Document:

Exhibit 10.2

  

  

  

  

  

  
    Trading and Unallocated Gold Custody Agreement entered into as of the ■ day of ■, 2021.

    	
            B E T W E E N:

          	
            ROYAL CANADIAN MINT, Ottawa, Ontario,
              Canada, a Crown corporation established by the Royal Canadian Mint Act (Canada)

          
	 	 
	 	
            (hereinafter referred to as the “Mint”)

          
	 	 
	
            A N D:

          	
            SPROTT ESG GOLD ETF (the “Trust” or the “Customer”) and SPROTT ASSET MANAGEMENT LP, a limited partnership formed under the laws of the Province of Ontario, Canada, pursuant to the Limited Partnerships Act (Ontario) by declaration dated September 17, 2008, the sponsor of the Trust (the “Sponsor”)

          

    

    

    WHEREAS the Trust is an
      exchange-traded fund formed under the laws of the State of Delaware on ■, 2021, operating pursuant to the Amended and Restated Trust
      Agreement between the Sponsor, Delaware Trust Company, the trustee of the Trust, and the Trust dated [■], 2021.

    WHEREAS the Customer wishes for
      a Pool Account (as defined herein) to be established in the Trust’s name with the Mint for the purposes of trading Fine Gold (as defined herein) and to have the Mint hold Fine Gold in custody until a Physical Withdrawal (as defined herein) or a
      Transfer of Credits (as defined herein).

    WHEREAS the Mint has agreed to
      establish such a Pool Account upon the terms and conditions set forth herein.

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

    DEFINITIONS

    	

          	1.1	
            In the Agreement and the schedules attached hereto, the following terms and expressions have the following meanings:

          

    	

          	(a)	
            “Agreement” means this agreement and any document referred to in
              this agreement as forming part of this agreement, including, but not limited to, the schedules attached hereto.

          

    	

          	(b)	
            “Agreements” has the meaning ascribed thereto in sub-clause 25.1.

          

    	

          	(c)	
            “Allocated Gold Storage and Custody Agreement” has the meaning
              ascribed thereto in sub-clause 3.2(iv).

          

    	

          	(d)	
            “Authorized Participant” and “Authorized Participants” have the meanings ascribed thereto in the Form S-1 registration statement filed with the Securities and Exchange Commission by the Trust on ■, 2021, and, for the purposes of the Agreement, who have entered into a trading agreement with the Mint.

          

    	

          	(e)	
            “Authorized Representatives” has the meaning ascribed thereto in
              sub-clause 3.4.

          

    	

          	(f)	
            “Business Day” means any Monday to Friday inclusively, excluding
              holidays observed by the Mint.

          

    
      
        

    

    
    

    

    	

          	(g)	
            “Confidential Information” means all information received by a
              party to the Agreement (the receiving party) from another party to the Agreement (the disclosing party) during the course of the Agreement, whether disclosed in written, oral or visual form, which is identified by the disclosing party as
              confidential at the time of disclosure or that a reasonable person would consider, from the nature of the information or circumstances of disclosure, as being confidential.  Confidential Information includes, but is not limited to,
              information relating to the respective parties’ research, developments, technology, know-how, pricing, finances, marketing and business plans and customer lists.

          

    	

          	(h)	
            “Deposit Receipt” means the document that states the Ounces
              credited to the Trust’s Pool Account following a Direct Deposit and the applicable charges in relation thereto.

          

    	

          	(i)	
            “Direct Deposit” means a physical deposit of Fine Gold at the
              Mint’s Facility in either of the following forms or any combination thereof: London Good Delivery 400-Ounce bars, kilo bars manufactured by a London Good Delivery refiner or mint, or Royal Canadian Mint Gold Maple Leaf coins.

          

    	

          	(j)	
            “Direct Deposit Request Form” means the form attached hereto as
              Schedule A to be submitted by the Sponsor to the Mint by facsimile in order to request a Direct Deposit.

          

    	

          	(k)	
            “ESG” has the meaning ascribed thereto in sub-clause 4.23.

          

    	

          	(l)	
            “ESG Approved Gold” has the meaning ascribed thereto in
              sub-clause 4.23.

          

    	

          	(m)	
            “ESG Approved Mining Company” has the meaning ascribed thereto in
              sub-clause 4.23.

          

    	

          	(n)	
            “ESG Criteria” has the meaning ascribed thereto in sub-clause
              4.23.

          

    	

          	(o)	
            “Facilitated Unallocated Deposit Request Form” means the form
              attached hereto as Schedule B to be submitted by the Sponsor to the Mint by facsimile or e-mail in order to request a facilitated deposit of Fine Gold credits in its Pool Account originating from an Authorized Participant’s loco London
              account.

          

    	

          	(p)	
            “Facilitated Unallocated Transfer Request Form” means the form
              attached hereto as Schedule D to be submitted by the Sponsor to the Mint by facsimile or e-mail in order to request a facilitated transfer of Fine Gold credits from its Pool Account to an Authorized Participant’s loco London account.

          

    	

          	(q)	
            “Fine Gold” means gold containing 9,9501 or more parts
              of gold per 10,000 parts.

          

    	

          	(r)	
            “Force Majeure” means circumstances or causes beyond the Mint’s
              reasonable control, including, without limitation, acts or omissions or the failure to cooperate of the Sponsor, the Trust and/or of third parties (including, without limitation, entities and/or individuals under their respective control,
              and/or their respective officers, directors, employees and/or other personnel and agents), fire or other casualty, epidemic, pandemic, act of God, strike, lockout or other labour disturbance, riot, war or other violence, or any law, order or
              requirement of any governmental agency or authority.

          

    

    

    

    1 Mint NTD: adjusted to align to minimum fineness per LBMA Good Delivery rules.

    
      2

      
        

    

    

    

    	

          	(s)	
            “Improperly Packed Pallet” means Fine Gold that is not securely
              or safely packed on a well constructed sturdy wood pallet.

          

    	

          	(t)	
            “LBMA” means London Bullion Market Association.

          

    	

          	(u)	
            “Letter Agreement” has the meaning ascribed thereto in sub-clause
              6.1.

          

    	

          	(v)	
            “London Good Delivery” means gold bars that meet the standard
              measure of quality in gold bullion as set forth by the LBMA.

          

    	

          	(w)	
            “Mint’s Facility” means the Mint’s facility located at 320 Sussex
              Drive, Ottawa, Ontario, Canada, K1A 0G8.

          

    	

          	(x)	
            “Mint’s Responsible Sourcing Requirements” has the meeting
              ascribed thereto in sub-clause 4.23.

          

    	

          	(y)	
            “Notice of Discrepancy” means a written notice given by the Mint
              to the Sponsor pursuant to sub-clause 4.20 informing the Sponsor of a discrepancy between (i) the results of its weighing, count and/or verification made pursuant to sub-clause 4.18; and (ii) the information stated in the relevant Direct
              Deposit Request Form.

          

    	

          	(z)	
            “Notice of Loss” means, as applicable: (i) a written notice given
              by the Mint in accordance with sub-clause 8.5 informing the Sponsor of the discovery of loss, theft and/or destruction of Fine Gold, and specifying the date on which such loss, theft and/or destruction was discovered; or (ii) a written notice
              given by the Sponsor in accordance with sub-clause 8.5 informing the Mint of a discrepancy in the quantity of Fine Gold credits stated in monthly statement of account.

          

    	

          	(aa)	
            “Ounce” means troy ounce.

          

    	

          	(bb)	
            “Physical Withdrawal” means a physical withdrawal of Fine Gold in
              the form of ESG Approved Gold in furtherance to a Withdrawal Request Form submitted to the Mint in accordance with clause 4 for the purpose of being stored by the Mint on an allocated basis pursuant to the Allocated Gold Storage and Custody
              Agreement.

          

    	

          	(cc)	
            “Pool Account” means the account recording the amount, in Ounces,
              of Fine Gold calculated to three decimal places held by the Mint on behalf of the Trust on an unallocated basis at the Mint’s Facility.

          

    	

          	(dd)	
            “Receipt of Deposit” means the document issued by the Mint to the
              Sponsor confirming the count, gross weight in troy ounces, assay characteristics and bar numbers of the 400-Ounce London Good Delivery bars of ESG Approved Gold produced by the Mint in furtherance to a Withdrawal Request Form and deposited at
              the Mint’s Facility in accordance with the terms of the Allocated Gold Storage and Custody Agreement.

          

    	

          	(ee)	
            “Returning Instructions” means written instructions provided by
              the Sponsor to the Mint informing the Mint of the carrier or representative to whom the Mint is to give Fine Gold for return, the Business Day on which the Fine Gold is to be given to said carrier or representative, said carrier’s or
              representative’s vehicle model and registration number and any other details which may be requested by the Mint in relation thereto.

          

    
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          	(ff)	
            “Sponsor” has the meaning ascribed thereto in the recitals
              hereof.

          

    	

          	(gg)	
            “Transfer Confirmation” means the document that states the amount
              of Fine Gold credits transferred to the Trust’s Pool Account from a third party’s pool account also held at the Mint.

          

    	

          	(hh)	
            “Transfer of Credits” means: (i) a transfer of Fine Gold credits
              facilitated by the Mint from the Trust’s Pool Account pursuant to a Facilitated Unallocated Transfer Request Form submitted to the Mint in accordance with clause 4 to an Authorized Participant’s loco London account; or (ii) a transfer of Fine
              Gold credits from the Trust’s Pool Account to the pool account of a third party held at the Mint.

          

    	

          	(ii)	
            “Transfer Request Form” means the form attached hereto as
              Schedule C to be submitted by the Sponsor to the Mint by facsimile or e-mail in order to request a Transfer of Credits.

          

    	

          	(jj)	
            “Transportation Costs” means any and all costs and expenses
              related to the transportation of Fine Gold to and from the Mint’s Facility, inclusive of any applicable taxes, duties, fees and assessments and the costs in obtaining insurance in relation thereto.

          

    	

          	(kk)	
            “Trust” has the meaning ascribed thereto in the recitals hereof.

          

    	

          	(ll)	
            “Withdrawal Request Form” means the form attached hereto as
              Schedule E to be submitted by the Sponsor to the Mint by facsimile or e-mail in order to request a Physical Withdrawal.

          

    	

          	(mm)	
            “Work” means the things required to be done, furnished and
              performed by the Mint in order to carry out the terms of the Agreement.

          

    INTERPRETATION

    	

          	1.2	
            In the Agreement, words importing the singular number include the plural and vice versa, and words importing the masculine gender include the feminine gender and the
              neuter and vice versa.

          

    	

          	1.3	
            The division of the Agreement into sections and the insertion of headings are for convenience of reference only and are not to affect the construction or interpretation
              of the Agreement.

          

    	

          	1.4	
            Unless otherwise specified, any reference to currency is to United States currency and any amount advanced, paid or calculated is to be advanced, paid or calculated in
              United States currency.

          

    	

          	1.5	
            The terms “herein”, “hereby”, and “hereunder”, when used in any clause shall, unless the contrary is apparent from the context, be understood to relate to the Agreement
              as a whole, and not merely to the clause in which they appear.

          

    	

          	1.6	
            The following attached schedules form part of the Agreement:

          

    	

          	•	
            Schedule A: Direct Deposit Request Form;

          

    	

          	•	
            Schedule B: Facilitated Unallocated Deposit Request Form;

          

    	

          	•	
            Schedule C: Transfer Request Form;

          

    	

          	•	
            Schedule D: Facilitated Unallocated Transfer Request Form; and

          

    	

          	•	
            Schedule E: Withdrawal Request Form.

          

    
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          	1.7	
            References herein to actions to be performed by the Sponsor shall be deemed to refer to the Sponsor acting on behalf of the Trust, unless the context otherwise
              requires.

          

    	2.	
            TERM OF AGREEMENT

          

    	

          	2.1	
            The Agreement is effective as of the date first mentioned above and will continue until terminated pursuant to either clause 11 or 12, as applicable.

          

    	3.	
            POOL ACCOUNT & AUTHORITY TO TRANSACT

          

    	

          	3.1	
            The Mint shall establish a Fine Gold Pool Account in the Trust’s name for the purposes of the Agreement. The Trust’s Pool Account refers to an account that holds Fine
              Gold in Ottawa.

          

    	

          	3.2	
            The Trust’s Pool Account will be credited following either:

          

    	

          	(i)	
            Direct Deposits;

          

    	

          	(ii)	
            Transfers of credits to the Trust’s Pool Account from pool accounts of third parties at the Mint;

          

    	

          	(iii)	
            Transfers of Fine Gold credits to the Trust’s Pool Account facilitated by the Mint originating from loco London accounts of Authorized Participants. In such a case, the
              Sponsor would provide the Mint with a Facilitated Unallocated Deposit Request Form signed by an Authorized Representative specifying the identity of the Authorized Participant who will be transferring Fine Gold credits to the Mint’s loco
              London account for the Trust’s benefit, the amount of Fine Gold credits to be transferred and the day on which the Fine Gold credits are to be transferred to the Mint’s loco London account.  When the Mint accepts to facilitate such transfers
              and the Fine Gold credits are received by the Mint in its loco London account by 4:00 p.m. London time, the Mint would credit the Trust’s Pool Account with the same amount of Fine Gold credits on the same Business Day; if the Fine Gold
              credits are received by the Mint in its loco London account after 4:00 p.m. London time, the Mint would credit the Trust’s Pool Account on the next Business Day. Property in the Fine Gold credits received by the Mint from Authorized
              Participants in its loco London account will vest with the Mint from the time the Trust’s Pool Account is credited by the Mint with an equivalent amount of Fine Gold credits. If, following the receipt of a Facilitated Unallocated Deposit
              Request Form, the Mint determines that it is not practicable to facilitate the transfer of the Fine Gold credits identified therein, the Mint will notify the Sponsor of such on the same Business Day it received the Facilitated Unallocated
              Deposit Request Form if the said form was received by no later than 4:00 p.m. Ottawa time, or, if received after 4:00 p.m. Ottawa time, on the following Business Day, and the Sponsor shall arrange for the Fine Gold credits to be transferred
              to the Trust’s account via a third party holding an unallocated pool account with the Mint.

          

    	

          	(iv)	
            Exchanges of ESG Approved Gold held by the Mint on an allocated basis pursuant to the gold storage and custody agreement dated ■, 2021, bearing number LS2021-065 entered into between the Trust, the Sponsor and the Mint (the “Allocated Gold Storage and Custody Agreement”) for Fine Gold credits to be held by the Mint on an unallocated basis pursuant to the terms of this agreement.

          

    	

          	3.3	
            The Fine Gold underlying the credits in the Trust’s Pool Account will be stored by the Mint on an unallocated basis, such that the Fine Gold will be used by the Mint
              within its general refinery and production operations and will not be held separately from the other Fine Gold held by the Mint on an unallocated basis.  From time to time, such unallocated Fine Gold may be in the possession of third-party
              service providers engaged by the Mint to perform refining and other services.  For the purposes of the Agreement, any such Fine Gold shall be deemed to be in the custodial care of the Mint, and, for greater certainty, shall be subject in all
              respects to the provisions of the Agreement.

