Document:

Exhibit 10.14

 

Execution
Copy

 

 

 

 

Custody And Account Agreement

 

 

 

dated as of January 8, 2020

 

by and between

 

Trinity Capital, Inc.

(“Company”)

 

and

 

Wells Fargo Bank, National
Association

(“Account Bank” and “Document
Custodian”)

 

 

     

     

    

 

Table
Of Contents

 

Page

 

	Section
    1.	Definitions	1
	 	 	 
	Section 1.1.	Defined Terms	1
	Section 1.2.	Construction	4
	Section 1.3.	Headings	4
	 	 	 
	Section
    2.	Appointment
    Of Account Bank And Document Custodian	5
	 	 	 
	Section 2.1.	Appointment and
Acceptance	5
	Section 2.2.	Instructions	5
	Section 2.3.	Company Responsible
for Directions	5
	 	 	 
	Section
    3.	Duties
    Of Account Bank	5
	 	 	 
	Section 3.1.	[Reserved]	5
	Section 3.2.	Accounts	5
	Section 3.3.	Delivery of Cash
to Account Bank	6
	Section 3.4.	[Reserved]	6
	Section 3.5.	[Reserved]	6
	Section 3.6.	Bank Accounts and
Management of Cash	6
	Section 3.7.	[Reserved]	6
	Section 3.8.	[Reserved]	6
	Section 3.9.	Payment of Moneys	6
	Section 3.10.	[Reserved]	7
	Section 3.11.	[Reserved]	7
	Section 3.12.	Records	7
	Section 3.13.	[Reserved]	7
	Section 3.14.	Responsibility
for Property Held by Sub-Custodian Banks	7
	 	 	 
	Section
    3a.	Duties
    Of Document Custodian	7
	 	 	 
	Section
    4.	Reporting	8
	 	 	 
	Section
    5.	[reserved]	8
	 	 	 
	Section
    6.	[reserved]	8
	 	 	 
	Section
    7	Certain
    General Terms	8
	 	 	 
	Section 7.1.	No Duty to Examine
Documents	8
	Section 7.2.	Resolution of Discrepancies	9
	Section 7.3.	Improper Instructions	9
	Section 7.4.	Proper Instructions	9
	Section 7.5.	Actions Permitted
Without Express Authority	9
	Section 7.6.	Evidence of Authority	10
	Section 7.7.	Receipt of Communications	10
	Section 7.8.	Actions on the
Loans	10

 

    - i -

     

    

 

	Section
    8.	Compensation
    Of Account Bank And Document Custodian	10
	 	 	 
	Section 8.1.	Fees	10
	Section 8.2.	Expenses	10
	 	 	 
	Section
    9.	Responsibility
    Of Account Bank And Document Custodian	11
	 	 	 
	Section 9.1.	General Duties	11
	Section 9.2.	Instructions	11
	Section 9.3.	General Standards
of Care	11
	Section 9.4.	Indemnification	14
	Section 9.5.	Force Majeure	15
	 	 	 
	Section
    10.	[reserved]	15
	 	 	 
	Section
    11.	Tax
    Law	15
	 	 	 
	Section 11.1.	Domestic Tax Law	15
	Section 11.2.	Foreign Tax Law	15
	 	 	 
	Section
    12.	Effective
    Period And Termination	15
	 	 	 
	Section 12.1.	Effective Date	15
	Section 12.2.	Termination	15
	Section 12.3.	Resignation	16
	Section 12.4.	Successor	16
	Section 12.5.	Payment of Fees,
etc	16
	 	 	 
	Section
    13.	Representations
    And Warranties	16
	 	 	 
	Section 13.1.	Representations
of the Company	16
	Section 13.2.	Representations
of the Account Bank and Document Custodian	17
	 	 	 
	Section
    14.	Parties
    In Interest; No Third Party Benefit	17
	 	 	 
	Section
    15.	Notices	17
	 	 	 
	Section
    16.	Choice
    Of Law, Jurisdiction And Waiver Of Jury Trial	18
	 	 	 
	Section
    17.	Entire
    Agreement; Counterparts	19
	 	 	 
	Section 17.1.	Complete Agreement	19
	Section 17.2.	Counterparts	19
	Section 17.4.	Facsimile Signatures	19

 

    - ii -

     

    

 

	Section
    18.	Amendment;
    Waiver	19
	 	 	 
	Section 18.1.	Amendment	19
	Section 18.2.	Waiver	19
	 	 	 
	Section
    19.	Successor
    And Assigns	19
	 	 	 
	Section 19.1.	Successors Bound	19
	Section 19.2.	Merger and Consolidation	20
	 	 	 
	Section
    20.	Severability	20
	 	 	 
	Section
    21.	Request
    For Instructions	20
	 	 	 
	Section
    22.	Other
    Business	20
	 	 	 
	Section
    23.	Reproduction
    Of Documents	20
	 	 	 
	Section
    24.	Miscellaneous	21

 

Schedule
A – List of Authorized Persons

 

Exhibit A
 – Form of Request for Release

 

    - iii -

     

    

 

 

This
Custody And Account Agreement (this “Agreement”) is dated as of January 8, 2020 and is by and between
Trinity Capital, Inc. (and any successor or permitted assign), a Maryland corporation, as Company (along with any successor or
permitted assign, the “Company”), and Wells Fargo Bank, National Association (“Wells Fargo”)
(or any successor or permitted assign acting hereunder), a national banking association, as Account Bank (in such capacity, along
with any successor or permitted assign acting as Account Bank hereunder, the “Account Bank”) and as Document
Custodian, acting through its Document Custody division (in such capacity, along with any successor or permitted assign acting
as Account Bank hereunder, the “Document Custodian”).

  

R E C I T A L S

 

Whereas,
the Company is a closed-end management investment company, which intends to elect to be treated as a business development company
under the Investment Company Act of

1940, as amended (the “1940
Act”);

 

Whereas,
the Company desires to retain Wells Fargo Bank, National Association, to act as Account Bank and as Document Custodian for the
Company;

 

Whereas,
the Company desires that certain of the Company’s cash be held and administered by the Account Bank pursuant to this Agreement
in compliance with Section 17(f) of the 1940 Act;

 

Whereas,
the Company desires that certain of the Company’s Loan Files (as defined below) be held by the Document Custodian pursuant
to this Agreement; and

 

Now
Therefore, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

  

Section
1.      Definitions.

 

Section 1.1. Defined
Terms.  In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as
used in this Agreement:

 

“Account” means the Cash Account.

 

“Account Bank” has the meaning
set forth in the first paragraph of this Agreement.

 

“Agreement”
means this Custody and Account Agreement (as the same may be amended from time to time in accordance with the terms hereof).

 

“Asset List”
means, in the case of each Loan File held by the Document Custodian for the benefit of the Company, a computer-readable transmission
containing information sufficient to identify the asset (and such other data as may be mutually agreed upon in writing by the
Company and the Document Custodian), which shall be delivered by the Company to the Document Custodian pursuant to this Agreement.

 

     

     

    

 

“Authorized
Person” has the meaning set forth in Section 7.4.

 

“Business
Day” means a day on which the Account Bank or Document Custodian is open for business.

 

“Cash Account”
means the segregated trust account (account number 84014400) to be established at the Account Bank to which the Account Bank
shall deposit and hold any cash received by it on or after the date hereof which account shall be designated the “Reserve
Account.”

 

“Company”
means Trinity Capital, Inc., its successors or permitted assigns.

 

“Corporate
Trust Office” shall mean, with respect to the Account Bank and Document Custodian, the corporate trust office thereof
at which at any particular time its corporate trust business with respect to this Agreement is conducted, which office at the
date of the execution of this Agreement is located at Wells Fargo Bank, N.A., MAC N9300-061, 600 S. 4th St., Minneapolis, Minnesota
55479, Attention: Corporate Trust Services – Asset-Backed Administration, or at such other address as such party may designate
from time to time by notice to the other parties to this Agreement.

 

“Document Custodian”
has the meaning set forth in the first paragraph of this Agreement.

 

“Eligible
Investment” means any investment that at the time of its acquisition is one or more of the following:

 

(a)    United
States government and agency obligations;

 

(b)    commercial
paper having a rating assigned to such commercial paper by Standard & Poor’s Rating Services or Moody’s Investor
Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating
organization in the United States of America) equal to one of the two highest ratings assigned by such organization, it being
understood that as of the date hereof such ratings by Standard & Poor’s Rating Services are “A1+” and “A1”
and such ratings by Moody’s Investor Service, Inc. are “P1” and “P2”;

 

(c)    interest
bearing deposits in United States dollars in United States banks with an unrestricted surplus of at least U.S. $250,000,000, maturing
within one year; and

 

(d)    money
market funds (including funds of the bank serving as Account Bank or its affiliates) with a rating from any rating agency that
is currently rating such money market mutual funds in the highest investment category granted thereby.

 

Each of the Eligible
Investments may be purchased by the Account Bank or through an affiliate of the Account Bank

 

    - 2 -

     

    

 

“Loan”
shall mean any obligation (or participation interest therein) for the payment or repayment of borrowed money that is documented
by a term loan agreement, revolving loan agreement or other similar credit agreement.

 

“Loan Checklist”
means a list delivered to the Document Custodian in connection with delivery of each Loan to the Document Custodian by the
Company that identifies the items contained in the related Loan File.

 

“Loan File”
means, with respect to each Loan delivered to the Document Custodian, each of the Required Loan Documents identified on the
related Loan Checklist.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company,
trust (including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

 

“Proper Instructions”
means instructions received by the Account Bank or the Document Custodian in form acceptable to it, from the Company, or any
Person duly authorized by the Company in any of the following forms acceptable to the Account Bank or the Document Custodian:

 

(a)       in
writing signed by an Authorized Person (and delivered by hand, by mail, by overnight courier or by telecopier);

 

(b)       by electronic
mail from an Authorized Person; or

 

(c)       such
other means as may be agreed upon from time to time by the Account Bank or the Document Custodian and the party giving such instructions. 

 

“Reinvestment
Earnings” has the meaning set forth in Section 3.6.

 

“Request
for Release” means a request for release of any Loan File, which request shall be either (i) delivered to the Document
Custodian substantially in the form of Exhibit A hereto or (ii) as otherwise agreed to between the Document Custodian and the
Company.

 

“Required
Loan Documents” means, for each Loan, to the extent set forth on the related Loan Checklist delivered to the Document
Custodian in connection therewith, (i) with respect to leases, if any: (A) master lease agreement, (B) equipment schedule, (C)
intellectual property security agreement, (D) participation rights agreement, (E) intercreditor agreement/collateral agency agreement/subordination
agreement, (F) warrant, (G) royalty fee agreement, (H) delivery and acceptance certificate, (I) pledge agreement, (J) security
agreement, (K) asset sale agreement schedule, (L) bill of sale, (M) UCC filings, (N) guaranty agreement, and (O) most recent portfolio
risk rating (if applicable); and (ii) with respect to loans, if any: (A) loan and security agreement, (B) intellectual property
security agreement, (C) participation rights agreement, (D) intercreditor agreement/collateral agency agreement, (E) warrant,
(F) royalty fee agreement, (G) pledge agreement, (H) UCC filings, (I) guaranty agreement, (J) promissory note, and (K) most recent
portfolio risk rating. With respect to each Loan File, the Company will provide a Loan Checklist to the Document Custodian of
the applicable Loan Files, upon which the Custodian shall be able to conclusively rely as the list of documents required to be
included in the related Loan File.

