SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-4.1
Date Filed: 2026-04-28
Accession Number: 0001628280-26-027783
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026027783/exhibit41-sx1a4.htm

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Every Registered Owner and Beneficial Owner, at the time any amendment so becomes effective, shall be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by this Trust Agreement as amended thereby. Section 6.02. Meetings of the Trust. Meetings of the Beneficial Owners may be called by the Sponsor in its sole discretion. The Sponsor shall furnish written notice to all Beneficial Owners thereof of the meeting and the purpose of the meeting, which shall be held on a date not less than ten (10) nor more than sixty (60) days after the date of mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting. Beneficial Owners may vote in person or by proxy at any such meeting.

Section 6.03.    Action Without a Meeting. Any action required or permitted to be taken by Beneficial Owners by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Beneficial Owner to any action of the Trust or any Beneficial Owner, as contemplated by this Trust Agreement, is solicited by the Sponsor, the

solicitation shall be effected by notice to each Beneficial Owner given in the manner provided in Section 10.06. The vote or consent of each Beneficial Owner so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Beneficial Owner, unless the Beneficial Owner expresses written objection to the vote or consent by notice given in the manner provided in Section 10.06 and actually received by the Trust within twenty (20) days after the notice of solicitation is sent. The Covered Persons dealing with the Trust shall be entitled to act in reliance on any vote or consent that is deemed cast or granted pursuant to this Section 6.03 and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Beneficial Owners shall not be void or voidable by reason of any communication made by or on behalf of all or any of such Beneficial Owners in any manner other than as expressly provided in Section 10.06.

ARTICLE VII

TERM

The term for which the Trust shall exist shall be perpetual, unless terminated pursuant to the provisions of Article VIII hereof or as otherwise provided by law.

ARTICLE VIII

TERMINATION

Section 8.01.    Events Requiring Dissolution of the Trust.

(a)    The Trust shall dissolve at any time upon the happening of any of the following events:

(i)    a U.S. federal or state regulator requires the Trust to shut down or forces the Trust to liquidate its BNB or seizes, impounds or otherwise restricts access to the Trust Property;

(ii)    any ongoing event exists that either prevents the Trust from making or makes impractical the Trust’s reasonable efforts to make a fair determination of the price of BNB for purposes of determining the net asset value of the Trust;

(iii)    any ongoing event exists that either prevents the Trust from converting or makes impractical the Trust’s reasonable efforts to convert BNB to U.S. Dollars; or

(iv)    a certificate of dissolution or revocation of the Sponsor’s charter is filed (and ninety (90) days have passed after the date of notice to the Sponsor of revocation without a reinstatement of the Sponsor’s charter) or the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Sponsor (each of the foregoing events an “Event of Withdrawal”) has occurred unless (i) at the time there is at least one remaining Sponsor or (ii) within ninety (90) days of such Event of Withdrawal, the Trustee agrees in writing to continue the affairs of the Trust and to select, effective as of the date of such event, one or more successor Sponsors.

(b)    The Sponsor may, in its sole discretion, dissolve the Trust if any of the following events occur:

(i)    the Shares are delisted from the Exchange and are not approved for listing on another national securities exchange within five Business Days of their delisting;

(ii)    the SEC determines that the Trust is an investment company required to be registered under the Investment Company Act of 1940;

(iii)    the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act;

(iv)    the Trust is determined to be a “money service business” under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder;

(v)    the Trust is required to obtain a license or make a registration under any state law regulating money transmitters, money services businesses, providers of prepaid or stored value or similar entities, or virtual currency businesses;

(vi)    the Trust becomes insolvent or bankrupt;

(vii)    the BNB Custodian, Cash Custodian or prime broker resigns or is removed without replacement;

(viii)    all of the Trust’s BNB are sold or transferred out of the Trust;

(ix)    the Sponsor determines that the size of the Trust Property in relation to the expenses of the Trust makes it unreasonable or imprudent to continue the affairs of the Trust;

(x)    the Sponsor receives notice from the IRS or from counsel for the Trust or the Sponsor that the Trust fails to qualify for treatment, or will not be treated, as a grantor trust under the Code;

(xi)    60 days have elapsed since DTC or another depository has ceased to act as depository with respect to the Shares and the Sponsor has not identified another depository that is willing to act in such capacity;

(xii)    the Trustee notifies the Sponsor of the Trustee’s election to resign and the Sponsor does not appoint a successor trustee within one hundred and eighty (180) days; or

(xiii)    the Sponsor determines, in its sole discretion, that it is desirable or advisable for any reason to discontinue the affairs of the Trust.

(c)    The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Beneficial Owner (as long as such Beneficial Owner is not the sole Beneficial Owner of the Trust) shall not result in the termination of the Trust, and such Beneficial Owner, his or her estate, custodian or personal representative shall have no right to a redemption of such Beneficial Owner’s Shares. Each Beneficial Owner (and any assignee thereof) expressly agrees that in the event of his or her death, he or she waives on behalf of himself or herself and his or her estate, and he or she directs the legal representative of his or her estate and any person interested therein to waive the furnishing of any inventory, accounting or appraisal of the Trust Property and any right to an audit or examination of the

books of account for the Trust, except for such rights as are set forth in Article VI hereof relating to the books of account and reports of the Trust.

Section 8.02.    Distributions on Dissolution. Upon the dissolution of the Trust, the Sponsor (or in the event there is no Sponsor, such person (the “Liquidating Trustee”) as the majority in interest of the Beneficial Owners may propose and approve) shall take full charge of the Trust Property. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Act, the affairs of the Trust shall be wound up and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Registered Owners and Beneficial Owners who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to Registered Owners, and (b) to the Beneficial Owners pro rata in accordance with their respective Percentage Interests of the Trust Property.