          

    
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          	3.4	
            The Sponsor shall provide the Mint with the names and signatures of the authorized representatives who are empowered to transact in and manage the Pool Account on
              behalf of the Trust (collectively the “Authorized Representatives”).  The Sponsor shall ensure that the list of the Authorized
              Representatives is kept up to date.  Without prejudice to the foregoing, the Mint may, from time to time, request from the Sponsor confirmation of the list of Authorized Representatives and their respective signatures.  Alternatively, the
              Mint and the Sponsor may establish, by mutual agreement in writing, different control mechanisms to establish authority for Pool Account transactions.  In any event, it is agreed that the Mint is not liable for any transaction in the Trust’s
              Pool Account fraudulently executed in the name of an Authorized Representative.

          

    	

          	3.5	
            The Mint agrees to exercise the same degree of care and diligence in safeguarding the Fine Gold in the Pool Account as any reasonably prudent person acting as a
              custodian would exercise in the same circumstance or at least the same degree of care as it exercises with respect to its own property of a similar kind, if this is a higher degree of care.

          

    	4	
            TRANSFERS OF CREDITS, DIRECT DEPOSITS & PHYSICAL WITHDRAWALS

          

    TRANSFERS OF CREDITS

    	

          	4.1	
            From time to time, the Sponsor may wish to transfer Fine Gold credits from the Trust’s Pool Account to an Authorized Participant’s loco London account.  In such a case,
              the Sponsor will provide the Mint with a Facilitated Unallocated Transfer Request Form signed by an Authorized Representative and the Mint will either:

          

    	

          	(i)	
            If practicable (as determined by the Mint), the Mint will transfer an amount of Fine Gold credits from its loco London account equal to the number of credits identified
              in the applicable Facilitated Unallocated Transfer Request Form to an Authorized Participant’s loco London account within two (2) Business Days following the receipt from the Facilitated Unallocated Transfer Request Form.  In such a case, the
              Mint will debit an equal amount of Fine Gold credits from the Trust’s Pool Account; property in the Fine Gold credits debited from the Trust’s Pool Account will vest with the Mint from the time the Authorized Participant’s loco London account
              is credited by the Mint; or

          

    	

          	(ii)	
            If the Mint determines that the transaction outlined in sub-clause 4.1(i) is not practicable, the Mint will notify the Sponsor of such on the same Business Day it
              received the Facilitated Unallocated Transfer Request Form if the said form was received by no later than 4:00 p.m. Ottawa time, or, if received after 4:00 p.m. Ottawa time, on the following Business Day, and the Sponsor shall arrange for an amount of Fine Gold credits equal to the number of credits identified in the applicable facilitated Unallocated Transfer Request Form to
              be credited to the Mint’s loco London account by a third party holding an unallocated pool account with the Mint and shall forthwith provide the Mint with the identity of said third party2.  Within one (1) Business Day from the
              receipt by the Mint of the Fine Gold credits in its loco London account, the Mint will transfer the credits to the Authorized Participant’s designated loco London account.

          

    

    

    

    2 Mint NTD: changing the 4:00 p.m. cutoffs to 4:30 p.m. is problematic for the
      Mint from a logistical perspective.

    
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          	4.2	
            Within approximately one (1) Business Day from the receipt by the Mint of a duly filled out Transfer Request Form signed by an Authorized Representative, the Mint will
              transfer the specified number of credits from the Trust’s Pool Account to the pool account of a third party held at the Mint in accordance with said Transfer Request Form.

          

    	

          	4.3	
            When a transfer request is received from a third party to perform a transfer of credits from said third party’s pool account held at the Mint to the Trust’s Pool
              Account, a Transfer Confirmation will be provided to the Sponsor by facsimile or by e-mail on the same Business Day the transfer of credits is executed.

          

    	

          	4.4	
            The Mint will only execute Transfers of Credits and/or Physical Withdrawals where the Trust has sufficient credits in its Pool Account.

          

    DIRECT DEPOSITS

    	

          	4.5	
            In order to make Direct Deposits, the Sponsor shall, for each Direct Deposit, submit to the Mint a duly filled out Direct Deposit Request Form signed by an Authorized
              Representative.

          

    	

          	4.6	
            Direct Deposit Request Forms shall be submitted to the Mint at least two (2) Business Days prior to the Business Day the Sponsor wishes the Fine Gold to be delivered to
              the Mint’s Facility.  Within approximately one (1) Business Day following receipt of said form, the Mint shall inform the Sponsor of an acceptable date for the delivery of the Fine Gold at the Mint’s Facility.  The Mint reserves the right to
              suggest an alternative delivery date or to refuse receipt of Fine Gold in the event of storage capacity limitations.

          

    	

          	4.7	
            The Sponsor agrees that it shall never conceal or misrepresent any material fact or circumstance concerning the Fine Gold delivered to the Mint.

          

    	

          	4.8	
            If Fine Gold arrives at the Mint’s Facility without a corresponding Direct Deposit Request Form having been submitted in accordance with this clause 4 or if the Fine
              Gold arrives on a different Business Day than the one confirmed by the Mint in accordance with sub-clause 4.6, the Mint may, at its discretion, refuse to accept delivery of such Fine Gold or any portion thereof. In such case, the Sponsor
              shall forthwith arrange for the return of such Fine Gold and shall provide Returning Instructions to the Mint.  Pending the taking into possession of the Fine Gold by the Customer, the Mint may take any action it considers appropriate for
              handling said Fine Gold and, upon demand, the Customer shall pay to the Mint any reasonable expenses incurred by the Mint in doing so.

          

    	

          	4.9	
            The Sponsor shall ensure that Fine Gold delivered to the Mint’s Facility is packed in a manner that is safe and secure in accordance with industry standards.  If the
              Fine Gold arrives at the Mint’s Facility on Improperly Packed Pallets, the Sponsor will be notified by the Mint that it considers the state of the packing to pose a potential safety hazard.

          

    	

          	4.10	
            Any container shipped to the Mint’s Facility must not exceed 90 pounds and must be in good condition. Pallets and strapping must be intact with the total weight of the
              respective pallets plus contents not exceeding 2,000 pounds. The containers must be packaged in a manner such that shipment is safe to handle, preferably using tamper-proof packaging and seals where possible. Each container will be clearly
              labelled with the Trust’s name and account number.

          

    
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          	4.11	
            In the event Fine Gold is not packaged in a manner that conforms to the requirements specified in sub-clauses 4.9 and/or 4.10, the Customer shall pay to the Mint
              supplementary handling charges to be assessed by the Mint acting reasonably on a case-by-case basis.

          

    	

          	4.12	
            The Sponsor shall provide the Mint, prior to the Fine Gold being shipped to the Mint’s Facility, a material safety data sheet identifying any chemicals used to treat
              the shipment or container for fumigation, insecticide, moisture control purposes, and for other similar purposes.

          

    	

          	4.13	
            The Customer hereby represents and warrants that any and all Fine Gold sent to the Mint shall not contain any deleterious and/or hazardous substances.  Should the
              Customer know or suspect that the Fine Gold or any portion thereof may contain any deleterious and/or hazardous substances, the Sponsor shall notify the Mint of such in writing prior to the same being delivered to the Mint’s Facility.  The
              Mint reserves the right to sample and test the Fine Gold for the presence of deleterious and/or hazardous substances. The Customer shall indemnify and hold harmless the Mint, its directors, officers, employees, and agents, in respect of any
              damages, costs or expenses or any claim, action, suit or other proceeding, including reasonable settlement, judgment and attorney’s fees, arising out of the presence of such deleterious and/or hazardous substances.

          

    	

          	4.14	
            The Mint reserves the right to reject Fine Gold which contain a deleterious and/or hazardous substance or is, or becomes, unsuitable or undesirable for handling or for
              metallurgical, environmental or other reasons.

          

    	

          	4.15	
            In the event a Direct Deposit is rejected by the Mint pursuant to sub-clause 4.14, the Sponsor shall forthwith arrange for the return of the Fine Gold relating thereto
              and provide the Mint with Returning Instructions.  Pending the taking into possession of the Fine Gold by the Customer, the Mint may take any action it considers appropriate for handling said Fine Gold and, upon demand, the Customer shall pay
              to the Mint any reasonable expenses incurred by the Mint in doing so.

          

    	

          	4.16	
            The Sponsor shall enclose a packing list with any and all shipments of Fine Gold.  Said packing list will include a detailed description of the contents of the
              shipment, identifying the count of individual items, type, gross weight in Ounces, the assay characteristics, the bar brands and the bar numbers.

          

    	

          	4.17	
            Direct Deposits that arrive at the Mint’s Facility after 3 p.m. Ottawa time on a Business Day shall be deemed received on the following Business Day for the purpose of
              determining the approximate date for crediting the Pool Account.

          

    	

          	4.18	
            Upon receiving Fine Gold at the Mint’s Facility in accordance with the terms and conditions contained herein, the Mint shall: (i) weigh the Fine Gold received in order
              to determine their gross weight and compare its weight results with the gross weight indicated in the applicable Direct Deposit Request Form; and (ii) when a shipment contains bars, compare the quantity of bars received and the respective bar
              numbers with the quantity of bars and bar numbers indicated in the applicable Direct Deposit Request Form.

          

    	

          	4.19	
            In the event the results of the Mint’s weighing, count and verification made pursuant to sub-clause 4.18 correspond to the information contained in the applicable
              Direct Deposit Request Form, the Mint shall, within approximately one (1) Business Day after the date of receipt of the Fine Gold at the Mint’s Facility, credit the Pool Account accordingly and transmit to the Sponsor a Deposit Receipt.

          

    
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          	4.20	
            In the event the Mint discovers a discrepancy between the results of its weighing, count and verification made pursuant to sub-clause 4.18 and the information contained
              in the applicable Direct Deposit Request Form, the Mint shall promptly send a Notice of Discrepancy to the Sponsor.  In such an event, the Mint shall suspend all activity and the Sponsor shall forthwith either: (a) issue a revised Direct
              Deposit Request Form to correct said discrepancy; or (b) arrange for the return of the Fine Gold and provide Returning Instructions to the Mint. Notwithstanding the foregoing, in the event that the Mint’s weighing, count and verification
              result in an excess of Fine Gold, the Mint reserves the right to refuse to accept such excess Fine Gold; in such case, the Sponsor shall forthwith arrange for the return of said Fine Gold and provide Returning Instructions to the Mint.

          

    	

          	4.21	
            The parties expressly understand and agree that the Mint does not assume any liability as to the authenticity or assay characteristics of any Fine Gold and does not
              assume any liability in regards to any discrepancies identified between the weight, count, bar numbers and other items stated in the applicable Direct Deposit Request Form and the actual weight, count, bar numbers and other items verified
              pursuant to sub-clause 4.18 of the Fine Gold received at the Mint’s Facility.

          

    PHYSICAL WITHDRAWALS

    	

          	4.22	
            The Sponsor may, by submitting to the Mint a duly filled out Withdrawal Request Form signed by an Authorized Representative, make a Physical Withdrawal of Fine Gold in
              the form of at least forty (40) 400-Ounce London Good Delivery bars of ESG Approved Gold (as defined below) to be stored by the Mint on an allocated basis pursuant to the Allocated Gold Storage and Custody Agreement.  Notwithstanding the
              foregoing, the first such Physical Withdrawal of Fine Gold in the form of 400-Ounce London Good Delivery bars of ESG Approved Gold to be stored by the Mint under the Allocated Gold Storage and Custody Agreement may be made for an amount of at
              least fifteen (15) 400-Ounce London Good Delivery bars.

          

    	

          	4.23	
            “ESG Approved Gold” is gold bullion refined by the Mint
              originating from mining companies and mines that meet certain environmental, social and governance (“ESG”) standards established by the
              Sponsor (the “ESG Criteria”).  The ESG Criteria is intended to be in addition to those used in the LBMA Responsible Sourcing Program, as detailed in the LBMA’s Responsible Gold Guidance, and are designed to provide investors with an enhanced level of ESG scrutiny along with disclosure of the
              provenance of the metal sourced.  The application of the ESG Criteria involves multiple levels of analysis.  Each mining company that meets the applicable criteria will be designated as an “ESG Approved Mining Company”.  The Sponsor will also evaluate individual mine site locations of ESG Approved Mining Companies.  All mining companies and mines identified as potential
              sources for ESG Approved Gold must meet the Mint’s responsible sourcing requirements (the “Mint’s Responsible Sourcing Requirements”),
              including verifications made by the Mint in order to assess ongoing compliance with the requirements outlined under the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, the LBMA
              Responsible Gold Guidance, the requirements of the Mint’s Responsible Metals Program and the Mint’s Anti-Money Laundering and Anti-Terrorist Financing Program in compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada).  Each mining location of that ESG Approved Mining Company that meets the ESG Criteria and the Mint’s Responsible
              Sourcing Requirements will be designated as an “ESG Approved Mine”.  Only ESG Approved Mines that have entered into a refining agreement
              with the Mint on terms acceptable to the Mint will be permitted to supply the raw material for the production of ESG Approved Gold.

          

    
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          	4.24	
            The ESG factors used for the ESG assessment of mines and miners generally will encompass the following factors:

          

    Environmental Factors

    	

          	•	
            Energy use and greenhouse gas emissions

          

    	

          	•	
            Tailings and waste management

          

    	

          	•	
            Conservation and water management

          

    	

          	•	
            Mine site remediation

          

    Social Factors

    	

          	•	
            Worker safety and health

          

    	

          	•	
            Community relations

          

    	

          	•	
            Natural resource benefit to local communities

          

    	

          	•	
            Child and forced labour

          

    Governance Factors

    	

          	•	
            Corporate governance

          

    	

          	•	
            Workplace and gender diversity

          

    	

          	•	
            Fair executive compensation

          

    	

          	•	
            Corporate transparency and disclosures

          

    	

          	4.25	
            The ESG Criteria are anticipated to evolve over time without notice at the sole discretion of the Sponsor and one or more criterion may not be relevant with respect to
              all sources of gold.  Factors that may result in a change to the ESG Criteria may include changes to current gold mining techniques or standards, evolving legal standards, the introduction of new standards or evaluation frameworks within the
              mining industry or the elimination of existing standards or frameworks that in the view of the Sponsor are relevant to the ESG assessment of a mining company or mine site.

          

    	

          	4.26	
            The Mint’s Responsible Sourcing Requirements are anticipated to evolve over time without notice at the sole discretion of the Mint.  The Mint will also stop refining
              gold from ESG Approved Mines that no longer meet the Mint’s Responsible Sourcing Requirements, as determined by the Mint from time to time.

