# EDGAR Filing Document

**Accession Number:** 0001858660
**File Stem:** 0001104659-25-104890
**Filing Date:** 2025-10
**Character Count:** 146004
**Document Hash:** af54bfa920ce1f1bf6c859ee672484e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-104890.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001104659-25-104890

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USVC Venture Capital Access Fund
- **CENTRAL INDEX KEY:** 0001858660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255702
- **FILM NUMBER:** 251440246

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SAX CAPITAL LLC
- **STREET 2:** 1140 3RD STREET NE, 2ND FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20002
- **BUSINESS PHONE:** 833-729-0934

**MAIL ADDRESS:**
- **STREET 1:** C/O SAX CAPITAL LLC
- **STREET 2:** 1140 3RD STREET NE, 2ND FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SVX LLC
- **DATE OF NAME CHANGE:** 20220616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silicon Valley Access Fund LLC
- **DATE OF NAME CHANGE:** 20220209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AL Venture Fund LLC
- **DATE OF NAME CHANGE:** 20210422

?xml version='1.0' encoding='ASCII'? USVC Venture Capital Access Fund - 1858660 - 2025

**As filed with the U.S. Securities and Exchange Commission on October 31, 2025**

**Securities Act File No. 333-255702 Investment Company Act File No. 811-23660**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

(CHECK APPROPRIATE BOX OR BOXES)

☒ REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

☐ Pre-effective Amendment No.

☒ Post-effective Amendment No. 1

☒ REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

☒ Amendment No. 11

**USVC VENTURE CAPITAL ACCESS FUND**

**(Exact name of Registrant as specified in Charter)**

**140 Lakeside Avenue, Suite 100 Seattle, WA 98122 (Address of Principal Executive Offices) Registrant's Telephone Number, including Area Code: (833) 729-0934**

**Huoy-Ming Yeh Strawberry Tree Management Company LLC 140 Lakeside Avenue, Suite 100 Seattle, WA 98122 (Name and Address of Agent for Service)**

**Copies to: William J. Bielefeld, Esq. Alexander C. Karampatsos, Esq. Dechert LLP 1900 K Street, NW Washington, DC 20006-1110**

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

**If appropriate, check the following box:**

☐ The only securities being registered on the form are being offered pursuant to a dividend or interest reinvestment plan.

☒ Any securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ This form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ This form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ This form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

**It is proposed that this filing will become effective (check appropriate box):**

☐ when declared effective pursuant to section 8(c) of the Securities Act

**If appropriate, check the following box:**

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _______.

☐ This form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☒ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: <u>333-255702</u>.

**Check each box that appropriately characterizes the Registrant:**

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the "Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934).

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File Nos. 333-255702 and 811-23660) of USVC Venture Capital Access Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C**

**OTHER INFORMATION**

**Item 25. *Financial Statements and Exhibits***

25(1) Financial Statements:

The Financial Statements of the Registrant, dated as of July 31, 2025, are included in the SAI.

---

| | |
|:---|:---|
| 25(2) |  |
| (a)(1) | [Certificate of Formation. (1)](https://www.sec.gov/Archives/edgar/data/1858660/000110465921059303/tm2113167d2_ex99a1.htm) |
| (a)(2) | [Certificate of Amendment dated November 30, 2021 to the Certificate of Formation. (2)](https://www.sec.gov/Archives/edgar/data/1858660/000110465922071950/tm228990d5_ex99-a2.htm) |
| (a)(3) | [Certificate of Amendment dated June 16, 2022 to the Certificate of Formation. (2)](https://www.sec.gov/Archives/edgar/data/1858660/000110465922071950/tm228990d5_ex99-a3.htm) |
| (a)(4) | [Certificate of Conversion. (4)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax4.htm) |
| (a)(5) | [Certificate of Trust. (4)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax5.htm) |
| (a)(6) | [Initial Declaration of Trust. (4)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax6.htm) |
| (a)(7) | [Amended and Restated Declaration of Trust. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xax7.htm) |
| (b) | [By-Laws. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xb.htm) |
| (c) | Not Applicable. |
| (d) | Incorporated by reference to Exhibits (a)(7) and (b) above. |
| (f) | Not Applicable. |
| (g) | [Amended and Restated Investment Advisory Agreement between the Registrant and Strawberry Tree Management Company LLC. (8)](tm2529828d1_ex99-xg.htm) |
| (h)(1) | [Distribution Agreement between the Registrant and ALPS Distributors, Inc. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xhx1.htm) |
| (h)(2) | [Solicitation Agreement between the Registrant and North Capital Private Securities Corporation. (8)](tm2529828d1_ex99-xhx2.htm) |
| (i) | Not Applicable. |
| (j) | [Custody Agreement between the Registrant and U.S. Bank, N.A. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xj.htm) |
| (k)(1) | [Services Agreement between the Registrant and SS&C GIDS, Inc. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xkx1.htm) |
| (k)(2) | [Amended and Restated Expense Limitation Agreement between the Registrant and Strawberry Tree Management Company LLC. (8)](tm2529828d1_ex99-xkx2.htm) |
| (k)(3) | [Shareholder Services Plan. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xkx3.htm) |
| (k)(4) | [Indemnification Agreement between the Registrant and each Trustee. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xkx4.htm) |
| (k)(5) | [Amended and Restated Expense Reimbursement Agreement between the Registrant and Strawberry Tree Management Company LLC. (8)](tm2529828d1_ex99-xkx5.htm) |
| (l) | [Opinion and Consent of Dechert LLP. (7)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925098013/tm2519868d10_ex99-xl.htm) |
| (m) | Not Applicable. |
| (n) | [Consent of RSM US LLP, independent registered public accounting firm for the Registrant. (7)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925098013/tm2519868d10_ex99-xn.htm) |
| (o) | Not Applicable. |
| (p) | [Subscription Agreement between the Registrant and Strawberry Tree Management Company LLC. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xp.htm) |
| (q) | Not applicable. |
| (r)(1) | [Code of Ethics of the Fund. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xrx1.htm) |
| (r)(2) | [Code of Ethics of the Investment Adviser. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xrx2.htm) |
| (r)(3) | [Code of Ethics of the Distributor. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xrx3.htm) |
| (s)(1) | [Powers of Attorney. (6)](https://www.sec.gov/Archives/edgar/data/0001858660/000110465925094589/tm2519868d7_ex99-xsx1.htm) |
| (s)(2) | [Filing Fee Exhibit. (6)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1858660/000110465925094589/tm2519868d7_exfilingfees.htm) |

---

(1) Incorporated herein by reference to the corresponding exhibit of the Registrant's initial Registration Statement on Form N-2 (File Nos. 333-255702; 811-23660), filed on April 30, 2021.

(2) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-255702; 811-23660), filed on June 16, 2022.

(3) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 5 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-255702; 811-23660), filed on May 30, 2025.

(4) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 7 to the Registrant's Registration Statement of Form N-2 (File No. 333-255702; 811-23660), filed on August 11, 2025.

(5) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 8 to the Registrant's Registration Statement of Form N-2 (File No. 333-255702; 811-23660), filed on September 11, 2025.

(6) Previously filed.

(7) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 10 to the Registrant's Registration Statement of Form N-2 (File No. 333-255702; 811-23660), filed on October 9, 2025.

(8) Filed herewith.

**Item 26. *Marketing Arrangements***

Not applicable.

**Item 27. *Other Expenses of Issuance and Distribution***

*All figures are estimates*

---

| | |
|:---|:---|
| Registration Fees | $76550 |
| Audit Fees | 60000 |
| Legal Fees and Expenses | 601275 |
| Blue Sky Fees | 40000 |
| Printing Fees | 25000 |
| Miscellaneous Fees | 0 |
| **Total** | **802825** |

---

**Item 28. *Persons Controlled By or Under Common Control***

Not Applicable.

**Item 29. *Number of Holders of Securities***

The following table sets forth the approximate number of record holders of the Registrant's securities as of September 1, 2025.

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record<br> Holders** |
| Common Shares of Beneficial Interest | 1 |

---

**Item 30. *Indemnification***

Reference is made to Section 5.2 of the Registrant's Declaration of Trust filed as Exhibit (2)(a)(6) to this Registration Statement.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 Act (the "1933 Act") may be permitted to the managers, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by the manager, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by the manager, officer or controlling person, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 31. *Business and Other Connections of Investment Adviser***

Information as to the directors and officers of the Registrant's investment adviser, Strawberry Tree Management Company LLC (the "Investment Adviser"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Adviser, and each director, executive officer, managing member or partner of the Investment Adviser, is or has been, at any time during the past two fiscal years, engaged in for their own account or in the capacity of director, officer, employee, managing member, partner or trustee, is set forth in the Registrant's Prospectus and Statement of Additional Information in the sections entitled "Management of the Fund", and is included in the Investment Adviser's Form ADV as filed with the Securities and Exchange Commission (File No. 801-129822).

**Item 32. *Location of Accounts and Records***

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder are maintained at the offices of:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Registrant, Strawberry Tree Management Company LLC, 140 Lakeside Avenue, Suite 100, Seattle,
WA 98122;

&nbsp;&nbsp;&nbsp;&nbsp;(2) the Transfer Agent, SS&C GIDS, Inc., PO Box 219027, Kansas City, MO 64121;

&nbsp;&nbsp;&nbsp;&nbsp;(3) the Custodian, U.S. Bank N.A., 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212.; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) the Investment Adviser, Strawberry Tree Management Company LLC, 140 Lakeside Avenue, Suite 100, Seattle,
WA 98122.

**Item 33. *Management Services***

Except as described under "The Investment Adviser" and "The Fund Administrator and Transfer Agent" in this Registration Statement, the Fund is not party to any management service related contract.

**Item 34. *Undertakings***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant undertakes to suspend the offering of Shares until the prospectus is amended if (1) subsequent to the effective date of its registration statement, the net asset value declines more than ten percent from its net asset value as of the effective date of the registration statement or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Registrant undertakes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to any plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the 1933 Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not Applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C: Each prospectus filed pursuant to Rule 424(b) under the 1933 Act as part of a registration statement relating to an offering, other than registration statements relying on rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the 1933 Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the 1933 Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Registrant undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of determining any liability under the 1933 Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this post-effective amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 31<sup>st</sup> day of October, 2025.

