Document:

Exhibit 10.5 
  

  

  

  
    	
            

             

          	
            Execution Copy

             

             

             

          

  

  

  

  TRANSFER AGENCY AND SERVICE AGREEMENT

  THIS AGREEMENT is initially made as of the 11th day of May, 2021, as amended and restated as of the 29th day of June 2022, by and between SPROTT ESG GOLD ETF, a statutory trust
    formed under the laws of the State of Delaware (the “Trust”), having its principal office and place of business at 320 Post Road, Suite 230, Darien, Connecticut 06820, and THE BANK OF NEW YORK MELLON, a New York corporation authorized to do a banking
    business having its principal office and place of business at 240 Greenwich Street, New York, New York 10286 (the “Bank”).

  WHEREAS, the Trust will ordinarily issue for purchase and redeem shares of the Trust (the “Shares) only in aggregations of Shares known as “Creation Units” (currently 50,000
    shares) (each a “Creation Unit”) principally in kind;

  WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”), or its nominee (Cede & Co.), will be the
    registered owner (the “Shareholder”) of all Shares; and

  WHEREAS, the Trust desires to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Bank desires to
    accept such appointment;

  NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

  1.  Terms of Appointment; Duties of the Bank

  1.1  Subject to the terms and conditions set forth in this Agreement, the Trust hereby employs and appoints the Bank to act as, and the Bank agrees to act as, its transfer agent
    for the authorized and issued Shares, and as the Trust’s dividend disbursing agent.

  1.2  Pursuant to such appointment, the Bank agrees that it will perform the following services:

  (a)  In accordance with the terms and conditions of this Agreement and Authorized Participant Agreement (“Participant Agreement”), a form of which is attached hereto as Exhibit A,
    the Bank shall:

  (i)  Perform and facilitate the performance of purchases and redemption of Creation Units;

  (ii)  Prepare and transmit by means of DTC’s book‐entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the
    Trust;

  (iii)  Maintain the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder;

  (iv)  Record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding, and, based upon data provided to it by the
    Trust, the total number of authorized Shares. The Bank shall have no obligation, when recording the

  
    
      

  

  
  issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares, which functions shall be the sole responsibility of
    the Trust;

  (v)  Prepare and transmit to the Trust and the Trust’s administrator and to any applicable securities exchange (as specified to the Bank by the Trust or its administrator)
    information with respect to purchases and redemptions of Shares;

  (vi)  On days that the Trust may accept orders for purchases or redemptions, calculate and transmit to the Trust’s administrator and/or other applicable agent of the Trust the
    number of outstanding Shares;

  (vii)  On days that the Trust may accept orders for purchases or redemptions (pursuant to the Participant Agreement), transmit to the Bank, the Trust and DTC the amount of Shares
    purchased on such day;

  (viii)  Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

  (ix)  Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;

  (x)  Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in accordance with policies and procedures of DTC for
    book-entry only securities;

  (xi)  Distribute or maintain, as directed by the Trust, amounts related to purchases and redemptions of Creation Units and dividends and distributions;

  (xii)  Maintain those books and records of the Trust specified by the Trust in Schedule A attached hereto;

  (xiii)  Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a daily basis the net number of Shares
    either redeemed or purchased on such Business Day (for purposes of this Agreement, the term “Business Day” shall mean any day other than a Saturday or a Sunday on which the New York Stock Exchange is scheduled to be open for business) and with respect
    to each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed;

  (xiv)  Receive from the Trust’s administrator or from its agent purchase orders from Authorized Participants (as defined in the Participant Agreement) for Creation Units received
    in good form and accepted by or on behalf of the Trust by the Trust’s administrator and/or other applicable agent, transmit appropriate trade instructions to the National Securities Clearing Corporation, if applicable, and pursuant to such orders issue
    the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder for the Trust;

  (xv)  Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to The Bank of New York Mellon as custodian for the Trust and/or
    other entities designated by the Trust, generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to the Authorized Participants submitting the same; transmit appropriate trade instructions to
    the National Securities Clearing Corporation, if applicable, and redeem the appropriate number of Shares held in the account of the Shareholder; and

  
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                   (xvi)  Confirm the name, U.S. taxpayer identification number and principal place of business of each Authorized Participant.

