Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

DATED December 11, 2020 
  

 
 JPMORGAN CHASE
BANK, N.A., 
 GOLDMAN SACHS ASSET MANAGEMENT, 

L.P., 
 AND 

THE BANK OF NEW YORK MELLON, 

solely in its capacity as trustee of the Goldman Sachs Physical Gold ETF and not 

individually 
  

 
 UNALLOCATED
GOLD ACCOUNT AGREEMENT 
  
  

 EXECUTION VERSION 

CONTENTS 
  

							
	Clause	  	Page	 
	 1.
	 	 INTERPRETATION
	  	 	4	 
			
	 2.
	 	 UNALLOCATED ACCOUNT
	  	 	8	 
			
	 3.
	 	 DEPOSITS
	  	 	9	 
			
	 4.
	 	 WITHDRAWALS
	  	 	10	 
			
	 5.
	 	 INSTRUCTIONS
	  	 	11	 
			
	 6.
	 	 CONFIDENTIALITY
	  	 	13	 
			
	 7.
	 	 CUSTODY SERVICES
	  	 	13	 
			
	 8.
	 	 REPRESENTATIONS
	  	 	14	 
			
	 9.
	 	 SANCTIONS
	  	 	14	 
			
	 10.
	 	 FEES AND EXPENSES
	  	 	15	 
			
	 11.
	 	 SCOPE OF RESPONSIBILITY
	  	 	16	 
			
	 12.
	 	 TERMINATION
	  	 	17	 
			
	 13.
	 	 VALUE ADDED TAX
	  	 	19	 
			
	 14.
	 	 NOTICES
	  	 	19	 
			
	 15.
	 	 GENERAL
	  	 	20	 
			
	 16.
	 	 GOVERNING LAW AND JURISDICTION
	  	 	22	 

 THIS UNALLOCATED GOLD ACCOUNT AGREEMENT (this “Agreement”) is made on
December 11, 2020, 
 BETWEEN 
  

	(1)	 JPMORGAN CHASE BANK, N.A a National Association incorporated in the United States of America, whose
principal place of business in England is at 25 Bank Street, Canary Wharf, London, EC14 5JP (the “Custodian”); 

  

	(2)	 GOLDMAN SACHS ASSET MANAGEMENT, L.P. acting in its capacity as Sponsor; and

  

	(3)	 THE BANK OF NEW YORK MELLON a New York banking corporation, solely in its capacity as trustee of the
Goldman Sachs Physical Gold ETF, formerly known as the Perth Mint Physical Gold ETF (the “Trust”) created under the Trust Agreement identified below and not individually (the “Trustee”), which expression shall,
whenever the context so admits, include the named Trustee and all other persons or companies for the time being the trustee or trustees of the Trust Agreement as trustee for the Shareholders (as defined below). 

Each a “Party” and together the “Parties.” 

INTRODUCTION 
  

	(1)	 In connection with the initial formation of the Perth Mint Physical Gold ETF, Gold Corporation (the original
custodian), entered into a custody arrangement with the Trustee pursuant to the terms of the original Trust Allocated Metal Account Agreement and the Trust Unallocated Metal Account Agreement, each dated as of July 26, 2018.

  

	(2)	 Gold Corporation, Exchange Traded Concepts, LLC (“ETC”), and the Sponsor entered into a
Sponsorship Transfer Agreement, dated as of September 29, 2020, pursuant to which, among other things, Gold Corporation and ETC are transferring to the Sponsor Gold Corporation’s role of custodial sponsor of the Trust and ETC’s role
of administrative sponsor of the Trust (the “Sponsorship Transfer Agreement”). 

  

	(3)	 Contemporaneously with the Closing (as defined in the Sponsorship Transfer Agreement), the Trustee and the
Sponsor will enter into the First Amended and Restated Depository Trust Agreement (the “Trust Agreement”), dated as of December 11, 2020, pursuant to which the Trustee and the Sponsor establish the terms on which gold may be
deposited and safely stored in the Trust, provide for the creation of shares representing fractional undivided beneficial interest in the net assets of the Trust and provide for the other terms and conditions on which the Trust shall be
administered. 

  

	(4)	 Contemporaneously with the Closing (as defined in the Sponsorship Transfer Agreement) ETC, the Sponsor, Gold
Corporation, and the Trustee will enter into the Resignation and Appointment Agreement, whereby Gold Corporation and ETC will resign as custodial sponsor and administrative sponsor of the Trust, respectively, and will appoint the Sponsor as the
Successor Sponsor (as defined in the Trust Agreement) of the Trust (the “Resignation and Appointment Agreement”). 

  
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	(5)	 Pursuant to the Sponsorship Transfer Agreement and Resignation and Appointment Agreement, Gold Corporation will
resign its role as custodian of the Trust, and pursuant to instructions from the Sponsor, the Trustee is authorized and directed to enter into this Agreement and the Allocated Account Agreement (defined herein) appointing the Custodian as the
Current Custodian (as defined in the Trust Agreement) of the Trust. 

  

	(6)	 The Custodian has agreed to transfer Gold deposited into the Unallocated Account (as defined below) into the
Allocated Account, pursuant to the terms of this Agreement. 