USVC Venture Capital Access Fund

---

| | |
|:---|:---|
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | President |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| <br> /s/ David Borecky\* |  |  |
| David Borecky<br>/s/ Nimesh Gupta\* | Trustee | October 31, 2025 |
| Nimesh Gupta<br>/s/ Erik Syvertsen | Trustee | October 31, 2025 |
| Erik Syvertsen<br>/s/ Daniel Hess | Trustee, Chief Executive Officer and President | October 31, 2025 |
| Daniel Hess<br>| Principal Financial Officer<br> (Principal Accounting Officer) | October 31, 2025 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Erik Syvertsen |
|  | Erik Syvertsen |
|  | Attorney-in-Fact |
|  | (Pursuant to Powers of Attorney previously filed) |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [(g)](tm2529828d1_ex99-xg.htm) | [Amended and Restated Investment Advisory Agreement between the Registrant and Strawberry Tree Management Company LLC.](tm2529828d1_ex99-xg.htm) |
| [(h)(2)](tm2529828d1_ex99-xhx2.htm) | [Solicitation Agreement between the Registrant and North Capital Private Securities Corporation.](tm2529828d1_ex99-xhx2.htm) |
| [(k)(2)](tm2529828d1_ex99-xkx2.htm) | [Amended and Restated Expense Limitation Agreement between the Registrant and Strawberry Tree Management Company LLC.](tm2529828d1_ex99-xkx2.htm) |
| [(k)(5)](tm2529828d1_ex99-xkx5.htm) | [Amended and Restated Expense Reimbursement Agreement between the Registrant and Strawberry Tree Management Company LLC.](tm2529828d1_ex99-xkx5.htm) |

---

## Ex-99.(G)

**Exhibit 99.(g)**

**USVC VENTURE CAPITAL ACCESS FUND**

**AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT**

This Amended and Restated Investment Advisory Agreement is hereby made as of the 29th day of October, 2025 (the "<u>Agreement</u>"), between USVC Venture Capital Access Fund, a Delaware statutory trust (the "Fund"), and Strawberry Tree Management Company LLC, a Delaware limited liability company (the "<u>Adviser</u>").

**WITNESSETH:**

**WHEREAS,** the Fund is a closed-end, management investment company registered as such with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under and pursuant to the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), with its shares of beneficial interest (the "<u>Shares</u>") registered for issuance in a public offering (the "<u>Offering</u>");

**WHEREAS,** the Adviser is engaged in rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>");

**WHEREAS,** the Fund desires to retain the Adviser to provide investment advisory services to the Fund, and the Adviser is willing to provide or procure such services, on the terms and conditions hereinafter set forth;

**WHEREAS,** the Fund entered into an Investment Advisory Agreement with the Adviser, dated as of September 18, 2025 (the "Prior Agreement"); and

**WHEREAS,** this Agreement amends and restates, in its entirety, the Prior Agreement to incorporate amendments to the effective date of the Agreement.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:

**<u>ARTICLE I</u>**

**<u>APPOINTMENT</u>**

The Fund hereby appoints the Adviser to act as investment adviser to the Fund for the period and on the terms set forth in this Agreement. The Adviser hereby accepts such appointment and agrees to provide the advisory services herein described, for the compensation herein provided.

**<u>ARTICLE II</u>**

**<u>SERVICES OF THE ADVISER</u>**

1. <u>Advisory Duties of the Adviser</u>. Subject to the supervision of the board of trustees of the Fund (the "<u>Board of Trustees</u>"), the Adviser shall act as the investment adviser to the Fund and shall manage the investment and reinvestment of the assets of the Fund (a) in accordance with the investment objective, policies and restrictions that are set forth in the Fund's filings with the SEC, as the same may be amended from time to time, (b) in accordance with the 1940 Act, the Advisers Act and all other applicable federal and state law, and (c) in accordance with the Fund's certificate of trust, amended and restated declaration of trust and bylaws (collectively, the "<u>organizational documents</u>"), each as amended or restated from time to time. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Fund (including performing due diligence on prospective investments); (iii) execute, close, service and monitor the Fund's investments; (iv) determine the securities and other assets that the Fund will purchase, retain or sell; and (v) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments and the placement of orders for other purchase or sale transactions on behalf of the Fund, subject to the oversight and approval of the Board of Trustees. In the event that the Fund determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board of Trustees. If it is necessary or convenient for the Adviser to make investments on behalf of the Fund through a subsidiary or special purpose vehicle or otherwise form such subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle, and to make such investments through such subsidiary or special purpose vehicle, in accordance with the 1940 Act.

2. <u>Subadvisers</u>. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may, through a subadvisory agreement or other arrangement, delegate to a subadviser any of the duties enumerated in this Agreement, including the management of all or a portion of the assets being managed hereby. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the members of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may adjust such duties, the portion of assets being managed, and the fees to be paid by the Adviser; provided that, in each case, the Adviser shall continue to oversee the services provided by such company or employees and any such delegation shall not relieve the Adviser of any of its obligations hereunder.

3. <u>Books and Records</u>. The Adviser agrees to maintain, in the form and for the period required by Rule 31a-2 under the 1940 Act or such longer period as the Fund may direct, all records relating to the services rendered by the Adviser under this Agreement and the Fund's investments made by the Adviser as are required by Section 31 under the 1940 Act, and rules and regulations thereunder, and by other applicable legal provisions, including the Advisers Act, the Securities Exchange Act of 1934, as amended, the Commodities Exchange Act, and the respective rules and regulations thereunder, and the Fund's compliance policies and procedures, and to preserve such records for the periods and in the manner required by that Section, and those rules, regulations, legal provisions and compliance policies and procedures. In compliance with the requirements of Rule 31a-3 under the 1940 Act, any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act which are prepared or maintained by the Adviser on behalf of the Fund are the property of the Fund and shall be surrendered promptly to the Fund on request.

4. <u>Brokerage Commissions</u>. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay a member of a national securities exchange, broker or dealer an amount of commission or other compensation for effecting a securities transaction in excess of the amount of commission or other compensation another member of such exchange, broker or dealer would have charged for effecting such transaction if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that the amount of such commission or other compensation is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund's portfolio, and constitutes the best net result for the Fund.

5. <u>Proxy Voting</u>. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Fund in the best interest of the Fund and in accordance with the Adviser's proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Fund has been provided with a copy of the Adviser's proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Fund. The Adviser shall be responsible for reporting the Fund's proxy voting activities, as required, through periodic filings on Form N-PX.

6. <u>Advisory Services Not Exclusive</u>. The Adviser's services to the Fund pursuant to this Agreement are not exclusive, and it is understood that the Adviser may render investment advice, management and services to other persons (including other investment companies) and engage in other activities, so long as its services under this Agreement are not impaired by such other activities. It is understood and agreed that officers or directors of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, trustees or directors of any other firm, trust or corporation, including other investment companies. Whenever the Fund and one or more other funds, accounts or investment companies advised by the Adviser have available funds for investment, and the responsibility for the management of all of the assets of the Fund has not been delegated to a subadviser, investments suitable and appropriate for each entity shall be allocated in accordance with procedures believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. Similarly, opportunities to sell securities shall be allocated in a manner believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. The Fund recognizes that in some cases this procedure may adversely affect the size of the position that may be acquired by or disposed of for the Fund.

**<u>ARTICLE III</u>**

**<u>EXPENSES</u>**

1. <u>Expenses Borne by Adviser</u>. All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Fund.

2. <u>Expenses Borne by the Fund</u>. The Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to: (a) the Management Fee (as defined below); (b) fees to the Fund's administrators, transfer agent, custodians, depositaries, and trustees and other service providers; (c) the cost of calculating the Fund's net asset value (including the cost and expenses of any independent valuation firm); (d) borrowing and indebtedness of the fund, including the costs of establishing such borrowing or indebtedness, as well as any interest expenses; (e) trading and investment expenses (e.g., expenses that the Adviser reasonably determines to be related to the investment of the Fund's assets), including: (i) brokerage commissions and expenses relating to short sales, (ii) clearing and settlement charges and other related amounts, (iii) prime broker fees and other bank service fees, and (iv) custodial fees, and fees of the trustee and any depositary in relation to trading and settlements; (f) dividends on preferred shares, if any, and any expenses relating to the offering of any preferred shares, including costs related to the use of one or more distributors and/or underwriters; (g) the costs and expenses of products and services relating to research concerning the Fund's investments or potential investments (except to the extent that such costs or expenses are paid for with "soft dollars"), including the following: (i) the costs of obtaining third-party research products and services, including the cost of research reports relating to securities, issuers, market segments or geographic regions, (ii) investment- and portfolio-related research surveys, (iii) the costs of computerized historical financial data, data feeds, audiovisual media, and databases (e.g., Bloomberg) and the costs of credit rating services, (iv) alternative data, and systems and services relating to research for alternative data, (v) the costs of subscriptions, publications, and news feeds regarding investments and/or the general investment markets, (vi) professional fees, including the expenses of consultants and experts, to the extent such professional fees relate to research, (vii) the costs of information technology hardware and software (including computers, telephones, videoconferencing equipment, and similar items) to the extent that such hardware or software is used for research (to include initial and ongoing costs for purchase or lease, licensing, data and physical file storage, maintenance, cyber and information security technology and services, consulting and third-party labor support, and other related expenses), and (viii) the cost of investigating actual or potential investments, including investment and general market conferences, travel expenses and out-of-pocket expenses of the officers and employees of the Adviser in relation to research concerning investments or potential investments for the Fund; (h) costs of third-party valuation consultants and price quotation services; (i) the costs of portfolio modeling and analyses, and data analytics, including expenses relating to services provided by affiliated or unaffiliated service providers; (j) professional fees, including: (i) expenses of consultants, experts and third-party advisors, related to portfolio investments (and not related to research), (ii) fees of any underwriter or rating agency in connection with borrowing or indebtedness of the Fund, (iii) fees and expenses associated with the Board of Trustees of the Fund, including travel expenses and costs associated with ongoing meetings of any such entities, and (iv) fees and expenses of anti-money laundering officers of the Fund; (k) legal, litigation, compliance, regulatory, and tax expenses, including consulting expenses, filing fees; (l) auditing and tax preparation expenses; (m) federal and state registration fees and any applicable exchange listing fees; (n) federal, state and local taxes of the Fund; (o) costs associated with offering or repurchasing the Fund's Shares and other securities (including, but not limited to, preferred shares and indebtedness), including costs related to the use of one or more distributors and/or underwriters; (p) distributions on the Fund's Shares or other securities; (q) direct costs and expenses of administration and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administrative functions; (r) any fees and expenses relating to escrow agent services; (s) Independent Trustee fees and expenses; (t) the costs of any reports, proxy statements or other notices to the Fund's Shareholders, including printing costs; (u) any applicable distribution and/or shareholder servicing fees; (v) insurance expenses (including fidelity insurance, Trustees and officers/errors and omissions liability insurance, cybersecurity insurance, and travel-related insurance); (w) costs associated with the Fund's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; (x) the costs of services, systems, data, databases, physical storage, electronic storage, and disaster recovery solutions relating to the management of the Fund (to include initial and ongoing costs for purchase or lease, licensing, maintenance, consulting and third-party labor support, and other related expenses), including the following: (i) the costs of third-party compliance, legal, client service, tax, trading, technology, portfolio analysis, operational and accounting products, services and consultants, including the costs of compliance, portfolio analysis and accounting software packages, (ii) the costs of risk management products and services, including the costs of risk management software or database packages, (iii) the costs of performance measurement services and GIPS and other verifications; and (iv) the costs of maintaining the books and records of the Fund; (y) fees, costs and expenses associated with Shareholder meetings; (z) costs and expenses, including travel expenses and costs associated with investor conferences or any other similar meetings of the Fund; (aa) expenses associated with special purpose vehicles and investment vehicles through which the Fund invests, including organizational, tax, legal, audit, administrative and transaction expenses, dedicated staffing expenses, and occupancy expenses for required physical locations (occupancy expenses to include rent, overhead, property taxes, and utilities in dedicated and shared locations (whether paid to third parties or allocated from Strawberry Tree Management Company LLC or its affiliates)); (ab) corporate licensing; (ac) organizational expenses; (ad) fees and expenses associated with marketing, distribution, training and investor relations efforts; (ae) dues, fees and charges of any trade association of which the Fund is a member; (af) extraordinary expenses, including the costs of indemnification; and (ag) all other expenses reasonably incurred by the Fund or the Adviser in connection with administering the Fund's business, such as the allocable portion of overhead and other expenses incurred by the Adviser on behalf of the Fund and allocable to the Fund under this Agreement or incurred by the Adviser in performing its obligations under any administration or other services agreement with the Fund, including rent, the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the costs of compensation and related expenses of the Fund's Chief Compliance Officer, Chief Financial Officer, Chief Operating Officer and their respective support staff to the extent applicable.

