Document:

EXHIBIT
10.3 

   

 QUALIS
INNOVATIONS, INC.  

 SUBSCRIPTION
AGREEMENT 

   

 Qualis
Innovations, Inc. 

 225
Wilmington West Chester Pike 

 Suite
200 # 145 

 Chadds
Ford, Pennsylvania 19317 

   

 RE:
Qualis Innovations, Inc. Common Stock 

   

 Ladies
and Gentlemen: 

   

 The
undersigned investor in this Subscription Agreement hereby acknowledges receipt of the Prospectus, dated __________________, 2021, of
Qualis Innovations, Inc., a Nevada corporation (the “Company”), and subscribes for the following number of shares
upon the terms and conditions set forth in the Prospectus. 

   

 The
Investor agrees that this Subscription Agreement is subject to availability and acceptance by the Company. 

   

 The
Investor hereby subscribes for ____________ shares of the Company’s common stock (“Common Stock”) at $_____
per share, for an aggregate purchase price of $____________. 

   

 Payment
of $____________ as payment in full of the purchase price is being made via check directly to the Company. 

   

 If
this subscription is rejected by the Company, in whole or in part, for any reason, all funds will be returned within three business days
of the Company’s receipt of such funds, without interest or deduction of any kind. 

   

 Purchaser
Information: 

   

	 Printed
    Name:  	   	   

   

	 Signature: 	   	   
	   	   	   
	 Date: 	   	   
	   	   	   
	 Address: 	   	   
	   	   	   
	   	   	   
		   	   
	   	   	   

   

 The
foregoing Subscription is hereby accepted in full on behalf of Qualis Innovations, Inc. 

   

 Date:
___________________ 

   

	 QUALIS
    INNOVATIONS, INC.   	   
	   	   	   
	 By: 	   	   
	 Name: 	 John
    Ballard 	   
	 Title: 	 Chief
    Financial Officerwtixincglobalcustodyagre

                 PRIVATE INVESTMENT COMPANY  CUSTODY AGREEMENT  THIS AGREEMENT is made and entered into by and between WTI FUND X, INC., a Maryland Corporation  (the “Fund”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing  under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the  “Custodian”).    WHEREAS, the Fund is a private investment company.    WHEREAS, Westech Investment Advisors LLC manages the day-to-day and portfolio investment activities of the  Fund]  WHEREAS, the Custodian is in the business of, among other things, providing custodial services to private  investment companies;  WHEREAS, the Fund desires to retain the Custodian to act as custodian of the cash and securities of the Fund and  serve as the foreign custody manager for the Fund.  NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good  and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally  bound, do hereby agree as follows:  ARTICLE I     CERTAIN DEFINITIONS    Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the  context otherwise requires:  1.01 “Authorized Person” means any person authorized by the Fund, on the list attached hereto as Exhibit A (as  amended from time to time), to give Written Instructions on behalf of the Fund. Such officer or person shall continue to  be an Authorized Person until such time as the Custodian receives Written Instructions from the Fund or the Fund’s  Manager or other agent that any such person is no longer an Authorized Person.  1.02  “Book-Entry System” shall mean a federal book-entry system.    1.03 “Business Day” shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc.,  and any other day for which the Fund computes the net asset value of the interests of the Fund.  1.04 “Eligible Foreign Custodian” has the meaning set forth in Rule 17f-5(a)(1) of the 1940 Act, including a  majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the  requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a  foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under  Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.  1.05 “Eligible Securities Depository” shall mean a system for the central handling of securities as that term is  defined in Rule 17f-4 and 17f-7 under the 1940 Act.  

 

   1.06 “FINRA” shall mean The Financial Industry Regulatory Authority, Inc.    1.07 “Foreign Securities” means any of the Fund’s investments (including foreign currencies) for which the  primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the  Fund’s transactions in such investments.  1.08 “Fund Custody Accounts” shall mean any of the accounts in the name of the Fund, which is provided for in  Section 3.02 below.  1.09 “Interests” shall mean, with respect to the Fund, the units of beneficial interest issued by the Fund .  1.10 “IRS” shall mean the Internal Revenue Service.    1.11 “Proper Instructions” shall mean Written Instructions.    1.12 “SEC” shall mean the Securities and Exchange Commission.    1.13 “Securities” shall include, without limitation, common and preferred stocks, bonds, call options, put  options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage- backed securities or other  obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive,  purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar  property or assets that the Custodian or its agents have the facilities to clear and service.  1.14 “Securities Depository” shall mean The Depository Trust Company and any other clearing agency  registered with the SEC, which acts as a system for the central handling of Securities where all Securities of any  particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged  by bookkeeping entry without physical delivery of the Securities.  1.15 “Sub-Custodian” shall mean and include (i) any branch of a “U.S. bank,” as that term is defined in Rule  17f-5 under the 1940 Act, and (ii) any Eligible Foreign Custodian having a contract with the Custodian which the  Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section  3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or  insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against  the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any  right, charge, security interest, lien or claim of any kind in favor of the Sub- Custodian or its creditors except a claim of  payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the  Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign  Securities  