          

    	

          	4.27	
            The Sponsor is responsible for any costs associated with researching, establishing and maintaining the ESG Criteria, assessing mining companies and mines against
              certain of the ESG Criteria and the diligence of the Trust’s ESG Approved Gold holdings, and will conduct research on each mining company using its in-house investment professionals. The Sponsor will use its judgment to reach a final
              determination on an ESG Approved Mine by considering a variety of objective and subjective factors. For example, the Sponsor intends to objectively analyze third party assessments (including ratings of mining companies or mining sites),
              sell-side research analyst reports and company reports. Other factors associated with the evaluation of a mining company or a mining site, including interviews with key personnel to assess whether such a mining company or mine meets the ESG
              Criteria, will require the subjective judgment of the Sponsor.

          

    

    

    
      10

      
        

    

    

    

    	

          	4.28	
            The Mint expects that it will be able to refine and produce ESG Approved Gold within approximately five (5) days following the receipt of a duly filled out Withdrawal
              Request Form signed by an Authorized Representative, subject to availability, production capacity and certain minimum size requirements specified in sub-clause 4.22 hereof.  The Business Day on which the Physical Withdrawal is to occur will
              be confirmed to the Sponsor in writing by the Mint.

          

    	

          	4.29	
            A Receipt of Deposit will be issued to the Sponsor by facsimile or by e-mail on the Business Day the production of all ESG Approved Gold underlying a Withdrawal Request
              Form is completed.  The said ESG Approved Gold will be deemed to be stored under the Allocated Gold Storage Agreement as of the issuance of the applicable Receipt of Deposit.

          

    	

          	4.30	
            Although ESG Approved Gold is of guaranteed weight and purity, the Mint provides no warranty with respect to the suitability thereof for any particular purpose.  The
              Mint provides no warranty whatsoever and assumes no legal liability or responsibility with respect to the merchantability or fitness for any purpose of and/or the presence of any contaminants in ESG Approved Gold.  Moreover, neither the Mint,
              nor any of its officers, agents, directors or employees, makes any warranty or assumes any legal liability or responsibility with respect to any impurities which may be contained in ESG Approved Gold.

          

    TIMEFRAMES

    	

          	4.31	
            Timeframes relating to Work to be done by the Mint under this clause 4 are estimates only.  The Mint will endeavour to meet these estimates.  However, the parties agree
              that the Mint will not be liable for any damages, costs and/or expenses which may be sustained by the Customer arising out of the Mint exceeding said estimates.

          

    TRANSPORTATION COSTS

    	

          	4.32	
            Except when otherwise specified in the Agreement, all Transportation Costs to and from the Mint’s Facility shall be borne by the Customer.

          

    	5.	
            STATEMENTS; ACCESS TO RECORDS AND INSPECTION RIGHTS

          

    	

          	5.1	
            The Mint will send the Sponsor an inventory statement for the Account on a daily basis. Monthly inventory statements shall also be issued no later than seven (7)
              Business Days following the end of each calendar month. Daily and monthly inventory statements will include a summary of all Pool Account activity processed during the day the statement is issued or during the previous calendar month, as
              applicable, in addition to the Pool Account balance.

          

    	

          	5.2	
            The Mint will cooperate with the Trust’s officers, properly designated representatives and independent public accountants with respect to information or confirmation
              and other reasonable assistance needed regarding the records of the Pool Account for the purpose of confirming the content of those records.  In addition, the Mint understands that, in connection with the preparation of the Trust’s financial
              statements that will be filed from time to time with the U.S. Securities and Exchange Commission, officers of the Sponsor will be required by law or regulation to provide written assurances regarding the reliability of the internal controls
              used in the preparation of those financials. To the extent that the Mint’s activities or controls with respect to providing services related to the Pool Account are relevant to the information presented in the Trust’s financial statements,
              the Mint will reasonably cooperate with the Sponsor to enable the Sponsor to provide the required written assurances referred to above and to enable the Trust’s independent public accountants to provide any required attestation or reporting
              in connection with such assurances.

          

    
      11

      
        

    

    

    

    	6.	
            FEES AND CHARGES

          

    	

          	6.1	
            The Sponsor will pay to the Mint the fees and charges as agreed pursuant to that certain letter agreement between the Sponsor and the Mint dated [■], 2021, bearing number LS2021-067 (the “Letter Agreement”), in addition to any other fees, charges and costs to be paid pursuant to the Agreement.3

          

    	7.	
            REPRESENTATIONS, WARRANTIES & INDEMNIFICATION

          

    	

          	7.1	
            The Customer represents and warrants that:

          

    	

          	(a)	
            the Fine Gold sent to the Mint’s Facility for Direct Deposits does not originate from, and are not related to, any form of illegal, unlawful or criminal activity;

          

    	

          	(b)	
            it has legal title to, or is the duly authorized agent of the owner of, the Fine Gold sent to the Mint’s Facility for Direct Deposits, and that possession thereof is
              transferred to the Mint free and clear of all liens and encumbrances;

          

    	

          	(c)	
            no bribe, gift or other inducement has been paid, given, promised or offered to any official or employee of the Mint for, or with a view to, the obtaining of the
              Agreement by the Customer; and

          

    	

          	(d)	
            it has not employed any person to solicit or secure the Agreement upon any agreement for a commission, percentage, brokerage or contingent fee.

          

    	

          	7.2	
            The Customer shall indemnify and hold harmless the Mint, its directors, officers, employees, and agents, in respect of any damages, losses, costs or expenses or any
              claim, action, suit or other proceeding, including reasonable settlement, judgment and attorney’s fees, arising out of:

          

    	

          	(a)	
            the presence of any employee, agent, representative or contractor of the Customer at the Mint’s Facility in connection with the Agreement; and

          

    	

          	(b)	
            any material breach of the material representations, warranties or covenants made by the Customer under the Agreement, including, but not limited to, those contained
              under sub-clause 7.1.

          

    	8.	
            RISK OF LOSS AND DESTRUCTION & COMPENSATION

          

    	

          	8.1	
            The Mint shall take good care, custody and control of the Fine Gold in the Pool Account and bears the risks of loss, theft or destruction of the unallocated Fine Gold
              underlying the credits in the Customer’s Pool Account from the time the Fine Gold has been taken into the Mint’s possession and control, whether through Direct Deposits or through Transfers of Credits. Should the Mint discover a discrepancy
              between the results of its weighing, count and verification made pursuant to sub-clause 4.18 and the information contained in the applicable Direct Deposit Request Form, the Mint’s liability under the Agreement for the Fine Gold relating to
              the pertinent Direct Deposit shall be immediately adjusted to the gross weight in Ounces of such Fine Gold as determined by the Mint upon the issuance by the Mint of a Notice of Discrepancy.  In no event shall the Mint be liable for Fine Gold
              which was not actually delivered to the Mint’s Facility or taken into the Mint’s possession and control.

          

    

    

    

    

    

    3Mint NTD: the addition of “other fees, changes and costs to be paid pursuant to
      the Agreement” is meant to capture costs and fees such as the supplementary handling charges payable pursuant to 4.11, Transportation Costs payable pursuant to 4.32.

    
      12

      
        

    

    

    

    	

          	8.2	
            The Mint’s liability in respect of any portion of Fine Gold for the purposes of the above sub-clause 8.1 will terminate upon: (i) a Transfer of Credits; (ii) at the
              expiration of the thirty (30) calendar days’ prior notice of termination for convenience pursuant to clause 12, whether or not the Fine Gold remains in the Mint’s Facility; or (iii) thirty (30) calendar days following the termination of the
              Agreement for default, whether or not the Fine Gold remains in the Mint’s Facility.

          

    	

          	8.3	
            ESG Approved Gold produced in furtherance to a Withdrawal Request Form is subject to the terms of the Allocated Gold Storage Agreement from the time the applicable
              Receipt of Deposit is issued by the Mint in accordance with the terms hereof, including, without limitation, the terms thereof relating to risk of loss, limitation of liability and compensation in the event of a loss, theft or destruction.

          

    	

          	8.4	
            Notwithstanding anything to the contrary in the Agreement and in addition to any other limitations of liability of the Mint provided herein and/or at law, the Mint is
              not liable for any damages, losses, costs and/or expenses and/or for non-performance and/or delays of service caused by or resulting from any of the following, whether suffered directly or indirectly by the Mint:

          

    	

          	(a)	
            either: (1) war, hostile or warlike action in time of peace or war, including action in hindering, combating or defending against an actual, impending or expected
              attack (i) by any government or sovereign power (de jure or de facto), or by any authority maintaining or using military, naval or air forces; or (ii) by military, naval or air forces; or (iii) by an agent of any such government, power,
              authority or forces; or (2) insurrection, rebellion, revolution, civil war, usurped power or action taken by governmental authority in hindering, combating or defending against such an occurrence or confiscation by order of any government or
              public authority.

          

    	

          	(b)	
            either: (i) any chemical, biological, or electromagnetic weapon; (ii) the use or operation, as a means for inflicting harm, of any computer, computer system, computer
              software, computer software program, malicious code, computer virus or process or any other electronic system; (iii) ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the
              combustion of nuclear fuel; (iv) the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof; (v) any weapon or device employing
              atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter; or (vi) the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter; the exclusion in this
              sub-clause (vi) does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similar peaceful purposes.

          

    	

          	(c)	
            any act of terrorism or any action taken in controlling, preventing, suppressing or in any way relating to any act of terrorism.  An act of terrorism means an act,
              including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organization(s) or government(s), committed for
              political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the public, in fear;

          

    	

          	(d)	
            a case of Force Majeure.

          

    
      13

      
        

    

    

    

    	

          	8.5	
            Should the Mint discover a loss, theft and/or destruction of Fine Gold that would diminish the quantity of physical, unallocated Fine Gold owned by the Customer under
              the Agreement (or regarding which the Customer is the duly authorized agent of the owner), the Mint shall give a Notice of Loss to the Sponsor, in the manner specified in sub-clause 13.1, within five (5) Business Days of the Mint’s discovery
              of any such loss, theft and/or destruction.Should the Sponsor receive a monthly statement of account in which a discrepancy in the quantity of Fine Gold credits first appears, the Sponsor shall give the Mint, in the manner specified in
              sub-clause 13.2, a Notice of Loss regarding such a discrepancy no later than sixty (60) calendar days following reception of the said monthly statement of account.  In the event that a Notice of Loss is given by either party in accordance
              with the above, the Sponsor shall forthwith provide the Mint with an affirmative written statement, subscribed and sworn to by a duly authorized officer or employee of the Customer, detailing the Fine Gold lost, stolen or destroyed and
              substantiated by the books, records and accounts of the Customer. Should the Sponsor fail to give a Notice of Loss within the period stated herein, all claims shall be deemed to have been waived.

          

    	

          	8.6	
            Conditional upon the Sponsor giving the Mint a Notice of Loss in accordance with sub-clause 8.5 where the Sponsor discovers a discrepancy in the quantity of Fine Gold
              credits stated in the monthly statement of account, in the event of loss, theft and/or destruction of Fine Gold where the Mint bears the risks of loss or destruction in accordance with the Agreement, the Mint shall, at its discretion, either:

          

    	

          	(i)	
            as soon as practicable, replace the quantity of lost, stolen and/or destroyed Fine Gold;

          

    	

          	(ii)	
            as soon as practicable, compensate the Trust via the Sponsor for the monetary value of the lost, stolen and/or destroyed Fine Gold using the p.m. price of gold
              expressed in U.S. dollars, as published by the LBMA (or, should the LBMA cease to publish gold prices, any other gold spot rate selected by the Mint acting reasonably), on the first (1st) trading day following the discovery of the
              said loss, theft and/or destruction by the Mint, if first discovered by the Mint, or, if first discovered by the Customer, on the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint; or

          

    	

          	(iii)	
            as soon as practicable, replace a portion of the lost, stolen and/or destroyed Fine Gold and compensate the Trust via the Sponsor for the monetary value of the
              remaining portion of lost, stolen or destroyed Fine Gold using the p.m. price of gold expressed in U.S. dollars, as published by the LBMA (or, should the LBMA cease to publish gold prices, any other gold spot rate selected by the Mint acting
              reasonably), on the first (1st) trading day following the discovery by the Mint of said loss, theft and/or destruction, if first discovered by the Mint, or, if first discovered by the Customer, on the first (1st) trading
              day following the date the relevant Notice of Loss was given to the Mint.

          

    	

          	8.7	
            Except as otherwise specifically provided under the Agreement, neither party shall be liable for special, incidental, consequential, indirect and/or punitive losses
              and/or damages (including lost profits and/or lost savings), whether or not they had knowledge that such losses and/or damages might be incurred.

          

    
      14

      
        

    

    

    

    	

          	8.8	
            Upon the Mint replacing and/or compensating the Trust for a loss and/or destruction of Fine Gold as provided in this clause 8, the Customer hereby agrees to and does
              hereby assign to the Mint all of its rights, title and interests in the lost and/or destroyed Fine Gold and in the Customer’s rights of recovery against third parties in relation to the said lost and/or destroyed Fine Gold, and agrees to
              execute any documents necessary to perfect such assignment upon request by the Mint or the Mint’s insurers.

          

    	9.	
            CONFIDENTIALITY

          

    	

          	9.1	
            Subject to the exceptions set out below, the receiving party shall keep confidential the disclosing party’s Confidential Information and shall not use any of the
              disclosing party’s Confidential Information except for the purposes contemplated in the Agreement.

          

    	

          	9.2	
            The receiving party shall disclose the Confidential Information only to those of its own employees, agents or consultants who require the Confidential Information for
              the purpose of the Agreement.  Prior to disclosure of the Confidential Information to its own employees, agents or consultants, the receiving party shall issue, or shall have issued, appropriate instructions to satisfy its obligations under
              the Agreement.  Any agents or consultants to whom the disclosing party’s Confidential Information is to be disclosed shall be first bound, by agreement in writing, to observe terms of confidentiality which are at least as stringent as those
              set out in the Agreement.

          

    	

          	9.3	
            Confidential Information shall be maintained by the receiving party in the same manner as the receiving party keeps its own Confidential Information of a similar nature
              and, in any event, the Confidential Information shall be kept in accordance with reasonable and prudent standards.

          

    	

          	9.4	
            The receiving party shall not be liable for disclosure of the Confidential Information where disclosure is made in either of the following cases:

          

    	

          	(a)	
            the Confidential Information had already entered the public domain other than through a
                breach of the Agreement;

          

    	

          	(b)	
            prior to disclosure, the Confidential Information was lawfully obtained by the receiving
                party from a third party or parties without restriction on disclosure and without a breach of the Agreement;

          

    	

          	(c)	
            the Confidential Information was known to the receiving party without restriction on disclosure prior to its initial disclosure by the other;

          

    	

          	(d)	
            the Confidential Information is independently developed by the receiving party; or

          

    	

          	(e)	
            the disclosure is required by law and/or pursuant to an order of a court, administrative
                tribunal, regulatory authority or other body having the power to compel the production of Confidential Information, or pursuant to a government directive
                or policy. Such disclosure shall be made only to the extent so ordered.