 

    - 3 -

     

    

 

“Responsible
Officer” shall mean any President, Vice President, Assistant Vice President, Assistant Secretary, Assistant Treasurer
or Corporate Trust Officer, or any other officer in the Corporate Trust Office customarily performing functions similar to those
performed by any of the above designated officers, in each case having direct responsibility for the administration of this Agreement.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York.

 

Section
1.2.   Construction. In this Agreement unless the contrary intention appears:

 

(a)     
any reference to this Agreement or another agreement or instrument refers to such agreement or instrument as the same may be amended,
modified or otherwise rewritten from time to time;

 

(b)     
a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations,
amendments, re-enactments or replacements of any of them;

 

(c)     
any term defined in the singular form may be used in, and shall include, the plural with the same meaning, and vice versa;

 

(d)     
a reference to a Person includes a reference to the Person’s executors, successors and permitted assigns;

 

(e)     
an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly and severally;

 

(f)
      an agreement, representation or warranty on the part of two or more Persons binds them jointly and
severally;

 

(g)      a reference to the term
 “including” means “including, without limitation,”

  

and

 

(h)
     a reference to any accounting term is to be interpreted in accordance with generally accepted principles and practices in the
United States, consistently applied, unless otherwise instructed by the Company.

 

Section 1.3.   Headings.   Headings
are inserted for convenience and do not affect the interpretation of this Agreement.

 

    - 4 -

     

    

 

Section
2.      Appointment Of Account Bank And Document Custodian.

 

Section 2.1. Appointment
and Acceptance.  (a) The Company hereby appoints the Account Bank as custodian of cash owned by the Company and delivered
to the Account Bank on the date hereof, on the terms and conditions set forth in this Agreement, and the Account Bank hereby accepts
such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it subject to and in
accordance with the provisions hereof.

 

(b)    The
Company hereby appoints the Document Custodian as custodian to hold the Loan Files and Required Loan Documents owned by the Company
and delivered to the Document Custodian from time to time during the period of this Agreement on the terms and conditions set
forth in this Agreement, and the Document Custodian hereby accepts such appointment and agrees to perform the services and duties
set forth in this Agreement with respect to it and subject to and in accordance with the provisions hereof.

 

Section 2.2. Instructions.
The Company agrees that it shall from time to time provide, or cause to be provided, to the Account Bank and the Document
Custodian all necessary instructions and information, and shall respond promptly to all inquiries and requests of the Account
Bank and the Document Custodian, as may reasonably be necessary to enable the Account Bank and the Document Custodian to perform
their respective duties hereunder.

 

Section 2.3. Company
Responsible for Directions. The Company is solely responsible for directing the Account Bank (on at least two Business Days’
prior written notice) with respect to deposits to, withdrawals from and transfers to or from the Account. Without limiting the
generality of the foregoing, the Account Bank has no responsibility for the Company’s compliance with the 1940 Act, any
restrictions, covenants, limitations or obligations to which the Company may be subject or for which it may have obligations to
third-parties in respect of the Account, and the Account Bank shall have no liability for the application of any funds made at
the direction of the Company. The Company shall be solely responsible for properly instructing the appropriate payments to the
Account Bank for deposit to the Account, and for properly instructing the Account Bank with respect to the allocation or application
of any such deposit.

 

Section
3.      Duties Of Account Bank.

 

Section 3.1.   [Reserved].

 

Section 3.2.  Accounts.
(a)    The Company directs the Account Bank to open and maintain it its corporate trust department the Cash
Account to which the Account Bank may deposit or credit and hold any cash received by it on or after the date hereof.

 

(b)    The
Account Bank shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any property held by it hereunder
except pursuant to the direction of the Company under terms of the Agreement.

 

    - 5 -

     

    

 

Section 3.3. Delivery
of Cash to Account Bank.  (a) The Company may deliver, or cause to be delivered, to the Account Bank certain of the Company’s
cash on or after the date hereof to be deposited into the Cash Account.

 

Section 3.4.   [Reserved].

 

Section 3.5.   [Reserved].

 

Section 3.6.  Bank Accounts and Management
of Cash.   (a)    Any cash received by the Account Bank shall be credited to the Cash Account.

 

(b)    Amounts
held in the Cash Account may be invested in Eligible Investments pursuant to specific written Proper Instructions (which may be
standing instructions) received by the Account Bank from an Authorized Person acting on behalf of the Company. Such investments
shall be subject to availability and the Account Bank’s then applicable transaction charges (which shall be at the Company’s
expense). The Account Bank shall have no liability for any loss incurred on any such investment. Absent receipt of such written
instruction from the Company, the Account Bank shall have no obligation to invest (or otherwise pay interest on) amounts on deposit
in the Cash Account. In no instance will the Account Bank have any obligation to provide investment advice to the Company. Any
earnings from such investment of amounts held in the Cash Account from time to time (collectively, “Reinvestment Earnings”)
shall be redeposited in the Cash Account (and may be reinvested at the written direction of the Company).

 

(c)   
In the event that the Company shall at any time request a withdrawal of amounts from the Cash Account, the Account Bank shall
be entitled to liquidate (on the Business Day prior to any such withdrawal), and shall have no liability for any loss incurred
as a result of the liquidation of, any investment of the funds credited to such Cash Account as needed to provide necessary liquidity,
unless such losses are directly resulting from the Account Bank’s gross negligence, willful misconduct or bad faith.

 

(d)    The
Company acknowledges that cash deposited or invested with any bank (including the bank acting as Account Bank) may make a margin
or generate banking income for which such bank shall not be required to account to the Company.

 

Section 3.7.   [Reserved].

 

Section 3.8.   [Reserved].

 

Section 3.9.   Payment
of Moneys.  (a) Upon receipt of Proper Instructions, the Account Bank shall transfer from the Cash Account moneys of the Company
on deposit therein, but only upon receipt of Proper Instructions specifying the amount of such payment and to transfer such amounts
to the commercial bank account of the Company.

 

(b)    At
any time or times, the Account Bank shall be entitled to pay (i) itself and the Document Custodian from the Cash Account, whether
or not in receipt of express direction or instruction from the Company, any amounts due and payable to either or both of them
pursuant to Section 8 hereof, and (ii) as otherwise permitted by Section 7.5, 9.4 or Section 12.5 below, provided, however,
that in each case (i) the Account Bank or Document Custodian, as applicable, shall have first invoiced or billed the Company
for such amounts and the Company shall have failed to pay such amounts within thirty (30) days after the date of such invoice
or bill, and (ii) all such payments shall be accounted for to the Company.

 

    - 6 -

     

    

 

Section 3.10.   [Reserved].

 

Section 3.11.   [Reserved].

 

   Section
3.12.   Records. The Account Bank shall create and maintain its customary records relating to its activities under
this Agreement with respect to the cash or other property held for the Company under this Agreement. All such records shall at
all times during the regular business hours of the Account Bank be open for inspection by duly authorized officers, employees
or agents of the Company (including its independent public accountants), upon reasonable request and at least five Business Days’
prior written notice and at the Company’s expense.

 

Section 3.13.   [Reserved].

 

    Section
3.14. Responsibility for Property Held by Sub-Custodian Banks.  The Account Bank’s responsibility with respect to the
selection or appointment of a sub-custodian bank shall be limited to a duty to exercise reasonable care in the selection of such
sub-custodian bank. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys’ and accountants’
fees) incurred as a result of the acts or the failure to act by any sub-custodian, the Account Bank shall take reasonable action
to recover such costs, expenses, damages, liabilities, or claims from such sub-custodian; provided that the Account Bank’s
sole liability in that regard shall be limited to amounts actually received by it from such sub-custodian (exclusive of related
costs and expenses incurred by the Account Bank).

  

Section
3a.   Duties Of Document Custodian.

 

(a)    With
respect to Loans, Required Loan Documents shall be delivered to the Document Custodian in its role as, and at the address identified
in Section 15(c) for, the Document Custodian. All Required Loan Documents shall be held in safekeeping by the Document Custodian,
individually segregated on its inventory system from the files of any other Person other than those relating to the Company and
its affiliates and subsidiaries.

 

(b)    Contemporaneously
with the acquisition of any Loan or Loans, the Company shall deliver, or cause to be delivered, to the Document Custodian an Asset
List with a Loan File containing any appropriate Required Loan Documents evidencing such Loan and the related Loan Checklist,
and any further information in respect of such Loan as the Document Custodian may reasonably require in order to enable the Document
Custodian to perform its duties hereunder in respect of such Loan, on which the Document Custodian may conclusively rely without
further inquiry or investigation, in such form and format as the Document Custodian reasonably may require.

 

    - 7 -

     

    

 

(c)    The
Document Custodian shall release and ship for delivery, or direct its agents or sub-custodian to release and ship for delivery,
as the case may be, Required Loan Documents of the Company held by the Document Custodian, its agents or its sub-custodian from
time to time upon receipt of a Request for Release (which shall, among other things, specify the Required Loan Documents to be
released, with such delivery and other information as may be necessary to enable the Document Custodian to perform (including
the delivery method). Any request for release by the Company shall be in the form of the Request for Release. The Company is authorized
to transmit and the Document Custodian is authorized to accept signed facsimile or email copies of Requests for Release submitted
substantially in the form attached hereto ad Exhibit A (or as otherwise agreed between the Document Custodian and the Company).

 

(d)    For
the avoidance of doubt, the Document Custodian shall have no obligation to review or monitor any Required Loan Documents, but
shall only be required to hold those Required Loan Documents received by it in accordance with this Agreement.

  

Section
4.       Reporting.

 

(a)   [Reserved]

 

(b)   The
Account Bank shall grant to the Company online access to information relating to the Cash Account such that the Company can determine
all deposits to and withdrawals from the Cash Account and the outstanding balance of the Cash Account.

 

(c)   The
Company acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the
completion of each purchase and sale of Eligible Investments or Account Bank’s receipt of a broker’s confirmation.
The Company agrees that such notifications shall not be provided by the Account Bank hereunder, and that the Account Bank shall
make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity.
No statement need be made available for the Cash Account if no activity has occurred in such account during such period.

 

(d)   On
the first Business Day of each week, the Document Custodian shall deliver to the Company an on-hand and exception report relating
to the Loan Files being held by it hereunder.

 

Section
5.      [reserved].

 

Section
6.       [reserved].

  

Section
7        Certain General Terms.

 

Section 7.1. No
Duty to Examine Documents.  Nothing herein shall obligate the Account Bank or the Document Custodian to review or examine
the terms of any underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other document
held by the Account Bank or the Document Custodian to determine the validity, sufficiency, marketability or enforceability of
any such document or Loan (and shall have no responsibility for the genuineness or completeness thereof), or to monitor the status
of any lien or performance of any collateral, or otherwise.

 

    - 8 -

     

    

 

Section 7.2. Resolution
of Discrepancies.  In the event of any discrepancy between the information set forth in any report provided by the Account
Bank or the Document Custodian to the Company and any information contained in the books or records of the Company, the Company
shall promptly notify the Account Bank or the Document Custodian thereof and the parties shall cooperate to diligently resolve
the discrepancy.

 

Section 7.3. Improper
Instructions.  Notwithstanding anything herein to the contrary, neither the Account Bank nor or the Document Custodian shall
be obligated to take any action (or forebear from taking any action), which it reasonably determines (at its sole option) to be
contrary to the terms of this Agreement or applicable law. In no instance shall the Account Bank be obligated to provide services
on any day that is not a Business Day.

