Document:

Exhibit 10.6

  

  

  

  

  

  
    MARKETING AGENT AGREEMENT

    THIS AGREEMENT is made and entered into as of this [____]  day of [____], 2021 by and among Sprott ESG Gold ETF,
      a Delaware statutory trust (the “Trust”), which is sponsored by Sprott Asset Management LP, a Canadian limited partnership (the “Sponsor”), and Sprott Global Resource Investments Ltd., a California limited partnership and an affiliate of the Sponsor (“SGRIL” or the “Marketing Agent”).

    WHEREAS,
      the Sponsor is registered with the Ontario Securities Commission as an investment fund manager, a portfolio manager and as an exempt market dealer and a commodity trading manager;

    WHEREAS, the
      Trust is a statutory trust organized under the laws of the State of Delaware;

    WHEREAS, the
      Trust has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement (including a Prospectus) for the Trust under the Securities Act of 1933, as amended (the “1933 Act”)
      (collectively, “Registration Statement”);

    WHEREAS,
      the Trust intends to create and redeem shares of beneficial interest in the Trust (the “Shares”) only in creation unit aggregations (“Creation Unit”) on a continuous basis, and list the Shares on one or more national securities exchanges;

    WHEREAS,
      SGRIL is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “1934 Act”), and is a member of the Financial Industry
      Regulatory Authority, Inc. (“FINRA”);

    WHEREAS, the
      Trust desires to retain SGRIL to provide certain services in connection with the creation and redemption of Shares of the Trust; and

    WHEREAS,
      SGRIL is willing to provide certain services for the Trust on the terms and conditions hereinafter set forth.

    NOW THEREFORE,
      in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

    	1.	
            Definitions.

          

    Wherever they are used herein, the following terms have the following respective meanings:

    “Prospectus” means the
      Prospectus constituting parts of the Registration Statement of the Trust under the 1933 Act as such Prospectus may be amended or supplemented and
      filed with the SEC from time to time.

    “Registration Statement”
      means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act, as such registration statement is amended by any amendments thereto at the time in effect.

    All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms
      in the Registration Statement and the Prospectus.

    
      
        

    

    
    

    

    	2.	
            Duties of SGRIL

          

    (a) SGRIL shall use commercially reasonable efforts to provide the following services to the Trust with respect to the creation and redemption of Creation
        Units of the Trust:

    (i) work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer
        Agent;

    (ii) maintain copies of confirmations of Creation Unit creation and redemption order acceptances;

    (iii) use reasonable efforts to review and approve, prior to use, all Trust advertising, sales and marketing materials submitted to
        SGRIL for review by the Sponsor (“Marketing Materials”) for compliance with applicable SEC and FINRA advertising rules, and file all such Marketing Materials required to be filed with FINRA.  SGRIL agrees to furnish to the Trust or the Sponsor any
        comments provided by FINRA with respect to such materials;

    (iv) assist the Sponsor in the preparation of Marketing Materials and provide other marketing services with respect to the Trust, as
        requested by the Sponsor; and

    (v) maintain records related to the foregoing and produce such records upon reasonable request from the Trust or the Sponsor.

    (b) The services furnished by SGRIL hereunder are not to be deemed exclusive and SGRIL shall be free to furnish similar services to others so long as its
        services under this Agreement are not impaired thereby.

    	3.	
            Duties of the Trust

          

    (a) The Trust agrees to create, issue, and redeem Creation Units of the Trust in accordance with the procedures described in the Prospectus. Upon
        reasonable notice to SGRIL and in accordance with the procedures described in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

    (b) The Trust agrees that it will take all actions necessary to register, and maintain the registration of, the Shares under the 1933 Act.

    (c) SGRIL acknowledges and agrees that the Trust reserves the right to suspend sales and SGRIL’s authority to review and approve orders for Creation Units
        on behalf of the Trust. Upon due notice to SGRIL, the Trust shall suspend SGRIL’s authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such
        period as may be determined by the Trust.

    (d) The Trust shall arrange to provide the listing exchanges with copies of Prospectuses and product descriptions that are required to be provided by the
        Trust to purchasers in the secondary market.

    (e) The Trust will make it known that Prospectuses and product descriptions are available by making sure such disclosures are in all marketing and
        advertising materials prepared by the Trust.

    
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    	4.	
            Representations, Warranties and Covenants of the Trust.

