SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-10.1
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/exhibit101-sx1a2.htm

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and will not receive any cash, (ii) the Sponsor and Authorized Participant may agree to extend the Redemption Settlement Date, or (iii) the Sponsor may use an alternative execution method for the Trust to sell BNB, in which case the Authorized Participant agrees and acknowledges it is responsible for any Redemption Slippage and Cash Amount relating to such alternative execution method. Additionally, the Sponsor may temporarily extend the Redemption Settlement Date if the Sponsor determines, in its sole discretion, that the Trust does not have sufficient liquid assets to satisfy the Redemption Order. Any such temporary extension of the Redemption Settlement Date shall not exceed seven calendar days from the Redemption Trade Date, and the Authorized Participant shall have the option to cancel the Redemption Order, in which case the Trust will retain its BNB and the Authorized Participant will retain the associated Shares and will not receive any cash.

7.Redemption of Creation Baskets for In-Kind Redemptions. If the Order is placed by the Authorized Participant in proper form prior to the Redemption Order Cut-Off Time, that Business Day shall be the Redemption Trade Date; if the Order is not placed in proper form prior to the Redemption Order Cut-Off Time on such date, it shall be deemed to be received on the immediately following Business Day. On the Redemption Settlement Date, the Trust instructs the Transfer Agent to deliver the Authorized Participant’s Shares in the Creation Basket Deposit back to the Trust, in exchange for which the Trust instructs the BNB Custodian to transfer the Creation Basket Deposit to the Authorized Participant’s or its Designee’s designated BNB wallet address and the Redemption Order is settled. If the BNB transfer between the Trust's BNB Custodian Account and the Authorized Participant's or its Designee's BNB Custodian account fails to settle, (i) the Authorized Participant shall have the option to cancel the Redemption Order, in which case the Trust will retain its BNB and the Authorized Participant will retain the associated Shares and the Authorized Participant nor its Designee will not receive any BNB, (ii) the Sponsor and Authorized Participant may agree to extend the Redemption Settlement Date or (iii) the Authorized Participant may request the Trust to use an alternative execution method for the Trust to sell BNB, in which case the Authorized Participant will receive cash, and the Authorized Participant agrees and acknowledges it is responsible for any Redemption Slippage and Cash Amount relating to such alternative execution method. Additionally, the Sponsor may temporarily extend the Redemption Settlement Date if the Sponsor determines, in its sole discretion, that the Trust does not have sufficient liquid assets to satisfy the Redemption Order. Any such temporary extension of the Redemption Settlement Date shall not exceed seven calendar days from the Redemption Trade Date, and the Authorized Participant shall have the option to cancel the Redemption Order, in which case the Trust will retain its BNB and the Authorized Participant will retain the associated Shares and neither the Authorized Participant nor its Designee will receive any BNB.

Information Classification: Limited Access	- 31 -