Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 41

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 41
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 such an individual unless the individual acted honestly and in good faith with a view to the best interests of the corporation or, as the case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the corporation’s request. In addition to the conditions set out above, the Business Corporations Act (Ontario)provides that, in the case of a criminal or administrative action or proceeding that is enforced by monetary penalty, the corporation shall not indemnify an individual described above unless the director or officer had reasonable grounds for believing that his or her conduct was lawful. Where an individual has met the conditions set out under (a) and (b) above and was not judged by the court or other competent authority in such a proceeding to have committed any fault or omitted to do anything that the individual ought to have done, such individual is entitled to indemnification from the corporation for such costs, charges and expenses which were reasonably incurred.

Both the trust agreement and the management agreement provide that the Trust will indemnify and hold harmless the Manager and its partners, officers, agents and employees from and against any and all expenses, losses, damages, liabilities, demands, charges, costs and claims of any kind or nature whatsoever (including legal fees, judgments and amounts paid in settlement, provided that the Trust has approved such settlement in accordance with the trust agreement) in respect of the acts, omissions, transactions, duties, obligations or responsibilities of the Manager as manager to the Trust, except where such expenses, losses, damages, liabilities, demands, charges, costs or claims are caused by acts or omissions of the Manager done or suffered in breach of its standard of care or through the Manager’s own negligence, willful misconduct, willful neglect, default, bad faith or dishonesty or a material failure in complying with applicable Canadian laws or the provisions set forth in the management agreement or the trust agreement.

The
Trust does not carry any insurance to cover such potential obligations and, to the Manager’s knowledge, none of the foregoing
parties are insured for losses for which the Trust has agreed to indemnify them.

Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons
controlling the Trust pursuant to the foregoing provisions, the Trust has been informed that in the opinion of the U.S. Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is therefore unenforceable.