          

    (a) The Trust hereby represents and warrants to SGRIL, which representations and warranties shall be deemed to be continuing throughout the term of this
        Agreement, that:

    (i) it is duly organized and validly existing under the laws of the jurisdiction of its organization, and is and at all times will
        remain duly authorized to carry out its obligations as contemplated herein;

    (ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary
        action;

    (iii)  its entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any
        provision of any agreement or document to which the Trust is a party or by which it is bound;

    (iv) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
        federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted;

    (v)  the Registration Statement and the Trust’s Prospectus have been prepared, and all marketing materials shall be prepared, in all
        material respects, in conformity with the 1933 Act, the rules and regulations of the SEC, and any other applicable laws, rules, or regulations;

    (vi)  the Registration Statement and the Trust’s Prospectus contain, and all marketing materials shall contain, all statements
        required to be stated therein in accordance with the 1933 Act and any other applicable laws, rules, and regulations;

    (vii) all statements of fact contained therein, or to be contained in all marketing materials, are or will be true and correct in all
        material respects at the time indicated or the effective date, as the case may be, and none of the Registration Statement, the Prospectus, nor any marketing materials shall include any untrue statement of a material fact or omit to state a material
        fact required to be stated therein or necessary to make the statements therein, in the case of the Trust’s Prospectus in light of the circumstances in which made, not misleading; and

    (viii) except as otherwise noted in the Registration Statement and Prospectus, the offering price for all Creation Units
        will be the aggregate net asset value of the Shares per Creation Unit of the Trust, as determined in the manner described in the Registration Statement and Prospectus.

    (b) The Trust shall fully cooperate in the efforts of SGRIL in the provision of the services described in this Agreement.  In addition, the Trust shall
        keep SGRIL fully informed of its affairs as they relate to the Trust and shall provide to SGRIL from time to time copies of all information that SGRIL may reasonably request for use in connection with the provision of the services described in this
        Agreement.

    	5.	
            Representations, Warranties and Covenants of SGRIL.

          

    SGRIL hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be
      continuing throughout the term of this Agreement, that:

    
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    (a) it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted,
        to enter into this Agreement and to perform its obligations hereunder;

    (b) this Agreement has been duly authorized, executed and delivered by SGRIL and, when executed and delivered, will constitute a valid and legally binding
        obligation of SGRIL, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

    (c) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has
        obtained all regulatory approvals necessary to carry on its business as now conducted; and

    (d) it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

    	6.	
            Reimbursement for Expenses.

          

    (a) SGRIL shall be entitled to receive reimbursement from the Sponsor related to its reasonable expenses incurred in connection with the services
        hereunder or for additional services as may be agreed to between the parties.

    (b) The Trust shall bear the cost and expenses of: (i) the registration of Shares for sale under the 1933 Act; and (ii) the costs related to any filings
        required pursuant to the United States securities laws and regulations and rules of the SEC and FINRA, as applicable.

    (c) The payments to the Marketing Agent under this Agreement, when combined with selling commissions charged by other FINRA members and other payments
        that would constitute underwriting compensation as defined in FINRA Rule 2310, will not exceed ten percent (10%) of the aggregate dollar amount of the offering.  The Trust will advise the Marketing Agent if the payments described hereunder must be
        limited, when combined with selling commissions charged by other FINRA members and other payments that would constitute underwriting compensation as defined in FINRA Rule 2310, in order to comply with the ten percent (10%) limitation on total
        underwriters’ compensation pursuant to FINRA Rule 2310.

    (d) The Trust shall provide to the Marketing Agent on an on-going basis information sufficient to enable Marketing Agent to ensure compliance with FINRA
        Rule 2310, including calculations of underwriting compensation and total offering and operating expenses.

    	7.	
            Indemnification.

          

    (a) The Trust shall indemnify, defend and hold SGRIL, its affiliates and each of their respective members, managers, directors, officers, employees,
        representatives and any person who controls or previously controlled SGRIL within the meaning of Section 15 of the 1933 Act (collectively, the “SGRIL Indemnitees”),
        free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable
        counsel fees incurred in connection therewith) (collectively, “Losses”) that any SGRIL Indemnitee may incur arising out of or relating to (i) SGRIL’s
        provision of services to the Trust in accordance with the terms and conditions of this Agreement; (ii) the Trust’s breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Trust’s failure to
        comply in all material respects with any applicable laws, rules, or regulations; or (iv) any claim that the Prospectus, sales literature and advertising materials or other information filed or made public by the Trust (as from time to time amended)
        include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading provided, however, that the Trust’s obligation to
        indemnify any of the SGRIL Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Prospectus or any such advertising materials or sales
        literature or other information filed or made public by the Trust in reliance upon and in conformity with information provided by SGRIL to the Trust in writing for use in such Prospectus or any such advertising materials or sales literature.

    
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    (b) SGRIL shall indemnify, defend and hold the Trust, its affiliates, and each of their respective directors, officers, employees, representatives, and
        any person who controls or previously controlled the Trust within the meaning of Section 15 of the 1933 Act (collectively, the “Trust Indemnitees”), free and
        harmless from and against any and all Losses that any Trust Indemnitee may incur arising out of or relating to (i) SGRIL’s breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) SGRIL’s failure
        to comply in all material respects with any applicable laws, rules, or regulations; or (iii) any claim that the Prospectus, sales literature and advertising materials or other information filed or made public by the Trust (as from time to time
        amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, insofar as such statement or omission was
        made in reliance upon, and in conformity with information furnished to the Trust by the Marketing Agent for use in such Prospectus, sales literature and advertising materials or other information filed or made public by the Trust.