 

                 will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that  adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for  the benefit of the Fund; (v) that the Fund’s independent public accountants will be given access to those records or  confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the  safekeeping of the Fund’s assets, including, but not limited to, notification of any transfer to or from the Fund’s  accounts or a third party account(s) containing assets held for the benefit of the Fund. Such contract may contain, in lieu  of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will  provide, in their entirety, the same or a greater level of care and protection for the Fund’s assets as the specified  provisions.  1.16 “Written Instructions” shall mean (i) written communications actually received by the Custodian and signed  by any Authorized Person, (ii) communications by telex or any other such system from one or more persons reasonably  believed by the Custodian to be Authorized Persons, or (iii) communications between electro-mechanical or electronic  devices provided that the use of such devices and the procedures for the use thereof shall have been approved by the  Fund.  ARTICLE II.    APPOINTMENT OF CUSTODIAN    2.01 Appointment. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or  in the possession of the Fund, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts  such appointment and agrees to perform the services and duties set forth in this Agreement. The Fund hereby delegates  to the Custodian the responsibilities with respect to the Fund’s Foreign Securities, and the Custodian hereby accepts  such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be  confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against  the Custodian hereunder.  2.02 Documents to be Furnished. The following documents, including any amendments thereto, will be  provided contemporaneously with the execution of this Agreement to the Custodian by the Fund:  (a) A copy of the Fund’s organizational documents;    (b) A copy of the Fund’s documents appointing the Custodian;    (c) A copy of the current offering documents of the Fund (the “Confidential Private Placement Memorandums”);  (d) A completed Authorized Persons schedule, with specimen signatures, attached hereto as Exhibit A; and  (e) An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as Exhibit C.  

 

                 ARTICLE III.    CUSTODY OF CASH AND SECURITIES    3.01 Segregation. All Securities and non-cash property held by the Custodian for the account of the Fund (other  than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be  physically segregated from other Securities and non- cash property in the possession of the Custodian and shall be  identified as subject to this Agreement.  3.02 Fund Custody Accounts. The Custodian shall open and maintain in its trust department a separate,  segregated custody account in the name of the Fund, subject only to draft or order of the Custodian, in which the  Custodian shall enter and carry all Securities, cash and other assets of the Fund which are delivered to it.  3.03 Appointment of Agents.    (a) In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements  with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians who are members of the Sub- Custodian’s network to hold Securities and cash of the Fund and to carry out such other provisions of this  Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of  any Securities and cash of the Fund shall be at the Custodian's expense and shall not relieve the Custodian of any of  its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub- Custodians (regardless of whether assets are maintained in the custody of a Sub-Custodian, a member of its  network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.  (b) If, after the initial appointment of Sub-Custodians, the Custodian wishes to appoint other Sub-Custodians to hold  property of the Fund, it will so notify the Fund and make the necessary determinations as to any such new Sub- Custodian's eligibility.  (c) In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund’s assets with a  Sub-Custodian, the Custodian will ensure that the Fund’s assets will be subject to reasonable care, based on the  standards applicable to custodians in the country in which the Fund’s assets will be held by that Sub-Custodian,  after considering all factors relevant to safekeeping of such assets. Prior to placing or maintaining the Fund’s assets  with a Sub-Custodian, the Custodian shall report to the Fund the material differences, if any, between custodial  practices in the United States and the country in which the Fund’s assets will be held by the Sub-Custodian as well  as any material risks associated with the custodian practices of such country.  (d) The agreement between the Custodian and each Sub-Custodian acting hereunder shall contain similar provisions as  set forth in Rule 17f-5(c)(2) under the 1940 Act.  (e) At the end of each calendar quarter, the Custodian shall provide written reports notifying the Fund of the withdrawal  or placement of the Securities and cash of the Fund with a Sub- Custodian and of any material changes in the  Fund’s arrangements. Such reports shall  

 

                 include an analysis of the custody risks associated with maintaining assets with any Eligible Securities Depositories.  The Custodian shall promptly take such steps as may be required to withdraw assets of the Fund from any Sub- Custodian arrangement that has ceased to meet the legal requirements necessary to be a Sub-Custodian.  With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Fund that it agrees  to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of  property of the Fund would exercise. The Custodian further warrants that the Fund’s assets will be subject to  reasonable care if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such  assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal controls for  certificated securities (if applicable), its method of keeping custodial records, and its security and data protection  practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund  assets; (iii) the Sub- Custodian's general reputation and standing and, in the case of a Securities Depository, the  Securities Depository's operating history and number of participants; and (iv) whether the Fund will have  jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of  any offices of the Sub-Custodian in the United States or the Sub-Custodian's consent to service of process in the  United States.  (f) The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a  continuing basis (i) the appropriateness of maintaining the Fund’s assets with a Sub-Custodian or Eligible Foreign  Custodians who are members of a Sub- Custodian’s network; (ii) the performance of the contract governing the  Fund’s arrangements with such Sub-Custodian or Eligible Foreign Custodian’s members of a Sub-Custodian’s  network; and (iii) the custody risks of maintaining assets with an Eligible Securities Depository. The Custodian  must promptly notify the Fund or the Manager of any material change in these risks.  (g) The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to  Foreign Securities to which the Fund shall be entitled and shall credit such income, as collected, to the Fund. In the  event that extraordinary measures are required to collect such income, the Custodian and the Fund shall consult as to  the measures and as to the compensation and expenses of the Custodian relating to such measures.  3.04 Delivery of Assets to Custodian. The Fund shall deliver, or cause to be delivered, to the Custodian all of  the Fund’s Securities, cash and other investment assets, including (i) all payments of income, payments of principal and  capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any  time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Interests. The  Custodian shall not be responsible for such Securities, cash or other assets until actually received by it or its Sub-  Custodian.  3.05 Securities Depositories and Book-Entry Systems. The Custodian may deposit and/or maintain Securities of  the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:  