          

    	

          	9.5	
            The Mint is subject to the Access to Information Act (Canada)
              and is required thereunder to respond within statutory deadlines to any access to information request. In so doing, the Mint will manage any disclosure of records it deems responsive in its control in accordance with the Access to Information Act and will redact commercially sensitive third-party information as permitted by law. The Mint is subject to the Privacy Act (Canada), which is the Canadian federal public sector privacy legislation regarding the collection, use, disclosure and
              protection of personal information. The Privacy Act requires that the Mint only use personal information for the purposes for which it
              is collected. The Mint will comply with the applicable requirements of the Privacy Act and will not share personal information collected
              through its due diligence activities with any third party, including but not to limited to, the Sponsor and the Trust.

          

    
      15

      
        

    

    

    

    	10.	
            MAINTAINING POOL ACCOUNT ACTIVE

          

    	

          	10.1	
            The Mint reserves the right to deem the Pool Account as inactive if there exists no account activity within eighteen (18) consecutive months.

          

    	

          	10.2	
            Where the Pool Account has been deemed inactive in accordance with sub-clause 10.1, the Mint may, at its discretion, deactivate said Pool Account following sixty (60)
              calendar days’ prior written notice to the Sponsor.

          

    	

          	10.3	
            The Mint may also, at its discretion, deactivate the Pool Account by giving the Sponsor a written notice to that effect upon or following the termination of the
              Agreement in accordance with clause 11 or 12, as applicable.

          

    	

          	10.4	
            If, upon the Pool Account being deactivated, there exists a positive balance therein, the Sponsor shall forthwith either: (a) make a Physical Withdrawal of the
              remaining credits; and/or (b) make a Transfer of Credits of the remaining credits.

          

    	

          	10.5	
            Where the Customer opts to make a Physical Withdrawal of the positive balance and/or a Transfer of Credits, said transactions will be subject to all applicable standard
              processing fees and charges (including, without limitation, Transfer of Credits charges, fabrication fees, handling fees).

          

    	

          	10.6	
            In the case described in sub-clause 10.4, the Mint may also, at the Mint’s sole discretion, make an offer in writing to the Sponsor to purchase the remaining Pool
              Account credits at a price based on the p.m. price of gold expressed in U.S. dollars, as published by the LBMA (or, should the LBMA cease to publish gold prices, any other gold spot rate as selected by the Mint acting reasonably), on the
              Business Day the Mint gives the offer to the Sponsor, subject to any required pricing adjustments (e.g. trading spread relative to the p.m. price).

          

    	

          	10.7	
            Where the Mint makes an offer to the Sponsor pursuant to sub-clause 10.6, the Sponsor shall have two (2) Business Days to notify the Mint in writing of the acceptance
              or rejection of the offer. If the Sponsor does not accept the offer within two (2) Business Days, the offer is deemed rejected. In the case where the Sponsor expressly rejects the offer or the offer is deemed rejected, the Sponsor shall
              forthwith pursue options (a) and/or (b) under sub-clause 10.4.  If the Sponsor accepts the offer, the Mint will make a payment to the Sponsor within three (3) Business Days from the Mint’s receipt of the notice of acceptance of the offer, at
              which time the credits will be transferred to the Mint and the underlying Fine Gold will become the Mint’s property.

          

    	

          	10.8	
            Where there is a positive balance in the Pool Account being deactivated and the Sponsor fails to either make a Physical Withdrawal and/or make a Transfer of Credits of
              the remaining credits within five (5) years from the date the Pool Account has been deactivated, the Pool Account will be deemed to be abandoned, and will be closed. Any credits in the Pool Account will be removed and held by the Mint in
              reserve for a further five (5) years. Said credits may still be claimed by the Sponsor during this 5‐year period, after which time the credits and the underlying Fine Gold will be forfeited and paid to the Mint.

          

    	

          	10.9	
            If, upon deactivation, there exists a negative balance  in the Pool Account, the Customer shall, without delay, either: (a) make a Direct Deposit equal to the quantity
              of the Fine Gold required to offset the outstanding negative balance in accordance with the terms and conditions of clause 4; or (b) purchase unallocated Fine Gold credits from an existing Mint customer who maintains an active pool account
              with the Mint in the amount required to offset the outstanding negative balance and provide the existing Mint customer with instructions to transfer said credits to the Mint.

          

    
      16

      
        

    

    

    

    	11.	
            TERMINATION FOR DEFAULT

          

    	

          	11.1	
            Where: (i) the Sponsor and/or the Trust is in default in carrying out any of its obligations under the Agreement and fails to correct said default within ten (10)
              Business Days following a written notice sent by the Mint to the Sponsor and the Trust informing them of the default; (ii) the Sponsor and/or the Trust is dissolved or adjudged bankrupt, or a trustee, receiver or conservator of the Sponsor
              and/or the Trust or of their property is appointed, or an application for any of the foregoing is filed; or (iii) the Sponsor and/or the Trust is in material breach of any material representation or warranty contained herein, the Mint may,
              upon giving written notice to the Sponsor and the Trust, terminate the Agreement.

          

    	

          	11.2	
            Where: (i) the Mint is in default in carrying out any of its obligations under the Agreement and fails to correct said default within ten (10) Business Days following a
              written notice sent by the Sponsor to the Mint informing the latter of the default; (ii) the Mint is dissolved or adjudged bankrupt, or a trustee, receiver or conservator of the Mint or of its property is appointed, or an application for any
              of the foregoing is filed; or (iii) the Mint is in material breach of any material representation or warranty contained herein, the Sponsor may, upon giving written notice to the Mint, terminate the Agreement.

          

    	

          	11.3	
            In the event the Mint is in possession of a Direct Deposit which has not been credited to the Pool Account prior to giving the written notice of termination pursuant to
              clause 11.1 or 11.2, as applicable, the Sponsor shall, upon receipt of the said written notice, arrange for the return of the Fine Gold relating to such Direct Deposit and provide the Mint with Returning Instructions.

          

    	

          	11.4	
            In case of termination by the Mint pursuant to the present clause, (i) the Customer shall be liable towards the Mint for all losses and damages which may be suffered by
              the Mint by reason of the default or occurrence upon which the termination was based.

          

    	12.	
            TERMINATION FOR CONVENIENCE

          

    	

          	12.1	
            Notwithstanding anything contained herein, either party to the Agreement may, at its sole discretion, terminate the Agreement by giving the other party sixty (60)
              calendar days’ written notice to that effect.

          

    	

          	12.2	
            In the event the Mint is in possession of a Direct Deposit which has not been credited to the Pool Account prior to the giving of the written notice of termination
              pursuant to sub-clause 12.1, the Sponsor shall, upon receipt of the said written notice, arrange for the return of the Fine Gold relating to such Direct Deposit and provide the Mint with Returning Instructions.  The Mint shall reimburse the
              Sponsor for all reasonable and duly substantiated Transportation Costs in relation thereto where such notice of termination is given by the Mint.

          

    	

          	12.3	
            In the event of termination under the present clause, the Customer will have no claim for compensation except as otherwise specified in the Agreement and will have no
              claim for damages or loss of profit as a result of the termination.

          

    
      17

      
        

    

    

    

    	13.	
            NOTICES

          

    	

          	13.1	
            Except as provided under sub-clause 13.2, any notice given under the Agreement will be in writing, and will be delivered by messenger, by prepaid registered mail or by
              email to the following addresses:

          

    	
            If to the Mint:

              

              Royal Canadian Mint

              320 Sussex Drive

              Ottawa, Ontario, Canada K1A 0G8

              c/o Lorne Whitmore

              Managing Director, Sales

              B2B – Bullion & Numismatic

              Email: whitmore@mint.ca

          	
            If to the Sponsor:

              

              Sprott Asset Management LP

              Chief Financial Officer

              Royal Bank Plaza, South Tower,

              200 Bay Street, Suite 2600,

              Toronto, Ontario, Canada M5J 2J1

              c/o Varinder Bhathal

              Email: ■

          
	 	 
	
            If to the Trust:

              

              Sprott ESG Gold ETF

              c/o Sprott Asset Management LP

              Royal Bank Plaza, South Tower,

              200 Bay Street, Suite 2600,

              Toronto, Ontario,

              Canada M5J 2J1

              Attention: Arthur Einav

              Email: ■

          	 

    

    

    	

          	13.2	
            Notwithstanding sub-clause 13.1, a Notice of Loss given by the Sponsor to the Mint pursuant to sub-clause 8.5 will be in writing and will be delivered by email to the
              following address:

          

    Royal Canadian Mint

    c/o Norman Toye

    Treasury and Risk Management Department

    Email: mintriskmgt@mint.ca

    	

          	13.3	
            A party may change its address by informing the other party of the new address in writing.

          

    	

          	13.4	
            A notice shall be deemed to have been given: (i) when received, if delivered by messenger; (ii) upon electronic confirmation of delivery, if delivered or transmitted by
              email (or, if such day is not a Business Day or if delivery or transmission is made on a Business Day after 5:00 p.m. at the place of receipt, then on the next Business Day); or (iii) on the fourth (4th) Business Day following the
              date of mailing, if sent by prepaid registered mail; provided, however, that if at the time of mailing or within four (4) Business Days thereafter there is or occurs a labour dispute or other event which might reasonably be expected to
              disrupt the delivery of documents by mail, any notice hereunder shall be delivered or transmitted by means of facsimile or email.

          

    

    

    
      18

      
        

    

    

    

    	

          	13.5	
            Any party sending a Notice of Loss shall also endeavour to call the receiving party on the day the Notice of Loss is issued, to notify them of the issuance of the
              Notice of Loss, at the following telephone numbers:

          

    	
            If to the Mint:

              

              Royal Canadian Mint

              Treasury and Risk Management

              Department

              c/o Norman Toye

              Telephone: 613-851-1022

          	
            If to the Sponsor:

              

              Chief Financial Officer

              Sprott Asset Management LP

              c/o Varinder Bhathal

              Telephone: 416-943-4056

          
	 	 

    	14.	
            SURVIVAL OF CLAUSES

          

    	

          	14.1	
            All the parties’ obligations of confidentiality, indemnification, representations and warranties set out in the Agreement, the provisions relating to the maintaining of
              active Pool Account, the provisions relating to payment of charges, taxes and other amounts, as well as the provisions which, by the nature of the rights or obligations might reasonably be expected to survive, will survive the termination of
              the Agreement, in addition to any other provisions which survive by operation of law.

          

    	15.	
            AMENDMENTS

          

    	

          	15.1	
            Except as specifically provided for herein, the Agreement may not be waived, altered or amended except by an instrument in writing duly executed by the Customer and the
              Mint.

          

    	16.	
            ASSIGNMENT

          

    	

          	16.1	
            The Agreement shall be binding on the Customer and the Mint and their respective successors and permitted assigns.  Neither the Customer nor the Mint shall assign or
              transfer its rights or obligations hereunder without the prior written consent of the other party.  Any such consent shall not be unreasonably delayed and/or withheld.

          

    	17.	
            SEVERABILITY

          

    	

          	17.1	
            If any provision of the Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability shall attach only to such
              provision and all other provisions hereof shall continue in full force and effect.

          

    	18.	
            WAIVER

          

    	

          	18.1	
            The failure of a party to insist upon strict adherence to any term of the Agreement on one or more occasions will not be considered a waiver or deprive the party of the
              right thereafter to insist upon strict adherence to that term or any other term of the Agreement.

          

    	19.	
            MEMBERS OF THE HOUSE OF COMMONS

          

    	

          	19.1	
            No Member of the House of Commons shall be admitted to any share or part of the Agreement or to any benefit to arise therefrom.

          

    
      19

      
        

    

    

    

    	20.	
            INVESTMENT ADVICE

          

    	

          	20.1	
            It is understood and agreed that, as part of its services under the Agreement, the Mint has not undertaken a duty to supervise the Trust’s and the Customer’s investment
              in, or to make any recommendation to the Trust or the Customer with respect to, the purchase, sale or other disposition of Fine Gold or the balance of credits the Customer maintains in its Pool Account.

          

    	21.	
            NO PARTNERSHIP

          

    	

          	21.1	
            Nothing contained in the Agreement shall create between the parties the relationship of principal and agent, mandator and mandatary, partnership or joint venture. The
              Customer has no authority to and undertakes not to make any representation relating to the Mint, nor give any warranty or representation on behalf of the Mint, without the Mint’s prior written authorization.  The Customer will be liable for
              any and all damages, losses and costs, including special, incidental, consequential, indirect and punitive damages, losses and costs (including lost profits and lost savings) suffered by the Mint as a result of a breach of any of the above
              undertakings. The Customer recognizes and acknowledges that any breach or threatened breach of the above undertakings may cause the Mint irreparable harm for which monetary damage may be inadequate. The Customer agrees therefore that the Mint
              shall be entitled to seek an injunction to restrain the Customer from such breach or threatened breach.

          

    	22.	
            Reserved.

          

    	23.	
            APPLICABLE LAW AND ARBITRATION

          

    	

          	23.1	
            The Agreement and all matters relating to the Agreement (whether in contract, statute, tort (including, without limitation, negligence) or otherwise is governed by, and
              construed in accordance with, the laws of the Province of Ontario (without giving effect to the choice of law principles thereof).

          

    	

          	23.2	
            Any dispute arising out of or in connection with the Agreement, including any question regarding its existence, validity, or termination, shall be referred to and
              finally resolved by arbitration in accordance with the Commercial Arbitration Act (Canada) and any amendments thereto.  The number of
              arbitrators will be one (1).  The place of arbitration will be the city of Ottawa, Ontario, Canada.  The language to be used in arbitral proceedings is English and/or French.  Subject to any applicable law, the proceedings, all submissions to
              arbitrators and the award shall be confidential.

          

    	24.	
            COUNTERPARTS

          

    	

          	24.1	
            The Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed will be deemed to be an
              original and all of which taken together will constitute one and the same agreement.  Delivery by facsimile or by electronic transmission in portable document format (PDF) of an executed counterpart of the Agreement is as effective as
              delivery of an originally executed counterpart of the Agreement.

          

    
      20

      
        

    

    

    

    	25.	
            ENTIRE AGREEMENT

          

    	

          	25.1	
            This Agreement, the Allocated Gold Storage and Custody Agreement and the Letter Agreement (collectively, the “Agreements”) constitute the entire agreement between the parties hereto with respect to the subject matter hereof, and supersede all previous negotiations and documents in relation thereto.
              There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set forth or referred to in the Agreements.  No
              reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to or contemporaneous with the entering into the Agreements by any party to the Agreements to any other party to the Agreements, except
              to the extent that the same has been reduced to writing and included as a term of the Agreements, and none of the parties to the Agreement has been induced to enter into the Agreements by reason of any such warranty, representation, opinion,
              advice or assertion of fact.  Accordingly, there is no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated in the
              Agreements.

          

    
      21

      
        

    

    

    

    IN WITNESS WHEREOF the parties
      are signing the Agreement through their duly authorized representatives.

    	
            ROYAL CANADIAN MINT

          	 	
            SPROTT ASSET MANAGEMENT LP, by its general
              partner, SPROTT ASSET MANGEMENT GP INC.