    (c) In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would
        otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to
        be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written
        notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

    (d) Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified
        party against whom such action is brought, on account of this Section, except to the extent failure or delay to so notify the indemnifying party prejudices the indemnifying party’s ability to defend against such claim. The indemnifying party shall
        be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel
        chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by
        them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified
        party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

    (e) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of
        section 7(a) or 7(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld.  No indemnified or indemnifying party shall settle any claim unless the settlement contains a
        full release of liability with respect to the other party in respect of such action and does not admit fault.

    	8.	
            Limitations on Damages.

          

    Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other
      Party, whether or not the likelihood of such losses or damages was known by the Party.

    
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    	9.	
            Force Majeure.

          

    Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly
      or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority;
      acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics, pandemics or other public health emergencies; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or
      communications capabilities, and the other Party shall have no right to terminate this Agreement in such circumstances.

    	10.	
            Duration and Termination.

          

    (a) This Agreement shall become effective as of the date first set forth above.  Unless sooner terminated as provided herein, this Agreement shall
        continue in effect for [___] years from the date hereof.  Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods.

    (b) Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, upon no less than (i) 30 days’ written
        notice by the Trust, or (ii) 90 days’ written notice by SGRIL.

    	11.	
            Confidentiality.

          

    During the term of this Agreement, SGRIL and the Trust may have access to non-public confidential information
      relating to such matters as either party’s business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, “Confidential Information” means non-public or proprietary information belonging
      to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes non-public or proprietary information that may be financial
      information, proposals and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and
      business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for
      in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and
      did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential
      Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties
      further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter,
      except  (i) as required in the course of this Agreement, (ii) as provided by the other party, or (iii)  as required by applicable law, rule, or regulation or in response to a routine self-regulatory examination or request for information directed at
      the receiving party.

    	12.	
            Notices.

          

    Any notice or other communication authorized or required by this Agreement to be given to either party shall be in
      writing and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

    
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            (i)  If to SGRIL:

          	
            (ii)  If to the Trust:

          
	
             

            Sprott Global Resource Investments LTD 1910 Palomar Point Way - #200

            Carlsbad, CA 92008

             

            Attn: Tom Ulrich

            Telephone: [______]

            Email: tulrich@sprottglobal.com

          	
             

            Sprott Asset Management LP

            c/o Sprott ESG Gold ETF

            Royal Bank Plaza, South Tower

            200 Bay Street, Suite 2600

            Toronto, Ontario, Canada M5J 2J1

             

            Attn: Arthur Einav

            Telephone: (416) 943-8099

            Email: aeinav@sprott.com

          

    

    

    	13.	
            Modifications.

          

    The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner
      whatsoever except by a written instrument signed by SGRIL and the Trust.

    	14.	
            Governing Law.

          

    This Agreement shall be construed in accordance with the laws of the State of [____], without regard to the
      conflicts of law principles thereof.

    	15.	
            Assignment.

          

    This Agreement may not be assigned by either Party without the prior written consent of the other Party.  This
      Agreement shall be binding upon and inure to the benefit of the Parties’ representatives, successors, heirs, and permitted assigns, as applicable.  A change in control shall not be construed to be an assignment.

    	16.	
            Entire Agreement.

          

    This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications,
      understandings and agreements relating to the subject matter hereof, whether oral or written.

    	17.	
            Survival.

          

    The provisions of Sections 7, 8, 9, 11, 14, 17, and 19 of this Agreement shall survive any termination of this
      Agreement.

    	18.	
            Anti-Money Laundering.

          

    SGRIL represents and warrants that it has, and shall maintain, an anti-money laundering program (“AML Program”)
      that, at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes
      internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity
      reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records.

    
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    	19.	
            Miscellaneous.

          

    The captions in this Agreement are included for convenience of reference only and in no way define or delimit any
      of the provisions hereof or otherwise affect their construction or effect.  Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
      ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
      any other jurisdiction.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both SGRIL and the Trust and no presumptions
      shall arise favoring any party by virtue of authorship of any provision of this Agreement. This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute
      one and the same document. Nothing herein contained shall prevent SGRIL from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles. This Agreement
      has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

    	20.	
            Liability of Sponsor.

          

    It is expressly understood and agreed by SGRIL that:

    (a) this Agreement is executed and delivered on behalf of the Trust by the Sponsor, not individually or personally, but solely as Sponsor of the Trust in
        the exercise of the powers and authority conferred and vested in it;

    (b) the representations, covenants, undertakings and agreements herein made on the part of the Trust are made and intended not as personal
        representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only the Trust;

    (c) nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of the Trust
        either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and

    (d) under no circumstances shall the Sponsor be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach
        or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related document.