  

	(7)	 In order to effect Redemptions of Shares, Physical Gold must be transferred from the Allocated Account to the
Unallocated Account by way of de-allocation, and must then be delivered to the Authorized Participant. 

  

	(8)	 The Unallocated Account will be established in the name of the Trustee for the account of the Trust, and the
Trustee will have the sole right to give instructions for the making of any transfers into or out of the Unallocated Account. 

  

	(9)	 The Custodian, as a member of LPMCL (as defined below), have agreed to open and maintain for the Trustee the
Unallocated Account (as defined below) and to provide other services to the Trustee and the Trust in connection with such Unallocated Account. This Agreement sets out the terms under which the Custodian will provide those services to the Trustee and
the Trust and the arrangements which will apply in connection with those services. 

 IT IS AGREED AS FOLLOWS 

 

	1.	 INTERPRETATION 

 

	1.1	 Definitions: In this Agreement: 

“Account Balance” means, in relation to the Unallocated Account, a positive balance in the amount of Gold owed to the Trustee
by the Custodian, or a negative balance (only as expressly permitted by this Agreement) in the amount of Gold owed by the Trustee to the Custodian, in each case as from time to time recorded on the Unallocated Account. 

“Allocated Account” means the account designated as the Goldman Sachs Physical Gold ETF Allocated Gold
Account (No. 48041), as maintained for the Trust by the Custodian on an allocated basis pursuant to the Allocated Account Agreement for the purpose of holding Gold on behalf of the Trust. 

“Allocated Account Agreement” means the Allocated Gold Account Agreement dated December 11, 2020, by and among the
Custodian, the Sponsor, and the Trustee, pursuant to which the Allocated Account is established and operated. 
 “AP
Account” means a loco London account maintained on an Unallocated Basis by the Custodian or another LPMCL clearing bank for the Authorized Participant, as specified in the applicable instructions given under clause 5.2. 

“AP Application” means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to subscribe
for Shares, being an offer on terms referred to in the Prospectus and in accordance with the provisions of the relevant Authorized Participant Agreement and the Trust Agreement. 

  
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 “AURUM” means the electronic matching and settlement system operated by
LPMCL. 
 “Authorized Participant” means a person that, at the time of submitting a Purchase Order or Redemption Order,
(i) is a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration as a broker-dealer under the Securities Exchange Act of 1934, as amended,
would be required to register as a broker-dealer to engage in securities transactions and (ii) is a participant in The Depository Trust Company or its successors; (iii) is approved by the Sponsor (in its absolute discretion) and has in
effect a valid Authorized Participant Agreement; and (iv) has established an AP Account. 
 “Authorized Participant
Agreement” means a written agreement among the Trustee, the Sponsor, and another person under which such person is appointed to act as an “Authorized Participant” in relation to Shares and, if such agreement is subject to
conditions precedent, provided that such conditions have been satisfied. 
 “Availability Date” means the Business Day on
which the Trustee wishes to transfer or deliver Gold to the Custodian for credit to the Unallocated Account. 
 “Bankruptcy or
Insolvency Event” means of any of the following: (i) the admission by the Custodian, Trustee or Sponsor of its inability to pay its debts when and as they become due; (ii) the execution by the Custodian, Trustee or Sponsor of a
general assignment for the benefit of creditors; (iii) the filing by or against the Custodian, Trustee or Sponsor of a petition in bankruptcy or any petition for relief under any bankruptcy, insolvency, or debtor’s relief law, or the
continuation of such petition without dismissal for a period of sixty (60) days or more, or, in the case of any involuntary filing of a petition against the Custodian, Trustee or Sponsor; (iv) the appointment of a receiver or trustee to
take possession of the property or assets of the Custodian, Trustee or Sponsor; or (v) any action to liquidate, dissolve, transfer, or wind up the business of the Custodian, Trustee or Sponsor, in furtherance of the foregoing. 

“Basket” means at least 25,000 Shares, except that the Sponsor, upon prior written notice to the Trustee, may from time
to time increase or decrease the number of Shares comprising a Basket. 
 “Benchmark Price” means, as of any day,
(i) such day’s LBMA Gold Price PM or such day’s LBMA Gold Price AM if such day’s LBMA Gold Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee and which the
Sponsor may determine fairly represents the commercial value of gold held by the Trust and instructs the Trustee to use as the Benchmark Price. 

“Business Day” means any day other than a day: (1) when the Exchange is closed for regular trading; or (2), if the order
or other transaction requires the receipt or delivery, or the confirmation of receipt or delivery, of gold in the United Kingdom or in some other jurisdiction on a particular day, (A) when banks are authorized to close in the United Kingdom or
in such other jurisdiction or when the London gold market is closed or (B) when banks in the United Kingdom or in such other jurisdiction are, or the London gold market is, not open for a full business day and the order or other transaction
requires the execution or completion of procedures which cannot be executed or completed by the close of the business day. 

  
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 “Custodial Fee Letter” means the Custodial Fee Letter, by and between the
Sponsor and the Custodian, dated as of December 11, 2020. 
 “eBTS” means the electronic Bullion Transfer System
website developed by the Custodian. 
 “Exchange” means the exchange or other securities market on which the Shares are
principally traded, which shall initially be NYSE Arca, or such other exchange or securities market which may be specified from time to time by the Sponsor. 

