Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 16

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 16
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 Trust Agreement,
trust units may be redeemed at the option of a unitholder for physical platinum and palladium bullion in any month, provided the
redemption request is for a minimum of 25,000 trust units. Trust units redeemed for physical platinum and palladium bullion will
have a redemption value equal to the aggregate value of the NAV per trust unit of the redeemed trust units on the last day of the
month on which the NYSE Arca is open for trading in the month during which the redemption request is processed.

Certain expenses will be subtracted from
the value of the redeemed trust units and the resulting amount the unitholder will receive (the “Redemption Amount”).
The amount of physical platinum and palladium bullion a redeeming unitholder is entitled to receive will be determined by the Manager,
who will allocate the Redemption Amount to physical platinum and palladium bullion in direct proportion to the value of physical
platinum and palladium bullion held by the Trust at the time of redemption (the “Bullion Redemption Amount”). The quantity
of each particular metal delivered to a redeeming unitholder will be dependent on the applicable Bullion Redemption Amount and
the sizes of plates and ingots of that metal that are held by the Trust on the redemption date. A redeeming unitholder may not
receive physical platinum and palladium bullion in the proportions then held by the Trust and, if the Trust does not have a Good
Delivery plate or ingot, as the case may be, of a particular metal in inventory of a value equal to or less than the applicable
Bullion Redemption Amount, the redeeming unitholder will not receive any of that metal. Because the Trust’s physical platinum
bullion will be stored at the Mint in Canada and the Trust’s physical palladium bullion will be stored at Loomis in London
or Zurich, in the event of a redemption, the physical platinum bullion and the physical palladium bullion the redeeming unitholder
will receive will be shipped separately. Any Bullion Redemption Amount in excess of the value of the Good Delivery plates or ingots,
as the case may be, of the particular metal to be delivered to the redeeming unitholder will be paid in cash, as such excess amount
will not be combined with any excess amounts in respect of the other metal for the purpose of delivering additional physical platinum
and palladium bullion. A unitholder redeeming trust units for physical platinum