**<u>ARTICLE IV</u>**

**<u>COMPENSATION</u>**

1. <u>Management Fee</u>. Effective commencing on the effective date of the Fund's registration statement on Form N-2 (the "Registration Statement"), the Fund agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a quarterly advisory fee (the "Management Fee"). The Management Fee shall accrue daily at an annual rate equal to 1.00% of the average daily calculated net asset value (as determined each business day at the time set forth in the prospectus for determining net asset value per share) of the Fund and shall be paid quarterly in arrears. The net asset value of the Fund is determined by subtracting the Fund's liabilities from the fair market value of its assets in accordance with the Fund's prospectus. For purposes of this Agreement, a "business day" is any day the Fund is open for business or as otherwise provided in the Fund's prospectus. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect to defer all or a portion of its fees hereunder for a specified period of time. The Management Fee for any partial calculation period shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such calculation period relative to the total number of days in such calculation period).

2. <u>Effective Date of Fee Calculation</u>. The effective date of this Article IV shall be the effective date of the Registration Statement.

**<u>ARTICLE V</u>**

**<u>ADDITIONAL OBLIGATIONS OF THE FUND</u>**

1. <u>Documents</u>. The Fund has delivered, or shall deliver, to the Adviser copies of each of the following documents and shall deliver to it all future amendments and supplements thereto, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's certificate of trust, as filed with the Secretary of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's amended and restated declaration of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Certified resolutions of the Board of Trustees authorizing the appointment of the Adviser and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Registration Statement as filed with the SEC and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notification of Registration of the Fund under the 1940 Act on Form N-8A as filed with the SEC and all amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The form of Prospectus and Statement of Additional Information of the Fund pursuant to which the Fund's Shares are offered for sale to the public.

**<u>ARTICLE VI.</u>**

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

To the full extent permitted by applicable law, the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) shall not be liable to the Fund for any action taken or omitted to be taken by the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Article VI to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). Nothing in this Agreement shall in any way constitute a waiver or limitation by the Fund of any rights or remedies which may not be so limited or waived in accordance with applicable law.

**<u>ARTICLE VII.</u>**

**<u>MISCELLANEOUS</u>**

1. <u>Covenants of the Adviser</u>. The Adviser hereby covenants that it is registered as an investment adviser under the Advisers Act. The Adviser hereby agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its operations and investments.

2. <u>Adviser Personnel</u>. The Adviser shall authorize and permit any of its directors, officers and employees who may be elected or appointed as trustees or officers of the Fund to serve in the capacities in which they are elected or appointed. Services to be furnished by the Adviser under this Agreement may be furnished through the medium of any of such trustees, officers or employees. The Adviser shall make its directors, officers and employees available to attend meetings of the Board of Trustees as may be reasonably requested by the Board of Trustees from time to time. The Adviser shall prepare and provide such reports on the Fund and its operations as may be reasonably requested by the Board of Trustees from time to time.

3. <u>Independent Contractor</u>. Except as otherwise provided herein or authorized by the Board of Trustees from time to time, the Adviser shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

4. <u>Name.</u> The Fund agrees that the Fund (to the extent that it lawfully can) shall cease to use the name "Strawberry Tree Management Company LLC" upon such date as the Adviser ceases to act as the investment adviser to the Fund, unless an affiliate of the Adviser serves as the investment adviser.

5. <u>Effectiveness, Duration and Termination</u>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect until October 29, 2027, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act) and (b) the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act or any exemptive relief therefrom.

This Agreement may be terminated at any time, without the payment of any penalty, by (x) (i) the Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), in each case upon not less than 60 days' written notice or (y) the Adviser upon not less than 90 days' written notice. This Agreement shall automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). The provisions of Article VI of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Article IV through the date of termination or expiration, and Article VI shall continue in force and effect and apply to the Indemnified Parties as and to the extent applicable.

6. <u>Amendment</u>. This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in accordance with the 1940 Act, including, if applicable, pursuant to a vote of the Board of Trustees, the vote of a majority of the outstanding securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), or the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party.

7. <u>Notice</u>. Any notice or other communication required to be given pursuant to this Agreement shall be given in writing, addressed and delivered or mailed to the other party at its principal office.

8. <u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

*[signature page follows]*

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date first written above.

---

| | |
|:---|:---|
| **USVC VENTURE CAPITAL ACCESS FUND** | **USVC VENTURE CAPITAL ACCESS FUND** |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |
| **STRAWBERRY TREE MANAGEMENT COMPANY LLC** | **STRAWBERRY TREE MANAGEMENT COMPANY LLC** |
| By: | /s/ Huoy-Ming Yeh |
| Name: | Huoy-Ming Yeh |
| Title: | Chief Executive Officer |

---

*[Signature Page to Amended and Restated Investment Advisory Agreement of USVC Venture Capital Access Fund]*

## Ex-99.(H)(2)

**Exhibit 99.(h)(2)**

**<u>Solicitation Agreement</u>**

This Solicitation Agreement (this "**Agreement**"), effective as of October 29, 2025 ("**Effective Date**"), is entered into by and among the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fund set forth on the signature page hereto ()"**Issuer** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the investment manager for Issuer set forth on the signature page hereto ()"**Manager** ",
and collectively with Issuer, jointly and severally, "**Issuer Party** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) North Capital Private Securities Corporation, a Delaware corporation ()"**NCPS** ").

For purposes of this Agreement, the above are referred to herein collectively as the "**Parties**", and each, a "**Party**".

**<u>Recitals</u>**

The following Exhibit is incorporated by reference into this Agreement:

<u>Exhibit A</u> – Excluded Prospects

The confidential fee letter(s) (a "**Fee Letter**"), which may be amended from time to time by Manager and NCPS, including the Exhibit thereto set forth below, are incorporated by reference into this Agreement:

<u>Exhibit 1</u> – Compensation and Expenses

Whereas, Issuer is registered as a closed-end management investment company under the Investment Company Act of 1940, as amended ("**Investment Company Act**"), which offers for sale securities representing certain interests in Issuer ("**Issuer Interests**");

Whereas, Manager provides investment advisory and management services to Issuer;

Whereas, NCPS is registered as a broker-dealer with the Securities and Exchange Commission ("**SEC**") and the Financial Industry Regulatory Authority, Inc. ("**FINRA**");

Whereas, Issuer Party desires to retain NCPS on a non-exclusive basis to promote Issuer to NCPS Prospects (as defined below) in connection with the offer for sale of Issuer Interests ("**Offering**"); and

Whereas, any activities contemplated by this Agreement required to be conducted through a registered broker-dealer will be conducted by NCPS and its authorized registered representatives.

In consideration of the Recitals set forth above and the representations, warranties and covenants contained herein and intending to be legally bound, the Parties hereby agree as follows:

**<u>Terms</u>**

**1. Services.** During the Term (as defined below), subject to the terms and conditions of this Agreement and pursuant to the procedures set forth in <u>Section 3</u> below, NCPS agrees to promote Issuer to NCPS Prospects (as defined below) in connection with the Offering by acting as a wholesale sales agent on behalf of Issuer Party and to generally coordinate investment in the Issuer Interests by NCPS Prospects in connection with the Offering, including shareholder services to Issuer as described in Issuer's prospectus, as may be amended from time to time (the "**Services**"). Issuer Party is engaging NCPS to provide the Services on a non-exclusive basis and may retain other parties to solicit sales of Issuer Interests without the consent of, but with notice to, NCPS.

**2. Prospects.** For purposes of this Agreement, "**Prospects**" means all U.S. registered investment advisory firms, including hybrid advisory / broker-dealer firms, all national and regional broker dealers, banks, trust companies and turnkey asset management programs (TAMPS), and the registered representatives and registered investment adviser representatives they employ or engage ("**Institutional Prospects**"), in connection with the solicitation of securities as a broker-dealer or the management of investment portfolios of customers and identified by any means as a prospect, whether directly or indirectly, including, without limitation, those facilitated through any platform or by Selling Agreement (as defined below), and individual investors, except those individuals and entities listed on <u>Exhibit A</u> as "**Excluded Prospects**" (if any) as may be updated from time to time with the consent of Manager. All information about Prospects identified by NCPS by any means ("**NCPS Prospects**"), including prospect lists, is confidential to and the property of NCPS. For the avoidance of doubt, NCPS shall not market the Issuer to non-U.S. persons without the prior approval of the Issuer Party; provided that, untargeted general solicitation through online advertisements and press releases shall not be considered marketing to non-U.S. persons.

**3. Solicitation Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Manager shall provide to NCPS current prospectus, fact sheet and presentation decks for Issuer, Manager's Form ADV Part 2A and Part 2B disclosure documents and such additional materials as are necessary or advisable to truthfully, accurately and completely describe the Offering and for a NCPS Prospect to lawfully consummate an investment therein on behalf of its customers (collectively, the "**Offering Materials**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. NCPS may publicly market Issuer using general solicitation in the United States through methods that include emails to potential NCPS Prospects, online advertisements and press releases, subject to compliance with applicable local, state, national and international laws, rules, regulations and orders of any governmental, judicial, regulatory or enforcement authority or self-regulatory organization (collectively, "**Law**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. In connection with the Services, Issuer Party authorizes: (a) NCPS from time to time to enter into (i) selling agreements with other broker-dealers or qualified intermediaries to distribute Issuer Interests and (ii) other service agreements with portals to utilize other platforms to distribute Issuer Interests ((i) and (ii), collectively, the "**Selling Agreements**"); and (b) NCPS and such counterparties to distribute the Offering pursuant to such Selling Agreements. Any compensation owed to such broker-dealers, intermediaries or portals will be the responsibility of Issuer Party unless otherwise agreed in writing by the Parties. Prior to entering into such Selling Agreements, a form of the Selling Agreement must be approved by the Issuer's Board of Trustees, including the approval of a majority of the trustees of the Issuer who are not interested persons, as that term is defined in the Investment Company Act (the "**Independent Trustees**"), of the Issuer or NCPS by vote cast in accordance with the Investment Company Act or any exemptive relief therefrom.