“Gold” means (i) Physical Gold held by the Custodian or any sub-custodian under
the Allocated Gold Account Agreement and/or (ii) any credit to an account, including the Unallocated Account, on an Unallocated Basis, as the context requires. 

“LBMA” means The London Bullion Market Association or its successors. 

“LBMA Gold Price AM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England time. 

“LBMA Gold Price PM” means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London, England time. 

“loco London” means in respect of an account holding Gold, the custody, trading and clearing of such Gold in London, United
Kingdom. 
 “London Good Delivery Standards” means the specifications for “good delivery” gold bars, including the
specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars, set forth in the good delivery rules promulgated by the LBMA from time to time. 

“London Precious Metals Markets” means the London Bullion market and such other markets for Gold or precious metals operating
in London as may be agreed among the Custodian, the Trustee, and the Sponsor from time to time. 
 “LPMCL” means London
Precious Metals Clearing Limited or its successors. 
 “Metal Accounts” means the Allocated Account and the Unallocated
Account. 
 “Physical Gold” means gold bullion that meets the London Good Delivery Standards. 

“Prospectus” means the prospectus constituting a part of the registration statement filed on Form S-1, Registration Statement Number 333-232065 with the Securities and Exchange Commission in accordance with the Securities Act of 1933, as amended, in relation to the Shares
dated on June 11, 2019, as the same may be modified, supplemented or amended from time to time and any subsequent registration statement filed on Form S-3 with respect to the offering of Shares. 

  
 6 

 “Purchase Order” means the order that an Authorized Participant must
place with the Trustee pursuant to the Trust Agreement in order to acquire one or more Baskets from the Trust. 

“Redemption” means the redemption pursuant to a Redemption Order for one or more Baskets in accordance with the Trust
Agreement. 
 “Redemption Order” means the order an Authorized Participant must place with the Trustee pursuant to
the Trust Agreement in order to redeem one or more Baskets from the Trust. 
 “Rules” means the rules, regulations,
practices and customs of the LBMA, LPMCL, the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority or other body, applicable to the Parties and/or to the activities contemplated by
this Agreement. 
 “Sanctioning Body” means any of the following: 

 

	 	(i)	 the United Nations Security Council; 

 

	 	(ii)	 the European Union; 

  

	 	(iii)	 Her Majesty’s Treasury and the Office of Financial Sanctions Implementation of the United Kingdom; and

  

	 	(iv)	 The Office of Foreign Assets Control of the Department of Treasury of the United States of America.

 “Sanctions” means economic or financial sanctions, boycotts, trade embargoes and restrictions relating
to terrorism imposed, administered or enforced by a Sanctioning Body from time to time. 
 “Sanctions List” means any list
of specifically designated nationals or blocked or sanctioned persons or entities (or similar) imposed, administered or enforced by a Sanctioning Body in connection with Sanctions from time to time. 

“Shareholder” means the beneficial owner of one or more Shares. 

“Share” means a unit of beneficial interest in the Trust created under the Trust Agreement, having no par value and
representing a fractional undivided beneficial interest in the net assets of the Trust which undivided interest shall equal a fraction, the numerator of which is one and the denominator of which is the total number of Shares outstanding. The name of
the Shares is “Goldman Sachs Physical Gold ETF Shares.” 
 “Sponsor” means Goldman Sachs Asset Management, L.P.,
its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement. 
 “Unallocated Account”
means the account designated as the Goldman Sachs Physical Gold ETF Unallocated Metal Account (No. 48040), as maintained for the Trust by the Custodian on an Unallocated Basis pursuant to this Agreement. 

“VAT” means value added tax as provided for in the Value Added Tax Act 1994 (as amended or
re-enacted from time to time) and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal
nature. 

  
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 “Withdrawal Date” means the Business Day on which the Trustee wishes to
withdraw Gold from the Unallocated Account. 
  

	1.2	 Headings: The headings in this Agreement do not affect its interpretation. 

 

	1.3	 Singular and plural: References to the singular include the plural and vice versa.

  

	1.4	 Construction: The words “this Agreement,” “herein,” “hereby,”
“hereunder” and “hereof,” and words of similar import, refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The words “this clause,” and words of similar import, refer
only to the clause hereof in which such words occur. The word “or” is exclusive. “Include,” “included,” and “including” (regardless of whether capitalized) mean to include without limitation, to be included
without limitation, or including without limitation, as the case may be. 

  

	2.	 UNALLOCATED ACCOUNT

  

	2.1	 Opening Unallocated Account: The Custodian shall open and maintain the Unallocated Account in the name
of the Trustee (in its capacity as trustee for the Shareholders). 

  

	2.2	 Denomination of Unallocated Account: The Unallocated Account will hold deposits of Gold and will be
denominated in fine troy ounces (to three decimal places). 