 

                 (a) The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities  eligible for deposit therein and shall make use of such Securities Depository or Book-Entry System to the extent  possible and practical in connection with its performance hereunder, including, without limitation, in connection  with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral  consisting of Securities solely to the extent authorized under the Agreement.  (b) Securities of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account  (“Depository Account”) of the Custodian in such Book-Entry System or Securities Depository which includes only  assets held by the Custodian as a fiduciary, custodian or otherwise for customers.  (c) The records of the Custodian with respect to Securities of the Fund maintained in a Book- Entry System or Securities  Depository shall, by book-entry, identify such Securities as belonging to the Fund.  (d) If Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the Custodian  shall pay for such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that  such Securities have been transferred to the Depository Account, and (ii) the making of an entry on the records of  the Custodian to reflect such payment and transfer for the account of the Fund. If Securities sold by the Fund are  held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt  of advice from the Book-Entry System or Securities Depository that payment for such Securities has been  transferred to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect  such transfer and payment for the account of the Fund.  (e) The Custodian shall provide the Fund with copies of any report (obtained by the Custodian from a Book-Entry  System or Securities Depository in which Securities of the Fund are kept) on the internal accounting controls and  procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository.  (f) Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for any loss  or damage to the Fund resulting from (i) the use of a Book-Entry System or Securities Depository by reason of any  negligence or willful misconduct on the part of the Custodian or any Sub-Custodian, or (ii) failure of the Custodian  or any Sub- Custodian to enforce effectively such rights as it may have against a Book-Entry System or Securities  Depository. At its election, the Fund shall be subrogated to the rights of the Custodian with respect to any claim  against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Fund  arising from the use of such Book- Entry System or Securities Depository, if and to the extent that the Fund has not  been made whole for any such loss or damage.  (g) With respect to its responsibilities under this Section 3.05 the Custodian hereby warrants to the Fund that it agrees to  (i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities  intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Fund, such  reports as are  

 

                 available concerning the Custodian’s internal accounting controls and financial strength, and  (iii) require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in  discharging its duty as a securities intermediary to obtain and thereafter maintain assets corresponding to the security  entitlements of its entitlement holders.  3.06 Disbursement of Moneys from Fund Custody Account. Upon receipt of Proper Instructions, the Custodian  shall disburse moneys from the Fund Custody Accounts but only in the following cases:  (a) For the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and only (i)  in the case of Securities (other than options on Securities, futures contracts and options on futures contracts), against  the delivery to the Custodian (or any Sub- Custodian) of such Securities registered as provided in Section 3.09 below  or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or  Securities Depository, in accordance with the conditions set forth in Section 3.05 above; (ii) in the case of options on  Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are required by the customs  prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts,  against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any  nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements  entered into between the Fund and a bank which is a member of the Federal Reserve System or between the Fund  and a primary dealer in U.S. Government securities, against delivery of the purchased Securities either in certificate  form or through an entry crediting the Custodian's account at a Book-Entry System or Securities Depository with such  Securities;  (b) In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned  by the Fund;  (c) For the payment of any dividends or capital gain distributions declared by the Fund;    (d) In payment of the redemption price of Interests as provided in Section 5.01 below;    (e) For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following  payments for the account of the Fund: interest; taxes; administration, investment advisory, accounting, auditing,  transfer agent, custodian, director and legal fees; and other operating expenses of the Fund; in all cases, whether or  not such expenses are to be in whole or in part capitalized or treated as deferred expenses;  (f) For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a registered  broker-dealer or member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any  registered national securities exchange (or of any similar organization or organizations) regarding escrow or other  arrangements in connection with transactions by the Fund;  (g) For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a futures  commission merchant registered under the Commodity Exchange  

 

                 Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract  market (or any similar organization or organizations) regarding account deposits in connection with transactions by  the Fund;  (h) For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution  (including the Custodian), which deposit or account has a term of one year or less; and  (i) For any other proper purpose, but only upon receipt of Proper Instructions, specifying the amount and purpose of such  payment, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom such  payment is to be made.  3.07 Delivery of Securities from Fund Custody Accounts. Upon receipt of Proper Instructions, the Custodian  shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Accounts  but only in the following cases:  (a) Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by  certified or cashiers check or bank credit;  (b) In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the  provisions of Section 3.05 above;  (c) To an offeror’s depository agent in connection with tender or other similar offers for Securities of the Fund;  provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;  (d) To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or  any nominee or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other  evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new  Securities are to be delivered to the Custodian;  (e) To the broker selling the Securities, for examination in accordance with the “street delivery” custom;  (f) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or  readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or  pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection with the  issuance or cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any,  are to be delivered to the Custodian;  (g) Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the  Fund;  (h) In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new  Securities and cash, if any, are to be delivered to the Custodian;  