**4. Term.** The initial term of this Agreement commences as of the Effective Date and, unless terminated earlier pursuant to any of this Agreement's express provisions, will continue in effect for one year (the "**Initial Term**"). This Agreement will renew for additional successive one-year terms unless earlier terminated pursuant to this Agreement's express provisions or any Party gives each other Party written notice of non-renewal at least 60 days prior to the expiration of the then-current term (each a "**Renewal Term**" and, collectively with the Initial Term, the "**Term**") subject to annual approval of such continuance by the Issuer's Board of Trustees, including the approval of a majority of the Independent Trustees, of the Issuer or NCPS by vote cast in accordance with the Investment Company Act or any exemptive relief therefrom.

**5. Compensation and Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Issuer Party shall pay, or cause to be paid, to NCPS for the Services the compensation as outlined in <u>Exhibit 1 of the Fee Letter</u>, which may include shareholder services fees as described in the Issuer's prospectus, which may be updated from time to time by mutual written agreement of Manager and NCPS. Upon Issuer Party's request, NCPS will provide Issuer Party with copies of all relevant invoices, receipts or other evidence of such expenses. Under no circumstances shall NCPS be responsible for any expense in connection with the preparation or production of Offering Materials. Issuer Party shall provide timely and accurate accounting of all accounts to support fee payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. To the extent not otherwise paid to NCPS pursuant to <u>Exhibit 1 of the Fee Letter</u> or this <u>Section 5</u>, NCPS may invoice Issuer Party for all fees and expenses on a monthly basis by the 5<sup>th</sup> of the month, and if so invoiced, will be charged automatically by NCPS on the 15<sup>th</sup> of each month to the credit card or other payment method indicated on the signature page to this Agreement or as otherwise agreed by the Parties. Issuer Party consents to NCPS retaining and using Issuer Party's payment information for future invoices and as provided in this Agreement. Issuer Party agrees and acknowledges that NCPS and its third party vendors may retain and use Issuer Party's payment information to facilitate the payments provided for in this Agreement. Issuer Party agrees to provide NCPS written notice (which may be via email) of any update or changes to Issuer's payment information. Absent current payment information, Issuer Party shall make, or cause to be made, all payments to NCPS within 10 days of receiving an invoice therefor. All payments made to NCPS shall be in US dollars in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. If Issuer Party fails to make any payment when due then, in addition to all other remedies that may be available: (a) NCPS may charge interest on the past due amount at the rate of 1.5% per month, calculated daily and compounded monthly, or if lower, the highest rate permitted under Law; such interest may accrue after as well as before any judgment relating to collection of the amount due; (b) Issuer Party shall reimburse, or cause to be reimbursed, NCPS for all costs incurred by NCPS in collecting any late payments or interest, including attorneys' fees, court costs and collection agency fees; and (c) if such failure continues for five days following receipt of written notice thereof, NCPS may suspend performance of the Services until all past due amounts and interest thereon have been paid, without incurring any obligation or liability to Issuer Party or any other person or entity by reason of such suspension; provided that cumulative late payments are subject to the overall limits as may be required by Law as set forth in this <u>Exhibit 1 of the Fee Letter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. All amounts payable to NCPS under this Agreement shall be exclusive of any valued added or similar tax ("**VAT**"), if applicable, and paid by or on behalf of Issuer Party to NCPS in full without any setoff, recoupment, counterclaim, deduction, debit or withholding for any reason (other than any deduction or withholding of tax as may be required by Law). If any VAT is chargeable in respect of any payments to NCPS, Issuer Party shall be responsible for the payment (or reimbursement) of any VAT imposed on account of any payments to NCPS by or on behalf of Issuer Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. Notwithstanding any dispute by or among the Parties or any Prospect, if within 12 months after the termination or expiration of the Term ("**Tail Period**") any capital raising activity is completed by Issuer Party or Issuer Party's affiliate involving any NCPS Prospect, Issuer Party shall pay to NCPS upon closing of such transaction the compensation that would have been payable in connection with such transaction had it occurred during the Term and as outlined in <u>Exhibit 1 of the Fee Letter</u> for so long as a transaction is funded (even if such payment extends beyond such Tail Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. Issuer Party shall not directly or indirectly interfere with, circumvent or attempt to circumvent, avoid, by-pass or obviate NCPS's interest, or the interest or relationship between NCPS and any Prospect, by means of any communications, procedures, sellers, buyers, consultants, dealers, brokers or financial instructions, for the purpose of changing or avoiding, directly or indirectly, an Offering or the payment of any amounts payable to NCPS in connection with any such Offering. Issuer Party shall ensure that any investments sourced by or through NCPS are appropriately accounted for and credited to NCPS. Furthermore, other than with the express written permission of NCPS, no Issuer Party or their affiliates or their owners, officers, directors or shareholders shall solicit, initiate, encourage or engage in discussions or negotiations regarding any other potential investment or subscription in any other investment with any third party introduced to it by NCPS.

**6. Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. A Party may terminate this Agreement: (a) for cause immediately upon notice to each Party upon another Party's (i) fraud, malfeasance or willful misconduct, (ii) any material breach of this Agreement if such breach is not cured within 30 days of written notice thereof (to the extent it can be cured) or (iii) cessation of regular operations or filing of any petition or commencement of any case or proceeding under any provision or chapter of the Federal Bankruptcy Act, the Federal Bankruptcy Code, or any other federal or state law relating to insolvency, bankruptcy or reorganization; the adjudication a Party is insolvent or bankrupt or the entry of an order for relief under the Federal Bankruptcy Code; an assignment for the benefit of creditors; the convening of a meeting of its creditors, or any class thereof, for purposes of effecting a moratorium upon or extension or composition of its debts; or the failure generally to pay its debts on a timely basis; or (b) for any other or no reason with 60 days' prior written notice to each other Party. Notwithstanding anything to the contrary, this Agreement is terminable on 60 calendar days' written notice by the Issuer's Board of Trustees, by the Manager, or by the vote of the holders of a majority of the outstanding voting securities of the Issuer.

**7. Disclaimer of Advice.** Issuer Party agrees that NCPS is not undertaking to provide any advice or recommendation in connection with NCPS's engagement hereunder or its provision of the Services (including, without limitation, advisory, business, investment, solicitation, legal, accounting, regulatory or tax advice). Issuer Party understands that it will be solely responsible for ensuring that the Offering and any sale of securities complies with all Law. Issuer Party acknowledges and agrees that it will rely on its own judgment in using the Services. NCPS is: (a) not making any representations with respect to the quality of any investment opportunity, the Offering or Issuer; (b) does not guarantee the performance to and of any investor; and (c) is not an investment adviser, does not provide investment advice and does not recommend securities transactions to investors, and any display of data or other information about an investment opportunity, does not constitute a recommendation as to the appropriateness, suitability, legality, validity or profitability of any transaction.

**8. Issuer Party Representations, Warranties and Covenants.** Issuer Party represents, warrants and covenants to NCPS as of the Effective Date and at all times during the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. Issuer Party is an entity duly organized, validly existing and in good standing under the laws of the state where it was formed. Issuer Party has all requisite power and authority to own those properties and conduct those businesses presently owned or conducted by it. Issuer Party is duly qualified to do business and is in good standing in all jurisdictions in which its ownership of property or the character of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on Issuer Party or Issuer Party's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Issuer Party has full power and authority to enter into and perform this Agreement. This Agreement has been duly executed by Issuer Party and constitutes the legal, valid, binding, and enforceable obligation of Issuer Party, enforceable against Issuer Party in accordance with its terms. The execution and delivery of this Agreement does not and will not: (a) conflict with or violate any of the terms of any organizational or governance document, stakeholder agreement or any Law; or (b) conflict with, or result in a breach or termination of any of the terms of, or result in the acceleration of any indebtedness or obligations under, any agreement, obligation or instrument by which Issuer Party is bound or to which any property of Issuer Party is subject, or constitute a default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. Manager is registered in good standing as an investment adviser under the Investment Advisers Act of 1940, as amended ("**Investment Advisers Act**"). Manager shall provide to NCPS annually and upon request copies of Manager's Form ADV Part 2 as may be supplemented or amended from time to time, which shall not contain any misstatement of a material fact or omission of any material fact necessary to make the statements therein not misleading. Manager shall promptly supplement or amend its Form ADV Part 2 so that it is true, correct and complete at all times or as otherwise required by Law and provide to NCPS copies thereof. Manager is solely responsible for the preparation of the Offering Materials and neither NCPS nor any dual personnel of NCPS and Issuer Party or its affiliates have participated in such preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. Issuer Party acknowledges that the Services will not satisfy all of the requirements for conducting the Offering. Furthermore, Issuer Party understands that, despite NCPS's efforts, the Services may not be uninterrupted or error-free. EXCEPT FOR THE WARRANTIES EXPRESSLY SET FORTH IN <u>SECTION 9</u>, ISSUER PARTY ACKNOWLEDGES THE SERVICES PROVIDED UNDER THIS AGREEMENT ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY, DESCRIPTION, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. Issuer Party shall at all times: (a) (i) comply with reasonable requests of NCPS in relation to NCPS's performance of the Services, and (ii) use its reasonable best efforts to cause all of its third party service providers in connection with the Offering to comply with reasonable requests of NCPS in relation to NCPS's performance of the Services; (b) maintain all required registrations and licenses, including foreign qualification, if necessary; (c) pay all related reasonable fees and expenses (including any applicable FINRA Corporate Filing Fee); and (d) pay all federal state and local taxes, in each case that are necessary or appropriate to permit NCPS to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. The Offering Materials shall not contain any misstatement of a material fact or omission of any material fact necessary to make the statements therein not misleading. Issuer Party shall promptly notify NCPS in writing if it discovers any material misstatement of fact in, or the omission of a material fact from, the Offering Materials or any promotional materials developed by NCPS. Issuer Party shall promptly supplement or amend the Offering Materials and update its regulatory filings and shall promptly correct its statements whenever necessary to do so in order to comply with Law and to ensure truthfulness, accuracy and fairness in the presentation of the Offering. Issuer Party is solely responsible for the preparation of the Offering Materials and neither NCPS nor any dual personnel of NCPS and Issuer Party or its affiliates have participated in such preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. Issuer Party shall take all actions necessary or appropriate to protect the brand and customer relationships of NCPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. Neither Issuer Party nor any of its officers, directors, employees or agents in the Offering is or has been, in any domestic or foreign jurisdiction: (a) indicted for or convicted of any felony or any securities or investment related offense of any kind; (b) enjoined, barred, suspended, censured, sanctioned or otherwise restricted with respect to any securities or investment-related business or undertaking; or (c) the subject or target of any securities or investment-related investigation by any regulatory authority. None of Issuer Party, any predecessor, any affiliated issuer, any director, executive officer, other officer of Issuer Party participating in the Offering, any beneficial owner of 20% or more of Issuer Party's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act of 1933, as amended, the "**Securities Act**") connected with Issuer Party in any capacity at the time of sale (each, an "**Issuer Covered Person**") is subject to any of the "**Bad Actor**" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "**Disqualification Event**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. In its statements and meetings with prospective investors, Issuer Party shall not make any misstatement of a material fact and shall not omit any material fact necessary to make the statements therein not misleading. Issuer Party shall treat all prospective investors fairly and with the utmost integrity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. Issuer Party shall take all actions necessary or advisable to maintain their and the Offering's registered status under the Investment Company Act and the Investment Advisers Act, as applicable, and to comply with federal and state securities regulations. Issuer Party shall make any and all filings required by Law and shall provide copies of such filings to NCPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. To the extent Issuer Party will be sharing personal or financial information of a third party with NCPS in connection with this Agreement, Issuer Party shall maintain and obtain the agreement of each such third party, which shall permit the sharing of such third party's information with NCPS and its affiliates and service providers for NCPS and its affiliates and service providers to use, disclose and retain it in connection with this Agreement and the provision of the services hereunder and as required by Law. NCPS shall be a third party beneficiary to such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. Issuer Party shall comply with all Law in connection with the Offering, including, without limitation, applicable provisions of the Securities Act and any regulations thereunder and any applicable laws, rules, regulations and requirements (including, without limitation, all U.S. state law and all national, provincial, city or other legal requirements of any applicable foreign jurisdiction). Issuer Party agrees that any and all representations and warranties made by it to any investor in the Offering will be deemed also to be made to NCPS for its benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. Issuer Party shall: (a) cooperate with all reasonable due diligence efforts by NCPS and satisfy all reasonable due diligence requests made by NCPS (including by its affiliates and their service providers) in a timely manner; (b) keep NCPS reasonably informed about the status of communications with Prospects in the Offering; (c) not take action or fail to take action for the purpose of avoiding payment of fees; (d) if requested by NCPS, provide a legal opinion from Issuer Party's legal counsel that when the Issuer Interests are issued and sold in the manner described in the Issuer's registration statement on Form N-2, the Issuer Interests will be validly issued, fully paid and nonassessable, subject to the conditions, assumptions and qualifications customarily found in such opinions; (e) not "scrape" the names of Prospects listed on any platform or attempt to contact such investors outside of any platform; and (f) not attempt to circumvent any limitations or procedures of any platform, including with respect to contacting Prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14. Issuer Party's representations, warranties and covenants are continuing and deemed to be reaffirmed each time Issuer Party provides NCPS with any instructions in connection with the Offering. Issuer Party shall promptly notify NCPS if any representation, warranty or covenant ceases to be true, correct, accurate and complete.

