO THE

ALLOCATED
ACCOUNT AGREEMENT

OF

ETFS
PALLADIUM TRUST

This
Amendment to the Allocated Account Agreement (this “Amendment”) of the ETFS Palladium Trust (the “Trust”),
dated as of October 1, 2018, is made by and between JPMorgan Chase Bank, N.A., as the custodian of the Trust (the “Custodian”),
and The Bank of New York Mellon, a New York banking corporation, as the trustee of the Trust (the “Trustee”).

WITNESSETH
THAT:

WHEREAS,
the Custodian and the Trustee are parties to the Allocated Account Agreement (the “Agreement”), dated as of
December 30, 2009, which established an allocated palladium account in the Trustee’s name for the Trust; and

WHEREAS,
pursuant to Section 15.5 of the Agreement, the Custodian and the Trustee desire to amend the Agreement so as to change the names
of the Trust and the shares issuable by the Trust as follows:

 

	Current
    Name	New
    Name
	ETFS
    Palladium Trust	Aberdeen
    Standard Palladium ETF Trust
	ETFS
    Physical Palladium Shares 	Aberdeen
    Standard Physical Palladium Shares ETF

 

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

 

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

 

1.

(a)

Amendment to the Preamble. The second paragraph of the preamble is hereby deleted in its entirety and replaced with
the following:

    	 	- 1 -	 

    	 

    

 

(2)       

THE
BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee of the Aberdeen Standard Palladium
ETF Trust created under the Trust Agreement identified below and not individually (the “Trustee”), which
expression shall, wherever the context so admits, include the named Trustee and all other persons or companies for the time being
the trustee or trustees of the Trust Agreement (as defined below) as trustee for the Shareholders (as defined below).

 

(b)
       

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

 

“Shares”
means the units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust, named
“Aberdeen Standard Physical Palladium Shares ETF” and created pursuant to and constituted by the Trust Agreement;

“Sponsor”
means Aberdeen Standard Investments ETFs Sponsor LLC, its successors and assigns and any successor Sponsor appointed pursuant
to the Trust Agreement;

“Trust”
means the Aberdeen Standard Palladium ETF Trust formed pursuant to the Trust Agreement;

“Trust
Agreement” means the Depositary Trust Agreement of the Aberdeen Standard Palladium ETF Trust dated on or about December
30, 2009, as amended on or about October 1, 2018, and as may be further amended from time to time, between Aberdeen Standard Investments
ETFs Sponsor LLC, as Sponsor, and The Bank of New York Mellon, as Trustee;

(c)
       

Amendment to Section 14.3 of the Agreement. The paragraph entitled “The
Sponsor” of Section 14.3 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

The
Sponsor:

Aberdeen Standard Investments ETFs Sponsor LLC

c/o
Aberdeen Standard Investments

712
Fifth Avenue, 49th Floor

New
York, NY 10019

 

(d)

Amendment to Textual References in the Agreement.

(i)

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

(ii)
       

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

(iii)
       

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

 

    	 	- 2 -	 

    	 

    

2.       

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

3.       

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

4.       

This
Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, English law.

5.       

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

6.       

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

7.       

Pursuant
to Section 5.5(a) of the Depositary Trust Agreement of the Trust, dated as of December 30, 2009, as amended, the Sponsor hereby
approves of the Trustee entering into this Amendment.

8.       

The
Custodian shall advise any Sub-Custodians and Zurich Sub-Custodians it may use pursuant to the terms of the Agreement about the
change in the names of the Trust and the shares issuable by the Trust and in the name of the Sponsor to be made by this Amendment
so that such Sub-Custodians and Zurich Sub-Custodians may update their records accordingly.

 

[remainder
of page intentionally blank]

 

    	 	- 3 -	 

    	 

    

 

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

 

  

	JPMorgan Chase Bank, N.A.,	 
	as
Custodian	 
	 	 
	 	 
	/s/ Peter L. Smith	 	 
	Name:
Peter L. Smith	 
	Title:
Managing Director	 
	 	 
	 	 
	 	 
	The Bank of New York Mellon,	 
	solely
in its capacity as Trustee and not individually	 
	 	 
	 	 
	/s/ Phyllis A. Cietek	 	 
	Name:
Phyllis A. Cietek	 
	Title:
Vice President	 
	 	 
	 	 
	 	 
	Aberdeen
Standard Investments ETFs Sponsor LLC	 
	(formerly, ETFS Securities USA LLC),	 
	solely as to paragraph 7	 
	 	 
	 	 
	/s/ Lucia Sitar	 	 
	Name:
Lucia Sitar	 
	Title:
Vice President	 

 

 

