SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-10.3
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/exhibit103-sx1a4.htm

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to this Agreement). b. “Cross-Entity Settlement” shall mean the movement of Digital Assets between Anchorage and a Settlement Partner in the case of Anchorage in accordance with a Settlement Instruction from Client and in the case of the Settlement Partner in accordance with an instruction from its client. c. "Monthly Settlement Service Fee" refers to the flat monthly fee provided in the Settlement Services Addendum. d. “Settlement Network Participant Rulebook” or, as solely used herein, “Rulebook” shall mean the policies, procedures, and rules governing operation and use of Anchorage’s Optional Settlement Services. e. “Settlement Instructions” shall mean Directions provided to Anchorage to process Optional Settlement Services under this Settlement Services Addendum in connection with a settlement transaction between (i) Client and Counterparty of Client or (ii) Client and a Counterparty of Client that is a client of Settlement Partner (as such terms are defined in the Agreement and this Addendum).

f.    “Settlement Partner” shall mean an entity that has agreed to engage in CrossEntity Settlement with Anchorage in accordance with an effective agreement between Anchorage and the entity.

2.    Provision of Optional Settlement Services.

a.    Client shall provision Digital Assets and fiat currency into an Account or Vault held at Anchorage for the purpose of settlement with one or more counterparties of Client ("Counterparty of Client,” where each of Client and its counterparty is a “Counterparty”). Client shall have an applicable Master Custody Service Agreement with Anchorage. The Counterparty of Client may either also have an applicable Master Custody Services Agreement with Anchorage and account(s) with Anchorage (if it is also an Anchorage client) or in the case of Cross-Entity Settlement an account with a Settlement Partner. Where both Counterparties are involved in a settlement transaction that is not a Cross-Entity Settlement transaction each Counterparty will have an account at Anchorage and Optional Settlement Services provided by Anchorage will involve the movement of Digital Assets and/or fiat currency between such Counterparties' accounts. In the case of a Cross-Entity Settlement transaction, the Counterparty of Client will have an account at the Settlement Partner and Optional Settlement Services provided by

Anchorage and any equivalent services provided by Settlement Partner will involve the movement of Digital Assets between the Client’s Account and the account maintained by the Settlement Partner for Counterparty of Client. For the avoidance of doubt, any Account or Vault held at Anchorage shall be subject to all terms of the Agreement.

b.    Cross-Entity Settlement Services shall be provided only with respect to Digital Assets that are supported by both Anchorage and the Settlement Partner.

c.    For purposes of this Addendum, Client will only have a contractual relationship with Anchorage according to the terms of the Agreement and this Addendum. In no case shall this Addendum create contractual privity between Client and any Settlement Partner in connection with the provision of Optional Settlement Services described in this Addendum.

d.    Anchorage will, in its sole discretion, determine the requirements for Optional Settlement Services, and whether such requirements have been satisfied to offer Optional Settlement Services to the Client as contemplated under this Addendum, including but not limited to, requirements in Sections 2.1 and 2.5 of the Agreement. To the extent permissible by law or Anchorage’s internal policy, Anchorage shall provide Client with prompt written notice and the opportunity to cure any deficiencies in a timely manner if Anchorage determines that Client or Client’s Accounts fails to satisfy such requirements. Anchorage shall have no obligation, and shall not be liable for any failure, to provide the Optional Settlement Services if such Services relating to Client or Client’s Account fail to comply with all applicable Laws, including the BSA and all other Laws and regulations related to AML, KYC, counter-terrorist financing, sanctions screening requirements, or other legal or regulatory obligations; provided that, if Anchorage determines in good faith that a cure is feasible without undue regulatory or operational risk, Client shall have up to ten (10) business days to cure such noncompliance.

3.    Settlement Network Participant Rulebook. Anchorage shall make available to Client the Rulebook, and Client agrees to adhere to all requirements and procedures as provided in the Rulebook, including any applicable exceptions to the Rulebook as described therein. Client agrees to review the Rulebook upon receipt and on an ongoing basis in order to demonstrate familiarity with its terms, including any updates made by Anchorage thereto. Anchorage reserves the right to make amendments to the Rulebook from time to time at its sole discretion, and shall provide written notice of any amendments to Client at least thirty (30) days prior to the effective date of such amendments.