 

Section 7.4. Proper
Instructions. (a)    The Company will give a notice to the Account Bank and the Document Custodian, in form acceptable to the
Account Bank and the Document Custodian, specifying the names and specimen signatures of persons authorized to give Proper Instructions
(collectively, “Authorized Persons” and each is an “Authorized Person”) which notice shall
be signed by an Authorized Person previously certified to the Account Bank and the Document Custodian. The Account Bank and the
Document Custodian shall be entitled to rely upon the identity and authority of such persons until it receives written notice
from an Authorized Person of the Company to the contrary. The initial Authorized Persons are set forth on Schedule A attached
hereto and made a part hereof (as such Schedule A may be modified from time to time by written notice from the Company to the
Account Bank and the Document Custodian). If such person elects to give the Account Bank and the Document Custodian email or facsimile
instructions (or instructions by a similar electronic method) and the Account Bank or the Document Custodian elects to act upon
such instructions, the Account Bank’s and the Document Custodian’s understanding of such instructions shall be deemed
controlling. Neither the Account Bank nor the Document Custodian shall be liable for any losses, costs or expenses arising directly
or indirectly from the Account Bank’s or the Document Custodian’s reliance upon and compliance with such instructions
notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing
such instructions or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions
and directions to the Account Bank and the Document Custodian, including without limitation the risk of the Account Bank or the
Document Custodian acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

(b)     Neither the Account
Bank nor the Document Custodian shall have an obligation to act in accordance with purported instructions to the extent that they
conflict with applicable law or regulations, local market practice or the Account Bank’s or the Document Custodian’s
operating policies and practices. Neither the Account Bank nor the Document Custodian shall be liable for any loss resulting from
a delay while it obtains clarification of any Proper Instructions.

 

Section 7.5. Actions
Permitted Without Express Authority.  The Account Bank may, without express authority from the Company, make payments to itself
and to the Document Custodian as described in or pursuant to Section 3.6(b), provided that (i) the Account Bank shall have
first invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts within thirty (30)
days after the date of such invoice or bill, and (ii) all such payments shall be regularly accounted for to the Company.

 

    - 9 -

     

    

 

Section 7.6. Evidence
of Authority. The Account Bank and the Document Custodian shall be protected in acting upon any instructions, notice, request,
consent, opinion, certificate instrument or paper reasonably believed by either or them to be genuine and to have been properly
executed or otherwise given by or on behalf of the Company by an Authorized Person. The Account Bank and the Document Custodian
may receive and accept a certificate signed by any Authorized Person as conclusive evidence of:

 

(a)       the
authority of any person to act in accordance with such certificate; or

 

(b)       any
determination or of any action by the Company as described in such certificate,

 

and such certificate may
be considered as in full force and effect until receipt by the Account Bank and the Document Custodian of written notice to the
contrary from an Authorized Person of the Company.

 

Section 7.7. Receipt
of Communications.  Any communication received by the Account Bank or the Document Custodian on a day which is not a Business
Day or after 3:30 p.m., Eastern time (or such other time as is agreed by the Company and the Account Bank and the Document Custodian
from time to time), on a Business Day will be deemed to have been received on the next Business Day.

 

Section 7.8. Actions
on the Loans.  Neither the Account Bank nor the Document Custodian shall have any duty or obligation hereunder to take any
action on behalf of the Company, to communicate on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise
to interact or exercise rights or remedies on behalf of the Company, with respect to any of the Loans. All such actions and communications
are the responsibility of the Company.

  

Section
8.       Compensation Of Account Bank And Document Custodian.

 

Section 8.1. Fees.
 The Account Bank and the Document Custodian shall be entitled to compensation for their services in accordance with the terms
of that certain fee letter dated November 27, 2019, between the Company, the Account Bank and the Document Custodian.

 

Section 8.2. Expenses.
 The Company agrees to pay or reimburse to the Account Bank and the Document Custodian upon its request from time to time
all costs, disbursements, advances, losses and expenses (including reasonable fees and expenses of legal counsel and court costs)
incurred, and any disbursements made, in connection with the preparation or execution of this Agreement, or in connection with
or arising out of the transactions contemplated hereby or the administration of this Agreement or performance by the Account Bank
or the Document Custodian, as applicable, of its duties and services under this Agreement, from time to time (including costs
and expenses of any action deemed necessary by the Account Bank or the Document Custodian to collect any amounts owing to it under
this Agreement).

 

    - 10 -

     

    

 

Section
9.       Responsibility Of Account Bank And Document Custodian.

 

Section 9.1. General
Duties. Neither the Account Bank nor the Document Custodian shall have any duties, obligations or responsibilities under this
Agreement except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations
of the Account Bank and the Document Custodian shall be determined solely by the express provisions of this Agreement. No implied
duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Account Bank or the
Document Custodian.

 

Section 9.2. Instructions.
 (a)     The Account Bank and the Document Custodian shall be entitled to refrain from taking any action
unless it has such instruction (in the form of Proper Instructions) from the Company as it reasonably deems necessary, and shall
be entitled to require, upon notice to the Company, that Proper Instructions to it be in writing. Neither the Account Bank nor
the Document Custodian shall have any liability for any action (or forbearance from action) taken pursuant to the Proper Instruction
of the Company.

 

(b)     Whenever
the Account Bank or the Document Custodian is entitled or required to receive or obtain any communications or information pursuant
to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably
acceptable to it and otherwise in accordance with any applicable terms of this Agreement; and whenever any report or other information
is required to be produced or distributed by the Account Bank or the Document Custodian it shall be in form, content and medium
reasonably acceptable to it and the Company, and otherwise in accordance with any applicable terms of this Agreement.

 

Section 9.3. General
Standards of Care.  Notwithstanding any terms herein contained to the contrary, the acceptance by the Document Custodian and
the Account Bank of each of their appointments hereunder is expressly subject to the following terms, which shall govern and apply
to each of the terms and provisions of this Agreement (whether or not so stated therein):

 

(a)    Each
of the Account Bank and the Document Custodian may rely on and shall be protected in acting or refraining from acting upon any
written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document
furnished to it (including any of the foregoing provided to it by telecopier or electronic means), not only as to its due execution
and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be
genuine and signed or presented by the proper person (which in the case of any instruction from or on behalf of the Company shall
be an Authorized Person); and the Account Bank and the Document Custodian shall be entitled to presume the genuineness and due
authority of any signature appearing thereon. Neither the Account Bank nor the Document Custodian shall be bound to make any independent
investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent,
opinion, report, receipt or other paper or document, or be required to recalculate, certify or verify any information contained
therein; provided, however, that if the form thereof is specifically prescribed by the terms of this Agreement, the Account
Bank or Document Custodian, as applicable, shall examine the same to determine whether it substantially conforms on its face to
such requirements hereof.

 

    - 11 -

     

    

 

(b)    Neither
the Account Bank, the Document Custodian, nor any of their directors, officers or employees shall be liable to anyone for any
error of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees),
or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action
or inaction constitutes gross negligence, willful misconduct or bad faith on its part. Neither the Account Bank nor the Document
Custodian shall be liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred
upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by
it by reason of the lack of direction or instruction required hereby for such action. Neither the Account Bank nor the Document
Custodian shall be under any obligation at any time to ascertain whether the Company is in compliance with the 1940 Act, the regulations
thereunder, or the Company’s investment objectives and policies then in effect.

 

(c)    In
no event shall the Document Custodian or the Account Bank be liable for any indirect, special, punitive or consequential damages
(including lost profits) whether or not it has been advised of the likelihood of such damages.

 

(d)    The
Account Bank and the Document Custodian may consult with, and obtain advice from, legal counsel with respect to any question as
to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such
counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Account
Bank or the Document Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost
of such services shall be reimbursed pursuant to Section 8.2 above. Before the Account Bank or Document Custodian acts or refrains
from acting hereunder, it may require and shall be entitled to receive an officer’s certificate and/or an opinion of counsel,
the reasonable cost of such services shall be reimbursed pursuant to Section 8.2 above. Neither the Account Bank nor the Document
Custodian shall be liable for any action it takes or omits to take in good faith in reliance on such officer’s certificate
or opinion of counsel.

 

(e)    Neither
the Account Bank nor the Document Custodian shall be deemed to have notice of, or be required to act based on, any fact, claim,
demand or other event or information with respect hereto unless actually known by a Responsible Officer working in its Corporate
Trust Services group and charged with responsibility for administering this Agreement or unless (and then only to the extent received)
in writing by a Responsible Officer of the Account Bank or the Document Custodian at the applicable address(es) as set forth in
Section 15 and specifically referencing this Agreement. Neither the Account Bank nor Document Custodian shall have any obligation
or duty to determine whether any event or fact has occurred. The delivery or availability of reports or other documents to the
Account Bank or Document Custodian (including publicly available reports or documents) shall not constitute actual or constructive
knowledge or notice of information contained in or determinable from those reports or documents. Knowledge or information acquired
by (i) Wells Fargo Bank, National Association in any of its respective capacities hereunder or under any other document related
hereto shall not be imputed to Wells Fargo Bank, National Association in any of its other capacities hereunder or thereunder except
to the extent their respective duties are performed by Responsible Officers in the same division of Wells Fargo Bank, National
Association, and vice versa, and (ii) any affiliate or other line of business or other division of Wells Fargo Bank, National
Association shall not be imputed to Wells Fargo Bank, National Association in any of its respective capacities hereunder.

 

    - 12 -

     

    

 

(f)    No
provision of this Agreement shall require the Account Bank or the Document Custodian to expend or risk its own funds, or to take
any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability
unless it shall be furnished with indemnification acceptable to it. Nothing herein shall obligate the Account Bank or the Document
Custodian to commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company or on its own behalf
or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby.

 

(g)    The
permissive rights of the Account Bank and the Document Custodian to take any action hereunder shall not be construed as duty.

 

(h)   The
Account Bank and the Document Custodian may each act or exercise duties or powers hereunder through agents (including for the
avoidance of doubt, sub- custodians) or attorneys, and the Account Bank and Document Custodian, as applicable, shall not be liable
or responsible for the actions or omissions of any such agent or attorney appointed and maintained with due care.

 

(i)   All
indemnifications contained in this Agreement in favor of the Account Bank and the Document Custodian shall survive the termination
or assignment of this Agreement or earlier resignation of the Account Bank or the Document Custodian, as applicable.

 

(j)   Neither
the Account Bank nor the Document Custodian shall be under any obligation to exercise any of the rights or powers vested in it
by this Agreement at the request, order or direction of any Person, unless such Person with the requisite authority shall have
offered to the Account Bank and Document Custodian security or indemnity satisfactory to the Account Bank and Document Custodian
against the costs, expenses and liabilities (including the reasonable and documented fees and expenses of counsel and agents)
which may be incurred therein or thereby. Neither the Account Bank nor the Document Custodian shall be liable with respect to
any action it takes or omits to take in accordance with a direction received by it from any Person with the requisite authority.

 

    - 13 -

     

    

 

(k)   Neither
the Account Bank nor the Document Custodian shall have any liability with respect to the acts or omissions of any other Person,
and may assume compliance by each of the other parties hereto with their obligations thereunder unless a Responsible Officer is
notified of any such noncompliance in writing.

 

(l)   Neither
the Account Bank nor the Document Custodian shall be held responsible or liable for or in respect of, and makes no representation
or warranty with respect to (A) any recording, filing or depositing of this Agreement or any agreement referred to herein or any
financing statement, continuation statement or amendments to a financing statement or continuation statement evidencing a security
interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording, refiling or redepositing
of any thereof, or (B) the monitoring, creation, maintenance, enforceability, existence, status, validity, priority or perfection
of any security interest, lien or collateral or the performance of any collateral.