    [Signature Page Follows]

    
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    IN WITNESS WHEREOF,
      the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

    	 	 	 	
            SPROTT GLOBAL RESOURCE INVESTMENTS LTD.

          
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
            By:

          	 
	 	 	 	 	
            Name:

          	 
	 	 	 	 	
            Title:

          	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
            SPROTT ESG GOLD ETF

          
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	
            By:

          	
            Sprott Asset Management, LP, not in its individual capacity but solely as Sponsor

          
	 	 	 	 	 
	 	 	 	
            By:

          	 
	 	 	 	 	
            Name:

          	 
	 	 	 	 	
            Title:

          	 

    

    

  

  9Exhibit 10.7

  Execution Copy

  LICENSE AGREEMENT

  THIS LICENSE AGREEMENT (this “Agreement”) is entered into effective as of the 14th day of May, 2021 (the
    "Effective Date"), by and between The Bank of New York Mellon, a New York banking corporation ("Licensor"), and Sprott Asset Management LP, the Sponsor to the Sprott ESG Gold ETF ("Licensee").

  WHEREAS, Licensor and Licensee have entered into a fee letter agreement dated August 6, 2020 (the "Fee Letter
    Agreement") regarding the establishment and maintenance of a gold investment product known as the Sprott ESG Gold ETF (“the Gold Trust”).

  WHEREAS, in connection with the Gold Trust, Licensee wishes to obtain a license under certain of Licensor's patent
    rights, and Licensor wishes to grant such license, subject to the terms and conditions of this Agreement.

  WHEREAS, pursuant to Section 2 below, the Licensee intends to sublicense the license granted herein to the Gold Trust.

  NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
    Licensor and Licensee agree as follows:

  	1.	
          CERTAIN DEFINITIONS.

        

  For the purposes of this Agreement, the following terms have the following meanings:

  "Affiliate" means any entity that directly or indirectly controls, is controlled by or is under common control with a
    party. In this context, the term "control" means ownership of more than fifty percent (50%) of the voting securities of such entity (or, in the case of a non-corporate entity, equivalent interests). The term "controlled" has a corollary meaning.

  "Licensed Product" means the Gold Trust and any gold investment product created after the Effective Date that is sold,
    sponsored or issued by Licensee in the Territory that is covered by or encompasses a claim contained in Licensor Patent Rights, including, but not limited to the Gold Trust.

  "Licensee Improvements" means any improvement, enhancement, modification, derivative work or upgrade to any of Licensor
    Patent Rights made, conceived, reduced to practice, affixed or otherwise developed by or on behalf of Licensee during the term of this Agreement and solely as exercised under the License.

  "Licensor Patent Rights" means: (i) U.S. Patent Application No. 10/680,589, filed on October 6, 2003, entitled "Systems
    and Methods for Securitizing a Commodity" (the "Patent Application"), (ii) all foreign and international counterparts filed by or on behalf of Licensor, (iii) all continuations, continuations-in-part, divisionals, substitutes and equivalents thereof
    relating to any of the foregoing patent applications, (iv) all letters patent that are or may be granted from any of the foregoing patent applications, and (v) all know-how related to any of the foregoing patents and patent applications.

  "Service Provider" means any entity designated to act in the capacity of any or all of the following, as the context
    requires: trustee, cash custodian, issuing agent, registrar, agent, administrator or the like for and on behalf of (i) the sponsor, issuer or other entity offering shares in a Licensed Product and/or (ii) any participant of the Gold Trust.

  
    
      

  

  
  "Territory" means the United States.

  	2.	
          LICENSE.

        

  Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee a non-exclusive, personal and
    non-transferable (except as provided in Article 12.1) license under Licensor Patent Rights for the term of this Agreement solely for the purpose of establishing, operating and marketing the Licensed Products in the Territory (the "License").

  The License includes the limited right of Licensee to grant sublicenses to the Licensee’s Affiliates, agents, Licensed
    Products and such Licensed Products’ trustees and custodians (each a "Sublicensee"), but solely in connection with such Sublicensee's establishment, operation and marketing of the Licensed Product and provided that Licensee shall have previously
    entered into an enforceable, written agreement with each such Sublicensee on terms no less protective of Licensor's rights in the Licensor Patent Rights than the terms in this Agreement and shall provide Licensor with copies of such agreements on
    request. For the avoidance of any doubt, the Gold Trust is a permitted Sublicensee under this Agreement.

  ALL RIGHTS NOT SPECIFICALLY AND EXPRESSLY GRANTED TO LICENSEE IN THIS ARTICLE 2 ARE HEREBY RESERVED TO THE LICENSOR.