 

                 (i) For delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the  Fund shall have specified to the Custodian in Proper Instructions;  (j) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but  only against receipt by the Custodian of the amounts borrowed;  (k) Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund;  (l) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a registered  broker-dealer or member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of  any registered national securities exchange (or of any similar organization or organizations) regarding escrow or  other arrangements in connection with transactions by the Fund;  (m) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a futures  commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the  Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations)  regarding account deposits in connection with transactions by the Fund;  (n) For any other proper corporate purpose, but only upon receipt of Proper Instructions, specifying the Securities to be  delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper  corporate purpose, and naming the person or persons to whom delivery of such Securities shall be made; or  (o) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market  custom; provided that in any such case the Custodian shall have no responsibility or liability for any loss arising from  the delivery of such securities prior to receiving payment for such securities except as may arise from the  Custodian’s own negligence or willful misconduct.  3.08 Actions Not Requiring Proper Instructions. Unless otherwise instructed by the Fund, the Custodian shall  with respect to all Securities held for the Fund:  (a) Subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund is entitled  either by law or pursuant to custom in the securities business;  (b) Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all  Securities which may mature or be called, redeemed, or retired, or otherwise become payable;  (c) Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;  (d) Surrender interim receipts or Securities in temporary form for Securities in definitive form;  

 

                 (e) Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or  the laws or regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports to the  IRS and the Fund at such time, in such manner and containing such information as is prescribed by the IRS;  (f) Hold for the Fund, either directly or, with respect to Securities held therein, through a Book- Entry System or  Securities Depository, all rights and similar Securities issued with respect to Securities of the Fund; and  (g) In general, and except as otherwise directed in Proper Instructions, attend to all non- discretionary details in  connection with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets  of the Fund.  (h) Important information related to ADR’s and Preferential Tax Treatment: With respect to any ADRs the Fund may  purchase and own and which the Custodian custodies on the Funds behalf, the Fund understands that the holding of  American Depository Receipts (“ADRs”) may require the disclosure of the beneficial ownership information  (Name, Address, TIN/SSN, Share amount) by the Custodian to vendors, sub-custodians, or local tax authorities in  foreign jurisdictions to avoid tax penalties and to obtain the most preferential tax treatment for the Fund. The Fund  acknowledges and consents to any and all disclosures or releases of beneficial information, described above, by the  Custodian to any third parties relating to ADRs and release, hold harmless, and indemnify the Custodian from any  liability for doing so.  3.09 Registration and Transfer of Securities. All Securities held for the Fund that are issued or issuable only in bearer form  shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if  eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub- Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of  either thereof. The records of the Custodian with respect to foreign securities of the Fund that are maintained with a  Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall  identify those securities as belonging to the Fund. The Fund shall furnish to the Custodian appropriate instruments to  enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees  referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name  of the Fund.  3.10 Records.    (a) The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held  for the Fund, including (i) journals or other records of original entry containing an itemized daily record in detail of  all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records)  reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies and Securities borrowed and  monies and Securities loaned (together with a record of the collateral therefor and substitutions of such collateral),  (D) dividends and interest received, and (E) dividends receivable and interest receivable; (iii) canceled checks and  bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement.  

 

                 (b) All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Fund and  in compliance with the rules and regulations of the SEC, as applicable, and (ii) be the property of the Fund and at all  times during the regular business hours of the Custodian be made available upon request for inspection by duly  authorized officers, employees or agents of the Fund and employees or agents of the SEC.  3.11 Fund Reports by Custodian. The Custodian shall furnish the Fund with a daily activity statement and a  summary of all transfers to or from the Fund Custody Account on the day following such transfers. At least monthly, the  Custodian shall furnish the Fund with a detailed statement of the Securities and moneys held by the Custodian and the  Sub-Custodians for the Fund under this Agreement.  3.12 Other Reports by Custodian. As the Fund may reasonably request from time to time, the Custodian shall  provide the Fund with reports on the internal accounting controls and procedures for safeguarding Securities which are  employed by the Custodian or any Sub-Custodian.  3.13 Proxies and Other Materials. The Custodian shall cause all proxies relating to Securities which are not  registered in the name of the Fund to be promptly executed by the registered holder of such Securities, without indication  of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy  soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will  use reasonable commercial efforts to facilitate the exercise of voting and other interestholder rights, subject to the laws,  regulations and practical constraints that may exist in the country where such securities are issued. The Fund  acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and  other factors may have the effect of severely limiting the ability of the Fund to exercise interestholder rights.  3.14 Information on Corporate Actions. The Custodian shall promptly deliver to the Fund all information  received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or  exchange offers, calls for redemption or purchase, or expiration of rights. If the Fund desires to take action with respect  to any tender offer, exchange offer or other similar transaction, the Fund shall notify the Custodian at least three  Business Days prior to the date on which the Custodian is to take such action. The Fund will provide or cause to be  provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three  Business Days prior to the beginning date of the tender period.  ARTICLE IV.    PURCHASE AND SALE OF INVESTMENTS OF THE FUND    4.01 Purchase of Securities. Promptly upon each purchase of Securities for the Fund, Written Instructions shall  be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other  description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii)  the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase,  and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities  purchased by the Fund pay out of the moneys held for the account of the Fund the total amount  