          
	 	 	 
	 	 	 
	
            Name:

          	 	
            Name:

          
	
            Title:

          	 	
            Title:

          
	 	 	 
	 	 	 
	
            SPROTT ESG GOLD ETF

          	 	 
	 	 	 
	 	 	 
	
            By:

          	
            SPROTT ASSET MANGEMENT LP, in its capacity as the sponsor

          	 	 
	 	 	 
	 	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 

    

    

    

    

    
      22

      
        

    

    

    

    Schedule A – Direct Deposit Request Form

    Customer Name: _____________________________

    Delivery Date: 
      _______________________________

    Gross Weight in Ounces: 
      ________________________________

    Count: 
      _________________________________

    Metal Type(s): 
      _________________________________

    Assay Characteristics: 
      _____________________________________

    Account # to be credited: 
      _____________________

    Bar Numbers: 
      _________________________________

    Bar Brands: 
      _________________________________

    Name of Authorized Representative: 
      ______________________________________

    Signature: 
      ___________________________________

    Date: 
      _______________________________________

    

    

    
      23

      
        

    

    

    

    Schedule B – Facilitated Unallocated Deposit Request Form

    Customer Name: _____________________________

    Name of Authorized Participant who would transfer Fine Gold Credits to the Mint’s unallocated loco London account:

     

    

    Amount of Fine Gold Credits that would be transferred to the Mint’s unallocated loco London account:

     

    

    Authorized Participant’s unallocated loco London account information from which the Fine Gold Credits would be
      transferred:

     

    

    Date on which the Authorized Participant would transfer the Fine Gold credits to the Mint’s unallocated loco London
      account:

     

    

    

    

    Name of Authorized Representative: 
      ______________________________________

    Signature: 
      ___________________________________

    Date: 

    

    

    
      24

      
        

    

    

    

    Schedule C – Transfer Request Form

    Customer Name: 
      ______________________________

    Value date of Transfer: 
      _________________________

    Amount to be transferred in Gross
        Ounces:  __________________

    Metal Type(s): 
      __________________________________

    Account # to be debited: 
      ________________________

    Account # to be credited: 
      ________________________

    Name of Authorized Representative: 
      ______________________________________

    Signature: 
      ___________________________________

    Date: 
      _______________________________________

    

    

    
      25

      
        

    

    

    

    Schedule D – Facilitated Unallocated Transfer Request Form

    Customer Name: 

    Name of Authorized Participant to whom Fine Gold Credits would be transferred to:

     

    

    Amount of Fine Gold Credits that would be transferred to the Authorized Participant’s unallocated loco London
      account:

     

    

    Authorized Participant’s unallocated loco London account information to which the Fine Gold Credits would be
      transferred:

     

    

    Date on which the Fine Gold credits would be transferred to the Mint’s unallocated loco London account:

     

    

    

    

    Name of Authorized Representative: 
      ______________________________________

    Signature: 
      ___________________________________

    Date: 

    

    

    
      26

      
        

    

    

    

    Schedule E – Physical Withdrawal Request Form

    Customer Name:  ______________________________

    Requested date of Physical Withdrawal
        (desired fabrication date):  ___________________

    Amount to be withdrawn/produced in
        gross Ounces:  ___________________

    Metal Type(s):gold

    Form:400-Ounce London Good
      Delivery bars.

    Account # to be debited: 
      _________________________

    Name of Authorized Representative: 

    Signature: 
      ___________________________________

    Date: 
      _______________________________________

  

  27Exhibit 10.3

      Execution Copy

    

  

  CUSTODY AGREEMENT

  (U.S. Dollar Only)

  AGREEMENT, dated as of May 11, 2021 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 Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1, 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 (“Custodian”).

  W I T N E S S E T H:

  That for and in consideration of the mutual promises hereinafter set forth the Trust and Custodian agree as follows:

  ARTICLE I

    DEFINITIONS

  Whenever used in this Agreement, the following words shall have the meanings set forth below:

  1. “Authorized Person” shall mean each person, whether or not an officer or an employee of the Trust, duly authorized to execute this Agreement and to give Instructions on behalf of the Trust as set forth
      in Schedule I hereto and each Authorized Person’s scope of authority may be limited by setting forth such limitation in a written document signed by both parties hereto.  From time to time the Trust may deliver a new Schedule I to add or delete any
      person and Custodian shall be entitled to rely on the last Schedule I hereto actually received by Custodian.

  2.  “Business Day” shall mean any day on which Custodian and relevant Depositories are open for business.

  3. “Cash” shall mean U.S. dollars.

  4. “Certificate” shall mean any notice, instruction, or other instrument in writing, authorized or required by this Agreement to be given to Custodian, which is actually received by Custodian by letter or
      facsimile transmission and signed on behalf of the Trust by an Authorized Person or a person reasonably believed by Custodian to be an Authorized Person.

  
    
      

  

  
  5. “Confidential Information” means, with respect to a party, the terms of this Agreement and all non-public business and financial information of such party (including, with respect to the Trust,
      information regarding the Accounts and including, with respect to Custodian, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other party in connection with this Agreement.
      Notwithstanding the foregoing, the term Confidential Information shall not include any information or other data which (i) is already in the possession of the recipient or its affiliate(s) at the time it is disclosed or made available to the
      recipient or its affiliate(s), provided that such information or data is not known by the recipient or its affiliate(s) to be subject to another confidentiality agreement or other obligation of confidentiality, (ii) was or becomes generally available
      to the public other than as a result of a disclosure by the recipient or its affiliate(s) in violation of this Agreement, (iii) was or becomes available to the recipient or its affiliate(s) on a non-confidential basis from a source other than the
      disclosing party or one of its affiliates, provided that such source is not known by the recipient or its affiliate(s) to be bound by a confidentiality agreement with, or other obligation of confidentiality, (iv) is independently developed by the
      recipient or its representatives without reference to any of the Confidential Information (v) is expressly identified by the disclosing party as not being proprietary or confidential, (vi) is requested or required to be disclosed by the receiving
      party pursuant to a court order, subpoena, governmental or regulatory agency request or law or regulation, provided, however, the party making such required disclosure shall first notify the other party (to the extent permissible) and shall, if
      practicable, afford the other party a reasonable opportunity to seek confidential treatment if it wishes to do so, (vii) is relevant to the defense of any claim or cause of action asserted against the receiving party or (viii) is released in
      connection with the provision of services under this Agreement.

  6.  “Custodian Affiliate” shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation.

  7.  “Economic Sanctions Compliance Program” shall mean those programs, policies, procedures and measures designed to ensure compliance with, and prevent violations of, Sanctions.

  8.  “Instructions” shall meancommunications actually received by Custodian by S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or system specified by Custodian as available for use
      in connection with the services hereunder. 

  9. “Oral Instructions” shall mean verbal instructions received by Custodian from an Authorized Person or from a person reasonably believed by Custodian to be an Authorized Person.

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

  11. “Sanctions” shall mean all economic sanctions, laws, rules, regulations, executive orders and requirements administered by any governmental authority of the U.S. (including the U.S. Office of Foreign
      Assets Control), and the European Union (including any national jurisdiction or member state thereof), in addition to any other applicable authority with jurisdiction over the Trust.

  
    2

    
      

  

  12. “Shares” shall have the meaning set forth in Article V Section 1.

  13. “Sponsor” means Sprott Asset Management LP, the sponsor of the Trust.

  14. “Transfer Agent” shall mean The Bank of New York Mellon or an affiliate, subject to a separate Transfer Agency and Service Agreement entered into between the parties, or any successor transfer agent
      identified to Custodian in a Certificate.

  ARTICLE II

    APPOINTMENT OF CUSTODIAN; ACCOUNTS;

    REPRESENTATIONS, WARRANTIES, AND COVENANTS

  

  

  1. (a) The Trust hereby appoints Custodian as custodian of all Cash at any time delivered to Custodian during the term of this Agreement. Custodian hereby accepts such appointment and agrees to establish and maintain one or more Cash accounts for
      the Trust. Such accounts (each, an “Account”; collectively, the “Accounts”) shall be in the name of the Trust.

  (b) Custodian may from time to time establish on its books and records such sub-accounts within each Account as the Trust and Custodian may agree upon (each a “Special Account”), and Custodian shall reflect therein such assets as the Trust may
      specify in a Certificate or Instructions.

  (c) Custodian may from time to time establish pursuant to a written agreement with and for the benefit of a broker, dealer, futures commission merchant or other third party identified in a Certificate or Instructions such accounts on such terms
      and conditions as the Trust and Custodian shall agree, and Custodian shall transfer to such accounts such Cash as the Trust may specify in a Certificate or Instructions.

  2. The Trust, on its own behalf, hereby represents and warrants, which representations and warranties shall be continuing and shall be deemed to be reaffirmed upon each delivery of a Certificate or each giving of Oral Instructions or Instructions
      by the Trust, that:

  (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 the Trust, constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, and there is no statute, regulation, rule, order or
      judgment binding on it, and no provision of its charter or by-laws, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property, which would prohibit its execution or performance of this Agreement;

  (c) It is conducting its business in substantial compliance with all applicable laws and requirements, both state and federal, and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted;

  
    3

    
      

  

  (d) It will not use the services provided by Custodian hereunder in any manner that is, or will result in, a violation of any law, rule or regulation applicable to the Trust;

  (e) It is fully informed of the protections and risks associated with various methods of transmitting Instructions and Oral Instructions and delivering Certificates to Custodian, shall, and shall cause each Authorized Person, to safeguard and
      treat with extreme care any user and authorization codes, passwords and/or authentication keys, understands that there may be more secure methods of transmitting or delivering the same than the methods selected by it, agrees that the security
      procedures (if any) to be followed in connection therewith provide a commercially reasonable degree of protection in light of its particular needs and circumstances, and acknowledges and agrees that Instructions need not be reviewed by Custodian, may
      be presumed in good faith by Custodian to have been given by person(s) duly authorized,  and may be acted upon as given;

  (f) It shall impose and maintain restrictions on the destinations to which Cash may be disbursed by Instructions to ensure that each disbursement is for a proper purpose; and

  (g) It has the right to make the pledge and grant the security interest and security entitlement to Custodian contained in Section 1 of Article V hereof, free of any right of redemption or prior claim of any other person or entity, such pledge and
      such grants shall have a first priority subject to no setoffs, counterclaims, or other liens or grants prior to or on a parity therewith, and it shall take such additional steps as Custodian may require to assure such priority.

  3. Custodian hereby represents and warrants, which representations and warranties shall be continuing, that:

  (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 Custodian, constitutes a valid and legally binding obligation of Custodian, enforceable in accordance with its terms, and there is no statute, regulation, rule, order or
      judgment binding on it, and no provision of its charter or by-laws, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property, which would prohibit its execution or performance of this Agreement;

  (c) It has, and will maintain, such backup, contingency and disaster recovery procedures as are required by its regulators; and

  (d) It is conducting its business in substantial compliance with all applicable laws and requirements, both state and federal, and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted.

  
    4

    
      

  

  ARTICLE III

    CUSTODY AND RELATED SERVICES

  1. Subject to the terms hereof, the Trust hereby authorizes Custodian to hold any Cash received by it from time to time for the Trust and shall credit such Cash to the Trust’s applicable Account.

  2. Custodian shall furnish the Trust with an advice of daily transactions as promptly as practicable in its ordinary course processing, after the close of Business on each Business Day and a monthly summary of all transfers to or from the
      Accounts as promptly as practicable in its ordinary course processing, following such month end.  Custodian shall furnish such reports for such other time periods as the Trust may from time to time reasonably request.

  3. With respect to all Cash held hereunder, Custodian shall, unless otherwise instructed to the contrary:

  (a) Receive all income and other payments and advise the Trust as promptly as practicable of any such amounts due but not paid; and

  (b) Endorse for collection checks, drafts or other negotiable instruments.

  4.  Custodian shall not under any circumstances accept bearer interest coupons which have been stripped from United States federal, state or local government or agency securities unless explicitly agreed to by Custodian in writing.

  5. The Trust shall be liable for all taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto (“Taxes”), with respect to any Cash held on behalf of the Trust or any transaction related
      thereto.  The Trust, as applicable, shall indemnify Custodian for the amount of any Tax that Custodian or any withholding agent is required under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of income earned
      by or payments or distributions made to or for the account of the Trust (including any payment of Tax required by reason of an earlier failure to withhold). Custodian shall, or shall instruct the applicable withholding agent to, withhold the amount
      of any Tax which is required to be withheld under applicable law upon collection of any dividend, interest or other distribution.  In the event that Custodian is required under applicable law to pay any Tax on behalf of the Trust, Custodian is hereby
      authorized to withdraw cash from any cash account for the Trust only in the amount required to pay such Tax and to use such cash, or to remit such cash to the appropriate withholding agent, for the timely payment of such Tax in the manner required by
      applicable law.  If the aggregate amount of cash in all cash accounts is not sufficient to pay such Tax, Custodian shall promptly notify the Trust of the additional amount of cash (in the appropriate currency) required, and the Trust shall directly
      deposit such additional amount in the appropriate cash account promptly after receipt of such notice, for use by Custodian as specified herein.  In the event that Custodian reasonably believes that the Trust is eligible, pursuant to applicable law or
      to the provisions of any tax treaty, for a reduced rate of, or exemption from, any Tax which is otherwise required to be withheld or paid on behalf of the Trust under any applicable law, Custodian shall, or shall instruct the applicable withholding
      agent to, either withhold or pay such Tax at such reduced rate or refrain from withholding or paying such Tax, as appropriate; provided that Custodian shall have received from the Trust all documentary evidence of residence or other
      qualification for such reduced rate or exemption required to be received under such applicable law or treaty.  In the event that Custodian reasonably believes that a reduced rate of, or exemption from, any Tax is obtainable only by means of an
      application for refund, Custodian shall have no responsibility for the accuracy or validity of any forms or documentation provided by the Trust to Custodian hereunder.  The Trust hereby agrees to indemnify and hold harmless Custodian in respect of
      any liability arising from any underwithholding or underpayment of any Tax which results from the inaccuracy or invalidity of any such forms or other documentation, and such obligation to indemnify shall be a continuing obligation of the Trust, its
      successors and assigns notwithstanding the termination of this Agreement.

  
    5

    
      

  

  6. (a) For the purpose of settling foreign exchange transactions, the Trust shall provide Custodian with sufficient immediately
      available funds for all transactions by such time and date as conditions in the relevant market dictate. As used herein, “sufficient immediately available funds” shall mean either (i) sufficient cash denominated in U.S. dollars to purchase the
      necessary foreign currency, or (ii) sufficient applicable foreign currency, to settle the transaction.  Custodian shall provide the Trust with immediately available funds each day which result from the actual settlement of all sale transactions,
      based upon advices received by Custodian.  Such funds shall be in U.S. dollars or such other currency as the Trust may specify to Custodian.