**9. NCPS's Representations, Warranties and Covenants.** NCPS represents, warrants and covenants to Issuer Party as of the Effective Date and at all times during the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. NCPS is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware. NCPS has full power and authority to enter into and perform this Agreement. This Agreement has been duly executed by NCPS and constitutes the legal, valid, binding, and enforceable obligation of NCPS, enforceable against NCPS in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. The execution and delivery of this Agreement does not and will not: (a) conflict with or violate any of the terms of its certificate of incorporation or any Law; or (b) conflict with, or result in a breach or termination of any of the terms of, or result in the acceleration of any indebtedness or obligations under, any agreement, obligation or instrument by which NCPS is bound or to which any property of NCPS is subject, or constitute a default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. NCPS is an SEC-registered broker-dealer in good standing, a member of FINRA and a member of the Securities Investor Protection Corporation ("**SIPC**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. Neither NCPS nor any of its officers, directors, employees or agents in the Offering is or has been, in any domestic or foreign jurisdiction: (a) indicted for or convicted of any felony or any securities or investment related offense of any kind; (b) enjoined, barred, suspended, censured, sanctioned or otherwise restricted with respect to any securities or investment-related business or undertaking; (c) otherwise subject to a "**Statutory Disqualification**" as such term is defined in Section 3(a)(39) of the Securities Exchange Act of 1934, as amended (the "**1934 Act**"); or (d) the subject or target of any investigation by any regulatory authority or threatened proceeding that would give rise to a Statutory Disqualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. With respect to any NCPS Prospect that is an employee benefit plan covered by the Employee Retirement Income Security Act of 1974, as amended, neither NCPS nor any of its officers, directors, employees, affiliates or agents participating in the Offering is a trustee or administrator of such plan or an employer of any employee covered by such plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. With respect to any NCPS Prospect that is a state or municipal entity: (a) neither NCPS nor any of its officers, directors, employees, affiliates or agents participating in the Offering has been within the past two years a civil servant or an elected official of such entity or has been retained to provide professional services to such entity; (b) neither NCPS nor any of its officers, directors, employees or agents participating in the Offering will share any part of the fees received pursuant to this Agreement with any other person without Issuer Party's prior written consent; and (c) NCPS shall comply with all applicable federal, state, local, and agency-specific Laws related to soliciting such NCPS Prospects, including Laws related to lobbying as well as political contributions to such entities and their personnel, including, but not limited to, FINRA Rule 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. NCPS will comply with all applicable currency reporting, anti-money laundering, anti-corruption and anti-terrorist laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. NCPS will comply with FINRA Rule 2341 in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. NCPS has in place, and during the term of this Agreement will maintain, internal controls, policies, and procedures ("**AML Program**") that are reasonably designed to detect, identify, and report illegal activity, including money laundering and further represents that it has implemented, complies with and will comply with anti-money laundering policies and procedures that satisfy and will continue to satisfy the requirements of applicable anti-money laundering and "know your customer" laws, rules and regulations, including, as applicable, the U.S. International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, the U.S. Foreign Corrupt Practices Act, the Bank Secrecy Act, as amended by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "**USA Patriot Act**"), the U.S. International Emergency Economic Powers Act, and the U.S. Trading with the Enemy Act, as each may be amended from time to time and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. NCPS's AML Program, at a minimum; (A) designates a compliance officer to administer and oversee the AML Program; (B) provides ongoing employee training; (C) includes an independent audit function to test the effectiveness of the AML Program; (D) establishes internal policies, procedures, and controls that are tailored to its particular business; (E) provides for the filing of all necessary anti-money laundering reports including, but not limited to, suspicious activity reports; and (F) provides for screening its direct clients against the Office of Foreign Asset Control ("**OFAC**") list and any other government list that is or becomes required under the USA Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11. NCPS shall comply with the U.S. Foreign Corrupt Practices Act of 1977, as amended ("**FCPA**"), and, where applicable, legislation enacted by member States and signatories implementing the OECD Convention Combating Bribery of Foreign Officials, or any similar statute, rule or policy applicable in any U.S. jurisdiction in which it engages in any activity hereunder (collectively, the "**Anti-Corruption Laws**"). NCPS's AML Program, Code of Ethics and written supervisory procedures contain policies, procedures and internal controls to identify and manage risks of illegal payments, corruption and money laundering, which NCPS will maintain at all times during the term of this Agreement. If and when required by NCPS's business and Law, NCPS will implement and maintain at all times during the term of this Agreement, policies, procedures and internal controls in place that comply with applicable Anti-Corruption Laws, including applicable provisions of the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12. NCPS will distribute the Offering Materials to each NCPS Prospect as contemplated by <u>Section 3</u> and comply in all material respects with Law in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13. NCPS's representations, warranties and covenants are continuing and deemed to be reaffirmed each time NCPS provides Services under this Agreement. NCPS shall promptly notify Issuer Party if any representation, warranty or covenant ceases to be true, correct, accurate and complete.

**10. Intellectual Property.** All trademarks, service marks, patents, copyrights, trade secrets, confidential information, and other proprietary rights of each Party shall remain the exclusive property of such Party, whether or not specifically recognized or perfected under Law.

**11. Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Issuer Party (including Issuer Party's affiliates, collectively, the "**Issuer Indemnifying Party**") agrees (and agrees to cause the other Issuer Indemnifying Parties) jointly and severally to release, indemnify, defend and hold harmless NCPS and its affiliates and their respective directors, officers, employees, agents, representatives, advisors and consultants, and their respective successors and assigns (each, an "**NCPS Indemnified Person**"), and NCPS Indemnified Persons shall not be liable for, to the fullest extent permitted by Law, from and against any Losses (as defined below), joint or several, in connection with all actions (including equity owner actions), claims, inquiries, proceedings, investigations and other legal process regardless of the source (collectively, "**Actions**"), related to or arising out of any material breach by Issuer Party to this Agreement, the Offering, the Interests, the provision of Services or the engagement of NCPS hereunder (including, without limitation, any material breach of this Agreement or any representation, warranty or covenant herein, any material breach of Law, any action or inaction of dual personnel of NCPS and Issuer or its affiliates or any rejection of a proposed subscription), and will reimburse NCPS Indemnified Persons for all expenses (including attorneys' fees) as they are incurred by NCPS Indemnified Persons in connection with investigating, preparing, defending or appearing as a third party witness in connection with any such Action whether or not related to a pending or threatened Action in which NCPS is a party. Issuer Party will not be responsible for any Losses that are finally judicially determined by non-appealable order of a court of competent jurisdiction to have resulted primarily from NCPS's fraud, bad faith, willful misconduct, gross negligence or reckless disregard of its obligations under this Agreement ("**Ineligible Losses**"), and NCPS agrees to immediately refund any payments made to an NCPS Indemnified Person upon such finding. "**Losses**" means any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs or expenses of whatever kind, including, without limitation, reasonable attorneys' fees, the costs of enforcing any right hereunder, the costs of pursuing any insurance providers, the costs of collection and the costs of defending against or appearing as a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. NCPS (the "**NCPS Indemnifying Party**") agrees to release, indemnify, defend and hold harmless Issuer Party and its affiliates and their respective directors, officers, employees, agents, representatives, advisors and consultants, and their respective successors and assigns (each, an "**Issuer Indemnified Person**"), and Issuer Indemnified Persons shall not be liable for, to the fullest extent permitted by Law, from and against any Losses, joint or several, in connection with all Actions arising out of any material breach by NCPS of this Agreement or Law not caused by any action or inaction of any dual personnel of NCPS and Issuer Party or its affiliates, and will reimburse Issuer Indemnified Persons for all expenses (including attorneys' fees) as they are incurred by Issuer Indemnified Persons in connection with investigating, preparing, defending or appearing as a third party witness in connection with any such Action whether or not related to a pending or threatened Action in which Issuer Party is a party. NCPS will not be responsible for any Losses that are finally judicially determined by non-appealable order of a court of competent jurisdiction to have resulted primarily from Issuer Party's fraud, bad faith, willful misconduct, gross negligence or reckless disregard of its obligations under this Agreement, and Issuer Party agrees to immediately refund any payments made to an Indemnified Person upon such finding. For purposes of this Agreement, (i) Issuer Indemnifying Party and NCPS Indemnifying Party are referred to herein collectively as the "**Indemnifying Parties**", and each, an "**Indemnifying Party**"; and (ii) Issuer Indemnified Party and NCPS Indemnified Party are referred to herein collectively as the **"Indemnified Parties**", and each, an "**Indemnified Party**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. With respect to any Action in which an Indemnified Person may be entitled to indemnification under this Agreement, the Indemnifying Party may by written notice to the Indemnified Person request to assume the defense of any such Action with counsel reasonably satisfactory to the Indemnified Person. If the Indemnified Person agrees to the assumption by the Indemnifying Party of the defense of any such Action, the Indemnified Person shall have the right to participate in such Action and to retain its own counsel, but the Indemnifying Party shall not be liable for any fees or expenses of other counsel subsequently incurred by such Indemnified Person in connection with the defense thereof unless: (a) the Indemnifying Party has agreed to pay such fees and expenses; (b) the Indemnifying Party shall have failed to employ counsel reasonably satisfactory to the Indemnified Person in a timely manner; or (c) the Indemnified Person shall have been advised by counsel that there are actual or potential conflicting interests between the Indemnifying Party and the Indemnified Person, including situations in which there are one or more legal defenses available to the Indemnified Person that are different from or additional to those available to the Indemnifying Party. No Indemnifying Party shall settle any Action on behalf of an Indemnified Person without the prior written consent of such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. If the indemnification provided for herein is judicially determined to be unavailable (other than in accordance with the terms hereof) to any Indemnified Person in respect of any Losses, then in lieu of indemnifying such person hereunder, the Indemnifying Party shall contribute to the amount paid or payable by such person as a result of such Losses: (a) in such proportion as is appropriate to reflect the relative benefits to the Indemnifying Party, on the one hand, and the Indemnified Person, on the other hand, of the engagement provided for in this Agreement; or (b) if the allocation provided for in clause (a) above is not available, in such proportion as is appropriate to reflect not only the relative benefits referred to in such clause (a) but also the relative fault of each Party, as well as any other relevant equitable considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. For the sole purpose of enforcing and otherwise giving effect to the provisions of this <u>Section 11</u>, Each Party hereby consents to personal jurisdiction and service and venue in any court in which any claim that is subject to this Agreement is brought against any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6. If an Action is commenced or threatened and is ultimately settled, Each Party shall use its best efforts to cause the other Party, by name, and the other Indemnified Persons, by description, to be included in any release or settlement agreement, whether or not such Party and the other Indemnified Persons are named as defendants in such Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7. All amounts due under this <u>Section 11</u> shall be payable promptly after written demand therefor.