  	3.	
          COVENANT TO LICENSOR.

        

  Licensee hereby covenants and agrees that it will not, directly or indirectly, initiate or participate in any action of
    any kind against Licensor, its successors and Affiliates, for their use of any Licensee Improvements in connection with establishing, operating or marketing Licensed Products in the Territory based, in whole or in part, on the securitization of any
    commodity, including currency. This covenant is perpetual, personal, royalty-free and non-exclusive. This covenant shall survive termination or expiration of this Agreement for any reason except termination for Licensor’s breach of this Agreement.

  	4.	
          PAYMENT.

        

  4.1 The grant of the License hereunder is in consideration for the engagement of Licensor to act as Service Provider for
    each Licensed Product under terms substantially as set forth in the Fee Letter Agreement, or such other terms as Licensor, Licensee and/or a Licensed Product may mutually agree in writing hereafter. No additional payment of royalties to Licensor shall
    be required as long as Licensor is so engaged.

  4.2 In the event that Licensor is not engaged to act as Service Provider for a Licensed Product for any reason, then, to
    enjoy the benefit of the License with respect to such Licensed Product, Licensee shall thereafter pay Licensor a royalty as follows:

  	

        	(a)	
          The Licensee shall pay Licensor a running royalty that will accrue daily at the annualized rate of 0.0500% (five basis points) of the total net asset value (as determined pursuant to the
            policies disclosed in the applicable offering document) of such Licensed Product.

        

  	

        	(b)	
          The five basis point running royalties described in the preceding subparagraph (a) shall be collectively identified hereinafter as the "Royalty Fee." Such Royalty Fee shall be due and payable
            within ten days following the end of each calendar month for which such Royalty Fee has accrued and shall be subject to the Minimum Annual Royalty set forth the following subparagraph (c).

        

  
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        	(c)	
          Notwithstanding subparagraph 4.2(a) above:

        

  	

        	(i)	
          beginning on the Effective Date, for each year in which there is one Licensed Product (which year shall be measured from the date that is six months after the launch date of the Licensed
            Product; each such year being defined hereinafter as an "Annual Period"), Licensee shall pay Licensor a minimum annual royalty (the "Minimum Annual Royalty") of not less than Two Hundred Fifty Thousand Dollars ($250,000) per Annual Period for
            such Licensed Product. If the aggregate Royalty Fees payable to Licensee over an Annual Period for such Licensed Product is less than the Minimum Annual Royalty, then Licensee shall pay Licensor the difference between the Minimum Annual Royalty
            and the aggregate Royalty Fees payable to Licensee over such Annual Period for such Licensed Product, which payment shall be due and payable within 30 days after the end of the applicable Annual Period.

        

  	

        	(ii)	
          beginning on January 1, 2021, for each year in which there are seven or more Licensed Products (which year shall be measured from the date that is six months after the launch date of the final
            Licensed Product to be launched; each such year being defined hereinafter as an "Annual Period"), Licensee shall pay Licensor a Minimum Annual Royalty of not less than One Million Two Hundred Fifty Thousand Dollars ($1,250,000) per Annual
            Period for such Licensed Products. If the aggregate Royalty Fees payable to Licensor over an Annual Period for such Licensed Products are less than the Minimum Annual Royalty, then Licensee shall pay Licensor the difference between the Minimum
            Annual Royalty and the aggregate Royalty Fees payable to Licensee over such Annual Period for such Licensed Products, which payment shall be due and payable within 30 days after the end of the applicable Annual Period.

        

  All payments to Licensor hereunder shall be made in United States dollars either by corporate check to Licensor at the
    address specified in Article 12 (or such other address as Licensor may hereafter designate in writing) or by wire transfer to a bank account designated by Licensor in writing. Payments to Licensor hereunder shall be deemed made as of the day on which
    they are received by Licensor at such address or bank account. Late payments shall accrue interest from the date due at the rate that is the lesser of 1.5% per month or the maximum rate permitted by law.

  Except with respect to any taxes assessed directly upon Licensor's income, all amounts payable by Licensee under this
    Agreement are exclusive of any taxes that are or may be assessed or imposed by any governmental authority in any jurisdiction in connection with establishing, operating and marketing such Licensed Product, including without limitation, any sales, use,
    excise, value-added, personal property, export, import or withholding taxes, which taxes shall all be assumed and paid by Licensee.

  	5.	
          REPORTS, RECORDS AND AUDITS.

        

  During the term of this Agreement, for so long as Licensee has a royalty obligation to Licensor under the terms hereof,
    Licensee shall deliver to Licensor within ten (10) days of the end of each calendar month a report setting forth in reasonable detail the Royalty Fee due to Licensor for such calendar month and Licensee's calculation of the same.