  (b) Any foreign exchange transaction effected by Custodian in connection with this Agreement may be entered with Custodian or a Custodian Affiliate acting as principal or otherwise through customary banking channels.  The Trust may issue a
      standing Certificate or Instructions with respect to foreign exchange transactions, but Custodian may establish rules or limitations concerning any foreign exchange facility made available to the Trust.  The Trust shall bear all risks of holding cash
      denominated in a foreign currency.

  (c) To the extent that Custodian has agreed to provide pricing or other information services in connection with this Agreement, Custodian is authorized to utilize any vendor reasonably believed by Custodian to be reliable to provide such
      information.  The Trust understands that certain pricing information with respect to complex financial instruments (e.g., derivatives) may be based on calculated amounts rather than actual market transactions and may not reflect actual market
      values, and that the variance between such calculated amounts and actual market values may or may not be material. Where vendors do not provide information for certain property, an Authorized Person may advise Custodian in a Certificate regarding the
      fair market value of, or provide other information with respect to, such property as determined by it in good faith.  Custodian shall not be liable for any loss, damage or expense incurred as a result of errors or omissions with respect to any
      pricing or other information utilized by Custodian hereunder.

  ARTICLE IV

    OVERDRAFTS OR INDEBTEDNESS

  1. If Custodian should in its sole discretion advance funds on behalf of the Trust which results in an overdraft (including, without limitation, any day-light overdraft) because the Cash held by Custodian in an Account for the Trust shall be
      insufficient because of a reversal of a conditional credit or the purchase of any currency, or if the Trust is for any other reason indebted to Custodian, such overdraft or indebtedness shall be deemed to be a loan made by Custodian to the Trust
      payable on demand and shall bear interest from the date incurred at a rate per annum ordinarily charged by Custodian to its institutional customers, as such rate may be adjusted from time to time.  In addition, the Trust hereby agrees that Custodian
      shall to the maximum extent permitted by law have a continuing lien, security interest, and security entitlement in and to any property, including, without limitation, any investment property or any financial asset, of the Trust at any time held by
      Custodian for the benefit of the Trust or in which the Trust may have an interest which is then in Custodian’s possession or control or in possession or control of any third party acting in Custodian’s behalf.  The Trust authorizes Custodian, in its
      sole discretion, at any time to charge any such overdraft or indebtedness together with interest due thereon against any balance of account standing to the Trust’s credit on Custodian’s books.

  
    6

    
      

  

  2. If the Trust borrows money from any bank (including Custodian if the borrowing is pursuant to a separate agreement) using Cash held by Custodian hereunder as collateral for such borrowings, the Trust shall deliver to Custodian a Certificate
      specifying with respect to each such borrowing:  (a) the name of the bank, (b) the amount of the borrowing, (c) the time and date, if known, on which the loan is to be entered into, (d) the total amount payable to the Trust on the borrowing date, (e)
      the Cash to be delivered as collateral for such loan and (f) such loan is in conformance with the Trust’s prospectus.  Custodian shall deliver on the borrowing date specified in a Certificate the specified collateral against payment by the lending
      bank of the total amount of the loan payable, provided that the same conforms to the total amount payable as set forth in the Certificate.   Custodian may, at the option of the lending bank, keep such collateral in its possession, but such collateral
      shall be subject to all rights therein given the lending bank by virtue of any promissory note or loan agreement.  Custodian shall deliver such Cash as additional collateral as may be specified in a Certificate to collateralize further any
      transaction described in this Section.  The Trust shall cause all Cash released from collateral status to be returned directly to Custodian, and Custodian shall receive from time to time such return of collateral as may be tendered to it.   In the
      event that the Trust fails to specify in a Certificate the principal amount of any Cash to be delivered as collateral by Custodian, Custodian shall not be under any obligation to deliver Cash.

  ARTICLE V

    SALE AND REDEMPTION OF SHARES

  1. If applicable, whenever the Trust shall sell any shares issued by the Trust (“Shares”) it shall deliver to Custodian a Certificate or Instructions, or cause the Trust’s Transfer Agent to provide instructions, specifying the amount of Cash, if
      any, to be received by Custodian in connection with the sale of such Shares and specifically allocated to an Account for the Trust. Upon receipt of such Cash, if any, Custodian shall credit the same to an Account in the name of the Trust for which
      such Cash, if any, is received.

  2.  Whenever the Trust desires Custodian to make a payment, if any, out of Cash held by Custodian hereunder in connection with a redemption of any Shares, it shall furnish to Custodian a Certificate or Instructions, or cause the Trust’s Transfer
      Agent to provide instructions specifying the total amount of Cash, if any, to be paid, for the redemption of such Shares. Custodian shall make any such payment and such delivery of Shares, as directed by a Certificate or Instructions or instructions
      of the Trust’s transfer agent, out of the Cash held in an Account of the Trust.

  ARTICLE VI

    PAYMENT OF DIVIDENDS OR DISTRIBUTIONS

  1. Whenever the Trust shall determine to pay a dividend or distribution on Shares it shall furnish to Custodian Instructions or a Certificate setting forth the total amount payable, and the payment date.

  2. Upon the payment date specified in such Instructions or Certificate, Custodian shall pay out of the Cash held for the account of the Trust the total amount payable to the dividend agent of the Trust specified therein.

  
    7

    
      

  

  ARTICLE VII

    CONCERNING CUSTODIAN

  1. (a) Custodian shall exercise reasonable care and diligence in carrying out all of its duties and obligations under this Agreement.
      Except as otherwise expressly provided herein, Custodian shall not be liable for any costs, expenses, damages, liabilities or claims, including reasonable and documented attorneys’ and accountants’ fees and expenses (collectively, “Losses”), incurred
      by or asserted against the Trust, except those Losses arising out of Custodian’s own negligence, bad faith, willful misfeasance, or reckless disregard of its duties hereunder. In no event shall the Custodian be liable to the Trust or any third party
      for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement.  The Custodian shall not be liable:  (i) for acting in accordance with any Certificate or Oral Instructions 
      actually received by Custodian and reasonably believed by Custodian to be given by an Authorized Person; (ii) for acting in accordance with such Instructions without reviewing the same; (iii) for conclusively presuming that all
      Instructions are given only by person(s) duly authorized; (iv) for conclusively presuming that all disbursements of cash directed by the Trust, whether by a Certificate, an Oral Instruction, or an Instruction, are in accordance with the
      applicable provisions of this Agreement; (v) for holding property in any particular country, including, but not limited to, Losses resulting from nationalization, expropriation or other governmental actions; regulation of the banking or
      securities industry; exchange or currency controls or restrictions, devaluations or fluctuations; availability of cash market conditions which prevent the transfer of property or affect the value of property; (vi) for any Losses due to forces
      beyond the control of Custodian, including without limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, or interruptions, loss or malfunctions of utilities,
      communications or computer (software and hardware) services; (vii) for any Losses arising from the applicability of any law or regulation now or hereafter in effect, or from the occurrence of any event, including, without limitation, implementation
      or adoption of any rules or procedures which may affect, limit, prevent or impose costs or burdens on, the transferability, convertibility, or availability of any currency in any country, and in no event shall Custodian be obligated to substitute
      another currency for a currency whose transferability, convertibility or availability has been affected, limited, or prevented by such law, regulation or event, and to the extent that any such law, regulation or event imposes a cost or charge upon
      Custodian in relation to the transferability, convertibility, or availability of any currency, such cost or charge shall be for the account of the Trust, and Custodian may treat any account denominated in an affected currency as a group of separate
      accounts denominated in the relevant component currencies.

  (b) Custodian may enter into subcontracts, agreements and understandings with any Custodian 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 Custodian from its obligations hereunder, and Custodian shall be liable for the acts or omissions of any such Custodian Affiliate to the same extent as it is liable for such acts or omissions under this
      Agreement.

  
    8

    
      

  

  (c) The Trust, on its own behalf, agrees to indemnify Custodian and hold Custodian harmless from and against any and all Losses sustained or incurred by or asserted against Custodian by reason of or as a result of any action or inaction, or
      arising out of Custodian’s performance hereunder, including reasonable fees and expenses of counsel incurred by Custodian in a successful defense of claims by the Trust; provided however, that the Trust, on its own behalf, shall not indemnify
      Custodian for those Losses arising out of Custodian’s own negligence, bad faith, willful misfeasance, reckless disregard for its duties hereunder.  This indemnity shall be a continuing obligation of the Trust, its successors and assigns,
      notwithstanding the termination of this Agreement.

  2. Without limiting the generality of the foregoing, Custodian shall be under no obligation to inquire into, and shall not be liable for:

  (a) The legality of the sale or redemption of any Shares, or the propriety of the amount to be received or paid therefor;

  (b) The legality of the declaration or payment of any dividend or distribution by the Trust;

  (c) The legality of any borrowing by the Trust;

  (d) The sufficiency or value of any amounts of Cash held in any Special Account in connection with transactions by the Trust; whether any broker, dealer, futures commission merchant or clearing member makes payment to the Trust of any variation
      margin payment or similar payment which the Trust may be entitled to receive from such broker, dealer, futures commission merchant or clearing member, or whether any payment received by Custodian from any broker, dealer, futures commission merchant
      or clearing member is the amount the Trust is entitled to receive, or to notify the Trust of Custodian’s receipt or non-receipt of any such payment; or

  (e) Whether any transactions by the Trust, whether or not involving Custodian, are such transactions as may properly be engaged in by the Trust.

  3. Custodian may, with respect to questions of law specifically regarding an Account, obtain the advice of counsel and shall be fully protected with respect to anything done or omitted by it provided that Custodian acts in good faith without
      negligence or willful misfeasance in carrying out such advice.

  4. Custodian shall have no duty or responsibility to inquire into, make recommendations, supervise, or determine the suitability of any transactions affecting any Account.

  5. The Trust shall pay to Custodian the fees and charges in the agreed upon fee schedule (as such fee schedule may be amended by BNY Mellon and Trust from time to time) (the “fee schedule”).  The Trust shall reimburse Custodian for all costs
      associated with the transfer of records kept in connection with this Agreement upon termination of the Agreement.  The Trust shall also reimburse Custodian for out‐of‐pocket expenses which are a normal incident of the services provided hereunder.

  
    9

    
      

  

  6. Custodian has the right to debit any cash account for any amount payable by the Trust in connection with any and all obligations of the Trust to Custodian.  In addition to the rights of Custodian under applicable law and other agreements, at
      any time when the Trust shall not have honored any of its obligations to Custodian, Custodian shall have the right without prior notice to the Trust to retain or set-off, against such obligations of the Trust, any cash Custodian or a Custodian
      Affiliate may directly or indirectly hold for the account of the Trust, and any obligations (whether matured or unmatured) that Custodian or a Custodian Affiliate may have to the Trust.  Any such asset of, or obligation to, the Trust may be
      transferred to Custodian and any Custodian Affiliate in order to effect the above rights.

  7. The Trust agrees to forward to Custodian a Certificate or Instructions confirming Oral Instructions by the close of business of the same day that such Oral Instructions are given to Custodian.  The Trust agrees that the fact that such
      confirming Certificate or Instructions are not received or that a contrary Certificate or contrary Instructions are received by Custodian shall in no way affect the validity or enforceability of transactions authorized by such Oral Instructions and
      effected by Custodian.  If the Trust elects to transmit Instructions through an on-line communications system offered by Custodian, the Trust’s use thereof shall be subject to the Terms and Conditions attached as Appendix I hereto.  If Custodian
      receives Instructions which appear on their face to have been transmitted by an Authorized Person via (i) computer facsimile, email, the Internet or other insecure electronic method, or (ii) secure electronic transmission containing applicable
      authorization codes, passwords and/or authentication keys, the Trust understands and agrees that Custodian cannot determine the identity of the actual sender of such Instructions and that Custodian shall conclusively presume that such Written
      Instructions have been sent by an Authorized Person, and the Trust shall be responsible for ensuring that only Authorized Persons transmit such Instructions to Custodian.  If the Trust elects (with Custodian’s prior consent) to transmit Instructions
      through an on-line communications service owned or operated by a third party, the Trust agrees that Custodian shall not be responsible or liable for the reliability or availability of any such service.

  8. The books and records pertaining to the Trust which are in possession of Custodian shall be the property of the Trust.  Such books and records shall be prepared and maintained as described in the Investment Company Act of 1940, as amended, and
      the rules thereunder, as if the Trust was subject to such rules. The Trust, or its authorized representatives, shall have access to such books and records during Custodian’s normal business hours.  Upon the reasonable request of the Trust, copies of
      any such books and records shall be provided by Custodian to the Trust or its authorized representative.  Upon the reasonable request of the Trust, Custodian shall provide in hard copy or on computer disc any records included in any such delivery
      which are maintained by Custodian on a computer disc, or are similarly maintained.

  9. It is understood that Custodian is authorized to supply any information regarding the Accounts which is required by any law, regulation or rule now or hereafter in effect.  The Custodian shall provide the Trust with such reports on its own
      system of internal accounting control as the Trust may reasonably request from time to time.

  
    10

    
      

  

  10. Custodian shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement, and no covenant or obligation shall be implied against Custodian in connection with this
      Agreement, except as set forth in this Agreement.

  11. (a) Throughout the term of this Agreement, the Trust (i) shall maintain, and comply with, an Economic Sanctions Compliance Program
      which includes measures to accomplish effective and timely scanning of all relevant data with respect to its clients and with respect to incoming or outgoing assets or transactions; (ii) shall ensure that neither the Trust nor any of its affiliates,
      directors, officers, employees or clients (to the extent such clients are covered by this Agreement) is an individual or entity that is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions, or (B) located,
      organized or resident in a country or territory that is, or whose government is, the target of Sanctions; and (iii) shall not, directly or indirectly, use the Accounts in any manner that would result in a violation of Sanctions.

  (b) The Trust will promptly provide to the Custodian such information as the Custodian reasonably requests in connection with the matters referenced in this Article VII, Section 11, including information regarding the Accounts, the assets held or
      to be held in the Accounts, the source thereof, and the identity of any individual or entity having or claiming an interest therein.  The Custodian may decline to act or provide services in respect of any Account, and take such other actions as it,
      in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Article VII, Section 11.   If the Custodian declines to act or provide services as provided in the preceding sentence, except as otherwise
      prohibited by applicable law or official request, the Custodian will inform the Trust as soon as reasonably practicable.

  ARTICLE VIII

    TERMINATION

  1. The term of this Agreement shall be one year commencing upon the date hereof and shall automatically renew for additional one-year terms unless either party provides written notice of termination at least ninety (90) days prior to the end of
      any one year term or, unless earlier terminated as provided in Section 3 of this Article VIII.  In the event such notice is given by the Trust, it shall be accompanied by a copy of a resolution of board of the Trust, certified by the Secretary or any
      assistant Secretary, electing to terminate this Agreement and designating a successor custodian or custodians, each of which shall be a bank or trust company having not less than $2,000,000 aggregate capital, surplus and undivided profits.  In the
      event such notice is given by Custodian, the Trust shall, on or before the termination date, deliver to Custodian a copy of a resolution of the board of the Trust, certified by the Secretary or any assistant Secretary, designating a successor
      custodian or custodians.  In the absence of such designation by the Trust, Custodian may designate a successor custodian which shall be a bank or trust company having not less than $2,000,000 aggregate capital, surplus and undivided profits.  Upon
      the date set forth in such notice this Agreement shall terminate, and Custodian shall upon receipt of a notice of acceptance by the successor custodian on that date deliver directly to the successor custodian all Cash then owned by the Trust and held
      by it as Custodian, after deducting all fees, expenses and other amounts for the payment or reimbursement of which it shall then be entitled.