**12. Force Majeure.** In no event will NCPS be liable or responsible for any Loss caused directly or indirectly, or be deemed to have defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement when and to the extent such failure or delay is caused by any circumstances beyond NCPS's reasonable control (a "**Force Majeure Event**"), including, without limitation, acts of God or third parties, flood, fire, pandemic, earthquake or explosion, war, terrorism, invasion, riot or other civil unrest, electrical power failures, telecommunications systems failures, internet failure, computer viruses, worms, parasites and the like, embargoes or blockades in effect on or after the date of this Agreement, national or regional emergency, strikes, labor stoppages or slowdowns or other industrial disturbances, passage of Law or any action taken by a governmental, judicial, regulatory or enforcement authority, including imposing an embargo, export or import restriction, quota or other restriction or prohibition or any complete or partial government shutdown, or national or regional shortage of adequate power or telecommunications or transportation. In the event of any failure or delay caused by a Force Majeure Event, NCPS shall give prompt written notice to Issuer Party stating the period of time the occurrence is expected to continue and use commercially reasonable efforts to end the failure or delay and minimize the effects of such Force Majeure Event. Furthermore, Issuer Party agrees that neither NCPS nor its third party providers shall be liable in any way for Losses caused directly or indirectly by government or regulatory restrictions, exchange or market rulings, suspension or delay of trading, equipment failure, communication line failure, system failure, security failure, unauthorized access, theft, or any problem, technological or otherwise, that might prevent Issuer Party from accessing or utilizing the Services.

**13. Confidentiality.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. While performing under this Agreement, each Party will be exposed to information about each other Party ("**Disclosing Party**") or its affiliates or their business, which information is not known publicly ("**Confidential Information**", as defined more specifically below). The Party being exposed to the information (including those to whom such Party discloses such information on a need-to-know basis in connection with a Party's rights or obligations hereunder, "**Recipient**") shall not disclose or use Confidential Information for any reason other than to further the specific activities permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. As used herein, "**Confidential Information**" refers to matters relating to the Disclosing Party's or its affiliates' operations, performance, internal procedures, operations and finances, including, but not limited, to current, future and proposed products and product prototypes and samples, methodologies, technology, manufacturing techniques, trade secrets, financial and customer information, information from, by or about entities seeking to become, or have become, issuers, accredited investor information and documentation, procurement requirements, sales, merchandising and marketing plans, whether tangible or intangible, printed or electronic, disclosed directly or indirectly through one or more intermediaries, in writing, orally or by inspection of tangible objects, and all notes and derivative works based on or reflecting any such information or materials. "**Confidential Information**" also includes confidential or proprietary information of third parties that the Disclosing Party is permitted to disclose to the other Party. The Parties agree that the Fee Letter and all non-public information relating to exclusive (i.e., non-syndicated) securities offerings is Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. "**Confidential Information**" shall not include any information that: (a) is at the time of disclosure, or subsequently becomes, publicly known otherwise than by an act or omission of the Recipient in breach of this Agreement; (b) is already in the Recipient's possession without any obligation of confidentiality at the time of disclosure, as shown by the Recipient's written records in existence before the date of disclosure; or (c) is independently developed by the Recipient without use of or reference to the Disclosing Party's Confidential Information, as shown by the Recipient's written records in existence before the date of disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. The Parties agree not to disclose, reproduce, transfer or use the Confidential Information, except: (a) as required under this Agreement; and (b) as reasonably necessary for the performance of this Agreement. Nothing in this <u>Section 13</u> shall prevent NCPS from retaining, using and disclosing, and it shall not be required to give notice or assist in obtaining a court order with respect to any Confidential Information it deems necessary to retain, use or disclose to any governmental, judicial, regulatory or enforcement authority or self-regulatory organization or in connection with legal, financial or regulatory filings, discussions, audits or examinations or pursuant to any other legal process. The Parties agree to further abide by any Law of any federal, state or self-regulatory body governing the confidentiality obligations of broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5. If the Parties previously entered into a non-disclosure agreement, which remains in effect as of the Effective Date ("**NDA**"), then in the event of a conflict between such NDA and this Agreement, the terms of this Agreement will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6. No Party shall issue or release any announcement, statement, press release or other publicity or marketing materials relating to this Agreement or otherwise use each other Party's trademarks, service marks, trade names, logos, domain names or other indicia of source, affiliation or sponsorship, in each case, without the prior written consent of Issuer Party and NCPS, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that NCPS may, without Issuer Party's consent, include Issuer Party and its affiliates' names and logos in NCPS's promotional and marketing materials. Any announcement, statement, press release or other publicity or marketing materials regarding this Agreement or the Offering by or on behalf of Issuer Party, and any method of distribution, are subject to prior review and approval by NCPS's compliance team. Additionally, Issuer Party agrees that NCPS will have the right to reference the Offering and each firm's role in connection therewith in its marketing materials and on its websites and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7. Each Party agrees to promptly notify the other Party concerning any material communications from or with any governmental, judicial, regulatory or enforcement authority or self-regulatory organization or other third party with respect to such Party or its business or operations, the Offering or this Agreement or the performance of obligations hereunder, unless such notification is expressly prohibited by the applicable governmental, judicial, regulatory or enforcement authority or self-regulatory organization; provided that general information requests or information requests in connection with examinations from or with regulatory authorities or self-regulatory organizations shall not constitute material communications.

**14. Survival.** Notwithstanding the expiration or termination of this Agreement, the Parties shall continue to be bound by the provisions of this Agreement that reasonably require some action or forbearance (or are required to implement such action or forbearance) after such expiration or termination, including, but not limited to, those related to fees and expenses, indemnities, limitations of and exclusions to each Party's liability, warranties, confidentiality, non-circumvention, choice of law, jurisdiction and dispute resolution and such provisions shall remain operative and in full force and effect and shall survive the sale of, and payment for, the securities and the expiration or termination of this Agreement. Except as the context otherwise requires, all representations, warranties and covenants of each Party contained in this Agreement shall be deemed to be representations, warranties and covenants during the Term, and such representations, warranties and covenants shall remain operative and in full force and effect and shall survive the sale of, and payment for, the securities and the expiration or termination of this Agreement.

**15. Assignment.** This Agreement will automatically terminate in the event of its assignment (as defined in the Investment Company Act). Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by either Party, in whole or in part, whether directly or by operation of Law, without the prior written consent of the other Party. NCPS may assign or otherwise transfer this Agreement to the extent permissible under the Investment Company Act, and (i) to a successor in the event of a change in control of NCPS, (ii) to an affiliate or (iii) in connection with an assignment or other transfer of a material part of NCPS's business; provided, each case, that any such entity is registered as a broker-dealer under the 1934 Act and with FINRA. Any attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void. This provision does not prevent or enjoin NCPS from entering into any licensing, syndication or selling agreement as contemplated by <u>Section 3.3</u>.

**16. Entirety.** This Agreement incorporates by reference NCPS's and its affiliates' data privacy policies and website terms of use, as posted on NCPS's and its affiliates' website from time to time, with which Issuer Party shall, and shall cause issuers to, comply. This Agreement (including the NDA, the Fee Letter, all exhibits, all schedules and NCPS's and its affiliates' data privacy policies and website terms of use) constitutes the sole and entire agreement between the Parties with respect to the subject matter of this Agreement and supersedes and merges all prior and contemporaneous proposals, understandings, agreements, representations and warranties, both written and oral, between the Parties relating to such subject matter.

**17. Amendment; Waiver.** Except as set forth in <u>Section 15</u> and <u>Section 18</u>, no amendment to or modification of this Agreement will be effective unless it is in writing and signed by an authorized representative of each Party. Notwithstanding, amendments, restatements and modifications of the Fee Letter, and updates to <u>Exhibit 1 of the Fee Letter</u> to reflect such amendments, restatements and modifications, shall only require Manager's and NCPS's signatures. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. This Agreement may be amended only if such amendment is approved (i) by NCPS and (ii) by the Issuer's Board of Trustees, including the approval of a majority of the Independent Trustees by vote cast in accordance with the Investment Company Act and any exemptive relief therefrom.

**18. Compliance with Law; Further Assurances.** The Parties expressly agree that, to the extent that the existing law relating to this Agreement changes, and such change affects this Agreement, they will reform the affected portion of this Agreement to comply with the change. Each Party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes of this Agreement. Any reference to Law is to current citations. Any changes in the citations (whether or not there are any changes in the text of such Law) shall be automatically incorporated into this Agreement.

