FIRST AMENDMENT TO THE UNALLOCATED ACCOUNT AGREEMENT OF ABERDEEN STANDARD SILVER ETF TRUST
ABERDEEN STANDARD SILVER ETF TRUST 8-K
EXHIBIT 10.2
Execution Version
FIRST AMENDMENT TO THE
OF
ABERDEEN STANDARD SILVER ETF TRUST
This First Amendment to the Unallocated Account Agreement (this “Amendment”) of the Aberdeen Standard Silver ETF Trust (the “Trust”), dated as of March 11, 2022, 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, dated as of March 29, 2019 (the “Agreement”), which established an unallocated silver 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, effective as of March 31, 2022, so as to change the names of the Trust and the shares issuable by the Trust as follows:
| Current Name | New Name |
| Aberdeen Standard Silver ETF Trust | abrdn Silver ETF Trust |
| Aberdeen Standard Physical Silver Shares ETF | abrdn Physical Silver Shares ETF |
; and to reflect the change in the name of the Sponsor from “Aberdeen Standard Investments ETFs Sponsor LLC” to “abrdn 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: |
| (2) | THE BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee of the abrdn Silver 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). |
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(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 and named “abrdn Physical Silver Shares ETF” created pursuant to and constituted by the Trust Agreement;
“Sponsor” means abrdn ETFs Sponsor LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement;
“Trust” means the abrdn Silver ETF Trust formed pursuant to the Trust Agreement;
“Trust Agreement” means the Depositary Trust Agreement of the abrdn Silver ETF Trust dated on or about July 20, 2009, as amended effective as of October 1, 2018 and on or about March 31, 2022, and as may be further amended from time to time, between abrdn ETFs Sponsor LLC, as Sponsor, and The Bank of New York Mellon, as Trustee;
| (c) | Amendment to Section 13.3 of the Agreement. Section 13.3 of the Agreement is hereby deleted in its entirety and replaced with the following: |
| 13.3 | The addresses and contact information of the parties for the purposes of clauses 13.1 and 13.2 are: |
| The Custodian: | JPMorgan Chase Bank, N.A. | |
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Attention: Bullion Clearing (for Transfer Notices) or EMEA Bullion Sales (for General Notices) | ||
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Email: ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇ (for Transfer Notices) or ▇▇▇▇_▇▇▇▇▇▇▇_▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇ (for General Notices) | ||
| The Trustee: | The Bank of New York Mellon | |
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| Attention: ETF Services | ||
| Telephone: (▇▇▇) ▇▇▇-▇▇▇▇ | ||
| Email: ▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇.▇▇▇ |
or such other address as shall have been notified (in accordance with this clause) to the other party hereto. The address and contact information of the Sponsor for purposes of receiving notices under this Agreement is:
arbdn ETFs Sponsor LLC
c/o abrdn Inc.
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Attention: Product Governance
Email: ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇.▇▇▇
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With a copy to:
abrdn ETFs Sponsor LLC
c/o abrdn Inc.
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Attention: ▇▇▇▇ ▇▇▇▇▇
Email: ▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇.▇▇▇
(d) Amendment to Section 15.5 of the Agreement. Section 15.5 of the Agreement is hereby deleted in its entirety and replaced with the following:
| 15.5 | Service of Process: Process by which any proceedings are begun may be served on a party by being delivered to the party’s address specified below. This does not affect any right to serve process in another manner permitted by law. |
Custodian’s Address for service of process:
JPMorgan Chase Bank, N.A.
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Attention: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Email: ▇▇▇▇▇▇▇.▇.▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇
Trustee’s Address for service of process:
The Bank of New York Mellon
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Attention: Legal Department – Asset Servicing
With a copy to:
The Bank of New York Mellon
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Attention: ETF Services
Email: ▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇.▇▇▇
With a copy to:
arbdn ETFs Sponsor LLC
c/o abrdn Inc.
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Attention: Product Governance
Email: ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇.▇▇▇
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AND
abrdn ETFs Sponsor LLC
c/o abrdn Inc.
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Attention: ▇▇▇▇ ▇▇▇▇▇
Email: ▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇.▇▇▇
| (e) | Amendment to Textual References in the Agreement. |
(i) All other references to “Aberdeen Standard Silver ETF Trust” in the Agreement are hereby deleted and replaced with “abrdn Silver ETF Trust.”
(ii) All other references to “Aberdeen Standard Physical Silver Shares ETF” in the Agreement are hereby deleted and replaced with “abrdn Physical Silver Shares ETF.”
(iii) All other references to “Aberdeen Standard Investments ETFs Sponsor LLC” in the Agreement are hereby deleted and replaced with “abrdn ETFs Sponsor LLC.”
2. The amendments contemplated by this Amendment shall, upon execution of this Amendment by the Custodian and the Trustee, be effective as of March 31, 2022, 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 Trust Agreement, the Sponsor hereby approves of the Trustee entering into this Amendment.
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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/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Executive Director
The Bank of New York Mellon,
solely in its capacity as Trustee and not individually
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title: Managing Director
abrdn ETFs Sponsor LLC
(formerly, Aberdeen Standard Investments ETFs Sponsor LLC),
solely as to paragraph 7
/s/ ▇▇▇▇▇ ▇▇▇▇▇
Name: ▇▇▇▇▇ ▇▇▇▇▇
Title: Vice President
[Signature Page to First Amendment to Unallocated Account Agreement of Aberdeen Standard Silver ETF Trust]
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