 

                 specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to  pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is  insufficient cash available to the Fund for which such purchase was made.  4.02 Liability for Payment in Advance of Receipt of Securities Purchased. In any and every case where  payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities  purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the  Fund for such payment.  4.03 Sale of Securities. Promptly upon each sale of Securities by the Fund, Written Instructions shall be  delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other  description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the  date of sale and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi) the person  to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such  Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions.  Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver  Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.  4.04 Delivery of Securities Sold. Notwithstanding Section 4.03 above or any other provision of this Agreement,  the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally  accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the  Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned  or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no  liability for any for the foregoing.  4.05 Payment for Securities Sold. In its sole discretion and from time to time, the Custodian may credit the  Fund Custody Accounts, prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities  which it has been instructed to deliver against payment, (ii) proceeds from the redemption of Securities or other assets  of the Fund, and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon  actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The  Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund  Custody Accounts in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately  upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which  funds were credited to the Fund Custody Accounts.  4.06 Advances by Custodian for Settlement. The Custodian may, in its sole discretion and from time to time,  advance funds to the Fund to facilitate the settlement of the Fund’s transactions in the Fund Custody Accounts. Any such  advance shall be repayable immediately upon demand made by Custodian.  

 

                 ARTICLE V.  REDEMPTION OF FUND INTERESTS  5.01 Transfer of funds. From such funds as may be available for the purpose in the relevant Fund Custody  Accounts, and upon receipt of Proper Instructions specifying that the funds are required to redeem Interests of the Fund,  the Custodian or its designee shall wire each amount specified in such Proper Instructions to or through such bank or  broker-dealer as the Fund may designate.  5.02 No Duty Regarding Paying Banks. Once the Custodian has wired amounts to a bank or broker-dealer  pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or  distribution by such bank or broker-dealer.  ARTICLE VI. SEGREGATED ACCOUNTS  Upon receipt of Proper Instructions, the Custodian shall establish and maintain a segregated account or accounts for and  on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities  maintained in a Depository Account:  (a) in accordance with the provisions of any agreement among the Fund, the Custodian and a registered broker-dealer  or member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act),  relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities  exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar  organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund;  (b) for purposes of segregating cash or Securities in connection with securities options purchased or written by the  Fund or in connection with financial futures contracts (or options thereon) purchased or sold by the Fund;  (c) which constitute collateral for loans of Securities made by the Fund; and    (d) for other proper corporate purposes, but only upon receipt of Proper Instructions, setting forth the purpose or  purposes of such segregated account and declaring such purposes to be proper corporate purposes.  Each segregated account established under this Article VI shall be established and maintained for one Fund only. All  Proper Instructions relating to a segregated account shall specify the Fund.  

 

                 ARTICLE VII.   COMPENSATION OF CUSTODIAN    7.01 Compensation. The Custodian shall be compensated for providing the services set forth in this Agreement  in accordance with the fee schedule set forth on Exhibit B hereto (as amended from time to time). The Custodian shall  also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges,  and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund  shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except  for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar  days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such  disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid.  Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian shall only be paid out of the  assets and property of the Fund.  7.02 Overdrafts. The Fund is responsible for maintaining an appropriate level of short term cash investments to  accommodate cash outflows. The Fund may obtain a formal line of credit for potential overdrafts of its custody account.  In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or  the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on  Exhibit B hereto (as amended from time to time)    ARTICLE VIII.     REPRESENTATIONS AND WARRANTIES    8.01 Representations and Warranties of the Fund. The Fund hereby represents and warrants to the Custodian,  which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:  (a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its  business as now conducted, to enter into this Agreement and to perform its obligations hereunder;  (b) This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action  and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject  to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and  remedies of creditors and secured parties; and  (c) It is conducting its business in compliance in all material respects with all applicable laws and regulations and has  obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,  regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or  affecting its property which would prohibit its execution or performance of this Agreement.  

 

                 8.02 Representations and Warranties of the Custodian. The Custodian hereby represents and warrants to the  Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement,  that:  (a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its  business as now conducted, to enter into this Agreement and to perform its obligations hereunder;  (b) It is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5.    (c) This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite  action and constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance with its  terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application  affecting the rights and remedies of creditors and secured parties; and  (d) It is conducting its business in compliance in all material respects with all applicable laws and regulations and has  obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,  regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or  affecting its property which would prohibit its execution or performance of this Agreement.    ARTICLE IX.     CONCERNING THE CUSTODIAN    9.01 Standard of Care. The Custodian shall exercise reasonable care in the performance of its duties under this  Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the  Fund in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian’s (or a  Sub-Custodian’s) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from  its (or a Sub- Custodian’s) bad faith, negligence or willful misconduct in the performance of its duties under this  Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of  counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice.  The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of  counsel.  9.02 Actual Collection Required. The Custodian shall not be liable for, or considered to be the custodian of, any  cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money,  until the Custodian or its agents actually receive such cash or collect on such instrument.  9.03 No Responsibility for Title, etc. So long as and to the extent that it is in the exercise of reasonable care, the  Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto  received or delivered by it pursuant to this Agreement.  9.04 Limitation on Duty to Collect. Custodian shall not be required to enforce collection, by legal means or  otherwise, of any money or property due and payable with respect to Securities held  