 

(m)   All
rights, protections, indemnities and immunities provided in this Agreement in favor of the Account Bank under this Agreement shall
also apply to the Document Custodian and vice versa, mutatis mutandis.

 

Section 9.4. Indemnification.
(a)  The Company shall and does hereby indemnify and hold harmless each of the Account Bank, the Document Custodian and
any agents appointed by the Account Bank and Document Custodian for and from any and all costs and expenses (including reasonable
attorney’s fees and expenses and court costs) and any and all losses, damages, claims and liabilities, that may arise, be
brought against or incurred by the Account Bank or the Document Custodian, whether direct, indirect or consequential, as a result
of or arising from or in any way relating to any claim, demand, suit, action or proceeding (including any inquiry or investigation)
by any person, including without limitation the Company, and any advances or disbursements made by the Account Bank or the Document
Custodian, as a result of, relating to, or arising out of this Agreement, or the administration or performance of the duties of
the Account Bank and the Document Custodian hereunder, or the relationship between the Company, the Account Bank and the Document
Custodian created hereby, including the enforcement of any indemnification rights hereunder, other than such liabilities, losses,
damages, claims, costs and expenses as are directly caused by the Account Bank’s or the Document Custodian’s, as applicable,
own action or inaction constituting bad faith, gross negligence or willful misconduct on its part, as determined by a court of
competent jurisdiction or as otherwise agreed to by the parties.

 

(b)   In
the event that the Account Bank, the Document Custodian or any of their nominees shall incur or be assessed any taxes, charges,
expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from
its or its nominee’s own gross negligent action, grossly negligent failure to act or willful misconduct, or if the Company
fails to compensate or pay the Account Bank or the Document Custodian pursuant to Section 8.1 or Section 9.4 hereof, any cash
at any time held for the account of the Company shall be security therefor and should the Company fail to repay the Account Bank
or Document Custodian promptly (or, if specified, within the time frame provided herein), the Account Bank shall be entitled to
utilize available cash to the extent necessary to obtain reimbursement for the Account Bank or the Document Custodian.

 

    - 14 -

     

    

 

Section 9.5. Force
Majeure. Without prejudice to the generality of the foregoing, neither the Account Bank nor the Document Custodian shall be
liable to the Company for any damage or loss resulting from or caused by events or circumstances beyond the reasonable control
of the Account Bank or Document Custodian, including nationalization, expropriation, currency restrictions, the interruption,
disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or
other technological failures or interruptions, computer viruses or the like, fires, floods, earthquakes or other natural disasters,
civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters
of any kind, or other similar events or acts; errors by the Company (including any Authorized Person) in its instructions to the
Account Bank or the Document Custodian; or changes in applicable law, regulation or orders.

  

Section 10.     [reserved].

 

Section 11.     Tax
Law.

 

Section 11.1.   Domestic
Tax Law.    The Account Bank shall have no responsibility or liability for any obligations now or hereafter
imposed on the Company or the Account Bank as Account Bank hereunder, by the tax law of the United States or any state or political
subdivision thereof. The Account Bank shall be kept indemnified by and be without liability to the Company for such obligations
including taxes (but excluding any income taxes assessable in respect of compensation paid to the Account Bank pursuant to this
Agreement) withholding, certification and reporting requirements, claims for exemption or refund, additions for late payment interest,
penalties and other expenses (including legal expenses) that may be assessed against the Company, or the Account Bank as Account
Bank hereunder.

 

Section 11.2. Foreign
Tax Law. It shall be the responsibility of the Company to notify the Account Bank of the obligations imposed on the Company
by the tax law of foreign (e.g., non- U.S.) jurisdictions, including responsibility for withholding and other taxes, assessments
or other government charges, certifications and government reporting. The sole responsibility of the Account Bank with regard
to such tax law shall be to use reasonable efforts to cooperate with the Company with respect to any claims for exemption or refund
under the tax law of the jurisdictions for which the Company has provided such information.

  

Section
12.      Effective Period And Termination.

 

Section 12.1.Effective
Date. This Agreement shall become effective as of its due execution and delivery by each of the parties. This Agreement shall
continue in full force and effect until terminated as hereinafter provided. This Agreement may be terminated by the Document Custodian,
the Account Bank or the Company pursuant to Section 12.2.

 

Section 12.2.Termination.
 This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any
written notice of termination given by any party to the other parties not later than sixty (60) days prior to the effective date
of termination specified therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing.

 

    - 15 -

     

    

 

Section 12.3.Resignation.
 The Account Bank and the Document Custodian may at any time resign under this Agreement by giving not less than sixty (60)
days advance written notice thereof to the Company. The Company may at any time remove the Account Bank and the Document Custodian
under this Agreement by giving not less than sixty (60) days advance written notice to the Account Bank and the Document Custodian.

 

Section 12.4. Successor.
 Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal of the
Account Bank or Document Custodian, as the case may be, the Company shall give Proper Instruction to the Account Bank and Document
Custodian designating a successor Account Bank or Document Custodian, if applicable. Upon receipt of Proper Instruction from the
Company, the Account Bank shall deliver directly to the successor Account Bank all cash, and the Document Custodian shall deliver
directly to the successor Document Custodian Loan Files, then owned by the Company and held by the Account Bank and Document Custodian,
provided that the Company shall have paid to the Account Bank and Document Custodian all fees, expenses and other amounts
to the payment or reimbursement of which it shall then be entitled. If the Company does not designate a successor Account Bank
or Document Custodian by the date of termination, then the Account Bank and Document Custodian shall deliver all cash and Loan
Files, as applicable, to the Company. In addition, the Account Bank and Document Custodian shall, at the expense of the Company,
cooperate in the transfer of such duties and responsibilities. Upon such delivery and transfer, the Account Bank and Document
Custodian shall be relieved of all obligations under this Agreement.

 

Section 12.5.Payment
of Fees, etc.  Upon termination of this Agreement or resignation of the Account Bank and the Document Custodian, the Company
shall pay to each of the Account Bank and the Document Custodian such compensation, and shall likewise reimburse each of the Account
Bank and the Document Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination or
resignation. All indemnifications in favor of the Account Bank and the Document Custodian under this Agreement shall survive the
termination or assignment of this Agreement or any resignation of the Account Bank or the Document Custodian, as applicable.

 

Section
13.     Representations And Warranties.

 

Section
13.1. Representations of the Company.  The Company represents and warrants to the Account Bank and the Document Custodian
that:

 

(a)       it has
the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized, executed and
delivered this Agreement so as to constitute its valid and binding obligation; and

 

(b)       in giving
any instructions which purport to be “Proper Instructions” under this Agreement, the Company will act in accordance
with the provisions of its certificate of incorporation and bylaws and any applicable laws and regulations.

 

    - 16 -

     

    

 

Section 13.2.   Representations
of the Account Bank and Document Custodian. Each of the Account Bank and the Document Custodian hereby represents and warrants
to the Company that:

 

(a)       it
is a national banking association that has an aggregate capital, surplus, and undivided profits of not less than $500,000;

 

(b)       it
has the power and authority to enter into and perform its obligations under this Agreement;

 

(c)       it
has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding obligations; and

 

(d)       it
maintains business continuity policies and standards that include data file backup and recovery procedures.

  

Section 14.      Parties
In Interest; No Third Party Benefit.

 

This Agreement is
not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or
enforced by any third parties (other than successors and permitted assigns pursuant to Section 19).

  

Section 15.      Notices.

 

Any Proper Instructions
shall be given to the following address (or such other address as either party may designate by written notice to the other party),
and otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the
parties at the following address (or such other address as either of them may subsequently designate by notice to the other),
given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, or (iii) confirmed telecopier
or telex, with a duplicate sent by first class mail, postage prepaid:

 

(a)    if to the Company, to

 

Trinity Capital Inc.

3075 W. Ray Road

Suite 525

Chandler, Arizona 85226

Attn: Susan Echard

Email: legal@trincapinvestment.com

 

    - 17 -

     

    

 

(b)    if to the Account Bank,
to

  

Wells Fargo Bank, National Association

600 S. 4th Street

MAC N9300-061

Minneapolis, MN 55479

Attn: Corporate Trust Services — Asset-Backed
Administration

Phone: (612) 667-8058

Facsimile: (612) 667-3464

 

(c)     if to the Document
Custodian, to

 

Wells Fargo Bank, National Association

1055 10th Ave. SE 

MAC N9401-011

Minneapolis, MN 55414

Attn: Corporate Trust Services — Asset-Backed
Securities Vault

Phone: (612) 667-8058

Facsimile: (612) 667-1080

 

         with
a copy to:

 

Wells Fargo Bank, National Association

600 S. 4th Street

MAC N9300-061

Minneapolis, MN 55479

Attn: Corporate Trust Services — Asset-Backed
Administration

Phone: (612) 667-8058

Facsimile: (612) 667-3464

 

Section 16.      Choice
Of Law, Jurisdiction And Waiver Of Jury Trial.

 

This
Agreement Shall Be Construed, And The Provisions Thereof Interpreted Under And In Accordance With And Governed By The Laws Of
The State Of New York For All Purposes (without Regard To Its Choice Of Law Provisions). Any Legal Action Or Proceeding With Respect
To This Agreement May Be Brought In The Courts Of The State Of New York (new York County) Or Of The United States For The Southern
District Of New York, And By Execution And Delivery Of This Agreement, Each Of The Parties Hereto Consents, For Itself And In
Respect Of Its Property, To The Exclusive Jurisdiction Of Those Courts. Each Of The Parties Hereto Irrevocably Waives Any Objection,
Including Any Objection To The Laying Of Venue Or Based On The Grounds Of Forum Non Conveniens, Or Any Legal Process With
Respect To Itself Or Any Of Its Property, Which It May Now Or Hereafter Have To The Bringing Of Any Action Or Proceeding In Such
Jurisdiction In Respect Of This Agreement Or Any Document Related Hereto. Each Of The Parties Hereto Waives Personal Service Of
Any Summons, Complaint Or Other Process, Which May Be Made By Any Other Means Permitted By New York Law.

 

    - 18 -

     

    

 

All
Parties Hereunder Hereby Knowingly, Voluntarily And Intentionally Waive Any Rights They May Have To A Trial By Jury In Respect
Of Any Litigation Based Hereon, Or Arising Out Of, Under, Or In Connection With, This Agreement, Or Any Course Of Conduct, Course
Of Dealing, Statements (whether Oral Or Written) Or Actions Of The Parties In Connection Herewith Or Therewith. All Parties Acknowledge
And Agree That They Have Received Full And Significant Consideration For This Provision And That This Provision Is A Material
Inducement For All Parties To Enter Into This Agreement.

  

Section 17.     Entire
Agreement; Counterparts.

 

Section 17.1. Complete
Agreement.  This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed
herein and supersedes and terminates as of the date hereof, all prior agreements or understandings, oral or written, between the
parties to this Agreement relating to such matters.

 

Section 17.2. Counterparts.
 This Agreement may be executed in any number of counterparts and all counterparts taken together shall constitute one and
the same instrument.

 

Section 17.4. Facsimile
Signatures.  The exchange of copies of this Agreement and of signature pages by facsimile transmission or pdf shall constitute
effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all
purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes.

  

Section 18.     Amendment;
Waiver.