[Signature
Page to Amendment to Allocated Account Agreement]

 

    	 	- 4 -ABERDEEN STANDARD PALLADIUM ETF TRUST 8-K

 

Exhibit
10.2

 

Execution
Version

AMENDMENT
TO THE

UNALLOCATED
ACCOUNT AGREEMENT

OF

ETFS
PALLADIUM TRUST

This
Amendment to the Unallocated Account Agreement (this “Amendment”) of the ETFS Palladium Trust (the “Trust”),
dated as of October 1, 2018, is made by and between JPMorgan Chase Bank, N.A., as the custodian of the Trust (the “Custodian”),
and The Bank of New York Mellon, a New York banking corporation, as the trustee of the Trust (the “Trustee”).

WITNESSETH
THAT:

WHEREAS,
the Custodian and the Trustee are parties to the Unallocated Account Agreement (the “Agreement”), dated as
of December 30, 2009, which established an unallocated palladium account in the Trustee’s name for the Trust; and

WHEREAS,
pursuant to Section 14.5 of the Agreement, the Custodian and the Trustee desire to amend the Agreement so as to change the names
of the Trust and the shares issuable by the Trust as follows:

	Current
    Name	New
    Name
	ETFS
    Palladium Trust	Aberdeen
    Standard Palladium ETF Trust
	ETFS
    Physical Palladium Shares 	Aberdeen
    Standard Physical Palladium Shares ETF

 

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

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

1.       

(a)       

Amendment
to the Preamble. The second paragraph of the preamble is hereby deleted in its entirety and replaced with the following:

 

    	 	- 1 -	 

    	 

    

 

(2)       

THE
BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee of the Aberdeen Standard Palladium
ETF Trust created under the Trust Agreement identified below and not individually (the “Trustee”), which
expression shall, wherever the context so admits, include the named Trustee and all other persons or companies for the time being
the trustee or trustees of the Trust Agreement (as defined below) as trustee for the Shareholders (as defined below).

(b)       

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

“Shares”
means the units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust, named
“Aberdeen Standard Physical Palladium Shares ETF” and created pursuant to and constituted by the Trust Agreement;

“Sponsor”
means Aberdeen Standard Investments ETFs Sponsor LLC, its successors and assigns and any successor Sponsor appointed pursuant
to the Trust Agreement;

“Trust”
means the Aberdeen Standard Palladium ETF Trust formed pursuant to the Trust Agreement;

“Trust
Agreement” means the Depositary Trust Agreement of the Aberdeen Standard Palladium ETF Trust dated on or about December
30, 2009, as amended on or about October 1, 2018, and as may be further amended from time to time, between Aberdeen Standard Investments
ETFs Sponsor LLC, as Sponsor, and The Bank of New York Mellon, as Trustee;

(c)       

Amendment
to Section 13.3 of the Agreement. The paragraph entitled “The Sponsor” of Section 13.3 of the Agreement is hereby
deleted in its entirety and replaced with the following:

The
Sponsor:

Aberdeen Standard Investments ETFs Sponsor LLC

c/o Aberdeen Standard Investments

712 Fifth Avenue, 49th Floor

New York, NY 10019

(d)       

Amendment to Textual References in the Agreement.

(i)       

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

(ii)       

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

(iii)       

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

 

    	 	- 2 -	 

    	 

    

 

2.       

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

3.       

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

4.       

This
Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, English law.

5.       

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

6.       

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

7.       

Pursuant
to Section 5.5(a) of the Depositary Trust Agreement of the Trust, dated as of December 30, 2009, as amended, the Sponsor hereby
approves of the Trustee entering into this Amendment.

 

[remainder
of page intentionally blank]

 

    	 	- 3 -	 

    	 

    

 

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

 

	JPMorgan Chase Bank, N.A.,	 
	as
Custodian	 
	 	 
	 	 
	/s/ Peter L. Smith	 	 
	Name:
Peter L. Smith	 
	Title:
Managing Director	 
	 	 
	 	 
	 	 
	The Bank of New York Mellon,	 
	solely
in its capacity as Trustee and not individually	 
	 	 
	 	 
	/s/ Phyllis A. Cietek	 	 
	Name:
Phyllis A. Cietek	 
	Title:
Vice President	 
	 	 
	 	 
	 	 
	Aberdeen
Standard Investments ETFs Sponsor LLC	 
	(formerly, ETFS Securities USA LLC),	 
	solely as to paragraph 7	 
	 	 
	 	 
	/s/ Lucia Sitar	 	 
	Name:
Lucia Sitar	 
	Title:
Vice President	 

 

[Signature
Page to Amendment to Unallocated Account Agreement]

 

    	 	- 4 -

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