**19. Choice of Law, Jurisdiction and Dispute Resolution.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1. This Agreement shall be governed by and construed under the laws of the State of Delaware, without giving effect to its choice of law, conflict of laws or "borrowing", statutes, rules, principles and precedent; provided that the governing law for causes of action for violations of U.S. federal or state securities Law shall be governed by applicable U.S. federal or state securities Law. The Parties consent to the exclusive jurisdiction of the state and federal courts located in the State of Utah, County of Salt Lake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2. Notwithstanding <u>Section 19.1</u>, the Parties agree that in the event a dispute arises among any Party in connection with or as a result of the execution of this Agreement or the transactions contemplated hereby, such disputes shall be resolved through arbitration, and the Parties agree to submit such disputes for resolution in accordance with the commercial arbitration rules ("**Rules**") of the American Arbitration Association (unless otherwise required by FINRA to be conducted by FINRA and FINRA does not decline jurisdiction) in Salt Lake City, Utah within five days after receiving a written request from any other Party to do so. The Parties acknowledge and agree that the result of the arbitration proceeding shall be final and binding, and by agreeing to arbitration, each Party hereby waives its right to seek remedies in court. If permitted by the Rules, except as otherwise agreed by the Parties, the arbitration will be presided over by a panel of three independent arbitrators. The panel shall not have any power to alter, amend, modify or change any of the terms of this Agreement nor to grant any remedy that is either prohibited by the terms of this Agreement or not available in a court of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3. Prior to instituting any proceeding in accordance with <u>Section 19.2</u>, each Party agrees to first attempt in good faith to informally resolve any dispute for a period of 30 days. The 30-day period shall commence upon written notice in accordance with <u>Section 20</u> detailing the nature of the dispute, remedy sought and all relevant facts. In the event the Parties are unable to resolve the dispute through such informal discussions, either Party may elect to have such dispute exclusively and finally resolved through binding arbitration in accordance with this <u>Section 19</u>. Notwithstanding the foregoing, any claim for injunctive relief shall not be subject to the above provision. In addition, except as otherwise provided in this Agreement, the Parties may litigate in court to compel arbitration, stay a proceeding pending arbitration, or to confirm, modify, vacate, enforce or enter judgment on the award entered in any arbitration proceeding under this <u>Section 19</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4. Each Party agrees that any arbitration shall be limited to disputes by and among the Parties. To the full extent permitted by Law, no arbitration or other proceeding shall be joined with any other or decided on a class-action basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5. Notwithstanding the above agreement to arbitrate, each Party acknowledges and agrees that a breach or threatened breach by a Party of any of its obligations under this Agreement may cause any other Party irreparable harm for which monetary damages may not be an adequate remedy and agrees that, in the event of such breach or threatened breach, any other Party will be entitled to seek equitable relief, including a restraining order, an injunction, specific performance and any other relief that may be available from any court, without any requirement to post a bond or other security, or to prove actual damages or that monetary damages are not an adequate remedy. Such remedies and any other remedies set forth in this Agreement are not exclusive and are cumulative in addition to all other remedies that may be available at law, in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6. EXCLUDING INELIGIBLE LOSSES, THE COLLECTIVE AGGREGATE LIABILITY OF NCPS UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER, UNDER ANY LEGAL OR EQUITABLE THEORY, INCLUDING BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, BREACH OF WARRANTY, INDEMNIFICATION (OTHER THAN THIRD PARTY INDEMNIFICATION CLAIMS UNDER <u>SECTION 11.2</u>), CONTRIBUTION, MISREPRESENTATIONS OR OTHERWISE, SHALL BE LIMITED TO THE TRANSACTION FEE PAID BY ISSUER PARTY TO AND RETAINED BY NCPS UNDER THIS AGREEMENT. Notwithstanding, none of NCPS or its affiliates or their directors, officers, employees, agents, representatives, advisors or consultants, or their respective successors or assigns, or anyone else involved in creating, producing, delivering or managing the delivery of the Services shall be liable to any Party or to anyone else for any special, exemplary, indirect, incidental, consequential or punitive damages of any kind or for any costs of procurement of substitution of services or any lost profits, lost business, trading losses, loss of use of data or interruption of business or services arising out of this Agreement, including, without limitation, any breach of this Agreement or any services performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7. Each party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any ACTION arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8. In any Action, by which one Party either seeks to enforce this Agreement or seeks a declaration of any rights or obligations under this Agreement, the non-prevailing Party will pay the prevailing Party's costs and expenses, including, but not limited to, reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.9. At NCPS's or its affiliate's determination, a breach under this Agreement by Issuer Party will constitute a default by Issuer Party or its affiliates under all other agreements any of them have then in effect with NCPS or its affiliates and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10. In the event that another Party fails to notify NCPS of an investment by a Prospect and fails to pay the applicable fee when due pursuant to <u>Section 5</u> or <u>Exhibit 1 of the Fee Letter</u> or otherwise breaches <u>Section 5.6</u>, then NCPS will be entitled to liquidated damages equal to the greater of: (a) two times the Transaction Fee; or (b) $10,000. All rights and remedies of NCPS in this Agreement will be in addition to all other rights and remedies available at law or in equity and shall survive any expiration or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.11. In connection with this <u>Section 19</u>, each Party agrees, as follows: (a) the Parties are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed pursuant to this <u>Section 19</u>; (b) arbitration awards are generally final and binding such that a Party's ability to have a court reverse or modify an arbitration award is extremely limited; (c) the ability of the Parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings; (d) the arbitrators do not have to explain the reasons for their award, unless in an eligible case a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date; (e) the panel of arbitrators may include a minority of arbitrators who were or are affiliated with the securities industry; (f) the rules of some arbitration forums may impose time limits for bringing a claim in arbitration and in some cases a claim that is ineligible for arbitration may be brought in court; and (g) the rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.12. No person or entity shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person or entity who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (a) the class certification is denied; (b) the class is decertified; or (c) Issuer Party is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement, except to the extent stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.13. NCPS shall provide Issuer Party with a copy of this pre-dispute arbitration clause or this Agreement or inform Issuer Party that NCPS does not have a copy thereof, within 10 business days of receipt of Issuer Party's written request. Upon written request of Issuer Party, NCPS shall provide Issuer Party with the names of, and information on how to contact or obtain the rules of, all arbitration forums in which a claim may be filed under this Agreement.

**20. Notices; Consent to Electronic Communications.** All notices, requests, consents, claims, demands, waivers and other communications under this Agreement ("**Notices**") have binding legal effect only if in writing and addressed to a Party as set forth on the signature page hereto (or to such other address that such Party may designate from time to time in accordance with this <u>Section 20</u>). Notices sent in accordance with this <u>Section 20</u> will be deemed effectively given: (a) when received, if delivered by hand, with signed confirmation of receipt; (b) when received, if sent by a nationally recognized overnight courier, signature required; or (c) on the third day after the date mailed by certified or registered mail, return receipt requested, postage prepaid; or (d) upon successful transmission, if via email. For purposes of Notices to Issuer Party, NCPS shall provide such Notices to Manager.

**21. Severability.** If any provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or invalidate or render unenforceable such provision in any other jurisdiction. Upon such determination that any provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible.

**22. Relationship of the Parties.** Nothing contained in this Agreement shall be construed as creating any agency, partnership, joint venture or other form of joint enterprise, employment or fiduciary relationship among the Parties, and no Party shall have authority to contract for or bind any other Party in any manner whatsoever. Except as set forth on <u>Exhibit 1 of the Fee Letter</u>, nothing occurring pursuant to this Agreement shall give NCPS any ownership interest in Issuer Party, nor Issuer Party any ownership interest in NCPS. Each other Party shall cooperate with NCPS to ensure that all dual personnel of such Party and NCPS who are associated persons are registered in appropriate states and unregistered personnel (including employees, independent contractors or agents of Platform Operator), do not communicate with prospective investors about investments or otherwise engage in brokerage activity and act consistent with the compliance procedures established by the Parties.

**23. No Third Party Beneficiaries.** Except as otherwise set forth in <u>Section 11</u>, this Agreement is for the sole benefit of the Parties and, subject to <u>Section 15</u>, their respective successors and assigns. Nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. Indemnified Persons shall be third party beneficiaries as set forth in <u>Section 11</u>.

**24. Interpretation; Headings.** The Parties intend this Agreement to be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting an instrument or causing any instrument to be drafted. Further, the headings used in this Agreement are for convenience only and are not intended to be used as an aid to interpretation.

**25. Gender; Number.** Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context indicates is appropriate. If one or more persons or entities constitute "**Issuer Party**", as defined in the introductory paragraph, references to "**Issuer Party**" in this Agreement shall include references to each Issuer Party individually, together and collectively, jointly and severally. For purposes of NCPS's rights and obligations under this Agreement, references to "**NCPS**" or its affiliates or their officers, directors, employees or agents shall not include dual personnel of NCPS and Issuer Party or its affiliates.

**26. Cooperation.** Where agreement, approval, acceptance, consent or similar action by Issuer Party is required by any provision of this Agreement, such action will not be unreasonably withheld, conditioned or delayed. Each Party will cooperate with each other Party, among other things, in making available, as reasonably requested, management decisions, information, approvals and acceptances in order that each Party may properly exercise its rights and accomplish its obligations and responsibilities hereunder.

**27. Compliance with this Agreement.** Each Party, at the other Party's request, agrees to provide reasonable assurances (including written representations) of compliance with the terms of this Agreement and, in order to verify such compliance, reasonable access to any documents in its possession referring or relating to any prospective investor (whether or not the prospective investor invests in any Offering).

**28. Counterparts**. This Agreement may be executed in counterparts, each of which is deemed an original, but all of which collectively are deemed to be one and the same agreement; provided that no Party shall be bound by this Agreement until each other Party has executed a counterpart. A signed copy of this Agreement by facsimile, email or other means of electronic transmission or signature is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

**29. Privacy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1. Each Party agrees any non-public personal information (as defined in Regulation S-P) disclosed to it in connection with this Agreement is being disclosed for the specific purpose of permitting such Party to perform such Party's obligations and the services set forth in this Agreement. Each Party agrees that, with respect to such information, it will comply with Regulation S-P, the Gramm-Leach-Bliley Act (15 U.S.C § 6801 et seq.) and all other applicable U.S. privacy Law and it will not disclose any non-public personal information received in connection with this Agreement to any other party, except to the extent required to carry out this Agreement or as otherwise permitted or required by Law. Each Party shall comply with all other privacy Law outside of the U.S. applicable to such Party or such Party's activities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2. In relation to each Party's performance of this Agreement, each Party shall, as applicable to such Party: (a) comply with all applicable requirements of Data Privacy Law (as defined below), when collecting, using, retaining or disclosing personal information; (b) limit personal information collection, use, retention and disclosure to activities reasonably necessary and proportionate to the performance of this Agreement or other compatible operational purpose; (c) only collect, use, retain or disclose personal information collected in connection with this Agreement; (d) not collect, use, retain, disclose, sell or otherwise make personal information available for such Party's own commercial purposes or in a way that does not comply with Data Privacy Law; (e) promptly comply with another Party's request or instruction requiring such Party to provide, amend, transfer or delete the personal information, or to stop, mitigate, or remedy any unauthorized processing; (f) reasonably cooperate and assist another Party in meeting any compliance obligations and responding to related inquiries, including responding to verifiable consumer requests, taking into account the nature of such Party's processing and the information available to such Party; and (g) notify each other Party immediately if it receives any complaint, notice or communication that directly or indirectly relates to any Party's compliance in connection with this Agreement. For purposes of this Agreement, "**Data Privacy Law**" means applicable local, state, national and international laws, rules, regulations and orders of any governmental, judicial, regulatory or enforcement authority or self-regulatory organization regarding consumer data privacy rights.