 

                 for the Fund if such Securities are in default or payment is not made after due demand or presentation.  9.05 Reliance Upon Documents and Instructions. The Custodian shall be entitled to rely upon any certificate,  notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be  entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.  9.06 Cooperation. The Custodian shall cooperate with and supply necessary information to the entity or entities  appointed by the Fund to keep the books of account of the Fund and/or compute the value of the assets of the Fund.    ARTICLE X.     INDEMNIFICATION    10.01 Indemnification by Fund. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian  and any nominee thereof (each, an “Indemnified Party” and collectively, the “Indemnified Parties”) from and against  any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys'  fees) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person  arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee,  (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of  or in reliance on the advice of the Fund, or (b) upon Proper Instructions, or  (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither  the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim,  demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this  Agreement (or any sub-custody agreement), or from its bad faith, negligence, fraud or willful misconduct in the  performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing  obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this  paragraph, the terms “Custodian” and “Sub-Custodian” shall include their respective directors, officers and employees.  10.02 Indemnification by Custodian. The Custodian shall indemnify and hold harmless the Fund from and  against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable  attorneys’ fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person, arising  directly or indirectly out of any action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified  Party’s refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad  faith, negligence, fraud or willful misconduct in the performance of its duties under this Agreement (or any sub-custody  agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns,  notwithstanding the termination of this Agreement. As used in this paragraph, the term “Fund” shall include the Fund’s  directors, officers and employees.  10.03 Security. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Fund’s  request or as otherwise contemplated in this Agreement, or in the event that the  

 

                 Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss,  expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith,  negligence, fraud or willful misconduct), then, in any such event, any property at any time held for the account of the  Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian  shall be entitled to utilize available cash of the Fund and to dispose of other assets of the Fund to the extent necessary to  obtain reimbursement or indemnification.  10.04 Miscellaneous.    (a) No party to this Agreement shall be liable to any other party for consequential, special or punitive damages under  any provision of this Agreement.  (b) The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this  Agreement.  (c) In order that the indemnification provisions contained in this Article shall apply, it is understood that if in any case  the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and  promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the  indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or  appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to  defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the  indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete  defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which  it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any  compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the  indemnitor’s prior written consent.    ARTICLE XI.     FORCE MAJEURE    Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of their respective  obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable  control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts  of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its  reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or  software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental  actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a  failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the  Custodian in making computer time and personnel available to input or process the transactions contemplated by this  Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.  

 

                 ARTICLE XII.    PROPRIETARY AND CONFIDENTIAL INFORMATION    12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially  and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or  potential interestholders of the Fund (and clients of said interestholders), and not to use such records and information  for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification  to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld  where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested  to divulge such information by duly constituted authorities, or (iii) when so requested by the Fund. Records and other  information which have become known to the public through no wrongful act of the Custodian or any of its employees,  agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof  from the Fund or their agent, shall not be subject to this paragraph.  12.02 Further, the Custodian will adhere to the privacy policies adopted by affiliates of the Fund pursuant to Title  V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place  and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality  and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its  interestholders.  12.03 The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as  proprietary information of the Custodian, all non-public information relative to the Custodian (including, without  limitation, information regarding the Custodian’s pricing, products, services, customers, suppliers, financial statements,  processes, know-how, trade secrets, market opportunities, past, present or future research, development or business  plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques,  procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such  information for any purpose other than in connection with the services provided under this Agreement, except (i) after  prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and  may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii)  when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian.  Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents  or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the  Custodian, shall not be subject to this paragraph.  12.04 Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of  the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in  the Fund’s registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation,  and (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due  diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.  

 

   ARTICLE XIII.   EFFECTIVE PERIOD; TERMINATION  13.01 Effective Period. This Agreement shall become effective as of the date last written in the signature block  and will continue in effect until terminated as hereinafter provided.  13.02 Termination. This Agreement may be terminated by any party upon giving 90 days prior written notice to  the other parties or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this  Agreement may be terminated by the Fund or the Custodian, upon the breach of the Custodian in the case of the Fund  and upon the breach of the Fund in the case of the Custodian, of any material term of this Agreement if such breach is  not cured within 15 days of notice of such breach to the breaching party. In addition, the Fund may, at any time,  immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by  regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court  of competent jurisdiction.  13.03 Appointment of Successor Custodian. If a successor custodian shall have been appointed by the Fund, the  Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination  (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or  Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any  Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the  successor custodian, provided that the Fund shall have paid to the Custodian all fees, expenses and other amounts to the  payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the  Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained  by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in  which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to  such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from  the Custodian’s personnel in the establishment of books, records, and other data by such successor. Upon such delivery  and transfer, the Custodian shall be relieved of all obligations under this Agreement.  13.04 Failure to Appoint Successor Custodian. If a successor custodian is not designated by the Fund on or  before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust  company of its own selection, which bank or trust company (i) is a “bank” as defined in the 1940 Act, and (ii) has  aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25  million, all Securities, cash and other property held by Custodian under this Agreement and to transfer to an account of or  for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities  Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this  Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these  circumstances, all books, records and other data of the Fund shall be returned to the Fund.  