  During the term of this Agreement, for so long as Licensee has a royalty obligation to Licensor under the terms hereof
    and for three (3) years thereafter, Licensee shall keep complete and accurate books and records in sufficient detail to enable Licensor to verify the amounts due to it hereunder.

  During the term of this Agreement, for so long as Licensee has a royalty obligation to Licensor under the terms hereof
    and for three (3) years thereafter, Licensor shall have the right, through a qualified independent auditor, to review and audit the books and records of Licensee for the purpose of verifying the accuracy of royalty payments made by Licensee under this
    Agreement. Such reviews and audits shall be conducted with reasonable prior written notice to Licensee, at Licensee's place of business and during Licensee's normal business hours, and shall not be conducted more than once per calendar year. Each
    review and audit hereunder shall be at Licensor's sole cost and expense; provided, however, that Licensee shall promptly reimburse Licensor for all costs and expenses actually incurred in connection with a review and audit if the auditor determines
    that Licensee has underpaid by five percent (5%) or more during the relevant period under examination. Licensee will promptly pay Licensor the amount of any underpayment revealed by a review and audit, plus interest at the rate that is the lesser of
    1.5% per month or the maximum rate allowed by law from the dates that any unpaid amounts were due.

   

  

  
    3

    
      

  

  	6.	
          ENFORCEMENT.

        

  Licensee shall promptly (i) notify Licensor of any potential or actual infringement by a third party of Licensor Patent
    Rights of which Licensee becomes aware, and (ii) provide to Licensor all evidence of such infringement in Licensee's possession, custody or control. Licensor shall have the sole right, but not the obligation, to initiate any legal action at its own
    expense against such infringement and to recover damages and enforce any injunction granted as a result of any judgment in Licensor's favor. Licensor shall have sole control over any such action including, without limitation, the sole right to settle
    and compromise such action. In the event of a dispute between Licensor and any third party regarding the infringement, validity or enforceability of Licensor Patent Rights, Licensee agrees, at Licensor's expense, to do all things reasonably requested
    by Licensor to assist Licensor in connection with such dispute.

  	7.	
          TERM AND TERMINATION.

        

  This Agreement shall commence on the Effective Date and, unless earlier terminated according to the terms of this
    Agreement, shall expire upon the expiration or lapse of the last-to-expire or lapse of the Licensor Patent Rights (or, if earlier, upon the entry of a final order by a court of competent jurisdiction, which order is not appealable or regarding which
    appeal is not taken, effectively holding that there is no valid claim included in the Licensor Patent Rights).

  During the term of this Agreement, Licensor shall diligently prosecute and/or maintain Licensor Patent Rights. If no
    letters patent are granted on the applications specified in Licensor Patent Rights or if all such applications are finally rejected without appeal being taken or are abandoned, withdrawn or otherwise lapse, then the License granted pursuant to this
    Agreement shall terminate immediately. Licensor shall notify Licensee promptly in writing if the foregoing events shall occur.

  The License granted pursuant to this Agreement will terminate immediately, without any requirement for Licensor to
    provide notice, with respect to any Licensed Product that is terminated.

  In addition, either party may terminate this Agreement by written notice at any time if the other party materially
    breaches this Agreement and fails to cure such breach with thirty (30) days following receipt of written notice thereof from the non-breaching party. Upon any termination or expiration of this Agreement, all rights and obligations under this Agreement
    (including Licensee's rights under the License) will immediately terminate; provided, however, that the provisions of Articles 1, 8 (the second paragraph only), 10 (solely with respect Licensee's Losses based on or arising from Licensee's exercise of
    its rights in accordance with this Agreement while the License was in effect), 11 and 12, and any other provision that survives by its express terms, shall survive any termination or expiration of this Agreement.

  	8.	
          ACKNOWLEDGMENT OF RIGHTS.

        

  Licensee hereby acknowledges and agrees that, as between Licensor and Licensee, Licensor is the exclusive owner of all
    right, title and interest in and to the Licensor Patent Rights. During the term of this Agreement, and subject to applicable law, Licensee will not directly or indirectly: (i) initiate or participate in any proceeding of any kind opposing the grant of
    any patent, or challenging any patent application, within the Licensor Patent Rights, (ii) dispute the validity or enforceability of any patent within the Licensor Patent Rights or any of the claims thereof, or (iii) assist any other Person to do any
    of the foregoing (except if required by court order or subpoena); provided, however, the foregoing shall in no way limit Licensee's ability to defend against or to mitigate any claim brought by Licensor against Licensee.

  During the term of this Agreement and thereafter, Licensee shall not directly or indirectly interfere improperly with
    Licensor's ability to negotiate with any potential licensee under, or any potential purchaser of, the Licensor Patent Rights, or assist any other Person to do the foregoing (except if required by court order or subpoena). This paragraph shall survive
    termination or expiration of this Agreement for any reason.