  

	2.3	 Reports: At the end of each London Business Day, the Custodian will provide the Trustee with access to
information showing the increases and decreases to the Gold standing to the Trustee’s credit in the Unallocated Account, and identifying separately each transaction and the New York or London Business Day on which it occurred. On each London
Business Day, the Custodian will provide the Trustee access to information relating to (i) each separate transaction, if any, transferring Gold to the Unallocated Account, including the amount of Gold transferred to the Unallocated Account and
the AP Account from which such Gold is transferred, (ii) the amount of Gold, if any, transferred from the Unallocated Account to the Allocated Account or to any AP Account and (iii) the closing balance of Gold credited to the Unallocated
Account for such London Business Day, and the Custodian will use commercially reasonable efforts to send the notification by 5:00pm (London time). In addition, the Custodian will provide the Trustee such information about the increases and decreases
to the Gold standing to the Trustee’s credit in the Unallocated Account on a same-day basis at such other times and in such other form as the Trustee and the Custodian shall agree. For each calendar
month, the Custodian will provide the Trustee within a reasonable time after the end of the month a statement of account for the Unallocated Account which shall include the opening and closing monthly balance and all transfers to and from the
Unallocated Account. All such reports will be made available to the Trustee by means of the Custodian’s proprietary electronic system or authenticated SWIFT message, provided that, if the Custodian’s proprietary electronic system or SWIFT
messaging system is unavailable for any reason, the Trustee and the Custodian will agree upon a temporary notification system for making such reports available to the Trustee. 

 

	2.4	 Discrepancies: If a material error or discrepancy is noted by the Trustee on any report provided
pursuant to Clause 2.3 above in relation to any activity or balances, the Trustee 

  
 8 

	 	
will notify the Custodian in writing as soon as possible so that the Custodian may investigate and resolve any such material error or discrepancy as soon as practicable (provided, however, that
the Trustee’s failure or delay in notifying the Custodian shall not limit the Custodian’s obligation to reverse or correct errors hereunder). 

  

	2.5	 Reversal of entries: The Custodian shall reverse any provisional or erroneous entries to the Unallocated
Account which it discovers or of which it is notified with effect back-valued to the date upon which the final or correct entry (or no entry) should have been made, and shall notify the Trustee of any such entries in writing as soon as reasonably
practicable of any such reversals. 

  

	2.6	 Access: The Custodian will allow the Sponsor and the Trustee and their identified representatives,
independent public accountants, and bullion auditors access to its premises, upon reasonable notice during normal business hours, to examine the Gold and such records, as they may reasonably require to perform their respective duties with regard to
the Trust and to investors in Shares. The Trustee and the Sponsor agree that any such access shall be subject to execution of a confidentiality agreement and agreement to the Custodian’s security procedures and will be limited to no more than
two (2) times per calendar year. The two (2) examinations during any fiscal year shall be at the Trust’s expense, which expense shall be paid by the Sponsor subject to the Fee Cap (as defined in the Trust Agreement) in accordance with
the terms of Section 5.3(g)(i) of the Trust Agreement. 

  

	2.7	 Regulatory Reporting: To the extent that the Custodian’s activities under this Agreement are
relevant to the preparation of the filings required of the Trust under the securities laws of the United States or any other jurisdiction, the Custodian will, to the extent permitted by applicable law, the Rules or applicable regulatory authority,
and upon reasonable request, cooperate with the Trustee and the Sponsor and the Trustee’s and the Sponsor’s representatives to provide such information concerning the Custodian’s activities as may be necessary for such filings to be
completed. Additionally, to the extent that the Custodian’s activities or controls in its capacity as custodian of the Trust’s assets are relevant to the information presented in the financial statements of the Trust, the Custodian will,
upon reasonable request, cooperate with the Sponsor and the Trustee to assist the Sponsor in providing the required written assurances regarding the reliability of the internal controls used in the preparation of such financial statements, including
by providing the Trust’s external auditors with information and reports regarding the Custodian’s internal controls over financial reporting as far as such reporting relates to the scope of the Custodian’s duties.

  

	3.	 DEPOSITS 

  

	3.1	 Procedure: The initial deposit of Gold will be received by the Custodian from Gold Corporation into the
Unallocated Account by unallocated transfer between the Custodian and Gold Corporation as per arrangements agreed upon by the Sponsor, the Trustee, and the Custodian. The Custodian shall receive further deposits of Gold into the Unallocated Account
(in the manner and accompanied by such documentation as the Custodian may reasonably require) by: 

  

	 	(a)	 de-allocation of Gold held in the Allocated Account upon a redemption
of Shares by an Authorized Participant or for any other purpose authorized by the Trust Agreement; or 

  
 9 

	 	(b)	 transfer of Gold from an AP Account relating to the same kind of Gold and having the same denomination as that
to which the Unallocated Account relates in connection with an AP Application by an Authorized Participant for Shares. 

  

	 	(c)	 No other methods of deposit are permitted. 

 

	3.2	 Notice requirements: Notice of intended deposit must be received by the
Custodian from the Trustee no later than 3:00 p.m. (London time) one London Business Day prior to the Availability Date and specify the weight (in fine troy ounces of gold) to be credited to the Unallocated Account, the Availability Date, the
account from which such deposit will be transferred, and any other information which the Custodian may, with the agreement of the Trustee, from time to time require. When, by reference to the Trustee’s notifications and instructions to the
Custodian, the Custodian reasonably believes an amount of Gold has been credited to the Unallocated Account in error, the Custodian will notify the Trustee promptly and, pending a joint resolution of the error, will treat such amount as not being
subject to the standing instruction in clause 5.3. 