  (b)  The Bank may execute transactions directly with Authorized Participants to the extent necessary or appropriate to enable the Bank to carry out any of the duties set forth in
    items (i) through (xvi) above.

  (c)  Except as otherwise instructed by the Trust, the Bank shall process all transactions in the Trust in accordance with the policies and procedures mutually agreed upon between
    the Trust and the Bank with respect to the proper net asset value to be applied to purchases received in good order by the Bank or from an Authorized Participant before any cut-offs established by the Trust, and such other matters set forth in items
    (i) through (xvi) above as these policies and procedures are intended to address.

  (d)  The Bank may maintain and manage, as agent for the Trust, such accounts as the Bank shall deem necessary for the performance of its duties under this Agreement, including, but
    not limited to, the processing of Creation Unit purchases and redemptions; and the payment of dividends and distributions.  The Bank may maintain such accounts at financial institutions deemed appropriate by the Bank in accordance with applicable law.

  (e)  In addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of a transfer agent and dividend disbursing agent
    including, but not limited to, maintaining the account of the Shareholder, maintaining the items set forth on Schedule A attached hereto, and performing such services identified in each Participant Agreement.

  (f)  The following shall be delivered to DTC participants as identified by DTC as the Shareholder for book-entry only securities:

  (i)  Periodic reports of the Trust required by the Securities Exchange Act of 1934, as amended, and rules thereunder;

  (ii)  Trust proxies, proxy statements and other proxy soliciting materials;

  (iii)  Trust prospectus and amendments and supplements thereto, including stickers;

  (iv)  Other communications as the Trust may from time to time identify as required by law or as the Trust may reasonably request; and

  (v)  The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.

  (g)  The Bank shall keep all books and records relating to the services to be performed hereunder in the form and manner required pursuant to Section 31 of the Investment Company
    Act of 1940, as amended, and rules thereunder, as if the Trust was subject to such requirements. All such books and records shall be the property of the Trust and will be preserved, maintained and made available in accordance with the aforementioned
    requirements, and will be surrendered promptly to the Trust on and in accordance with its request.

  
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  2.  Fees and Expenses

  2.1  The Bank shall receive from the Trust such compensation for the Transfer Agent’s services provided pursuant to this Agreement as may be agreed to from time to time in a
    written fee schedule approved by the parties.  The fees are accrued daily and billed monthly and shall, subject to Section 2.3 below, be due and payable upon receipt of the invoice. Upon the termination of this Agreement before the end of any month,
    the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement.

  2.2  In addition to the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank for reasonable out-of-pocket expenses, including but not limited to confirmation
    production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances incurred by the Bank for the items set out in the fee schedule or relating to dividend distributions and reports (whereas all expenses
    related to creations and redemptions of Trust securities shall be borne by the relevant Authorized Participant in such creations and redemptions). In addition, any other expenses incurred by the Bank at the request or with the consent of the Trust,
    will be reimbursed by the Trust. Notwithstanding the foregoing, in no event shall the Trust be responsible for the reimbursement of any expenses that are incurred by the Bank as a result of the Bank’s gross negligence, willful misconduct or breach of
    any of its representations.

  2.3  The Trust agrees to pay the fees and reimbursable expenses within ten business days following the receipt of the respective billing notice accompanied by supporting
    documentation, as appropriate. Postage for mailing of dividends, proxies, Trust reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven (7) days prior to the mailing date of such materials.

  2.4  The Trust hereby represents and warrants to the Bank that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits
    accruing to the Bank or to Sprott Asset Management LP, the sponsor of the Trust (the “Sponsor”), in connection with this Agreement, including, but not limited to, any fee waivers, reimbursements, or payments made, or to be made, by the Bank to such
    sponsor or to any affiliate of the Trust relating to this Agreement have been fully disclosed to the Sponsor of the Trust and that, if required by applicable law, the Sponsor has approved or will approve the terms of this Agreement, and any such fees,
    expenses, and benefits.

