Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 38

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 38
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The U.S. Employee Retirement Income Security
Act of 1974, as amended, (“ERISA”), imposes certain requirements on employee benefit plans subject to Title I of ERISA
and on entities that are deemed to hold the assets of such plans (collectively, “ERISA Plans”), and on those persons
who are fiduciaries with respect to ERISA Plans. Investments by ERISA Plans are subject to ERISA’s general fiduciary requirements,
including, but not limited to, the requirement of investment prudence and diversification and the requirement that an ERISA Plan’s
investments be made in accordance with the documents governing the ERISA Plan.

Section 406 of ERISA and Section 4975 of
the Code prohibit certain transactions involving the assets of an ERISA Plan as well as those plans and accounts that are not subject
to ERISA but which are subject to Section 4975 of the Code, such as individual retirement accounts, and entities that are deemed
to hold the assets of such plans and accounts (together with ERISA Plans, the “Plans”) and certain persons (“parties
in interest” or “disqualified persons”) having certain relationships to such Plans, unless a statutory or administrative
exemption is applicable to the transaction. A party in interest or disqualified person who engages in a prohibited transaction
may be subject to excise taxes and other penalties and liabilities under ERISA and the Code.

Any Plan fiduciary that proposes to cause
a Plan to purchase the trust units should consult with his, her or its counsel regarding the applicability of the fiduciary responsibility
and prohibited transaction provisions of ERISA and Section 4975 of the Code to such an investment, and to confirm that such purchase
will not constitute or result in a non-exempt prohibited transaction or any other violation of an applicable requirement of ERISA
or the Code.

Non-U.S. plans, governmental plans (as
defined in Section 3(32) of ERISA) and certain church plans (as defined in Section 3(33) of ERISA), while not subject to the fiduciary
responsibility provisions of ERISA or the prohibited transaction provisions of ERISA and Section 4975 of the Code, may nevertheless
be subject to other federal, state, local or non-U.S. laws or regulations that are substantially similar to the foregoing provisions
of ERISA and the Code (“Similar Law”). Fiduciaries of any such plans should consult with their