  

	4.	 WITHDRAWALS 

  

	4.1	 Procedure: The Trustee may at any time give instructions to the Custodian for the withdrawal of Gold
standing to the credit of the Unallocated Account (in the manner and accompanied by such documentation as the Custodian may reasonably require) provided that a withdrawal may be made only by: 

 

	 	(a)	 transfer to an AP Account relating to the same kind of Gold and having the same denomination as that which the
Unallocated Account relates when Shares are to be redeemed by an Authorized Participant; 

  

	 	(b)	 transfer of Gold to the Allocated Account; 

 

	 	(c)	 transfer to an account maintained by the Custodian or by a third party on an Unallocated Basis in connection
with the sale of Gold or other transfers permitted under the Trust Agreement; or 

  

	 	(d)	 the collection of Physical Gold from the Custodian at its vault premises, or such other location as the
Custodian may direct by notice to the party taking physical delivery. 

 To the extent that the Trustee is authorized to
sell Gold under the Trust Agreement, the Custodian may, but is not required to, purchase such Gold; provided that, if the Trustee’s instruction to sell Gold is received by the Custodian by 2:00 p.m. (London time) on a London Business Day, the
purchase price for such Gold shall be that day’s Benchmark Price and, if the Trustee’s instruction to sell Gold is received by the Custodian after 2:00 p.m. (London time) on a London Business Day, the purchase price for such Gold shall be
the next Benchmark Price available after that day. The Trustee’s instruction to sell Gold may be an instruction to sell such amount of Gold as necessary to produce a specified amount of United States dollars. 

  
 10 

	4.2	 Notice requirements: Any notice relating to a withdrawal of Gold must be in writing and:

  

	 	(a)	 if it relates to a withdrawal pursuant to clauses 4.1(a) or (c) (for sale of Gold only), to be in such form as
may be agreed by the Parties from time to time, and in all cases be received by the Custodian no later than 3:00 p.m (London time) on the Withdrawal Date unless otherwise agreed; 

 

	 	(b)	 if it relates to a transfer pursuant to clause 4.1(b), be in the form of an AP Application (which shall be
sufficient instruction for the purposes of this Agreement) and be received by the Custodian no later than 3:00 p.m. (London time) on the day which is one London Business Day prior to the Withdrawal Date; or 

 

	 	(c)	 if it relates to a withdrawal pursuant to clause 4.1(c) (with respect to transfers (other than for sales of
Gold) permitted under the Trust Agreement), or clause 4.1(d), be received by the Custodian no later than 11:30 a.m. (London time) not less than two London Business Days prior to the Withdrawal Date unless otherwise agreed and, for physical delivery,
specify the name of the person or carrier that will collect the Gold from the Custodian or the identity of the person to whom delivery is to be made, as the case may be; 

and in all cases, specify the weight (in fine troy ounces of gold) of the Gold to be debited from the Unallocated Account, the Withdrawal Date
and any other information which the Custodian may, with the agreement of the Trustee, from time to time require. 
  

	4.3	 Allocation: Without limiting clause 5.3, in the case of a transfer under clause 4.1(b) and after receipt
of notice given in the form prescribed in clause 4.2(b), the Custodian will use its commercially reasonable endeavours to complete the allocation of such deposits of Gold by not later than 3:00 p.m. (London time) on the Withdrawal Date provided that
the Gold referenced in such notice is deposited into the Unallocated Account by 10:00 a.m. (London time) on the Withdrawal Date, and the Custodian will promptly notify the Trustee by email upon the completion of such allocation. Following the
Custodian’s receipt of such notice, the Custodian shall identify bars of a weight most closely approximating, but not exceeding, the balance in the Unallocated Account and shall transfer such weight from the Unallocated Account to the Allocated
Account. The Trustee acknowledges that the process of allocation of Gold to the Allocated Account from the Unallocated Account may involve minimal adjustments to the weights of Gold to be allocated to adjust such weight to the number of whole bars
available. 

  

	4.4	 Form of Gold Withdrawals. Any Gold withdrawal from the Unallocated Account pursuant to
clause 4.1 will be in a form which complies with the Rules or in such other form as may be agreed between the Trustee and the Custodian the combined Fine Ounce weight of which will not exceed the number of Fine Ounces the Trustee has instructed the
Custodian to debit. 

  

	5.	 INSTRUCTIONS 

 

	5.1	 Instructions: Only the Trustee shall have the right to give instructions to the Custodian for deposit of
Gold to or withdrawal of Gold from the Unallocated Account. The Custodian is entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have such authority. 

 

	5.2	 Transfer Instructions: All transfers into and out of the Unallocated Account shall be made upon receipt
of, and in accordance with, instructions given by the Trustee to the Custodian. Such instructions shall be given by SWIFT or Custodian’s proprietary electronic system, or, 

  
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if either system is not operating, by such other temporary means as the Trustee and the Custodian may agree from time to time. Other information (which shall not constitute an instruction)
related to transfers into and out of the Unallocated Account may be sent between the Trustee and the Custodian by email or such other means as the Trustee and the Custodian may agree from time to time. Any such communication shall be deemed to have
been given, made or served upon actual receipt by the recipient. 