  3.  Representations and Warranties of the Bank

  3.1  The Bank represents and warrants to the Trust that:

  (a)  It is a banking company duly organized and existing and in good standing under the laws of the State of New York;

  (b)  It is duly qualified to carry on its business in the State of New York;

  (c)  It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to enter into, and perform its obligations
    under, this Agreement;

  (d)  All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

  
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  (e)  It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement;

  (f)  During the term of this Agreement, it will implement and maintain an information security program (“ISP”) with written policies and procedures reasonably designed to protect
    the confidentiality and integrity of the confidential information of the Trust provided to Bank in accordance with this Agreement and when in Bank’s possession or under Bank’s control; the ISP will include administrative, technical and physical
    safeguards appropriate to the type of confidential information concerned, reasonably designed to protect the integrity, confidentiality and availability of the Trust’s confidential information and to prevent unauthorized access to or use of such
    confidential information;

  (g)  It possesses, and will maintain, all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory authority or other party necessary
    for it to engage in the provision of the services contemplated by this Agreement; and

  (h)  It has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms,
    subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law).

  4.  Representations and Warranties of the Trust

  4.1  The Trust represents and warrants to the Bank that:

  (a)  It is duly organized and existing under the laws of Delaware;

  (b)  It is empowered under applicable laws and by its trust agreement (“Trust Agreement”) to enter into and perform this Agreement;

  (c)  A registration statement under the Securities Act of 1933, as amended, on behalf of each of the Trusts has become effective (or will become effective before services are to be
    provided under this Agreement), will remain effective, and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale; and

  (d) It has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms,
    subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law).

  5.  Indemnification

  5.1  The Bank shall not be responsible for, and the Trust shall indemnify and hold the Bank and its directors, officers, employees and agents harmless from and against, any and all
    losses, damages, costs, charges, counsel fees, including, without limitation, those incurred by the Bank in a successful defense of any claims by the Trust, payments, expenses and liability (“Losses”) which may be sustained or incurred by or which may
    be asserted against the Bank in connection with or relating to this Agreement or the Bank’s actions or omissions with respect to this Agreement, or as a result of acting upon any instructions reasonably believed by the Bank to have been duly authorized
    by the Trust or upon

  
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  reasonable reliance of information or records given or made by the Trust; except for any Losses for which the Bank has accepted liability pursuant to Article 6 of this Agreement.

  5.2  The indemnification provision in Section 5.1 shall apply to actions taken or omissions pursuant to this Agreement or a Participant Agreement.

  6.  Standard of Care and Limitation of Liability

  6.1 The Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be liable to the Trust for direct money damages caused by its own gross
    negligence or willful misconduct or that of its employees, or its breach of any of its representations.  The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and not Section 4-209 of the Uniform
    Commercial Code which shall be superseded by this Article.  In no event shall the Bank or the Trust be liable for special, indirect or consequential damages, regardless of the form of action and even if the same were foreseeable.  For purposes of this
    Agreement, none of the following shall be or be deemed a breach of the Bank’s standard of care:

  (a)  The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services which (i) are received by the Bank or its agents
    or subcontractors, and (ii) have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent or registrar;

  (b)  The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or requests of the Trust or instructions or requests on behalf
    of the Trust; or

  (c)  The offer or sale of Shares by or for the Trust in violation of any requirement under the federal securities laws or regulations, or the securities laws or regulations of any
    state that such Shares be registered in such state, or any violation of any stop order or other determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such state.

  7.  Concerning the Bank

  7.1  The Bank may employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of the Trust (which consent shall not be unreasonably
    withheld), and shall not be liable for any loss or expense arising out of, or in connection with, the actions or omissions to act of such agents or attorneys-in-fact, provided that the Bank acts in good faith and with reasonable care in the selection
    and retention of such agents or attorneys-in-fact.

  7.2  The Bank may, without the prior consent of the Trust, enter into subcontracts, agreements and understandings with any Bank affiliate, whenever and on such terms and conditions
    as it deems necessary or appropriate to perform its services hereunder.  No such subcontract, agreement or understanding shall discharge Bank from its obligations hereunder.