  Any violation of this Article 8 will constitute a material breach of this Agreement.

  
    4

    
      

  

  	9.	
          REPRESENTATIONS AND WARRANTIES.

        

  Each party hereby represents and warrants that (i) it has the power and authority to enter into this Agreement and
    perform its obligations hereunder; (ii) the execution and delivery of this Agreement have been duly authorized and all necessary actions have been taken to make this Agreement a legal, valid and binding obligation of such party enforceable in
    accordance with its terms; and (iii) the execution and delivery of this Agreement and the performance by such party of its obligations hereunder will not contravene or result in any breach of the Certificate of Incorporation or Bylaws of such party or
    of any agreement, contract, indenture, license, instrument or understanding or, to the best of its knowledge, result in any violation of law, rule, regulation, statute, order or decree to which such party is bound or by which it or any of its property
    is subject.

  EXCEPT AS EXPRESSLY SET FORTH IN THE FOREGOING, LICENSOR DOES NOT MAKE AND HEREBY EXPRESSLY DISCLAIMS ALL OTHER
    WARRANTIES, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, REGARDING THE SUBJECT MATTER OF THIS AGREEMENT INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, TITLE, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.

  	10.	
          INDEMNITY.

        

  Each party shall defend, indemnify and hold harmless the other party and such other party's Affiliates, employees,
    officers, directors, and agents from and against any liabilities, losses, damages, costs or expenses (including, without limitation, reasonable attorneys' fees) (collectively, "Losses") resulting from or arising in connection with the breach by the
    indemnifying party of any of its representations, warranties, covenants or obligations contained in this Agreement.

  If any action, suit, proceeding (including, but not limited to, any governmental investigation), claim or dispute
    (collectively, a "Proceeding") is brought or asserted against a party for which indemnification is sought under this Agreement, the party seeking indemnification (the "Indemnified Party") shall promptly (and in no event more than seven (7) days after
    receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the "Indemnifying Party") of such Proceeding. The failure of the Indemnified Party to so notify the Indemnifying Party shall not impair the Indemnified
    Party's ability to obtain indemnification from the Indemnifying Party (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnifying Party's ability to adequately oppose or defend such
    Proceeding. Upon receipt of such notice from the Indemnified Party, the Indemnifying Party shall be entitled to participate in such Proceeding at its own expense. Provided no conflict of interest exists as specified in clause (ii) below and there are
    no other defenses available to Indemnified Party as specified in clause (iv) below, the Indemnifying Party, to the extent that it shall so desire, shall be entitled to assume the defense of the Proceeding with counsel reasonably satisfactory to the
    Indemnified Party, in which case all attorney's fees and expenses shall be borne by the Indemnifying Party (except as specified below) and the Indemnifying Party shall in good faith defend the Indemnified Party. After receiving written notice from the
    Indemnifying Party of its election to assume the defense of the Proceeding, the Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, provided that the fees and expenses of
    such counsel shall be borne entirely by the Indemnified Party unless (i) the Indemnifying Party expressly agrees in writing to pay such fees and expenses, (ii) there is such a conflict of interest between the Indemnifying Party and the Indemnified
    Party as would preclude, in compliance with the ethical rules in effect in the jurisdiction in which the Proceeding was brought, one lawyer from representing both parties simultaneously, (iii) the Indemnifying Party fails, within the earlier of (x)
    twenty (20) days following receipt of notice of the Proceeding from the Indemnified Party or (y) seven (7) days prior to the date the first response or appearance is required to be made in such Proceeding, to assume the defense of such Proceeding with
    counsel reasonably satisfactory to the Indemnified Party or (iv) there are legal defenses available to the Indemnified Party that are different from or are in addition to those available to the Indemnifying Party. In each of cases (i) through (iv), the
    fees and expenses of counsel shall be borne by the Indemnifying Party. No compromise or settlement of such Proceeding may be effected by either party without the other party's consent unless there is no finding or admission of any violation of law and
    no effect on any other claims that may be made against such other party and the sole relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability with respect to any compromise or
    settlement effected without its consent, which shall not be unreasonably withheld. The Indemnifying Party shall have no obligation to indemnify and hold harmless the Indemnified Party from any loss, expense or liability incurred by the Indemnified
    Party as a result of a default judgment entered against the Indemnified Party unless such judgment was entered after the Indemnifying Party agreed, in writing, to assume the defense of such proceeding.