 

Section 18.1. Amendment.
 This Agreement may not be amended except by an express written instrument duly executed by the Company, the Account Bank
and the Document Custodian.

 

Section 18.2. Waiver.
 In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder,
unless and except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it
is to be charged.

  

Section 19.      Successor
And Assigns.

 

Section 19.1. Successors
Bound.  The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties
and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement
without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the
Account Bank or the Document Custodian to delegate certain duties or services to or perform them through agents or attorneys appointed
with due care as expressly provided in this Agreement.

 

    - 19 -

     

    

 

Section 19.2. Merger
and Consolidation.  Any corporation or association into which the Account Bank or Document Custodian may be merged or converted
or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation
to which the Account Bank or the Document Custodian shall be a party, or any corporation or association to which the Account Bank
or Document Custodian transfers all or substantially all of its corporate trust business, shall be the successor of the Account
Bank or Document Custodian, as applicable hereunder, and shall succeed to all of the rights, powers and duties of the Account
Bank or Document Custodian, as applicable, hereunder, without the execution or filing of any paper or any further act on the part
of any of the parties hereto.

  

Section 20.     Severability.

 

The terms of this
Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such
determination shall not affect the remaining terms.

 

Section 21.     Request
For Instructions.

 

If, in performing
its duties under this Agreement, the Account Bank or Document Custodian is required to decide between alternative courses of action,
the Account Bank or Document Custodian may (but shall not be obliged to) request written instructions from the Company as to the
course of action desired by it. If the Account Bank or Document Custodian does not receive such instructions within two (2) Business
Days after it has requested them, it may, but shall be under no duty to, take or refrain from taking any such courses of action.
The Account Bank and Document Custodian shall act in accordance with instructions received from the Company in response to such
request after such two-Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent
with such instructions.

  

Section 22.      Other
Business.

 

Nothing herein shall
prevent the Account Bank, the Document Custodian or any of their affiliates from engaging in other business, or from entering
into any other transaction or financial or other relationship with, or receiving fees from or from rendering services of any kind
to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Account Bank or
the Document Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated
business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

  

Section 23.     Reproduction
Of Documents.

 

This Agreement and
all schedules, exhibits, attachments and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card,
miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible
in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and
whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or
further production shall likewise be admissible in evidence.

 

    - 20 -

     

    

 

Section 24.     Miscellaneous.

 

The Company hereby
acknowledges that, notwithstanding anything to the contrary in this Agreement, the review contemplated herein (the “Review”)
is a review to be performed by the Document Custodian solely for the purpose of acknowledging receipt of Loan Files by the Document
Custodian from the Company. Any certification related to such Review prepared by the Document Custodian and furnished to the Company
is produced solely in connection with this purpose. The Company did not engage the Document Custodian to perform the Review, produce
any certification or perform any of the services in this Agreement for the purpose of making findings with respect to the accuracy
of the information or data regarding the loans provided to the Document Custodian by the Company for the Review as contemplated
by Rule 17g-10 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Given the purpose
and scope of the Document Custodian’s services (including the Review and any certification) under this Agreement and given
the Company’s treatment and use of the Review and any certification, the Company and the Document Custodian agree that the
Document Custodian’s Review is not commonly understood in the market to be “due diligence services” for purposes
of Rule 17g-10. The Company does not consider the Review and any certification to be “due diligence services” for
purposes of Rule 17g-10, and unless the Company notifies the Document Custodian to the contrary, the Company will not treat any
certification as a “third party due diligence report” for purposes of Rule 15Ga-2 under the Exchange Act. The Company
hereby acknowledges that the Document Custodian is relying on this acknowledgment for purposes of determining that its Review
does not constitute “due diligence services” under Rule 17g-10.

 

The Company acknowledges receipt of the following
notice:

 

“ IMPORTANT INFORMATION
ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.

 

To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify
and record information that identifies each person who opens an account. For a non- individual person such as a business entity,
a charity, a trust or other legal entity the Account Bank and the Document Custodian will ask for documentation to verify its
formation and existence as a legal entity. The Account Bank and the Document Custodian may also ask to see financial statements,
licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant
documentation.”

 

[Page
Intentionally Ends Here. Signatures Appear On Next Page.]

 

    - 21 -

     

    

 

In
Witness Whereof, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer,
intending the same to take effect as of the date of this Agreement.

 

	 	Trinity Capital, Inc.

 

	 	By:	/s/
                                         Steve Brown

	 	Name:	 

	 	Title:	 

  

 

		Wells Fargo
                                         Bank, National Association,

		not in
                                         its individual capacity, but solely as Account Bank

  

	 	By:	 

	 	Name:	 

	 	Title:	 

 

	 	Wells Fargo Bank,
    National Association,
	 	not
                                         in its individual capacity, but solely as Document Custodian

  

	 	By:	 

	 	Name:	 

	 	Title:	 

 

[Signature
Page To Custody And Account Agreement]

 

    

     

    

 

In
Witness Whereof, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer,
intending the same to take effect as of the date of this Agreement.

 

	 	Trinity Capital, Inc.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	Wells
                                         Fargo Bank, National Association,

                                                         not in its individual capacity,
                                         but solely as Account Bank

	 	 
	 	By:	/s/ Chad Schafer
	 	 	Name:	Chad Schafer
	 	 	Title:	Vice President
	 	 
	 	Wells
                                         Fargo Bank, National Association,

                                                         not in its individual capacity,
                                         but solely as Document Custodian

	 	 
	 	By:	/s/ Chad Schafer
	 	 	Name:	Chad Schafer
	 	 	Title:	Vice President

  

[Signature
Page To Custody And Account Agreement]

 

     

     

    

  

Schedule
A

  

List
of Authorized Persons

 

Each of the undersigned
hereby certifies that the following officers or employees of the Company have been duly authorized to deliver Proper Instructions
to the Account Bank and the Document Custodian pursuant to the Custody and Account Agreement between the Company, the Account
Bank and the Document Custodian dated January 8,
2020, and that the email addresses and signatures appearing opposite their names are
true and correct:

 

	Steve
    Brown, CEO	 	sbrown@trincapinvestment.com	 	/s/
                                     Steve Brown
	Name and Title	 	Email Address	 	Signature
		 	 	 	 
	Kyle Brown, President	 	kbrown@trincapinvestment.com	 	
	Name and Title	 	Email Address	 	Signature
	 	 	 	 	 
	Susan
    Echard, CFO	 	sechard@trincapinvestment.com	 	/s/ Susan Echard
	Name and Title	 	Email Address	 	Signature

  

     

     

    

 

Schedule
A

  

List
Of Authorized Persons

 

Each of the undersigned
 hereby certifies that the following officers or employees of the Company have been duly authorized to deliver Proper Instructions
to the Account Bank and the Document Custodian pursuant to the Custody and Account Agreement between the Company, the Account
Bank and the Document Custodian dated January 8, 2020, and that the email addresses and signatures appearing opposite their
names are true and correct:

  

	Steve
    Brown, CEO	 	sbrown@trincapinvestment.com	 	
	Name and Title	 	Email Address	 	Signature
		 	 	 	 
	Kyle Brown, President	 	kbrown@trincapinvestment.com	 	/s/ Kyle Brown
	Name and Title	 	Email Address	 	Signature
	 	 	 	 	 
	Susan
    Echard, CFO	 	sechard@trincapinvestment.com	 	
	Name and Title	 	Email Address	 	Signature

 

     

     

    

 

Exhibit
A

  

Form
Of Request For Release

 

To:         Wells
Fargo Bank, National Association, as Account Bank

ABS Custody Vault

1055 10th Avenue SE

 MAC N9401-011

Minneapolis, MN 55414

Attention: Corporate Trust Services — Asset-Backed
Securities Vault

abs.custody.vault@wellsfargo.com

 

Pursuant to Section
3A(c) of the Custody and Account Agreement described below, the undersigned requests the Loan Files described below for the reason
indicated. Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in
the Custody and Account Agreement, dated as of January 8, 2020, among Wells Fargo Bank, National Association, as the Account Bank
and Document Custodian, and Trinity Capital, Inc., as the Company.

  

Loan
Numbers:

 

          [
__]

 

Reason For Requesting Documents:

 

         
Receivable Paid in Full

 

          Repossession

 

          Liquidation

 

          Defective
Asset

 

          Takeout
Transaction

 

          Other
 — Explain             

 

To the extent such
release is due to payment in full or ineligibility, any such documents that may be in electronic form may be deleted from the
Document Custodian’s system of record rather than released to the Company or its designees.

 

 

	 	 

                                                                                Trinity
                                         Capital, Inc., as Company

	 	
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    - 1 -Exhibit 10.15

 

EXECUTION VERSION

 

TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT

 

THIS TRANSFER
AGENCY AND REGISTRAR SERVICES AGREEMENT (this “Agreement”), dated as of November 1, 2019 (the “Effective
Date”), is entered into by and between TRINITY CAPITAL INC, a Maryland corporation (the “Company”),
and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company (“AST”; together
with the Company, the “Parties”; each, the “Party”).

 

1.              Appointment
of AST as Transfer Agent and Registrar.

 

(a)           The
Company hereby appoints AST, and AST hereby accepts such appointment, to act as sole transfer agent and registrar (the “Transfer
Agent”) for the common stock of the Company and for any other securities of the Company as requested in writing by the
Company from time to time (the “Shares”). AST shall perform only those duties and obligations that are specifically
set forth in this Agreement, and no implied duties and obligations shall be read into this Agreement against AST.

 

(b)            On
or immediately after the Effective Date, the Company shall deliver to AST the following: (i) forms of outstanding stock certificates
of the Company (the “Stock Certificates”) approved and authorized by the board of directors of the Company (the
 “Board”) and certified by the corporate secretary or similar authorized officers of the Company; (ii) incumbency
certificates of the officers of the Company who are authorized to (x) execute Stock Certificates and/or (y) deliver written instructions
and requests on behalf of the Company to AST; (iii) copies of the organizational documents of the Company, certified by the corporate
secretary or similar authorized officers of the Company; (iv) a sufficient supply of blank Stock Certificates executed by (or bearing
the facsimile signature of) the officers of the Company who are authorized to execute Stock Certificates and, if required, bearing
the Company’s corporate seal; (v) a schedule that lists the class of the Shares, the par value of the Shares, and the number
of authorized Shares; and (vi) all documentation or information reasonably requested by AST that is required by bank regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without
limitation the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001, as amended. The Company authorizes AST to use Stock Certificates bearing the signature of an authorized officer of the
Company who at the time of use is no longer an officer.

 

(c)            The
Company shall promptly advise AST in writing of any change in the capital structure of the Company, and the Company shall promptly
provide AST with resolutions of the Board authorizing any recapitalization of the Shares or change in the number of issued or authorized
Shares. Further, the Company shall advise AST reasonably promptly of any amendment or supplement to any information or materials
provided by the Company to AST and shall provide such amendment or supplement to AST as soon as practicable.

 

(d)            The Company
hereby authorizes AST to establish a program (the “DRS Sale Program”) through which a holder of one or more
Shares (each, a “Shareholder”) may elect to sell any Shares held in book-entry form through the Direct Registration
System. The Company shall not be charged by AST for establishing or administering the DRS Sale Program, and AST shall be entitled
to charge a transaction fee as set forth on Schedule 2 to any Shareholder that elects to sell Shares through the DRS Sale
Program. The Company hereby appoints AST, and AST hereby accepts such appointment, to act as the administrator of the DRS Sale
Program.