  7.3  The Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank and reasonably believed by the Bank to be duly authorized
    and delivered.  The Trust agrees to forward to the Bank written instructions confirming oral instructions by the close of business of the same day that such oral instructions are given to the Bank. The Trust agrees that the fact that such confirming
    written instructions are not received or that contrary written instructions are received by the Bank shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and effected by the Bank.  If the Trust
    elects to transmit written instructions through an on-

  
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  line communication system offered by the Bank, Trust’s use thereof shall be subject to the terms and conditions attached hereto as Exhibit B.

  7.4  The Bank shall establish and maintain a disaster recovery plan and back-up system satisfying the requirements of its regulators (the “Disaster Recovery Plan and Back-Up
    System”).  The Bank shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control which are not a result of
    its gross negligence, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or malfunctions of transportation, computer (hardware or software) or
    communication services; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation, provided that the Bank has established and is maintaining the Disaster Recovery Plan
    and Back-Up System, or if not, that such delay or failure would have occurred even if the Bank had established and was maintaining the Disaster Recovery Plan and Back-Up System.  Upon the occurrence of any such delay or failure the Bank shall use
    commercially reasonable best efforts to resume performance as soon as practicable under the circumstances.

  7.5  The Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and the Participant
    Agreements, and no covenant or obligation shall be implied against the Bank in connection with this Agreement, except as set forth in this Agreement and the Participant Agreements.

  7.6  At any time the Bank may apply to an officer of the Trust, but is not obligated to do so, for written instructions with respect to any matter arising in connection with the
    Bank’s duties and obligations under this Agreement, and the Bank, its agents, and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with such instructions.  Such application by the Bank for
    instructions from an officer of the Trust may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or obligations under this Agreement and the date on and/or
    after which such action shall be taken, and the Bank shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or
    omitting to take any such action, the Bank has received written or oral instructions in response to such application specifying the action to be taken or omitted.  In connection with the foregoing, the Bank may consult with legal counsel of its own
    choosing, but is not obligated to do so, and advise the Trust if any instructions provided by the Trust at the request of the Bank pursuant to this Article or otherwise would, to the Bank’s knowledge, cause the Bank to take any action or omit to take
    any action contrary to any law, rule, regulation or commercially reasonable practice for similarly situated service providers.  In the event a situation or circumstance arises whereby the Bank adopts a course of conduct in reliance upon written legal
    advice it has received (which need not be a formal opinion of counsel) and the course of conduct is not identical to the course of conduct contained in the instructions received from the Trust, the Bank may rely upon and follow the written legal advice
    without liability hereunder provided it otherwise acts in compliance with this Agreement and notifies the Trust of its determination.

  7.7  The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon
    any instruction, information, data, records or documents provided to the Bank or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or other similar means authorized by the Trust, and shall not be
    held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust.

  
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  7.8  The Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive design techniques, derivative works,
    inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents, copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided by the Bank hereunder.  Notwithstanding
    the foregoing, the parties hereto acknowledge that the Trust shall retain all ownership rights in Trust data residing on the Bank’s electronic system.

  7.9  Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into, and shall not be liable for:

  (a)  The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in connection therewith, or the authority of the Trust to request such
    issuance, sale or transfer;

  (b)  The legality of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority of the Trust to request such purchase;

  (c)  The legality of the declaration of any dividend by the Trust, or the legality of the issue of any Shares in payment of any stock dividend; or

  (d)  The legality of any recapitalization or readjustment of the Shares.

  8.  Providing of Documents by the Trust and Transfers of Shares

  8.1  The Trust shall promptly furnish to the Bank with a copy of its Trust Agreement and all amendments thereto.

  8.2  In the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of the successor to DTC as Shareholder upon receipt by the Bank of such
    documentation and assurances as it may reasonably require.