4.    Settlement Instructions.

a.    Upon submission of valid Settlement Instructions to Anchorage in accordance with the process specified by the Rulebook (i) by Client or Counterparty of Client in the case of non-Cross-Entity Settlement or (ii) by the Settlement Partner in the case of Cross-Entity Settlement, Anchorage agrees to follow Settlement Instructions; provided that the following conditions (“Settlement Conditions”) are met:

Non-Cross-Entity Settlement

i.    Quantity and type of Digital Assets and/or fiat currency in both accounts for Client and Counterparty of Client correspond with the Settlement Instructions; and

ii.    Both accounts for Client and Counterparty of Client must each have sufficient Digital Assets to cover gas or network fees Anchorage deems necessary to transfer Digital Assets pursuant to the Settlement Instructions.

Cross-Entity Settlement

i.    Quantity and type of Digital Assets in Client’s Account corresponds with the Settlement Instructions, and the quantity and type of Digital Assets in the account maintained by Settlement Partner for its client that is the Counterparty of Client corresponds with the Settlement Instructions; and

ii.    The Client’s Account has sufficient Digital Assets to cover gas or network fees Anchorage deems necessary to transfer Digital Assets pursuant to the Settlement Instructions and the account Settlement Partner maintains for its client that is the Counterparty of Client has sufficient Digital Assets to cover gas or networks fees Settlement Partner deems necessary to transfer Digital Assets pursuant to the Settlement Instructions.

b.    Following receipt of valid Settlement Instructions, Anchorage will effect settlement in accordance with the terms of the Settlement Instructions and the applicable procedures specified in the Rulebook.

c.    Anchorage shall not be liable for: (i) disregarding any Settlement Instructions, if Anchorage reasonably, in its sole discretion, determines that there may be a violation of applicable Laws, including the BSA and all other Laws and regulations related to AML, KYC, counter-terrorist financing, sanctions screening requirements, or other legal or regulatory obligations, or if it requires any additional compliance screening time or information in order to comply with such Laws; (ii) disregarding any Settlement Instructions, if any Settlement Instructions specify any Digital Assets that are not supported by both Anchorage and Settlement Partner; (iii) any failure or delay by Settlement Partner to execute Settlement Instructions on behalf of such Settlement Partner’s clients; (iv) failure or delay of any Fiat Institution to effect the timely transfer of fiat currency upon Anchorage’s request; (v) failure or delay to process any Settlement Instructions due to insufficient Assets in designated Client’s or Counterparty of Client’s Account and/or Vault; or (vi) failure or delay to settle any Digital Assets due to Blockchain’s technology flaws, manipulations, hacks, operational limitations, functionality limitations, cryptography algorithms failures, and/or any other cause or condition on the Blockchain outside Anchorage’s control.

d.    For avoidance of doubt, Anchorage is entitled to put an Asset Hold on any applicable Digital Assets or fiat currency in Client’s Account that Anchorage deems necessary to provide Optional Settlement Services between Client and Counterparty of Client, including, but not limited to, for the payment of gas and network fees.

5.    Fees. As compensation for Optional Settlement Services provided by Anchorage under this Addendum, Client will pay Anchorage the Monthly Settlement Service Fee as agreed in the Order Form of this Agreement. For the avoidance of doubt, the Monthly Settlement Service Fee shall: (i) be in addition to any gas or network fees and any Fees as provided in the Order Form, (ii) constitute part of the Fees as described in Section 5 of the Agreement, and (iii) be subject to all provisions in the Agreement relating to Fees, unless otherwise agreed in this Addendum.

Changes to the Optional Settlement Services, including the inclusion of new assets or Clients, are subject to changes in Monthly Settlement Service Fee upon mutual written agreement of the Parties. Anchorage shall provide Client with at least thirty (30) days' advance written notice of any proposed fee changes, and Client shall have the right to reject such changes and terminate this Addendum without penalty within fifteen (15) days of receiving such notice.