 

     ARTICLE XIV.  MISCELLANEOUS  Compliance with Laws. The Fund has and retains primary responsibility for all compliance matters relating to the Fund,  including laws and regulations applicable to the Fund and the policies and limitations of the Fund relating to its  portfolio investments as set forth in its Confidential Private Placement Memorandums. The Custodian’s services  hereunder shall not relieve the Fund of its responsibilities for assuring such compliance with respect thereto. The Fund  shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund, or if it  becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent  jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement.  14.01 Amendment. This Agreement may not be amended or modified in any manner except by written agreement  executed by the Custodian and the Fund.  14.02 Assignment. This Agreement shall extend to and be binding upon the parties hereto and their respective  successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written  consent of the Custodian, or by the Custodian without the written consent of the Fund.  14.03 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the  State of Minnesota, without regard to conflicts of law principles.  14.04 No Agency Relationship. Nothing herein contained shall be deemed to authorize or empower any party to  act as agent for any other party to this Agreement, or to conduct business in the name, or for the account, of the other  parties to this Agreement, except to the extent provided herein.  14.05 Services Not Exclusive. Nothing in this Agreement shall limit or restrict the Custodian from providing  services to other parties that are similar or identical to some or all of the services provided hereunder.  14.06 Invalidity. Any provision of this Agreement which may be determined by competent authority to be  prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such  prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or  unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the  parties.  14.07 Notices. Any notice required or permitted to be given by either party to the other shall be in writing and  shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by  registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by  facsimile transmission to the other party’s address set forth below:  

 

                 Notice to the Custodian shall be sent to:    U.S. Bank N.A.  U.S. Bank Tower  425 Walnut Street, Cincinnati, OH 45202 | CN-OH-W6TC  Attn: Global Fund Custody Support Services Phone: 513.632.2443  Fax: 844.206.1025    Notice to the Fund shall be sent to:    Jared Thear  104 La Mesa Drive Suite 102 Portoloa Valley, CA 94028 Attn: Jared Thear  Fax: (650) 234-4333  Email: jared@westerntech.com    14.08 Multiple Originals. This Agreement may be executed on two or more counterparts, each of which when so  executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.  14.09 No Waiver. No failure by any party hereto to exercise, and no delay by such party in exercising, any right  hereunder shall operate as a waiver thereof. The exercise by any party hereto of any right hereunder shall not preclude  the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies  provided at law or in equity.  14.10 References to Custodian. The Fund shall not circulate any printed matter which contains any reference to  Custodian without the prior written approval of Custodian, excepting printed matter contained in the Fund’s  Confidential Private Placement Memorandums and such other printed matter as merely identifies Custodian as  custodian for the Fund. The Fund shall submit printed matter requiring approval to Custodian in draft form, allowing  sufficient time for review by Custodian and its counsel prior to any deadline for printing.  14.11 Class Actions. The Custodian shall use its best efforts to identify and file claims for the Fund involving any  class action litigation that impacts any security the Fund may have held during the class period. The Fund agrees that the  Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to  make claims or otherwise pursue class action defendants who settle their claims. Further, the Fund acknowledges that  there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and  that the timing of such payment, if any, is uncertain. However, the Fund may instruct the Custodian to distribute class  action notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian  from any and all liability and responsibility for filing class action claims on behalf of the Fund.  

 

                 [SIGNATURE PAGE FOLLOWS]  

 

                 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized  officer on one or more counterparts as of the date last written below.      WTI FUND X, INC.  By:      Name:     Jared Thear       Title:          CFO       Date:  9/22/2021    U.S. BANK NATIONAL ASSOCIATION    By:      Name:     Title:     Date:  

 

                   EXHIBIT A    AUTHORIZED PERSONS      Set forth below are the names and specimen signatures of the persons authorized by the Fund to administer the  Fund Custody Accounts.    Authorized Persons Specimen Signatures  

 

2     EXHIBIT B    CUSTODIAN COMPENSATION      Based upon an annual rate of average daily market value of all long securities and cash held in the portfolio*:      $ 5,000 - Annual fee per fund Plus portfolio transaction fees  Portfolio Transaction Fees  ■ $ 4.00 - Book entry DTC transaction, Federal Reserve transaction, principal paydown  ■ $ 7.00 - Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non- depository transaction  ■ $ 8.00 - Option/SWAPS/future contract written, exercised or expired  ■ $ 15.00 - Mutual fund trade, Margin Variation Wire and inbound/outbound wire  ■ $ 50.00 - Physical security transaction  ■ $ 5.00 - Check disbursement (waived if U.S. Bancorp is Administrator)    A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.  Miscellaneous Expenses    All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:  expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at  custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.  Additional Services  ■ Additional fees apply for global servicing. Fund of Fund expenses quoted separately.  ■ $ 600 per custody sub - account per year (e.g., per sub - adviser, segregated account, etc.)  ■ Class Action Services - $25 filing fee per class action per account, plus 3% of gross proceeds, up to a maximum per recovery not to  exceed $3,000.  ■ No charge for the initial conversion free receipt.  ■ Overdrafts - charged to the account at prime interest rate plus 2%, unless a line of credit is in place  ■ Third Party lending - Additional fees will apply.    Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the  fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require  additional work or expenses related to services provided (e.g., margin management services, securities lending services,  compliance with new SECrules and reporting requirements).    Fees are calculated pro rata and billed monthly.  *Subject to annual CPI increase - All Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not  decrease the base fees (even if the cumulative CPI rate at any point in time is negative).  