  
    11

    
      

  

  2. If a successor custodian is not designated by the Trust or Custodian in accordance with the preceding Section, the Trust shall upon the date specified in the notice of termination of this Agreement and upon the delivery by Custodian of all
      Cash then owned by the Trust be deemed to be its own custodian and Custodian shall thereby be relieved of all duties and responsibilities pursuant to this Agreement.

  3. Notwithstanding Section 1 of this Article VIII, 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 breaches any material provision
      of this Agreement, 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 90 days of receipt of such notice; (ii) 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; (iii) a party commences as debtor any case or proceeding seeking 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; (iv) a party makes a general assignment for the benefit of creditors; or (v) 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 3 of this Article
      VIII 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.

  ARTICLE IX

    MISCELLANEOUS

  1. The Trust agrees to furnish to Custodian a new Certificate of Authorized Persons in the event of any change in the then present Authorized Persons.  Until such new Certificate is received, Custodian shall be fully protected in acting upon
      Certificates or Oral Instructions of such present Authorized Persons.

  2. Any notice or other instrument in writing, authorized or required by this Agreement to be given to Custodian, shall be sufficiently given if addressed to Custodian and received by it at its offices at 240 Greenwich Street, New York, New York
      10286, or at such other place as Custodian may from time to time designate in writing.

  3. Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Trust shall be sufficiently given if addressed to the Trust and received by it at its offices at Royal Bank Plaza, South Tower, 200 Bay
      Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1, or at such other place as the Trust may from time to time designate in writing.

  
    12

    
      

  

  4. Each and every right granted to either party hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time.  No failure on the
      part of either party to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by either party of any right preclude any other or future exercise thereof or the exercise of any other
      right.

  5. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any exclusive jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected
      thereby.  This Agreement and the fee schedule may not be amended or modified in any manner except by a written agreement executed by both parties, except that any amendment to the Schedule I hereto need be signed only by the Trust and any amendment
      to Appendix I hereto need be signed only by Custodian.  This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either
      party without the written consent of the other. Notwithstanding anything herein to the contrary, in the event the Custodian becomes subject to a proceeding under a U.S. special resolution regime, the transfer of this Agreement (and any interest and
      obligation in or under, and any property securing, this Agreement) from the Custodian will be effective to the same extent as the transfer would be effective under the U.S. special resolution regime if this Agreement (and any interest and obligation
      in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States; and, in the event the Custodian or any affiliate becomes subject to a proceeding under a U.S. special resolution
      regime, default rights with respect to this Agreement that may be exercised against the Custodian are permitted to be exercised to no greater extent than the default rights could be exercised under the U.S. special resolution regime if this Agreement
      were governed by the laws of the United States or a state of the United States.

  6. 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 Custodian hereby consent to the 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 Custodian each hereby irrevocably waives any and all rights to trial by jury in any legal
      proceeding arising out of or relating to this Agreement.

  7. The Trust hereby acknowledges that Custodian is subject to federal laws, including the Customer Identification Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which Custodian must obtain,
      verify and record information that allows Custodian to identify the Trust.  Accordingly, prior to opening an Account hereunder Custodian will ask the Trust to provide certain information including, but not limited to, the Trust’s name, physical
      address, tax identification number and other information that will help Custodian to identify and verify the Trust’s identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying
      information.  The Trust agrees that Custodian cannot open an Account hereunder unless and until Custodian verifies the Trust’s identity in accordance with its CIP.

  
    13

    
      

  

  8. 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 Custodian 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 with respect to such information and (ii) Custodian 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.

  9. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

  

  

  
    14

    
      

  

  IN WITNESS WHEREOF, the Trust and Custodian have caused this Agreement to be executed by their respective officers,
    thereunto duly authorized, as of the latest date set forth below.

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

        
	 	 
	 	 
	 	
          By:

        	
          /s/ John Ciampaglia

        
	 	
          Name:

        	
          John Ciampaglia

        
	 	
          Title:

        	
          Chief Executive Officer

        
	 	
          Date:

        	
          May 11, 2021

        
	 	 
	 	 
	 	
          THE BANK OF NEW YORK MELLON

        
	 	 
	 	 
	 	
          By:

        	/s/ Jeffrey B. McCarthy
	 	
          Name:

        	Jeffrey B. McCarthy
	 	
          Title:

        	Managing Director, Global Segment

          Head-Exchange Traded Funds
	 	
          Date:

        	6/25/2021

        
	 	 	 

  

  

  

  

  
    15

    
      

  

  SCHEDULE I

    CERTIFICATE OF AUTHORIZED PERSONS

  (The Trust - Oral and Written Instructions)

  The undersigned hereby certifies that he/she is the duly elected and acting Chief Executive Officer of Sprott ESG Gold ETF (the “Trust”), and further certifies
    that the following officers or employees of the Trust have been duly authorized in conformity with the Trust’s Declaration of Trust and By Laws to deliver Certificates and Oral Instructions to The Bank of New York Mellon (“Custodian”) pursuant to the
    Custody Agreement between the Trust and Custodian dated May 11, 2021 and that the signatures appearing opposite their names are true and correct:

  
    	
            John Ciampaglia

          	 	
            Chief Executive Officer

          	 	
            /s/ John Ciampaglia

          
	
            Name

          	 	
            Title

          	 	
            Signature

          
	 	 	 	 	 
	
            Varinder Bhathal

          	 	
            Chief Financial Officer

          	 	
            /s/ Varinder Bhathal

          
	
            Name

          	 	
            Title

          	 	
            Signature

          
	 	 	 	 	 
	
            Lara Misner

          	 	
            Chief Compliance Officer

          	 	
            /s/ Lara Misner

          
	
            Name

          	 	
            Title

          	 	
            Signature

          
	 	 	 	 	 
	
            Arthur Einav

          	 	
            General Counsel

          	 	
            /s/ Arthur Einav

          
	
            Name

          	 	
            Title

          	 	
            Signature

          

  

   

  

  

  This certificate supersedes any certificate of Authorized Persons you may currently have on file.

  	
          [seal]

        	
          By:

        	
          /s/ John Ciampaglia

        
	 	
          Name:

        	
          John Ciampaglia

        
	 	
          Title:

        	
          Chief Executive Officer

        
	 	
          Date:

        	
          May 11, 2021

        
	 	 	 

  

  

  

  

  
    
      

  

  APPENDIX I

  ELECTRONIC SERVICES TERMS AND CONDITIONS

  

  

  

  

  These Electronic Access Terms and Conditions (the “Terms and Conditions”) set forth the terms and conditions under which The Bank of New York Mellon Corporation and/or its
    subsidiaries or joint ventures (collectively, “BNY Mellon”) will provide the entities and its (their) affiliates listed on Schedule A (“You” and “Your”) with access to and use of BNY Mellon’s electronic information delivery site known as “BNY Mellon Connect” and/or other BNY Mellon-designated access portals (“Electronic
        Access”).  Access to and use of Electronic Access by You is contingent upon and is in consideration for Your compliance with the terms and conditions set forth below.  Electronic Access includes access to BNY Mellon web sites accessible
    via BNY Mellon Connect and/or other BNY Mellon-designated access portals (“Sites”), pursuant to which You are able to access products and services provided by BNY Mellon as well as data regarding Your
    accounts.  You may amend Schedule A by delivering a revised version to BNY Mellon.

  

  

  Any particular product or service accessed by You through Electronic Access may be subject to a separate written agreement between You and BNY Mellon with respect to such products and services (each a “Services Agreement”).  In addition, terms and conditions and restrictions with respect to any particular product or service accessed through Electronic Access (such as privacy and internet security matters),
    together with any disclaimers related to the specific products or services, may be set forth on the Sites (hereinafter referred to as “Terms of Use”) and are applicable to such products and services.  You agree
    to the Terms and Conditions.  By any of Your Users accessing the Sites, and the products and services available through Electronic Access, You agree to any Terms of Use and acknowledge and accept any disclaimers and disclosures included on the Sites
    and the restrictions concerning the use of proprietary data provided by Information Providers (as defined below) that are posted on the Data Terms Web Site (as defined below).  For the avoidance of doubt, the execution of these Terms and Conditions
    will not alter or amend or otherwise affect any Services Agreement whether such Services Agreement is executed prior to or after the execution of these Terms and Conditions.

  

  

  	1.	
          Access Administration:

        

  	

        	a.	
          To facilitate access to Electronic Access, You will furnish BNY Mellon with a written list of the names, and the extent of authority or level of access, of persons You are authorizing to access the Sites, products and services and to use the
            Electronic Access (“Authorized Users”) on a read-only basis.  In addition, You may also designate Authorized Users who will have authority to enter transactions and provide instructions to BNY
            Mellon that cause a change in or have an impact on assets held by BNY Mellon for Your accounts (“Authorized Transactional Users”).  Where appropriate, Authorized Users and Authorized Transactional
            Users are collectively referred to herein as “Users.”  If You wish to allow any third party (such as an investment manager, consultant or third party service provider) or any employee of a third
            party to have access to Your account information through Electronic Access and be included as a “User” under these Terms and Conditions, You may designate a third party or employee of a third party as an Authorized User or Authorized
            Transactional User under these Terms and Conditions and any such third party or employee of a third party so designated by You (and, if a third party is so designated, any employee of such third party designated by such third party) will be
            included within the definition of Authorized User, Authorized Transactional User, and User as appropriate.

        

  	

        	b.	
          Upon BNY Mellon’s approval of Users (which approval will not be unreasonably withheld), BNY Mellon will send You a user-id, temporary password and, where applicable, a security identification device for each User.  You will be responsible
            for providing to Users the user-ids, temporary passwords and, where applicable, secure identification devices.  You will ensure that any User receiving a secure identification device returns such device immediately following the termination of
            the User’s authorization to access the products and services for which the secure identification device was provided to such User.  You are solely responsible for Users’ access to Electronic Access, and You and Users are solely responsible for
            the confidentiality of the user-ids and passwords and secure identification devices that are provided to them and will remain responsible for each secure identification device until it is returned to BNY Mellon.  You, on behalf of You and Your
            affiliates, acknowledge and agree that, BNY Mellon will have no duty or obligation to verify or confirm the actual identity of the person who accessed Electronic Access using a validly issued user-id and password (and, where applicable,
            security identification device) or that the person who accessed Electronic Access using such validly issued user-id and password (and, where applicable, security identification device) is, in fact, a User (whether an Authorized User or an
            Authorized Transactional User).

        

  x

  
    
      

  

  c. You shall not, and shall not permit any User or third party to, breach or attempt to
    breach any security measures used in connection with Electronic Access or Proprietary Software.  Any attempt to circumvent or penetrate any application, network or other security measures used by BNY Mellon or its suppliers in connection with
    Electronic Access is strictly prohibited.

  	

        	d.	
          You are also solely responsible for ensuring that all Users comply with these Terms and Conditions and any Terms of Use included on the Sites, the Service Agreement for each product or services accessed through the Sites and their associated
            services and all applicable terms and conditions, restrictions on the use of such products and services and data obtained through the use of Electronic Access.  BNY Mellon reserves the right to prohibit access or revoke the access of any User
            to Electronic Access whom BNY Mellon determines has violated or breached these terms and conditions or any Terms of Use on a Site accessed by the User, including the Data Terms Web Site (as defined below), or whose conduct BNY Mellon reasonably
            determines may constitute a criminal offense, violate any applicable local, state, national, or international law or constitute a security risk for BNY Mellon, a BNY Mellon’s third party supplier (“BNY
                Mellon’s Supplier”),  BNY Mellon’s clients or any Users of Electronic Access.  BNY Mellon may also terminate access to all Users following termination of all Services Agreements between You and BNY Mellon.

        

  

  

  	2.	
          Proprietary Software:  Depending upon the products and services You elect to access through Electronic Access, You may be provided software owned by BNY Mellon or licensed to BNY Mellon by a BNY
            Mellon Supplier (“Proprietary Software”).  You are granted a limited, non-exclusive, non-transferable license to install the Proprietary Software on Your authorized computer system (including
            mobile devices registered with BNY Mellon) and to use the Proprietary Software solely for Your own internal purposes in connection with Electronic Access and solely for the purposes for which it is provided to You.  You and Your Users may make
            copies of the Proprietary Software for backup purposes only, provided all copyright and other proprietary information included in the original copy of the Proprietary Software are reproduced in or on such backup copies.  You shall not reverse
            engineer, disassemble, decompile or attempt to determine the source code for, any Proprietary Software.  Any attempt to circumvent or penetrate security of Electronic Access is strictly prohibited.

        

  

  

  	3.	
          Use of Data:

        

  	

        	a.	
          Electronic Access may include information and data that is proprietary to the providers of such information or data (“Information Providers”) or may be used to access Sites that include such
            information or data from Information Providers.  This information and data may be subject to restrictions and requirements which are imposed on BNY Mellon by the Information Providers and which are posted on
            http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf or any successor web site of which You are provided notice from time to time (the “Data Terms Web Site”).  You will be solely
            responsible for ensuring that Users comply with the restrictions and requirements concerning the use of proprietary data that are posted on the Data Terms Web Site.

        

  	

        	b.	
          You consent to BNY Mellon, its affiliates and BNY Mellon’s Suppliers disclosing to each other and using data received from You and Users and, where applicable, Your third parties in connection with these Terms and Conditions (including,
            without limitation, client data and personal data of Users) (1) to the extent necessary for the provision of Electronic Access; (2) in order for BNY Mellon and its affiliates to meet any of their obligations under these Terms and Conditions to
            provide Electronic Access; or (3) to the extent necessary for Users to access Electronic Access.

        

  	

        	c.	
          In addition, You permit BNY Mellon to aggregate data concerning Your accounts with other data collected and/or calculated by BNY Mellon.  BNY Mellon will own such aggregated data, but will not distribute the aggregated data in a format that
            identifies You or Your data.

        

  

  

  	4.	
          Ownership and Rights:

        

  	

        	a.	
          Electronic Access, including any database, any software (including for the avoidance of doubt, Proprietary Software) and any proprietary data, processes, scripts, information, training materials, manuals or documentation made available as
            part of the Electronic Access (collectively, the "Information"), are the exclusive and confidential property of BNY Mellon and/or BNY Mellon’s suppliers. You may not use or disclose the Information
            except as expressly authorized by these Terms and Conditions.  You will, and will cause Users and Your third parties and their users, to keep the Information confidential by using the same care and discretion that You use with respect to Your
            own confidential information, but in no event less than reasonable care.