  

	5.3	 Continuous Allocation of Gold: Without prejudice to clause 5.1 and subject to clause 4.3, unless
otherwise notified by the Trustee in writing, the Custodian shall, at the end of each London Business Day, including when Gold is to be transferred from an AP Account to the Metal Accounts, transfer any Gold then standing to the credit of the
Unallocated Account (excluding Gold which has been de-allocated in order to effect delivery of Gold to a redeeming Authorized Participant or pursuant to any other withdrawal occurring on such day) to the
Allocated Account such that no amount of Gold held on an Unallocated Basis remains standing to the credit of the Trustee in the Unallocated Account at the close of such London Business Day. Additionally, the Custodian shall use reasonable commercial
efforts to minimize the amount of Gold held for the Trust in the Unallocated Account at all times during each London Business Day. 

  

	5.4	 Lending Gold. The Custodian shall lend to the Unallocated Account from time to time such number
of fine ounces of Gold as may be needed in order for the Custodian to fully allocate to the Allocated Account all of the Gold standing to the Trust’s credit in the Unallocated Account (after repayment to the Custodian of any loan balance
existing prior to such allocation as provided hereafter in this clause) to the Allocated Account pursuant to the standing instruction set forth in clause 5.3, provided that the maximum amount of Gold that the Custodian will lend to the Trust at any
time is 430 fine ounces of Gold. The Custodian shall not charge the Trust any fees, interest or costs in connection with the lending of the Gold. The Custodian shall identify on its books and records and in the reports it sends to the Trustee any
Gold that has been borrowed in the Unallocated Account as of the date of such reports, which shall be accepted as conclusive evidence of such balance, save in the case of manifest error. On each Business Day, the Custodian may repay itself the
amount of any borrowed Gold from, and to the extent of, the positive balance of the Unallocated Account determined by taking into account all credits to and debits from the Unallocated Account on such Business Day but prior to the Custodian’s
execution of the standing instruction to allocate contained in clause 5.3. 

  

	5.5	 AURUM: The Trustee acknowledges that instructions relating to a counterparty for whom the Custodian does
not already provide settlement services will be forwarded by the Custodian to AURUM on the Trustee’s behalf. The Trustee acknowledges that AURUM is operated by a third party and that the Custodian cannot be responsible for any errors, omissions
or malfunctions in the systems operated by AURUM. To the extent that AURUM is not available or suffering a malfunction, the Trustee agrees that the Custodian’s obligations under this Agreement shall be postponed during such unavailability or
such malfunction and until a reasonable period thereafter. The Custodian will notify the Trustee as soon as is reasonably possible of any such unavailability or malfunction. 

 

	5.6	 Amendments: Once given, transfer instructions continue in full force and effect until they are
cancelled, amended or suspended. Any such instructions shall be valid and binding only after actual receipt by the Custodian in accordance with clause 5.2. 

  
 12 

	5.7	 Unclear or ambiguous instructions: If, in the Custodian’s opinion, any instructions are unclear or
ambiguous, the Custodian will use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions from the Trustee but, failing that, the Custodian may in its absolute discretion and without
any liability on the Custodian’s part, act upon what the Custodian believes in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to the
Custodian’s reasonable satisfaction. 

  

	5.8	 Refusal to execute: The Custodian reserves the right to refuse to execute instructions if in the
Custodian’s reasonable opinion they are or may be, or require action which is or may be, contrary to the Rules or any applicable law. 

  

	6.	 CONFIDENTIALITY 

 

	6.1	 Disclosure to others: Subject to clauses 6.2 and 6.3, each Party shall respect the confidentiality of
information acquired under this Agreement and no Party will, without the consent of the others, disclose to any other person any information acquired under this Agreement. Notwithstanding anything to the contrary in this Agreement, to the extent
required, a copy of this Agreement may be filed under the securities laws of the United States or any other jurisdiction in connection with the registration of the public offering of Shares by the Trust. 

 

	6.2	 Permitted disclosures: Each Party accepts that from time to time another Party may
be required by law or the Rules, required or requested by a government department or agency, fiscal body or regulatory or listing authority, or required by the LPMCL (e.g., in connection with AURUM), to disclose this Agreement or information
acquired under this Agreement. In addition, the disclosure of such information may be required by a Party’s auditors, by its legal or other advisors, by a company which is in the same group of companies as a Party (i.e., a subsidiary or holding
company of a Party) or (in the case of the Trustee) by the Sponsor, or any beneficiary of the Trust. In any such case, the disclosing Party will notify the person to whom the disclosure is made that the information disclosed is confidential and
should not be disclosed to any third party. Each Party irrevocably authorizes such persons to make such disclosures without further reference to such Party. 

  

	6.3	 The Trustee acknowledges that, as a member of the LPMCL, and that from time to time in carrying out the
Custodian’s duties and obligations under this Agreement, it may be necessary for the Custodian to disclose to LPMCL and/or other clearing members of LPMCL, the Trustee’s account details and certain other information in order to act in
accordance with the Trustee’s notices hereunder for the purposes of facilitating settlement. In any such case, the Custodian will notify the person to whom the disclosure is made that the information disclosed is confidential and should not be
disclosed to any third party. The Trustee acknowledges and accept that such disclosures may be made by the Custodian for the purposes set out in this clause 6.3. 