 

2.              Term.
The initial term of this Agreement shall be three (3) years from the date hereof, and this Agreement shall automatically renew
for additional three-year successive terms (each, a “Term”) without further action of the Parties, unless written
notice is provided by either Party at least ninety (90) days prior to the end of the initial or any subsequent three-year period.
The Term shall be governed by this Section, notwithstanding the cessation of active trading of the Shares.

 

     

    -2-

    

 

3.              Fees;
Expenses.

 

(a)            As
consideration for the services listed on Schedule 1 (the “Services”), the Company shall pay to AST the
fees set forth on Schedule 2 (the “Fees”). If the Company requests that AST provide additional services
not contemplated hereby, the Company shall pay to AST fees for such services at AST’s reasonable and customary rates, such
fees to be governed by the terms of a separate agreement to be mutually agreed to and entered into by the Parties at such time
(the “Additional Service Fee”; together with the Fees, the “Service Fees”).

 

(b)            The
Company shall reimburse AST for all reasonable and documented expenses incurred by AST (including, without limitation, reasonable
and documented fees and disbursements of counsel) in connection with the Services (the “Expenses”); provided,
however, that AST reserves the right to request advance payment for any out-of-pocket expenses. The Company agrees to pay
all Service Fees and Expenses within thirty (30) days following receipt of an invoice from AST.

 

(c)            The
Company agrees and acknowledges that AST may adjust the Service Fees annually, on or about each anniversary date of this Agreement,
by up to five percent (5%).

 

(d)            Upon
termination of this Agreement for any reason, AST shall assist the Company with the transfer of records of the Company held by
AST. AST shall be entitled to reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery
of such records to the successor agent or to the Company, and for maintaining records and/or Stock Certificates that are received
after the termination of this Agreement (the “Record Transfer Services”).

 

4.              Representations
and Warranties.

 

(a)            The
Company represents and warrants to AST that (i) it is duly organized and validly existing and in good standing under the laws of
the state of its organization; (ii) it has all requisite power and authority to enter into this Agreement and to perform the transactions
contemplated hereby; (iii) the execution, delivery and performance of this Agreement and the transactions contemplated hereby have
been duly authorized by all necessary action on the part of the Company; and (iv) this Agreement has been duly executed and delivered
and is the legally valid and binding obligation of the Company, enforceable against the Company in accordance with the Agreement’s
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles (whether enforcement is sought by proceeding in equity or at law).

 

(b)            All
Shares issued and outstanding as of the date hereof, or to be issued during the Term, are or shall be duly authorized, validly
issued, fully paid and non-assessable. All such Shares are or shall be duly registered under the Securities Act of 1933, as amended
(the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(c)            Any
Shares that are not registered under the Securities Act and the Exchange Act are or shall be issued or transferred in a transaction
that is, or a series of transactions that are, exempt from the registration provisions under the Securities Act and the Exchange
Act, and such Shares bear or shall bear the applicable restrictive legends. Upon any issuance or transfer of such Shares, the Company
shall deliver to AST a legal opinion in form and substance reasonably satisfactory to AST.

 

     

    -3-

    

 

5.              Reliance.

 

(a)           AST
shall be entitled to assume the validity of the issuance, presentation or transfer of a Stock Certificate, the genuineness of any
endorsement(s), the authority of its presenter(s), or the collection or payment of charges or taxes incident to the issuance or
transfer of such Stock Certificate; provided, however, that AST may delay or decline to issue or transfer a Stock
Certificate if it determines in good faith and in its sole discretion that it is in the Company’s and/or AST’s best
interests to receive evidence or written assurance of the validity of the issuance, presentation or transfer of the Stock Certificate,
the authority of its presenter(s) or the collection or payment of any charges or taxes relating to the issuance or transfer.

 

(b)           [In
its capacity as successor transfer agent, AST shall not be responsible or liable for any discrepancy between its records and the
Company’s records, unless, prior to or contemporaneously with the transfer of records from the Company’s prior transfer
agent, an authorized officer of the Company has notified AST in writing that no discrepancy existed between the Company’s
records and the records in the possession of the prior transfer agent.]  For the avoidance of doubt, AST shall not be responsible
for any transfer or issuance of Shares that has not been effected by AST.

 

(c)            AST
may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any writing
or other instruction, including, but not limited to, oral instruction, certificate, instrument, opinion, notice, letter, stock
power, affidavit or other document or security, received from any Person (as defined below) it believes in good faith to be an
authorized officer, agent or employee of the Company, unless the Company has advised AST in writing that AST must act and rely
only on written instructions of certain authorized officers of the Company; (ii) any statement of fact contained in any such writing
or instruction which AST in good faith believes to be accurate; (iii) other authenticity and genuineness of any signature (manual,
facsimile or electronic) appearing on any writing, including, but not limited to, any certificate, instrument, opinion, notice,
letter, stock power, affidavit or other document or security; and (iv) the conformity to original of any copy. AST may act and
rely on the advice, opinions or instructions received from the Company’s legal counsel. In the event that the Company or
its legal counsel is unavailable or does not respond to AST’s requests for legal advice, AST may seek the advice of AST’s
own legal counsel (including its internal legal counsel), and AST shall be entitled to act and rely on the advice, opinion or instruction
of such counsel, which shall be full and complete authorization and protection in respect of any action taken, suffered or omitted
by AST pursuant to such advice, opinion or instruction. Without limiting the foregoing, AST shall be entitled to use and rely upon
any instructions of the Company without responsibility for independent verification thereof and shall not assume responsibility
for the accuracy or completeness of such instructions.

 

(d)           AST
may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any writing
or other instruction believed by AST in good faith to have been furnished by or on behalf of a Shareholder, including, but not
limited to, any oral instruction, certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or
security; (ii) any statement of fact contained in any such writing or instruction which AST in good faith believes to be accurate;
(iii) the apparent authority of any Person to act on behalf of a Shareholder as having actual authority to the extent of such apparent
authority; (iv) the authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including,
but not limited to, any certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security;
and (v) on the conformity to original of any copy. AST is authorized to reject any transfer request that fails to satisfy AST’s
internal procedures relating to the transfer of Shares. Without limiting the foregoing, AST shall be entitled to use and rely upon
any instructions of a Shareholder or its representatives without responsibility for independent verification thereof and shall
not assume responsibility for the accuracy or completeness of such instructions.

 

     

    -4-

    

 

(e)            AST
may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any
information, records, documents and communication provided to AST by any former transfer agent or former registrar of the
Company; (ii) any guaranty of signature by an “eligible guarantor institution” that is a member or participant in
the Securities Transfer Agents Medallion Program or other comparable signature guarantee program or insurance program; or
(iii) any instructions received through the Depository Trust Company’s Direct Registration System/Profile service.

 

(f)             AST
shall promptly notify the Company upon receipt of a Stock Certificate that is not reflected in AST’s records. If the Company
and AST are unable to account for such Stock Certificate, within sixty (60) days of such determination, the Company shall in its
sole discretion (a) increase the number of issued Shares or (b) acquire and cancel a number of Shares to account for such Stock
Certificate.

 

6.             Lost,
Stolen or Destroyed Certificates. AST shall not be obligated to issue a replacement certificate for any Stock Certificate reported
to have been lost, stolen or destroyed, unless AST shall have received from the applicable Shareholder: (a) an affidavit of loss;
(b) an indemnity bond in form and substance reasonably satisfactory to AST; and (c) payment of all applicable processing fees;
provided that, upon the Company’s written request, AST may, in its sole discretion, accept an indemnification letter
from the Company in lieu of an indemnity bond.

 

7.              Unclaimed
Property.

 

(a)            To
the extent required by applicable unclaimed property laws or if requested by the Company, AST
will provide, or cause to be provided, unclaimed property reporting services for unclaimed property that may be deemed abandoned
or otherwise subject to unclaimed property law.  Such services may include (without limitation)
(i) identification of unclaimed or abandoned property, (ii) preparation of unclaimed or abandoned property reports, (iii) delivery
of unclaimed or abandoned property to the applicable state unclaimed property departments, (iv) completion of required due diligence
notifications, (v) responses to inquiries from Shareholders relating to unclaimed or abandoned property, and (vi) such other services
as may reasonably be necessary to comply with unclaimed property laws or regulations. The Company shall assist and cooperate with
AST as reasonably necessary in connection with the performance of the services described in this Section. AST shall assist
the Company in responding to (x) inquiries from state unclaimed property departments regarding reports filed by or on behalf of
the Company or (y) requests for the confirmation of names of owners of unclaimed or abandoned property.

 

(b)           The
Company acknowledges and agrees that AST may use a shareholder locating service provider (the “Locating Service Provider”)
to locate and contact Shareholders (or their surviving relatives, joint tenants or heirs, as applicable) to assist them in preventing
the escheatment of applicable Shares and related unclaimed or abandoned property. The Company shall not be charged by AST or the
Locating Service Provider for such services. The Locating Service Provider shall inform the Shareholders that they may elect (x)
to contact AST at no charge other than at AST’s applicable fees or (y) to utilize the services of the Locating Service Provider
for a fee, which shall not exceed the maximum fee allowed under the applicable state’s unclaimed property rules.

 

8.              Confidentiality.

 

  (a)
            “Confidential Information” means, as to
the Disclosing Party (as defined below) and, if applicable, its Affiliates: (i) information concerning the business of the
Disclosing Party and, if applicable, its Affiliates (including, without limitation, business, financial, technical, and other
information marked or designated by such Party as “confidential” or “proprietary”, historical
financial statements, financial projections and budgets, audits, tax returns and accountants’ materials, historical,
current and projected sales, capital spending budgets and plans, business plans, strategic plans, marketing and advertising
plans, publications, and customer agreements); (ii) information that, by the nature of the circumstances surrounding the
disclosure, ought in good faith to be treated as confidential; (iii) information, including account information, relating to
the shareholders of the Disclosing Party; and (iv) all notes, analyses, compilations, studies, summaries and other material
prepared by the Receiving Party (as defined below), its Affiliates, employees, agents, and representatives containing or
based, in whole or in part, on any or all of the foregoing; provided that Confidential Information shall not include
any information that (x) is or becomes (through no improper action or inaction of the Receiving Party) generally available to
the public; (y) was rightfully disclosed to the Receiving Party by a third party without a breach of any confidentiality
obligations hereunder; or (z) was independently developed by the Receiving Party without reference to or use of any
Confidential Information.

 

     

    -5-

    

 

(b)            “Affiliates”
means, as to a specified Person, another Person that directly, or indirectly, controls or is controlled or is under common control
with the specified Person; “Person” means any corporation, limited liability company, partnership or other legal
entity; and “control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “controlled” shall have corresponding meanings.

 

(c)            Each
Party (the “Receiving Party”) acknowledges that it may acquire or have access to Confidential Information of
the other Party (the “Disclosing Party”) in connection with the Services or this Agreement. The Receiving Party
shall not disclose Confidential Information to any other Person, and shall not use Confidential Information for any purposes other
than in connection with the performance of its obligations under this Agreement; provided that the Receiving Party shall
be permitted to disclose Confidential Information (i) pursuant to the order of any court or administrative agency or in any pending
legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the
advice of counsel (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to
inform the Disclosing Party promptly thereof prior to disclosure; provided, however, that this clause shall
not require AST to notify the Company of its receipt of any subpoena, summons, or other legal process relating to wage garnishment,
tax levy or domestic matter proceedings filed against or by a Shareholder); or (ii) upon the request or demand of any regulatory
authority having jurisdiction over the Receiving Party (in which case the Receiving Party agrees, to the extent practicable and
not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure). The Receiving Party shall
safeguard the Confidential Information to the same extent that it safeguards its own confidential information of a like nature
and in any event with not less than a reasonable degree of care.