  
    5

    
      

  

  	11.	
          LIMITATION OF LIABILITY.

        

  IN NO EVENT SHALL LICENSOR BE LIABLE FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR OTHER INDIRECT
    DAMAGES, HOWSOEVER CAUSED, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

  	12.	
          MISCELLANEOUS PROVISIONS.

        

  	

        	12.1	
          Assignment.  Licensee may not assign or otherwise transfer (whether by operation of law or otherwise) any right or obligation under this Agreement
            without the prior written consent of Licensor. Such consent shall be deemed given with respect to an assignment or transfer (whether by operation of law or otherwise) of the entire Agreement, including all rights and obligations hereunder, to a
            successor in interest or assignee of substantially all of the assets of Licensee, provided that Licensee has given prompt written notice thereof to Licensor. This Agreement is binding on, and inures to the benefit of, the parties and their
            permitted successors and assigns. Any attempted assignment or other transfer of rights under this Agreement in violation of this Article 12.1 will be void.

        

  	

        	12.2	
          Injunctive Relief.  Licensee agrees and acknowledges that money damages may not be an adequate remedy for any breach by Licensee of the provisions of
            this Agreement and that the Licensor may, in its sole discretion, apply to any court of law or equity of competent jurisdiction for temporary preliminary relief (specific performance and/or injunctive relief), without posting a bond or other
            security, in order to enforce or prevent any violation of the provisions of this Agreement.

        

  	

        	12.3	
          Governing Law.  This Agreement will be governed by and construed under the laws of the State of New York, without reference to any choice of law rules
            (except that questions affecting the construction and effect of any patent will be determined by the law of the country in which the patent was granted).

        

  	

        	12.4	
          Exclusive Jurisdiction and Venue; No Jury.  Any action brought by either party that arises out of or relates to this Agreement will be filed only in the
            state or federal courts located in New York County, New York. Each party irrevocably submits to the jurisdiction of those courts. FURTHERMORE, EACH PARTY (I) WAIVES ANY OBJECTIONS THAT IT MAY HAVE NOW OR IN THE FUTURE TO THE JURISDICTION OF
            THOSE COURTS, (II) WAIVES ANY CLAIM THAT IT MAY HAVE NOW OR IN THE FUTURE THAT LITIGATION BROUGHT IN THOSE COURTS HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND (III) WAIVES ANY RIGHT TO A JURY TRIAL.

        

  	

        	12.5	
          Entire Agreement.  This Agreement and the Fee Letter Agreement set forth the entire agreement of the parties as to the subject matter of this Agreement
            and supersede all prior agreements, negotiations, representations, and promises between them with respect to its subject matter.

        

  	

        	12.6	
          Unenforceable Provisions.  If any provision of this Agreement is held unenforceable by a court of competent jurisdiction, the other provisions will
            remain in full force and effect. If legally permitted, the unenforceable provision will be replaced with an enforceable provision that as nearly as possible gives effect to the parties' intent.

        

  	

        	12.7	
          Relationship Of The Parties.  Each party is an independent contractor of the other party. Nothing in this Agreement creates a partnership, joint venture
            or agency relationship between the parties.

        

  
    6

    
      

  

  

  

  	

        	12.8	
          Notices.  A notice under this Agreement is not sufficient unless it is: (i) in writing; (ii) addressed using the contact information listed below for the
            party to which the notice is being given (or using updated contact information which that party has specified by written notice in accordance with this Article); and (iii) sent by hand delivery, facsimile transmission, registered or certified
            mail (return receipt requested), or reputable express delivery service with tracking capabilities (such as Federal Express).

        

  Contact Information for Licensor: Contact Information for Licensee:

  	 	
          The Bank of New York Mellon

            240 Greenwich Street

            New York, NY 10286

            Attn: ETF Services

        	
          Sprott Asset Management LP

            Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1

            Attention: Arthur Einav

           

        

   

  

  	

        	12.9	
          Amendments. This Agreement may not be amended unless the amendment is in writing and signed by authorized representatives of both parties.

        

  	

        	12.10	
          Waivers. A waiver of rights under this Agreement will not be effective unless it is in writing and signed by an authorized representative of the party
            that is waiving the rights.

        

  	

        	12.11	
          Counterparts and Execution. This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but all of which
            together shall constitute one and the same instrument. Any manual signature upon this Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the Electronic Signatures in Global and National Commerce Act, 15
            U.S.C. §7001, et. seq. shall for all purposes have the same validity, legal effect and admissibility in evidence as an original signature and the parties hereby waive any objection to the contrary.

        

  (signature page follows)

  
    7

    
      

  

  IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives.

  	
          THE BANK OF NEW YORK MELLON

        	 
	 	 
	 	 
	
          By:

        	
          /s/ Jeffrey B. McCarthy

        	 	 
	
          Name:

        	
          Jeffrey B. McCarthy

        	 
	
          Title:

        	
          Managing Director, Global Segment Head-Exchange Traded Funds

        	 
	 	 	 
	 	 	 
	 	 
	
          SPROTT ASSET MANAGEMENT LP

        	 
	 	 
	
          By:

        	
          /s/ John Ciampaglia

        	 	 
	
          Name:

        	
          John Ciampaglia

        	 
	
          Title:

        	
          Chief Executive Officer

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