 

	7.	 CUSTODY SERVICES 

 

	7.1	 Appointment: The Trustee hereby appoints the Custodian to act as custodian of the Gold in accordance
with this Agreement and any Rules which apply to the Custodian, and the Custodian hereby accepts such appointment. 

  
 13 

	7.2	 Safekeeping of Gold: The Custodian will be responsible for the safekeeping of the Gold on the terms and
conditions of this Agreement. 

  

	7.3	 Ownership of Gold: The Custodian will identify in its books that the Gold belongs to the Trustee (in
trust for the Shareholders). The Custodian shall not loan, hypothecate, pledge or otherwise encumber any Gold held in Unallocated Account absent the Trustee’s written instructions to the contrary. 

 

	8.	 REPRESENTATIONS 

 

	8.1	 Each Party represents and warrants to the other Parties, on a continuing basis that: 

 

	 	(a)	 it is duly constituted and validly existing under the laws of its jurisdiction of constitution;

  

	 	(b)	 it has all necessary authority, powers, consents, licenses and authorisations (which have not been revoked) and
has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement; 

  

	 	(c)	 the persons entering into this Agreement on its behalf have been duly authorized to do so; and

  

	 	(d)	 this Agreement and the obligations created under it constitute its legal and valid obligations which are
binding upon it and enforceable against it in accordance with the terms of this Agreement (subject to applicable laws of bankruptcy, insolvency, and similar laws, and principles of equity) and do not and will not violate the terms of the Rules, any
applicable laws, or any order, charge or agreement by which it is bound. 

  

	9.	 SANCTIONS 

  

	9.1	 In addition to (and without limitation of) the representations and warranties given by the Trustee and the
Sponsor in clause 8.1 above, the Trustee and the Sponsor respectively represent, warrant, and undertake, on a continuing basis, as follows: 

  

	 	(a)	 Each of the Sponsor and Trustee represents that it is not, and the Trust is not, a person or entity that is
named on any Sanctions List or directly or indirectly targeted under any Sanctions. 

  

	 	(b)	 The Sponsor represents that, in relation to its actions taken in connection with this Agreement, the Sponsor is
not acting in violation of any applicable Sanctions. 

  

	 	(c)	 The Sponsor represents that it has adequate sanctions compliance procedures in place and have taken reasonable
risk-based measures (including, where applicable, screening clients for sanctions) to ensure continued compliance with Sanctions. 

  

	 	(d)	 The Custodian acknowledges that the Trustee does not review or monitor the activities of the Authorized
Participants with respect to their compliance with Sanctions. Each of the Sponsor, and subject to the limitation in the preceding sentence, the Trustee, represents, in relation to its own actions taken in

  
 14 

	 	
connection with this Agreement, it is not knowingly acting in violation of any applicable Sanctions, and will not knowingly cause the Custodian to hold any Gold that originates from financial
crime or that would cause it to facilitate the violation of any Sanctions. 

  

	9.2	 Each of the Trustee, subject to the limitation in paragraph (c) of clause 9.1, and the Sponsor agrees
that, to the best of its knowledge, neither any Gold nor the proceeds of any Gold will be used by it in any way to fund the activities or business of any person or entity in violation of Sanctions. Each of the Trustee and the Sponsor further agrees
that the Custodian shall be under no obligation to comply with a notice of withdrawal delivered pursuant to clause 4.1 where the Custodian, in consultation with the Sponsor and the Trustee (to the extent such consultation is permitted by law,
regulation or internal compliance policies and procedures), has reasonable grounds to suspect that doing so would constitute a violation of Sanctions. 

  

	9.3	 If at any time the Sponsor becomes aware of any breach by it of Clauses 9.1 or 9.2 above in relation to the
Trust, after the date of this Agreement and before the later of (i) termination of this Agreement and (ii) the date that all obligations under this Agreement are fully and finally discharged, the Sponsor shall, to the extent it is
permitted by law, regulation or compliance policies and procedures, promptly notify the Custodian in writing with full details of such breach together with, promptly following any request from the Custodian to do so, any other information the
Custodian may reasonably request in connection with such breach. The foregoing notwithstanding, the Sponsor shall not be required to disclose any information subject to attorney-client privilege. 

 

	9.4	 In the event that the Trustee or the Sponsor breaches clause 9.1 or 9.2 above, or if the Custodian has
reasonable grounds to believe that the Trustee or the Sponsor has breached any of clauses 9.1 to 9.2 above, the Custodian shall have the right to terminate this Agreement forthwith upon written notice. The Custodian’s indemnification provided
in clause 11.5 shall apply to any such termination. 

  

	9.5	 Nothing in this Agreement shall require a Party to take any action or to refrain from taking any action which
may cause that Party any liability to or imposed by a Sanctioning Body. 

  

	10.	 FEES AND EXPENSES 

 

	10.1	 Fees: There will be no fees charged directly to the Trustee or the Trust by the Custodian for the
services provided by it under this Agreement. Payment of such fees will be made by the Sponsor pursuant to the provisions of the Allocated Account Agreement. 