 

(d)            Upon
the termination of this Agreement or upon the Disclosing Party’s written request, the Receiving Party shall, at the Disclosing
Party’s option, either destroy or return to the Disclosing Party any and all of the Confidential Information, written or
other materials derived from the Confidential Information, and copies thereof, and shall delete and purge permanently all copies
and traces of the same from any storage location and/or media to the extent reasonably or technically possible. The Receiving Party
shall, within fifteen (15) days from the termination of this Agreement or such request, provide the Disclosing Party with a certificate
signed by an authorized officer of the Receiving Party confirming that the Receiving Party has fulfilled its obligations under
this clause. Notwithstanding the foregoing, upon notice to the Disclosing Party, the Receiving Party may keep a copy of
the Confidential Information after termination of this Agreement to the extent necessary for audit and/or regulatory purposes or
to the extent required under applicable law.

 

9.              Termination.

 

(a)            Either
Party may terminate this Agreement if the other Party breaches any material provision herein and either the breach cannot be
cured or, if the breach can be cured, it is not cured by the breaching Party within 45 days after the breaching Party’s
receipt of written notice of such breach (the “Cure Period”).  During the period of suspension of
Services, AST shall have no obligation to act as Transfer Agent, it being understood that such suspension shall not affect
AST’s rights and remedies hereunder.

 

     

    -6-

    

 

(b)            Either
Party may terminate this Agreement, effective upon written notice to the other Party, if the other Party (i) becomes insolvent
or admits its inability to pay its debts generally as they become due; (ii) becomes subject, voluntarily or involuntarily, to any
proceeding under any domestic or foreign bankruptcy or insolvency law, which is not fully stayed within seven (7) business days
or is not dismissed or vacated within forty-five (45) business days after filing; (iii) is dissolved or liquidated or takes any
corporate action for such purpose; (iv) makes a general assignment for the benefit of creditors; or (v) has a receiver, trustee,
custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion
of its property or business.

 

(c)            The
expiration or termination of this Agreement, for any reason,
shall not release either Party from any obligation or liability to the other Party, including any payment and delivery obligation,
that (i) has already accrued hereunder; (ii) comes into effect due to the expiration or termination
of the Agreement; or (iii) otherwise survives the expiration or termination
of this Agreement. Following the termination of
this Agreement, AST shall promptly invoice the Company for any outstanding Service Fees and Expenses due and owing under this Agreement,
and the Company shall pay all such Service Fees and Expenses to AST in accordance with the payment terms set forth in this Agreement.

 

(d)            If
the Company terminates this Agreement pursuant to Sections 2 or 9(a), then the Company shall pay to AST (i) all amounts
outstanding under this Agreement as of the date of such termination and (ii) AST’s then-customary fees for Record Transfer
Services. If the Company terminates this Agreement for any reason other than pursuant to Sections 2 or 9(a), then
the Company shall pay to AST (x) all outstanding Service Fees and Expenses as of the date of such termination, (y) the Service
Fees that would otherwise have accrued during the remainder of the then-current Term, and (z) AST’s then- customary fees
for Record Transfer Services.

 

10.            Limitations
on Liability.

 

(a)            To
the fullest extent permitted by applicable law, no Party shall be liable to any other Party on any theory of liability for any
special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated
savings).

 

(b)            AST’s
liability arising out of or in connection with the Services shall not exceed the aggregate amount of all Service Fees paid under
this Agreement during the twelve-month period immediately prior to the date of occurrence of the circumstances giving rise to such
liability.

 

11.            Indemnity.

 

(a)            The Company hereby agrees to indemnify and hold harmless AST and its Affiliates and its and their officers, directors,
employees, advisors, agents, other representatives and controlling persons (each, an “Indemnified Person”)
from and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such
Indemnified Person may become subject arising out of or in connection with this Agreement and the Services or any claim,
litigation, investigation or proceeding relating to any of the foregoing (each, a “Proceeding”),
regardless of whether any such Indemnified Person is a party thereto or whether a Proceeding is brought by a third party or
by the Company or any of its Affiliates, and to reimburse each such Indemnified Person upon demand for any reasonable,
documented legal or other out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing
by one counsel to the Indemnified Persons taken as a whole and, in the case of a conflict of interest, one additional counsel
to the affected Indemnified Persons taken as a whole; provided that the foregoing indemnity shall not, as to any
Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent they have resulted from
the willful misconduct, bad faith or gross negligence of such Indemnified Person (as determined by a court of competent
jurisdiction in a final and non- appealable decision).

 

     

    -7-

    

 

(b)            AST
agrees to notify the Company promptly of the assertion of any Proceeding against any Indemnified Person; and the Company agrees
to notify AST promptly of the assertion of any Proceeding against the Company, or any of its officers, directors, employees, advisors,
agents, other representatives and controlling persons in connection with the Services, in which event AST agrees to assume sole
responsibility of promptly notifying any of the relevant Indemnified Persons of any such assertion. At the Company’s election,
unless there is a conflict of interest, the defense of the Indemnified Persons shall be conducted by the Company’s counsel.
Notwithstanding the foregoing, AST may employ separate counsel to represent it or defend AST or an Indemnified Person in such Proceeding,
and upon preapproval of the firm by the Company, the Company will pay any reasonable, documented legal or other out-of-pocket expenses
of counsel if AST or such Indemnified Person reasonably determines, based on the advice of its legal counsel, that there are defenses
available to AST or such Indemnified Person that are different from, or in addition to, those available to the Company, or if an
actual or potential conflict of interest between AST or the Indemnified Person and the Company makes representation by the Company’s
counsel not advisable; provided that, unless there is an actual or potential conflict of interest, the Company will not
be required to pay the fees and expenses of more than one separate counsel for all Indemnified Persons in any jurisdiction in any
single Proceeding. In any Proceeding the defense of which the Company assumes, the Indemnified Persons shall be entitled to participate
in such Proceeding and retain its own counsel at such Indemnified Person’s own expense.

 

(c)           The
Company shall not be liable for any settlement of any Proceedings effected without its consent (which consent shall not be unreasonably
withheld, conditioned or delayed), but if settled with the Company’s written consent or if there is a final judgment for
the plaintiff in any such Proceedings, the Company agrees to indemnify and hold harmless each Indemnified Person from and against
any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with clause
(a) above. The Company shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably
withheld, conditioned or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened Proceedings
in respect of which indemnity could have been sought hereunder by such Indemnified Person, unless (i) such settlement includes
an unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability
on claims that are the subject matter of such Proceedings and (ii) does not include any statement as to or any admission of fault,
culpability or a failure to act by or on behalf of any Indemnified Person.

 

12.            Force
Majeure. AST shall not be liable for failure or delay in the performance of the Services if such failure or delay is due to
causes beyond its reasonable control, including but not limited to Acts of God (including fire, flood, earthquake, storm, hurricane
or other natural disaster), war, invasion, act of foreign enemies, hostilities (regardless of whether war is declared), civil war,
rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalization, government
sanction, blockage, embargo, labor dispute, strike, lockout or interruption or failure of electricity or telephone service or any
other force majeure event.

 

13.            Notices.
Any notice, report or payment required or permitted to be given or made under this Agreement by one Party to the other shall be
in writing and addressed to the other Party at the following address (or at such other address as shall be given in writing by
one Party to the other):

 

     

    -8-

    

 

If to the Company:

 

Trinity Capital Inc.

3075 W. Ray Road, Ste 525

Chandler, Arizon 85226

 

Attention: Susan Echard

 

Email: sechard@trincapinvestment.com

 

With a copy to:

 

Trinity Capital Inc.

Attention: Legal Dept

 

legal@trincapinvestment.com

 

If to AST:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: Relationship Management

 

With a copy to:

 

American Stock Transfer & Trust Company, LLC

48
Wall Street, 22nd Floor

New York, New York 10005

Attention: Legal Department

Email:
legalteamAST@astfinancial.com

 

15.            Miscellaneous.

 

(a)            The
Company acknowledges and agrees that (i) nothing herein shall be construed as creating any agency, partnership, joint venture or
other form of joint enterprise, employment or fiduciary relationship between the Parties, and (ii) the Company waives, to the fullest
extent permitted by law, any claims that it may have against AST for breach of fiduciary duty or alleged breach of fiduciary duty
and agrees that AST shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim.

 

(b)           
This Agreement shall be construed and enforced in accordance with the laws of the State of New York, without reference to
its conflicts of law rules. It is agreed that any action, suit or proceeding arising out of or based upon this Agreement
shall be brought in the United States District Court for the Southern District of New York or any court of the State of New
York of competent jurisdiction located in such District. Service of any process by registered mail addressed to each party at
the respective address above shall be effective service of process against such party for any suit, action or proceeding
brought in any such court. Each Party (i) waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to
this Agreement or the Services in any New York State court or in any such Federal court; (ii) waives, to the fullest extent
permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such
court; and (iii) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. EACH PARTY IRREVOCABLY WAIVES THE
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR
ARISING OUT OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICE HEREUNDER.

 

     

    -9-

    

 

(c)            The
compensation, reimbursement, confidentiality, indemnification, jurisdiction, governing law, and waiver of jury trial provisions
contained herein shall remain in full force and effect regardless of the termination of this Agreement. No amendment or waiver
of any provision hereof shall be effective unless in writing and signed by the Parties and then only in the specific instance and
for the specific purpose for which given. This Agreement is the only agreement between the Parties with respect to the matters
contemplated hereby and sets forth the entire understanding of the Parties with respect thereto. This Agreement and the obligations
hereunder of each Party shall not be assignable by such Party without the prior written consent of the other Party (such consent
not to be unreasonably withheld, delayed or conditioned); provided that the Parties may assign this Agreement or any rights
granted hereunder, in whole or in part, to (i) its Affiliates in connection with a reorganization or (ii) a
Person that acquires all or substantially all of the business or assets of the Parties whether by merger, acquisition, or otherwise.

 

(d)            This
Agreement may be executed in any number of counterparts and by different Parties in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of a signature page of this Agreement by facsimile transmission or in “.pdf” or “.tif”
form shall be effective as delivery of a manually executed counterpart of this Agreement. If any provision of this Agreement shall
be held illegal or invalid by any court, this Agreement shall be construed and enforced as if such provision had not been contained
herein and shall be deemed an agreement between the Parties to the fullest extent permitted by law.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

 

     

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IN WITNESS WHEREOF, each Party
has caused this Agreement to be duly executed as of the date first above written.

 

	AMERICAN STOCK
TRANSFER & TRUST COMPANY, LLC
	 	TRINITY CAPITAL INVESTMENTS 

 

	By:  	/s/
    Michael A. Nespoli	 	By:  	                  
	 	Name:  	Michael
    A. Nespoli	 	 	Name:  	         
	 	Title:	Executive
    Director	 	 	Title:	 

 

 

     

    -11-

    

 

IN WITNESS WHEREOF, each
Party has caused this Agreement to be duly executed as of the date first above written.