**[S** **ignatures appear on following page(s).]**

**THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE ON PAGES 11-12 IN <u>SECTION 19</u>. BY SIGNING THIS AGREEMENT, ISSUER PARTY ACKNOWLEDGES THAT THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE AND THAT ISSUER PARTY HAS RECEIVED, READ AND UNDERSTOOD THE TERMS THEREOF.**

In witness whereof, the Parties have duly executed this Agreement effective as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **ISSUER:** | **ISSUER:** | **NCPS:** | **NCPS:** |
| **Entity Name:** | **USVC Venture Capital Access Fund** | **North Capital Private Securities Corporation** | **North Capital Private Securities Corporation** |
| Jurisdiction: | Delaware | Jurisdiction: | Delaware |
| By: | /s/ Erik Svyertsen | By: | /s/ James P. Dowd |
|  | (Signature) |  | (Signature) |
| Name: | Erik Syvertsen | Name: | James P. Dowd |
| Title: | Chief Executive Officer | Title: | President and Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Email: | legal@usvc.com | jdowd@northcapital.com |
| With a copy to: | Bill Bielefeld | gnelson@northcapital.com; legal@northcapital.com |
| Address: | Dechert LLP, 1900 K Street, NW | 623 E. Fort Union Boulevard, Suite 101 |
|  | Washington, DC 20006 | Midvale, Utah 84047 |

---

---

| | |
|:---|:---|
| **MANAGER:** | **MANAGER:** |
| Entity Name: Strawberry Tree Management Company, LLC | Entity Name: Strawberry Tree Management Company, LLC |
| Jurisdiction: | Delaware |
| By: |  |
|  | (Signature) |
| Name: | Erik Syvertsen |
| Title: | President |
| Email: | legal@strawberrytree.co |

---

**<u>Exhibit A – Excluded Prospects</u>**\*

Investors not originated or otherwise introduced by a registered representative employed or engaged by NCPS (including, without limitation, any dual personnel of NCPS and Issuer Party or its affiliates). NCPS shall have no responsibility or liability with respect to Excluded Prospects.

\**Notwithstanding any other provision in this Agreement, in lieu of a written amendment to this <u>Exhibit A</u> from time to time, the Parties may maintain a corresponding web-based spreadsheet or similar mechanism as agreed to by the Parties using digital signature or similar feature*.

## Ex-99.(K)(2)

**Exhibit 99.(k)(2)**

**AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT**

October 29, 2025

USVC Venture Capital Access Fund

140 Lakeside Avenue, Suite 100

Seattle, WA 98122

Dear Ladies and Gentlemen:

Strawberry Tree Management Company LLC ("STM"), as investment adviser to USVC Venture Capital Access Fund (the "Fund"), agrees to waive its management fees and/or reimburse the Fund's expenses to the extent that the Fund's total expenses (excluding (i) the management fee; (ii) organizational and offering expenses; (iii) any administrative, distribution, servicing, account opening, shareholder servicing, transfer and sub-transfer agency and sub-accounting fees, and all expenses in connection with shareholder meetings and/or proxy solicitations; (iv) all acquired fund fees and expenses and all transactional costs, including legal, structuring, audit, and brokerage commissions, associated with consummated and unconsummated acquisitions, dispositions and maintenance of investments by the Fund; (v) interest, borrowing costs and expenses (including those associated with lines of credit and credit facilities); (vi) all federal, state, local and foreign taxes; (vii) merger or reorganization expenses; and (viii) extraordinary expenses distinguished by their unusual nature or infrequency, including, without limitation, costs incurred in connection with litigation, arbitration, mediation, indemnification, government investigations, claims or proceedings, and any expenses in connection with holding and/or soliciting proxies for annual or other meetings of shareholders ("Excluded Expenses")) exceed an annual rate of 1.00% of the average net asset value of the Fund (the "Expense Limitation"). Each quarter the Fund's total expenses, exclusive of Excluded Expenses, shall be annualized as of the last day of the quarter, and if the annualized total expenses, exclusive of Excluded Expenses, for any quarter exceed the Expense Limitation, STM shall waive or reduce its management fee for such quarter or reimburse the Fund by an amount sufficient to reduce the annualized total expenses, exclusive of Excluded Expenses, so that such expenses do not exceed the Expense Limitation for that quarter.

This amended and restated agreement (this "Agreement") shall commence on the date first set forth above. This Agreement shall continue in effect through at least one year from the effective date of the Fund's registration statement on Form N-2 (file no. 333-255702). Thereafter, this Agreement shall continue in effect from year to year for successive one-year periods provided that each such continuance is specially approved by the Fund's Board of Trustees and the Investment Adviser. The Fund's Board of Trustees may terminate this Agreement at any time upon at least sixty (60) days' written notice to STM, and this Agreement shall automatically terminate upon the termination of the Investment Advisory Agreement between STM and the Fund, provided, however, that this Agreement shall not terminate in the event that the Investment Advisory Agreement is terminated due to a change of control of the Adviser and a new investment advisory agreement with the Adviser becomes effective immediately upon such termination. Notwithstanding anything to the contrary, this paragraph of this Agreement shall survive any termination of this Agreement with respect to any expenses that have not been recouped by the Adviser from the Fund.

STM may recoup from the Fund any fees previously reduced or expenses previously reimbursed with respect to the Fund pursuant to this Agreement if (i) such recoupment does not cause the Fund to exceed the Expense Limitation in effect at the time of waiver/reimbursement or at the time of recoupment and (ii) the reimbursement is made within three (3) years after the time at which STM reduced the fee or incurred the expense. Subject to the terms of this Agreement, STM may elect to seek recoupment or forgo seeking recoupment at its discretion; however, upon proper request to the Fund, the Fund shall be obligated to pay STM such recoupment to the extent permitted under this Agreement.

STM agrees that it shall look only to the assets of the Fund for performance of this Agreement and for any claims for payment. No trustees, officers, employees, agents or shareholders of the Fund shall be personally liable for performance by the Fund under this Agreement.

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling. Any amendment to this Agreement shall be in writing signed by the parties hereto. Subject to approval by STM, this Agreement may be amended by the Fund's Board of Trustees without the approval of Fund shareholders.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Strawberry Tree Management Company LLC | Strawberry Tree Management Company LLC |
| By: | /s/ Huoy-Ming Yeh |
| Name: | Huoy-Ming Yeh |
| Title: | Chief Executive Officer |

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| | |
|:---|:---|
| USVC Venture Capital Access Fund | USVC Venture Capital Access Fund |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |

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## Ex-99.(K)(5)

**Exhibit 99.(k)(5)**

**AMENDED AND RESTATED EXPENSE REIMBURSEMENT AGREEMENT**

This Amended and Restated Expense Reimbursement Agreement (the "**Agreement**") is made this 29th day of October, 2025, by and between USVC Venture Capital Access Fund, a Delaware statutory trust (the "**Fund**"), and Strawberry Tree Management Company LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund is a non-diversified, closed-end management investment company that is registered as an investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**");

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated October 29, 2025, entered between the Fund and the Adviser, as may be amended or restated (the "**Investment Advisory Agreement**"); and

WHEREAS, the Fund and the Adviser have determined that it may be appropriate and in the best interests of the Fund for the Adviser to pay certain expenses of the Fund.

WHEREAS, the Fund and the Adviser desire to amended and restate that certain Expense Reimbursement Agreement, dated September 18, 2025 by and between the Fund and the Adviser (the "Prior Agreement") in its entirety, pursuant to Section 3(f) of the Prior Agreement.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1. <u>Expense Reimbursement</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall incur the Fund's organizational costs and the initial offering costs associated
with the Fund's continuous offering of shares including, but not limited to, legal expenses, printing costs, and expenses relating
to the initial seed audit. The Fund shall reimburse the Adviser for any such payments within two years of the Adviser incurring such expenses
subject to the limitation that a reimbursement (an "Adviser Recoupment") will be made only if and to the extent that the Fund's
net assets exceed $20,000,000.

**2. <u>Termination and Survival</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date first written
above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect through at least one year from the effective date of the Fund's
registration statement on Form N-2 (file no. 333-255702), and prior to such date, the Adviser may not terminate the Agreement without
the approval of the Fund's Board of Trustees. Thereafter, this Agreement may be terminated, without the payment of any penalty,
by the Fund or the Adviser at any time, with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the
Investment Advisory Agreement, provided, however, that this Agreement shall not terminate in the event that the Investment Advisory Agreement
is terminated due to a change of control of the Adviser and a new investment advisory agreement with the Adviser becomes effective immediately
upon such termination; (ii) the Board of Trustees of the Fund makes a determination to dissolve or liquidate the Fund; or (iii) upon
a quotation or listing of the Fund's securities on a national securities exchange (including through an initial public offering)
or a sale of all or substantially all of the Fund's assets to, or a merger or other liquidity transaction with, an entity in which
the Fund's shareholders receive shares of a publicly-traded company which continues to be managed by the Adviser or an affiliate
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sections 2 and 3 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything
to the contrary, Section 1 of this Agreement shall survive any termination of this Agreement with respect to any expenses that have
not been reimbursed by the Fund to the Adviser.

**3. <u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of
the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings
and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement
shall be construed in accordance with the laws of the State of Delaware. For so long as the Fund is a registered investment company under
the 1940 Act, this Agreement shall also be construed in accordance with the applicable provisions of the 1940 Act. In such case, to the
extent the applicable laws of the State of Delaware or any of the provisions herein conflict with the provisions of the 1940 Act, the
latter shall control. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's
Declaration of Trust or By-Laws, as may be amended or restated, or to relieve or deprive the Board of Trustees of the Fund of its
responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be
deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without
the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended only in writing by mutual consent of the parties. This Agreement may be
executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication,
each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same
instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

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| | |
|:---|:---|
| **USVC Venture Capital Access Fund** | **USVC Venture Capital Access Fund** |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |

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| | |
|:---|:---|
| **Strawberry Tree Management Company LLC** | **Strawberry Tree Management Company LLC** |
| By: | /s/ Huoy-Ming Yeh |
| Name: | Huoy-Ming Yeh |
| Title: | Chief Executive Officer |

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*[Signature Page to Expense Reimbursement Agreement]*