 

3     Additional Global Sub-Custodial Services Annual  Fee Schedule      Country Safekeeping  (BPS)  Transaction  Fee  Country Safekeeping  (BPS)  Transaction  Fee  Country Safekeeping  (BPS)  Transaction  Fee  Argentina 18.00 $30 Hong Kong 1.75 $18 Poland 8.00 $25  Australia 1.50 $15 Hungary 18.00 $55 Portugal 3.00 $10  Austria 1.70 $12 Iceland 15.00 $48 Qatar 38.00 $115  Bahrain 42.00 $115 India 7.00 $40 Romania 30.00 $85  Bangladesh 18.00 $110 Indonesia 6.00 $52 Russia 12.00 $175  Belgium 1.00 $8 Ireland 1.00 $3 Saudi Arabia 30.00 $75  Bermuda 15.00 $55 Israel 10.00 $26 Serbia 60.00 $165  Botswana 24.00 $45 Italy 1.00 $10 Singapore 1.35 $22  Brazil 7.00 $15 Japan 1.00 $6 Slovakia 20.00 $90  Bulgaria 24.00 $68 Jordan 40.00 $125 South Africa 1.75 $12  Canada 1.20 $6 Kenya 28.00 $42 South Korea 3.00 $12  Chile 13.00 $40 Kuwait 38.00 $110 Spain 1.00 $10  China Connect 18.00 $20 Latvia 15.00 $65 Sri Lanka 11.00 $70  China (B  Shares)  10.00 $42 Lithuania 15.00 $45 Sweden 1.25 $10  Colombia 30.00 $50 Luxembourg 1.25 $20 Switzerland 1.25 $12  Costa Rica 15.00 $55 Malaysia 3.00 $35 Tanzania 45.00 $150  Croatia 18.00 $55 Malta 20.00 $65 Taiwan 8.00 $43  Cyprus 4.00 $20 Mauritius 28.00 $90 Thailand 3.00 $25  Czech  Republic  12.00 $25 Mexico 2.50 $12 Tunisia 38.00 $42  Denmark 1.25 $10 Morocco 28.00 $68 Turkey 9.00 $12  Egypt 18.00 $50 Namibia 30.00 $45 UAE 35.00 $105  Estonia 6.00 $25 Netherlands 1.25 $8 Uganda 40.00 $90  Eswatini 28.00 $55 New  Zealand  1.50 $22 Ukraine 30.00 $50  Euroclear  (Eurobonds)  1.00 $10 Nigeria 28.00 $38 United  Kingdom  1.00 $3  Euroclear  (Non-  Eurobonds)  Rates are  available  upon request  Rates are  available  upon  request    Norway    1.25    $10    Uruguay    45.00    $55  Finland 1.50 $10 Oman 42.00 $100 Vietnam 20.00 $80    France    1.00    $8    Pakistan    24.00    $75  West African  Economic  Monetar Union  (WAEMU)*    38.00    $130  Germany 1.00 $8 Panama 65.00 $98 Zambia 28.00 $45  Ghana 25.00 $40 Peru 30.00 $60 Zimbabwe 28.00 $45  Greece 4.00 $20 Philippines 3.50 $38     * Includes Ivory Coast, Mali, Niger, Burkina Faso, Senegal, Guinea Bissau, Togo and Benin.  

 

4                       Global Custody Base Fee    $500 monthly base fee of per fund will apply. If no global assets are held within a given month, the monthly base charge will not  apply for that month. "Safekeeping and transaction fees are assessed on security and currency transactions.”    Miscellaneous Expenses  ■ Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, tax reclaim fees, local  taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange transactions, postage and  insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder  communications, recurring administration fees, negative interest charges, overdraft charges or other expenses which are  unique to a country in which the client or its clients is investing will be passed along as incurred.  ■ A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative  costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.  ■ SWIFT reporting and message fees.  

 

5                     EXHIBIT C    SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION  WTI FUND X, INC.    The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct  communication between a company which issues securities and the shareholder who votes those securities.    Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to  disclose your name and address.    Your “yes” or “no” to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you  change your mind and notify us in writing. A “no” election may prevent Custodian from obtaining, on your behalf, the most  favorable tax rate for American Depository Receipts (ADRs) held in your account.                   YES U.S. Bank is authorized to provide the Fund’s name, address and security position to requesting companies  whose stock is owned by the Fund.                 NO U.S. Bank is NOT authorized to provide the Fund’s name, address and security position to requesting  companies whose stock is owned by the Fund.              WTI FUND X, INC.    By: _(Jared Thear)      Title: CFO      Date: 9/22/2021

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