 

	AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC
	 	TRINITY CAPITAL INVESTMENTS

                                                                     

	 
	By:  	            	 	By:  	/s/ Susan Echard
	 	Name:  	         	 	 	Name:  	Susan Echard
	 	Title:	 	 	 	Title:	CFO

 

     

    -12-

    

 

Schedule 1

 

Services

 

Capitalized terms used herein
and not defined have the meaning ascribed to such terms in the Agreement. Unless otherwise noted, AST will provide the
following services:

 

ACCOUNT MAINTENANCE AND RECORDKEEPING

	Ÿ	Open new accounts, consolidate and close Shareholder accounts
	Ÿ	Annual record storage services (subject to additional fee)
	Ÿ	Maintain all Shareholder accounts
	Ÿ	Process address changes, including seasonal addresses
	Ÿ	Place, maintain and remove stop transfers
	Ÿ	Post all debit and credit certificate transactions
	Ÿ	Perform social security solicitation
	Ÿ	Handle shareholder and broker inquiries, including internet correspondence
	Ÿ	Respond to requests for audit confirmations
	Ÿ	Monthly report for all classes of securities in Microsoft Word and HTML formats (Excel format is subject to an additional fee)

 

STOCK AUDIT / CONTROL BOOK FUNCTIONS

	Ÿ	Maintain accurate records of outstanding Shares
	Ÿ	Respond to requests for audit confirmations
	Ÿ	Provide web access to the total outstanding Share balances

 

CERTIFICATE AND SECURITY ISSUANCE
FUNCTIONS

	Ÿ	Process all routine transfers
	Ÿ	Post all debit and credit certificate transactions
	Ÿ	Issue Stock Certificates
	Ÿ	Create book entry Direct Registration System (“DRS”) positions
	Ÿ	Participate in the DRS profile system, allowing broker “sweeps” of registered positions
	Ÿ	Interface electronically with DTC/CEDE & CO.
	Ÿ	Mail newly-issued certificates/DRS advices to Shareholders
	Ÿ	Replace lost or stolen Stock Certificates upon Shareholder request
	Ÿ	Issue and register all Stock Certificates
	Ÿ	Issue shares upon exercise of stock options.
	Ÿ	Process legal transfers and transactions requiring special handling
	Ÿ	Provide, upon request, access to daily reports of processed transfers

 

REPORTING

	
        Ÿ

         
	Furnish, upon request, unlimited Shareholder list, sorted by Company-designated criteria

 

LISTS AND MAILINGS

	Ÿ	Enclose multiple proxy cards to same household in one envelope, if applicable (subject to additional fee)
	Ÿ	Monitor and suppress undeliverable mail until correct address is located
	Ÿ	Furnish shareholder lists, in any sequence
	Ÿ	Provide geographical detail reports of all stocks issued/surrendered over a specific period
	Ÿ	Provide mailing labels

 

     

    -13-

    

 

WEB-BASED ORIGINAL ISSUANCE (OI)
/ DWAC SYSTEM 1

	Ÿ	Facilitate Deposit/Withdrawal At Custodian (“DWAC”) and original issuances initiated from the

 Company’s desktop via Internet
	Ÿ	Accept files for original issuances
	Ÿ	Allow multiple requests to be submitted on the same form at the same time
	Ÿ	Notify the Company via email when matching broker instructions have not been received
	Ÿ	Provide designated brokers the ability for brokers to log into the system and track the status of

Company-submitted items
	Ÿ	Report daily and monthly transactions via e-mail
	Ÿ	Enforce built-in security procedures

 

TECHNOLOGY AND INTERNET ACCESS

	Ÿ	Retrieve account information (including
    outstanding Stock Certificates and checks) 24 hours a day, 7 days per week
	Ÿ	Review frequently asked questions, including transfer requirements and corporate actions data
	Ÿ	Download forms (e.g., affidavit of domicile, form W8/W9, letters of transmittal and stock power)
	Ÿ	Change account addresses
	Ÿ	Replace lost, stolen or uncashed checks
	Ÿ	Replace lost, stolen or non-received Stock Certificates
	Ÿ	Obtain a duplicate Form 1099
	Ÿ	Sign up for electronic delivery (e.g., for proxy materials)
	Ÿ	Request a certificate for shares held in book-entry or plan form
	Ÿ	Enroll to have dividends directed toward purchase of additional Shares
	Ÿ	Send e-mail inquiries concerning Shareholder’s account, or conduct an online chat session with one of AST’s customer service representatives

 

SHAREHOLDERS VIA THE INTERACTIVE
VOICE RESPONSE (“IVR”)

	Ÿ	Obtain account-specific information, including account balance
	Ÿ	Execute plan transactions, including sales and certification requests
	Ÿ	Request a duplicate Form 1099, with delivery via mail or fax
	Ÿ	Request a transfer package via mail or fax
	Ÿ	Request forms to effect address changes, check replacements, Stock Certificate replacements and direct deposit enrollments
	Ÿ	Obtain information pertaining to current corporate actions or other significant Company events

 

SHAREHOLDER (INQUIRIES)

	Ÿ	Distribute “welcome” material to new Shareholders (may incur reimbursable expenses)
	Ÿ	Provide assistance to Shareholders related to their securities holdings as they initiate account inquiries or perform transactions, including guidance through common transactions and explanations for transaction rejections and the corrective steps required to complete their request
	Ÿ	Provide 24/7 account access via the internet and IVR telephonic system
	Ÿ	Provide toll-free number for Shareholder-initiated telephone inquiries to AST’s call center

 

 

 

1
Please note that AST does not charge a fee for DWAC processing but that the broker may charge fees incurred from receipt
of Shares.

 

     

    -14-

    

 

	Ÿ	Oversee the fulfillment process for potential investors (if applicable)

 

CLIENT-DESIGNATED PERSONNEL VIA
THE INTERNET

	Ÿ	View  and  download  detailed  Shareholder  data,  including:  name,  address  of record,  account number(s), number of Shares held in certificate and book-entry form, historical dividend-related information and  cost basis reporting information
	Ÿ	Obtain total outstanding Share balances
	Ÿ	Utilize AST’s reporting tool to generate comprehensive reports in a real-time environment, with immediate e-mail delivery
	Ÿ	Issue stock options and effect delivery through the DWAC system
	Ÿ	Update company profile and corporate information

 

CONTROL BOOKS TRACKING

	Ÿ	Receive daily emails of control books information
	Ÿ	Review current transactions affecting the number of outstanding Shares in a Company-specified date range

 

PROXY CENTRAL

	Ÿ	Proxy reports (either summarized or detailed) by proposal
	Ÿ	Voting status on the 50 largest accounts
	Ÿ	Shareholders attending the Company annual meeting
	Ÿ	DTC position listing
	Ÿ	Broker voting detail

 

ANNUAL SHAREHOLDER MEETING

	Ÿ	Process proxy votes for routine/non-routine meetings of the Company
	Ÿ	Imprint Shareholders’ name on proxy cards
	Ÿ	2Mail
    material to Shareholders
	Ÿ	Prepare and transmit daily proxy tabulation reports to the Company by email
	Ÿ	Provide certified Shareholder list in hard copy if requested
	Ÿ	Facilitate proxy distribution mailing

 

DIVIDEND DISBURSEMENT

	Ÿ	Confirm in writing that the dividend notice was received
	Ÿ	Prepare and calculate dividend payments
	Ÿ	Coordinate dividend checks and enclosures (if applicable) mailing to the Shareholders
	Ÿ	Furnish one copy of the dividend register, hard copy or CD-ROM (if requested)
	Ÿ	Place stop payment orders on reported lost dividend checks
	Ÿ	Issue replacement dividend checks/sales checks
	Ÿ	Provide copies of paid dividend checks upon request (subject to additional fee)
	Ÿ	Report annual dividend income to Shareholders on applicable Form 1099
	Ÿ	File annual tax information electronically to the Internal Revenue Service
	Ÿ	Withhold and remit backup withholding taxes as required by the Internal Revenue Service
	Ÿ	Withhold foreign tax and file foreign tax reports as required by the Internal Revenue Service
	Ÿ	Maintain  custody  and  control
     of  all  undeliverable  checks  and  forward  returned  items  to Shareholders upon confirmation of a current address

 

 

 

2 Please note
that postage and processing fees will apply.

 

     

    -15-

    

 

UNCLAIMED PROPERTY

	Ÿ	Analyze and identify unclaimed or abandoned property across each class of security (if applicable)
	Ÿ	Prepare and distribute due diligence notices (may incur reimbursable expenses)
	Ÿ	Prepare unclaimed or abandoned property reports (including null or negative reports, if applicable)
	Ÿ	Deliver all unclaimed property and reports to the applicable jurisdictions
	Ÿ	Respond to shareholder and state inquiries relating to unclaimed property filings

 

     

    -16-

    

 

Schedule 2

Fees

 

	CONVERSION AND OFFERING SERVCES	 
	Conversion of Existing Shareholder Data	Waived
	Optional Corporate Actions Exchange Services (per issue)	$7,500.00
	144A Placement Project Management Fee (per issue)	$2,500.00
	Assignment of 144A Conversion Specialist	Included
	Coordination of Working Group as part of the Offering	Included

 

	TRANSFER AGENT AND REGISTRAR SERVICES	 
	*Monthly Administration Fee Per Issue (includes quarterly dividend payment)	$1,500.00
	Annual Unclaimed Property Reporting (Waived First Two Years)	$1,500.00

 

*Up to 500 registered shareholders per issue

 

	Account Maintenance per Account	 Included
	Issuance and Registration of Shares	 Included
	Each Share Cancelation	 Included
	Restricted Accounts	Included
	General Written Correspondence	 Included
	Shareholder Address Changes	 Included
	Customer Service – Telephone	 Included
	Research and Responding to Shareholder Inquiries	 Included
	Issuance of Restricted Transfers	 Included
	Issuance of Stock Option	 Included
	3DWAC Transfers (broker fees may apply)	 Included
	Non-Routine Transfers (including removal of legends and transfer of applicable Shares)	Included
	Shareholder Internet Access	Included
	Client Internet Access	 Included
	4DRS Sale Program – Transaction Fee (to be paid by the Shareholder)	Per transaction
	 	 
	ANNUAL MEETING ADMINISTRATION SERVICES	 
	Prepare Full Shareholder List as of Record Date	 Included
	Complete Reporting for Proxy Program	Included
	Enclose and Mail Proxy Materials (mailing costs applied as out-of-pocket)	 Included
	Receive and Scan Returned Proxies	Included
	Tabulate Proxies (Registered and Beneficial Holders – per vote fee applicable)	 Included
	Prepare and Verify Final Vote List	 Included
	Online access for Company to monitor voting	Included

 

 

3 Please note that AST does not charge
a fee for DWAC processing but that the broker may charge fees incurred from receipt of Shares.

 

4 A transaction fee of $15.00 plus $0.12
per Share sold will be charged to the Shareholder.

 

     

    -17-

    

 

	Omnibus Download of Proxy from DTC	Included
	Inspector of Election (travel fees will be applied as out-of-pocket expenses)	Available
	Online & Telephonic Voting for Registered Shareholders	Available

 

MANAGEMENT REPORTING

	Standard Reporting Suite	Included
	Online Access to Management Reports	Included
	Report Requirements determined at Conversion	Included

 

SPECIAL SERVICES

Services not included herein (including, without limitation,
trustee and custodial services, exchange/tender offer services, stock dividend disbursement services, voluntary disclosure agreements
and audit administration services relating to abandoned or unclaimed property) but requested by the Company may be subject to
additional charges.

 

OUT-OF-POCKET EXPENSES

All customary out-of-pocket expenses will be billed in addition
to the foregoing fees. These charges include, but are not limited to, printing and stationery, freight and materials delivery,
postage and handling.

 

The foregoing fees apply to
services ordinarily rendered by AST and are subject to reasonable adjustment based on final review of documents.

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