  8.3  The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares owned by the Shareholder.

  8.4  The Trust shall deliver to the Bank the following documents on or before the effective date of any increase, decrease or other change in the total number of Shares authorized
    to be issued:

  (a)  A certified copy of the amendment to the Trust’s Trust Agreement with respect to such increase, decrease or change; and

  (b)  An opinion of counsel for the Trust, in a form reasonably satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining of all necessary governmental
    consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (i.e., if subject to registration, that they have
    been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefor), and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

  8.5  Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or otherwise, and prior to any reduction in the number of Shares outstanding, the
    Trust shall deliver to the Bank:

  
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  (a)  A certified copy of the order or consent of each governmental or regulatory authority required by law as a prerequisite to the issuance or reduction of such Shares, as the
    case may be, and an opinion of counsel for the Trust that no other order or consent is required; and

  (b)  An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining of all necessary governmental consents,
    whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (i.e., if subject to registration, that they have been
    registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

  8.6  The Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information and data pertaining to the business of the other party which are
    exchanged or received pursuant to the negotiation or the carrying out of this Agreement (including this Agreement) shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors, accountants, regulators,
    employees, agents, attorneys-in-fact or counsel to the extent necessary to perform its obligations under this Agreement or to provide the services contemplated by this Agreement, except as may be, or may become requested or required by law, by
    regulatory authority, administrative or judicial order or by rule.  To the extent the Bank delegates any duties and responsibilities under this Agreement to an agent or other subcontractor, such agent or subcontractor shall be subject to
    confidentiality terms consistent with the terms of this Section 8.6. The foregoing confidentiality obligation shall not apply to any information to the extent: (i) it is already known to the receiving party at the time it is obtained; (ii) it is or
    becomes publicly known or available through no wrongful act of the receiving party: (iii) it is rightfully received from a third party who, to the receiving party’s knowledge, is not under a duty of confidentiality; (iv) it is released by the protected
    party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving party without reference to the information provided by the protected party.

  8.7  In case of any requests or demands for the inspection of the Shareholder records of the Trust, the Bank will promptly employ reasonable commercial efforts to notify the Trust
    and secure instructions from an authorized officer of the Trust as to such inspection. The Bank reserves the right, however, to exhibit the Shareholder records to any person whenever it is advised by its counsel that it may be held liable for the
    failure to exhibit the Shareholder records to such person.

  9.  Termination of Agreement

  9.1  The term of this Agreement shall be three years commencing upon the date hereof (the “Initial Term”) and shall automatically renew for additional one-year terms (each a
    “Subsequent Term”) unless either party provides written notice of termination at least sixty (60) days prior to the end of the Initial Term or any Subsequent Term or, unless earlier terminated as provided below:

  (a)  Either party hereto may terminate this Agreement prior to the expiration of the Initial Term or any Subsequent Term in the event the other party breaches any material
    provision of this Agreement, including, without limitation in the case of the Trust, its obligations under Section 2.1, provided that the non-breaching party gives written notice of such breach to the breaching party and the breaching party does not
    cure such violation within ninety (90) days of receipt of such notice.

  (b)  Either party hereto may terminate this Agreement immediately by sending notice thereof to the other party upon the happening of any of the following: (i) a party commences as
    debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii) a party commences as debtor any case or proceeding seeking

  
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  the appointment of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property or there is commenced against the party any such case or
    proceeding; (iii) a party makes a general assignment for the benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise, any public communication or in any other public manner its inability to pay debts as they come
    due.  Either party hereto may exercise its termination right under this Section 9.1(b) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in
    exercising this right shall not be construed as a waiver or other extinguishment of that right.

  9.2  Should the Trust exercise its right to terminate this Agreement, all out‐of‐pocket expenses associated with the movement of records and material will be borne by the Trust.

  9.3  The terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6 shall survive any termination of this Agreement.

  10.  Reserved.

  11.  Assignment

  11.1  Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other party; provided, however, either party
    may assign this Agreement to a party controlling, controlled by or under common control with it.

  11.2  This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

  12.  Severability and Beneficiaries

  12.1  In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, the legality and enforceability of
    the remaining provisions shall not in any way be affected thereby provided obligation of the Trust to pay is conditioned upon provision of services.

  12.2 This Agreement is solely for the benefit of the Bank and the Trust, and none of any Authorized Participant (as defined in the Participant Agreement),  Shareholder or
    beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement.

  13.  Amendment

  This Agreement may be amended or modified by a written agreement executed by both parties.

