SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-10.2
Date Filed: 2025-11-21
Accession Number: 0001628280-25-053634
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828025053634/exhibit102-sx1a2.htm

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whether or not material, that involves management or other employees who have a role in the Trust's internal controls; any material weaknesses in internal controls have been identified for the Trust's auditors; (24) Any statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources that VDA believes to be reliable and accurate, and VDA has obtained the written consent to the use of such data from such sources to the extent required; (25) Neither VDA, nor any of VDA’s directors, members, officers, affiliates or controlling persons nor the Trustee has taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause or result in, under the 1934 Act or otherwise, the stabilization or manipulation of the price of any security or asset of the Trust to facilitate the sale or resale of the Shares;

(26)    To VDA’s knowledge, there are no affiliations or associations between any member of the Financial Industry Regulatory Authority (“FINRA”) and any of VDA’s members, officers, directors or 5% or greater securityholders, except as set forth in the Registration Statement and the Prospectus, subsequent Regulatory Filings or Section 13 or 16 filings made by such persons; and

(27)    For such period as VDA is the sponsor of the Trust, VDA will develop and prepare, subject to review and written approval of VanEck (which approval shall not be unreasonably withheld), marketing materials for the Trust (“Marketing Materials”), which will comply with all applicable laws, rules and regulations in all material respects. VDA acknowledges that VanEck’s consent may be contingent upon the filing by the current sponsor of the Trust of such Marketing Materials with the SEC as a free writing prospectus. VDA will, for such period it is the sponsor of the Trust, prepare and make all Regulatory Filings for all Marketing Materials prepared by either party on a timely basis. VDA will respond promptly to VanEck with respect to any Marketing Materials submitted to it for review, but in no event later than five (5) business days after such submission.

For such period as VDA is the sponsor of the Trust, VDA will notify VanEck promptly if to VDA’s knowledge any of the representations, warranties and covenants in this Section 1.1 ceases to be accurate in all material respects. All items requiring delivery by VDA under this Agreement shall be deemed timely delivered if available on EDGAR or VDA’s website(s) accessible by the public.

1.2    VanEck represents, warrants as of the date of this Agreement and covenants as follows:

(1)    It is duly organized and validly existing under the laws of the jurisdiction of its incorporation, with full power and authority to conduct its business as presently conducted, has full power and legal right to execute and deliver this Agreement and to perform the provisions of this Agreement on its part to be performed, and is in good standing in each jurisdiction where the conduct of its business requires such qualification, except to the extent that such failure to qualify would not have a materially adverse effect on VanEck or the conduct of its business;

(2)    Its execution, delivery and performance of this Agreement have been and remain duly authorized by all necessary corporate action and do not contravene any provision of its certificate of incorporation or by-laws (including any amendments thereto) or any law, regulation or contractual restriction binding on it or its assets;

(3)    It has obtained all consents, authorizations, approvals and clearances (including, without limitation, any necessary exchange control approval) and filed such notifications, reports and registrations requisite for its due execution, delivery and performance of this Agreement from or with, as applicable, the relevant governmental authorities having jurisdiction with respect to VanEck’s business activities, and such items remain in full force and effect and all conditions thereof have been duly complied with and no other action by, and no notice to or filing with, any governmental authority having jurisdiction is required for such execution, delivery or performance;

(4)    This Agreement is a legal, valid and binding obligation enforceable against it in accordance with its terms except as enforcement hereof may be limited by applicable with bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights or by general equity principles;

(5)    It is a member in good standing of FINRA, is registered as a broker-dealer with the SEC under the 1934 Act, and is qualified to act as a broker or dealer in each state or other jurisdiction where the nature of its business requires such qualification, and will maintain all such memberships, registrations and qualifications in good standing and in full force and effect throughout the term of this Agreement, including obtaining additional memberships, registrations or qualifications at its own expense if reasonably necessary to perform its obligations under this Agreement from time to time. In performing its obligations under this Agreement, VanEck will comply with all applicable laws, including without limitation federal and state securities and commodities laws, and the rules and regulations promulgated thereunder, and the Constitution, By-Laws and Conduct Rules of FINRA;

(6)    It will develop and prepare, subject to review and written approval of VDA (which approval shall not be unreasonably withheld) Marketing Materials, which will comply with all applicable laws, rules and regulations in all material respects. VanEck acknowledges that VDA’s consent may be contingent upon the filing by the current sponsor of the Trust of such Marketing Materials with the SEC as a free writing prospectus. VanEck will, if it becomes the sponsor of the Trust, prepare and make all Regulatory Filings for all Marketing Materials prepared by either party on a timely basis. VanEck will respond promptly to VDA with respect to any Marketing Materials submitted to it for review, but in no event later than five (5) business days after such submission;

(7)    It will use its best efforts to market Shares and will provide (on a non-exclusive basis) appropriately licensed and trained personnel sufficient to market Shares as contemplated by this Agreement;

(8)    It will develop a “landing page” (which can be a part of an existing non-exclusive website (“Website”)) for the Trust, which may be placed in a “cul-de-sac” on such Website. The cul-de-sac may include, among other things, sales material, prospectuses, and closing prices, subject to compliance with applicable laws, rules and regulations. Development of the cul-de-sac shall be treated as “Marketing Material” for purposes of this Agreement; and

(9)    It will maintain books and records (including financial records) related to the services provided under this Agreement and make such books and records (including financial records)

available to VDA for inspection at VanEck’s principal offices during VanEck’s normal business hours upon reasonable notice.

VanEck will notify VDA promptly if to VanEck’s knowledge any of the representations, warranties and covenants in this Section 1.2 ceases to be accurate in all material respects.

2.    Expenses

2.1.     Except as otherwise set forth in this Agreement, each of VDA and VanEck shall be responsible for its own expenses in complying with this Agreement; the Trust shall have no financial obligations pursuant to this Agreement. By way of example, and not by limitation, such expenses include the expenses of registration as a broker dealer with the SEC, registration of Shares with the SEC and amendments and supplements thereto, FINRA filing and registration fees, state or foreign jurisdiction qualification, licensing or registration, maintaining corporate existence, design and printing costs, compensation of employees, internal legal and accounting and taxes.

3.    Fees

3.1    Fees Payable to VanEck. [RESERVED].

3.2    Fee Cap. Any fees payable to VanEck under Section 3.1 shall be calculated in conformity with applicable FINRA rules to ensure that in no event will aggregate compensation from any source payable to underwriters, broker-dealers, or affiliates thereof for distribution-related services in connection with the offering of Shares exceed 10% of the gross proceeds of such offering (the “Fee Cap”). VDA agrees that it will provide VanEck with any information required by VanEck to ensure compliance with the Fee Cap.

4.    Non-Exclusivity; Right of First Refusal; Sponsorship

4.1    Non-Exclusive. VDA acknowledges that the services provided by VanEck pursuant to this Agreement are non-exclusive and VanEck may, in its sole discretion, enter into similar arrangements with third parties. VDA acknowledges that VanEck may be considering, and may in the future consider similar or the same business ideas, products and technologies. Nothing in this Agreement shall prevent either party from pursuing any such ideas or pursuing businesses similar to or related to the businesses of the other party, either internally or through investments in or representation of third parties.

5.    Termination; Effect of Early Termination

5.1    This Agreement shall continue in full force and effect from the date hereof unless terminated by mutual agreement of the parties or pursuant to the provisions of this Section 5.

5.2    Either party may terminate this Agreement upon at least 10 days’ prior written notice, for any reason or no reason.