0000930413-11-002296 Sample Contracts

AUTHORIZED PARTICIPANT AGREEMENT
Authorized Participant Agreement • March 28th, 2011 • Etfs Palladium Trust • Commodity contracts brokers & dealers • New York

FIRST AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) agreed to as of September 27, 2010 by and between The Bank of New York Mellon, a New York banking corporation (the “Trustee”), and ETF Securities USA LLC, a Delaware limited liability company (the “Sponsor”).

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