  14.  New York Law to Apply

  This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof.  The Trust and the Bank
    hereby consent to the non-exclusive jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder.  The Trust hereby irrevocably waives, to the fullest extent permitted by applicable law,
    any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum.  The Trust and the Bank each
    hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

  
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  15.  Merger of Agreement

  This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

  16.  Notices

  All notices and other communications as required or permitted hereunder shall be in writing and sent by first class mail, postage prepaid, addressed as follows or to such other
    address or addresses of which the respective party shall have notified the other.

  If to the Bank:

  The Bank of New York Mellon

    240 Greenwich Street

    New York, New York 10286

    Attention: ETF Operations

  with a copy to:

  The Bank of New York Mellon

    240 Greenwich Street

    New York, New York 10286

    Attention: Legal Dept. – Asset Servicing

  If to the Trust:

  Sprott ESG Gold ETF

    c/o Sprott Asset Management LP

    320 Post Road, Suite 230

    Darien, Connecticut 06820

    Attention: Whitney George

    Email: wgeorge@sprottusa.com

  

  

  
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  17.  Information Sharing

    The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon
    Group”).  The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other
    functions (the “Centralized Functions”) in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust consents to the disclosure of and authorizes the Bank to disclose
    information regarding the Trust (“Customer-Related Data”) to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations consistent with the confidentiality obligations contained in this Agreement with
    respect to such information and (ii) the Bank may store the names and business contact information of the Trust’s employees and representatives on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may
    aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon
    Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer.  The Trust confirms that it is authorized to consent to the foregoing.

  18.  Counterparts

  This Agreement may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same
    instrument.

  

  

  [Signature page follows.]

  
    12

    
      

  

  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the latest date set forth below.

   

  

  
    	 	
            SPROTT ESG GOLD ETF, by Sprott Asset Management LP, its sponsor

          
	 	 
	 	 
	 	
            By:

          	
            /s/  

            

          	
            Whitney George

          
	 	
            Name:

          	
            Whitney George

          
	 	
            Title:

          	
            Director

          
	 	
            Date:

          	
            July 4, 2022

          

  

  

  

  
     

    

    
      	 	
              THE BANK OF NEW YORK MELLON

            
	 	 
	 	 
	 	
              By:

            	
              /s/  

              

            	
              Michael Spates

            
	 	
              Name:

            	 Michael Spates 
	 	
              Title:

            	
              Vice President

              

            
	 	
              Date:

            	
              July 20, 2022

            

    

    

    

  

  

  

   

  

  

  
    13

    
      

  

  SCHEDULE A

  Books And Records To Be Maintained By The Bank

  

  

  Source Documents requesting Creations and Redemptions

  Correspondence/AP Inquiries

  Reconciliations, bank statements, copies of canceled checks, cash proofs

  Daily/Monthly reconciliation of outstanding Shares between the Trust and DTC

  Dividend Records

  Year-end Statements and Tax Forms

  
    14

    
      

  

  EXHIBIT A

  Form of Authorized Participant Agreement

  
    15

    
      

  

  EXHIBIT B

  Terms and Conditions For On-line Communications System

  

  

  

  

  

  

  16Exhibit 10.7

  

  LICENSE AGREEMENT

  THIS LICENSE AGREEMENT (this “Agreement”) is initially entered into effective as of the 11th day of May 2021, as amended and restated as of the 29th day of June
    2022 (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.

        

  
    2

    
      

  

  

  

  

  

  	

        	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).

        

  	

        	(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

  
    3

    
      

  

  

  

  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.

  	
          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

  
    4

    
      

  

  

  

  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

  
    5

    
      

  

  

  

  (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.

  	
          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

  
    6

    
      

  

  

  

  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.

  	
          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.

  
    7

    
      

  

  

  

  	
          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.

        

  
    8

    
      

  

  

  

  	

        	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.

        

  	

        	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

              320 Post Road, Suite 230

            Darien, CT 06820

              Attention: Whitney George

          

  

  

  

  	

        	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)

  
    9

    
      

  

  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/ Michael Spates	 
	 	
          Name: Michael Spates

        	 
	 	
          Title:   Vice President

          

        	 
	 	 	 

  

  

  

  

  	
          SPROTT ASSET MANAGEMENT LP

        	 
	 	 
	 	 
	
          By:

        	
          /s/ Whitney George

        	 
	 	
          Name: Whitney George

        	 
	 	
          Title:    Director

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