        

  

  

  
    
      

  

  	

        	b.	
          The provisions of this paragraph will not affect the copyright status of any of the Information which may be copyrighted and will apply to all Information whether or not copyrighted.

        

  	

        	c.	
          Nothing in these Terms and Conditions will be construed as giving You or Users any license or right to use the trade marks, logos and/or service marks of BNY Mellon, its affiliates, its Information Providers or BNY Mellon’s Suppliers.

        

  	

        	d.	
          Any Intellectual Property Rights and any other rights or title not expressly granted to You or Users under these Terms and Conditions are reserved to BNY Mellon, its Information Providers and BNY Mellon’s Suppliers.  "Intellectual Property
            Rights" includes all copyright, patents, trademarks and service marks, rights in designs, moral rights, rights in computer software, rights in databases and other protectable lists of information, rights in confidential information, trade
            secrets, inventions and know-how, trade and business names, domain names (including all extensions, revivals and renewals, where relevant) in each case whether registered or unregistered and applications for any of them and the goodwill
            attaching to any of them and any rights or forms of protection of a similar nature and having equivalent or similar effect to any of them which may subsist anywhere in the world.

        

  

  

  	5.	
          Reliance:

        

  	

        	a.	
          BNY Mellon will be entitled to rely on, and will be fully protected in acting upon, any actions or instructions associated with a user-id or a secure identification device issued to a User until such time BNY Mellon receives actual notice in
            writing from You of the change in status of the User and receipt of the secure identification device issued to such User. You acknowledge that all commands, directions and instructions, including commands, directions and instructions for
            transactions issued by a User are issued at Your sole risk.  You agree to accept full and sole responsibility for all such commands, directions and instructions and that BNY Mellon, will have no liability for, and you hereby release BNY Mellon
            from, any losses, liabilities, damages, costs, expenses, claims, causes of action or judgments (including attorneys fees and expenses) (collectively “Losses”) incurred or sustained by you or any
            other party in connection with or as a result of BNY Mellon’s reliance upon or compliance with such commands, directions and instructions.

        

  	

        	b.	
          All commands, directions and instructions involving a transaction entered by Authorized Transactional User will be treated as an authorized instruction under the applicable Services Agreement(s) between You and BNY Mellon covering accounts,
            products and services and products provided by BNY Mellon with respect to which Electronic Access is being used whether such Services Agreement is executed prior to or after the execution of these Terms and Conditions.

        

  

  

  	6.	
          Disclaimers:

        

  	

        	a.	
          Although BNY Mellon uses reasonable efforts to provide accurate and up-to-date information through Electronic Access, BNY Mellon, its Content Providers and Information Providers make no warranties or representations under these Terms and
            Conditions as to accuracy, reliability or comprehensiveness of the content, information or data accessed through Electronic Access.  Without limiting the foregoing, some of the content on Electronic Access may be provided by sources
            unaffiliated with BNY Mellon (“Content Providers”) and by Information Providers. For that content BNY Mellon is a distributor and not a publisher of such content and has no control over it. 
            Information provided by Information Providers has not been independently verified by BNY Mellon and BNY Mellon makes no representation as to the accuracy or completeness of the content or information provided.  Any opinions, advice, statements,
            services, offers or other information given or provided by Content Providers and Information Providers (including merchants and licensors) are those of the respective authors of such content and not that of BNY Mellon.  BNY Mellon will not be
            liable to You or Users for such content or information in any way nor for any action taken in reliance on such information nor for direct or indirect damages resulting from the use of such information. For purposes of these Terms and
            Conditions, all information and data, including all proprietary information and materials and all client data, provided to You through Electronic Access are provided on an “AS-IS”, “AS AVAILABLE” basis.

        

  	

        	b.	
          BNY Mellon makes no guarantee and does not warrant that Electronic Access or the information and data provided through the Electronic Access are or will be virus-free or will be free of viruses, worms, Trojan horses or other code with
            contaminating or destructive properties.  BNY Mellon will employ commercially reasonable anti-virus software to its systems to protect its systems against viruses.

        

  	

        	c.	
          Some Sites accessed through the use of Electronic Access may include links to websites provided by parties that are not affiliated with BNY Mellon (“Third Party Websites”).  BNY Mellon will not
            be liable to any person for the content found on such Third Party Websites.  BNY Mellon will not be responsible for Third Party Websites that collect information from parties who visit their web sites through links on the Sites.  BNY Mellon
            will not be liable or responsible for any loss suffered by any person as a result of their use of any Third Party Websites that are linked to the BNY Mellon Sites.

        

  
    
      

  

  	

        	d.	
          BNY Mellon retains complete discretion and authority to add, delete or revise in whole or in part Electronic Access, including its Sites, and to modify from time to time any Proprietary Software provided in conjunction with the use of
            Electronic Access and/or any of the Sites.  To the extent reasonably possible, BNY Mellon will provide notice of such modifications.  BNY Mellon may terminate, immediately and without advance notice, and without right of cure, any portion or
            component of Electronic Access or the Sites.

        

  	

        	e.	
          TO THE FULLEST EXTENT PERMITTED BY LAW, THERE IS NO WARRANTY OF MERCHANTABILITY, NO WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, NO WARRANTY OF QUALITY AND NO WARRANTY OF TITLE OR NONINFRINGEMENT.  THERE IS NO OTHER WARRANTY OF ANY KIND,
            EXPRESS OR IMPLIED, REGARDING ELECTRONIC ACCESS, THE SITES, ANY PROPRIETARY SOFTWARE, INFORMATION, MATERIALS OR CLIENT DATA.

        

  	

        	f.	
          Notwithstanding the prior paragraph, The Bank of New York Mellon or an Affiliate designated by it will defend You and pay any amounts agreed to by BNY Mellon in a settlement and damages finally awarded by a court of competent jurisdiction,
            in an  action or proceeding commenced  against You based on a claim that Electronic Access or the Proprietary Software infringe plaintiff(s)’s patent, copyright, or trade secret, provided that You (i) notify BNY Mellon promptly of any such
            action or claim (except that the failure to so notify BNY Mellon will not limit BNY Mellon’s obligations hereunder except to the extent that such failure prejudices BNY Mellon); (ii) grant BNY Mellon or its designated Affiliate full and
            exclusive authority to defend, compromise or settle such claim or action; and (iii) provide BNY Mellon or its designated Affiliate all assistance reasonably necessary to so defend, compromise or settle.  The foregoing obligations will not
            apply, however, to any claim or action arising from (i) use of the Proprietary Software Information or Electronic Access in a manner not authorized under these Terms and Conditions, the Terms of Use, or the Data Terms Web Site; or (ii) use of
            the Proprietary Software or Electronic Access in combination with other software or services not supplied by BNY Mellon.

        

  

  

  	7.	
          Limitation of Liability:

        

  	

        	a.	
          IN NO EVENT WILL BNY MELLON, BNY MELLON’S SUPPLIERS OR ITS  CONTENT PROVIDERS OR INFORMATION PROVIDERS BE LIABLE TO YOU OR ANYONE ELSE UNDER THESE TERMS AND CONDITIONS FOR ANY LOSSES, LIABILITIES, DAMAGES, COSTS OR EXPENSES INCLUDING BUT NOT
            LIMITED TO, ANY DIRECT DAMAGES, CONSEQUENTIAL DAMAGES, RELIANCE DAMAGES, EXEMPLARY DAMAGES, INCIDENTAL DAMAGES, SPECIAL DAMAGES, PUNITIVE DAMAGES, INDIRECT DAMAGES OR DAMAGES FOR LOSS OF PROFITS, GOOD WILL, BUSINESS INTERRUPTION, USE, DATA,
            EQUIPMENT OR OTHER INTANGIBLE LOSSES (EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) THAT RESULT FROM (1) THE USE OF OR INABILITY TO USE ELECTRONIC ACCESS (2) THE CONSEQUENCES OF ANY DECISION MADE OR ACTION OR NON-ACTION TAKEN
            BY YOU OR ANY OTHER PERSON, OR FOR ANY ERRORS BY YOU IN COMMUNICATING SUCH INFORMATION; (3) THE COST OF SUBSTITUTE ACCESS SERVICES; OR (4) ANY OTHER MATTER RELATING TO THE CONTENT OR ACCESS THROUGH ELECTRONIC ACCESS.  BNY MELLON WILL NOT BE
            LIABLE FOR LOSS, DAMAGE OR INJURY TO PERSONS OR PROPERTY ARISING FROM ANY USE OF ANY PRODUCT, INFORMATION, PROCEDURE, OR SERVICE OBTAINED THROUGH ELECTRONIC ACCESS.  BNY MELLON WILL NOT BE LIABLE FOR ANY LOSS, DAMAGE OR INJURY RESULTING FROM
            VOLUNTARY SHUTDOWN OF THE SERVER, ELECTRONIC ACCESS OR ANY OF THE SITES TO ADDRESS TECHNICAL PROBLEMS, COMPUTER VIRUSES, DENIAL-OF-SERVICE MESSAGES OR OTHER SIMILAR PROBLEMS.

        

  	

        	b.	
          BNY MELLON’S ENTIRE LIABILITY AND YOUR EXCLUSIVE REMEDY UNDER THESE TERMS AND CONDITIONS FOR ANY DISPUTE OR CLAIM RELATED TO THESE TERMS OF USE, ELECTRONIC ACCESS OR SITES, IS AS FOLLOWS:  IF YOU REPORT A MATERIAL MALFUNCTION IN ELECTRONIC
            ACCESS THAT BNY MELLON IS ABLE TO REPRODUCE, BNY MELLON WILL USE REASONABLE EFFORTS TO CORRECT THE MALFUNCTION. IF BNY MELLON IS UNABLE TO CORRECT THE MALFUNCTION, YOU MAY CEASE ALL USE OF ELECTRONIC ACCESS AND RECEIVE A REFUND OF ANY FEES PAID
            IN ADVANCE, SPECIFICALLY FOR ELECTRONIC ACCESS, APPLICABLE TO PERIODS AFTER CESSATION OF SUCH USE.   BECAUSE SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR DAMAGES, IN SUCH JURISDICTIONS LIABILITY IS LIMITED TO THE
            FULLEST EXTENT PERMITTED BY LAW.

        

  
    
      

  

  	

        	c.	
          The limitation of liability set forth in this Limitation of Liability section and in other provisions in these Terms and Conditions is in addition to any limitation of liability provisions contained in any Services Agreements and will not
            supersede or be superseded by limitation of liability provisions contained in such Services Agreements, whether executed prior to or after the execution of these Terms and Conditions, except to the extent specifically set forth in such other
            Services Agreements containing a reference to these Terms and Conditions.

        

  

  

  	8.	
          Indemnification:

        

  	

        	a.	
          You agree to indemnify, protect and hold BNY Mellon, BNY Mellon’s Suppliers, Content Providers and Information Providers harmless from and against all liability, claims damages, costs and expenses, including reasonable and documented
            attorneys’ fees and expenses, resulting from a claim that arises out of (i) any breach by You or Users of these Terms and Conditions, the Terms of Use or the Data Terms Web Site and (ii) any person obtaining access to Electronic Access through
            You or Users or through use of any password, user-id or secure identification device issued to a User, whether or not You or a User authorized such access.  For the avoidance of doubt, and by way of illustration and not by way of limitation,
            the forgoing indemnity is applicable to disputes between the parties, including the enforcement of these Terms and Conditions.  The rights and remedies conferred hereunder will be cumulative and the exercise or waiver of any such right or
            remedy will not preclude or inhibit the exercise of additional rights or remedies or the subsequent exercise of such right or remedy.

        

  	

        	b.	
          The indemnity provided in herein is in addition to any indemnity and other remedies contained in any Services Agreements and will not supersede or be superseded by such Services Agreements, whether executed prior to or after the execution of
            these Terms and Conditions, except to the extent specifically set forth in such other Services Agreements and expressly stating an intent to modify this Terms and Conditions.  Nothing contained herein will, or be deemed to, alter or modify the
            rights and remedies of BNY Mellon as set forth in the Services Agreements.

        

  

  

  	9.	
          Choice of Law and Forum:  Unless otherwise agreed and specified herein, these Terms and Conditions are governed by and construed in accordance with the laws of the State of New York, without
            giving effect to any principles of conflicts of law; You expressly and irrevocably agree to the exclusive jurisdiction and venue of the state or federal courts situated in New York City, New York, for any claim or dispute with BNY Mellon, its
            employees, contractors, officers or directors or relating in any way to Your use of Electronic Access; and You further irrevocably agree and expressly and irrevocably consent to the exercise of personal jurisdiction in those courts over any
            action brought with respect to these Terms and Conditions.  BNY Mellon and You hereby waive the right of trial by jury in any action arising out of or related to the BNY Mellon or these Terms and Conditions.

        

  

  

  	10.	
          Term and Termination:

        

  	

        	a.	
          Either BNY Mellon or You may terminate these Terms and Conditions and the Electronic Access upon thirty (30) days’ written notice to the other party.

        

  	

        	b.	
          In the event of any breach of the provisions of these Terms and Conditions or a breach by any Authorized User of the Terms of Use or the restrictions and requirements concerning the use of Information Providers’ proprietary data that are
            posted on the Data Terms Web Site, the non-breaching party may terminate these Terms and Conditions and the Electronic Access immediately upon written notice to the breaching party if any breach remains uncured after ten (10) days’ written
            notice of the breach is sent to the breaching party.

        

  	

        	c.	
          BNY Mellon may immediately terminate access through an Authorized User’s user-id and password and may, at its discretion, also terminate access by an Authorized User, without right of cure, in the event of an unauthorized use of an
            Authorized User’s user-id or password, or where BNY Mellon believes there is a security risk created by such access.

        

  	

        	d.	
          BNY Mellon may terminate, without advance notice, Your access or the access of Users to any portion or component of Electronic Access or the Sites in the event a BNY Mellon Supplier, Content Provider or Information Provider prohibits BNY
            Mellon from permitting You or Users to have access to their information or services.

        

  	

        	e.	
          Promptly upon receiving or giving notice of termination, You will notify all Users of the effective date of the termination.

        

  	

        	f.	
          Upon termination of Your access to Electronic Access, You shall return of manuals, documentation, workflow descriptions and the like that are in Your possession or under Your control and all security identification devices.

        

  	

        	g.	
          The Reliance, Disclaimers, Limitation of Liability Indemnification and confidentiality provisions of the Terms and Conditions (and other provision of these Terms and Conditions containing disclaimers, limitation of liability and
            indemnification) shall survive the termination of these Terms and Conditions.

        

  

  

  You represent and warrant to BNY Mellon that these Terms and Conditions and the indemnity contained herein have been duly authorized and accepted, that You have full authority to enter into these Terms and Conditions,
    both for the entities at Schedule A and for any affiliate with Electronic Access, and that these Terms and Conditions constitute a binding obligation enforceable in accordance with its terms.

  

  

  
    
      

  

  

  

  SCHEDULE A to APPENDIX I

  

  

  Affiliates of Client

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