  

	10.2	 Expenses: Under the Trust Agreement, the Sponsor has agreed to assume and be responsible for the payment
of certain expenses, including the Custodian’s fees and expenses payable to the Custodian pursuant to this Agreement. Pursuant to the Custodial Fee Letter, the Sponsor shall pay to the Custodian on demand all costs, charges and expenses
(including any relevant taxes, duties and legal fees) incurred by the Custodian in connection with the performance of the Custodian’s duties and obligations under this Agreement or otherwise in connection with any Allocated Account (excluding
any fees for storage and insurance of the Gold, which shall be considered part of the agreed fee structure as amended from time to time, and any fees and expenses of any Sub-Custodians). The Sponsor shall be
liable for all taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto (“Taxes”), with respect to any Unallocated Account maintained by the Custodian pursuant to this
Agreement or any deposits or withdrawals related thereto. 

  
 15 

	10.3	 Credit balances: No interest or other amount will be paid by the Custodian on any credit balance on the
Unallocated Account. 

  

	10.4	 Debit balances: Except as provided in clause 5.4, the Trustee is not entitled to overdraw
the Unallocated Account and the Custodian shall not be obliged to carry out any instruction from the Trustee where to do so would in the Custodian’s opinion cause any Unallocated Account to have a negative balance. This clause 10.4 does not
apply in relation to any rounded quantity of Gold that may be debited to the Trustee’s Unallocated Account in connection with rounding up the Trustee’s Allocated Account balance to record the nearest whole number of bars under the
Allocated Account Agreement. 

  

	10.5	 Default interest: If the Trust or the Sponsor, as applicable, fails to procure payment to
the Custodian of any amount when it is due, the Custodian reserves the right to charge the relevant Party interest (both before and after any judgement) on any such unpaid amount calculated at a rate equal to 1% above the overnight London Interbank
Offered Rate (LIBOR) (or, if LIBOR is discontinued, an industry accepted replacement rate for LIBOR and subject to agreement by the Parties hereto) for the currency in which the amount is due. Interest will accrue on a daily basis, on a compound
basis with monthly resets, and will be due and payable by the relevant Party as a separate debt. 

  

	10.6	 No Recovery from the Trust: Amounts payable by the Trust pursuant to this clause 10 shall not be debited
from the Unallocated Account, but shall be payable, as applicable by the Sponsor or the Sponsor on behalf of the Trust, and the Custodian hereby acknowledges that it will have no recourse against any Gold standing to the credit of the Unallocated
Account or to the Trust or the Trustee in respect of any such amounts. 

  

	11.	 SCOPE OF RESPONSIBILITY 

 

	11.1	 Exclusion of liability: The Custodian will use reasonable care in the performance of the
Custodian’s duties under this Agreement and will only be responsible for any loss or damage suffered by the Trustee as a direct result of any negligence, fraud or wilful default on the Custodian’s part in the performance of the
Custodian’s duties, and in which case the Custodian’s liability will not exceed the aggregate market value of the balances in the Metal Accounts at the time of such negligence, fraud or wilful default is discovered or notified to the
Custodian (calculating the value using the next available prices for Gold of the same type and amount on the relevant London Precious Metals Markets following the occurrence of such negligence, fraud or wilful default). The Custodian shall not in
any event be liable for any consequential loss, or loss of profit or goodwill. The Custodian, the Trustee, and the Sponsor each agree to notify the other Parties promptly after any discovery of any lost or damaged Gold. If the Custodian delivers
from the Unallocated Account Gold that is not of the fine ounces of Gold the Custodian has represented to the Trustee or that is not according to the Rules, recovery by the Trustee, to the extent such recovery is otherwise allowed, shall not be
barred by any delay in asserting a claim because of the failure to discover the corresponding loss or damage regardless of whether such loss or damage could or should have been discovered; provided, that this clause will not excuse the failure to
make a claim at the time such discrepancy has been discovered. 

  
 16 

	11.2	 No duty or obligation: The Custodian is under no duty or obligation to make or take any special
arrangements or precautions beyond those required by the Rules or as set out in this Agreement. 

  

	11.3	 Insurance: The Custodian shall at all times maintain adequate insurance cover with reputable and solvent
insurers of international standing with respect to the Custodian’s custodial obligations and the Gold comprising the Trustee’s Account Balance, and the Custodian will pay and be responsible for all cost, fees and expenses (including any
applicable premium and relevant taxes, each of which the Custodian undertakes to pay in a timely manner) in relation to any such insurance policy or policies. In the event that the Custodian elects to reduce, cancel, or not to renew such insurance,
the Custodian will give the Sponsor and Trustee notice as follows: in the event of a material reduction, the Custodian will endeavour to provide such notice at least 30 days prior to the effective date of the material reduction, and in the event of
a cancellation or expiration of the insurance without renewal, the Custodian will endeavour to provide such notice at least 30 days prior to the last day of insurance coverage. The Sponsor and the Trustee acknowledge that any such insurance is held
for the benefit of the Custodian and not for the benefit of the Sponsor, the Trustee, or the Trust. 

  

	11.4	 Force majeure: The Custodian shall not be liable to the Trustee or the Sponsor for any delay in
performance, or for the non-performance of, any of the Custodian’s obligations under this Agreement by reason of any cause beyond the Custodian’s reasonable control. This includes any breakdown,
malfunction or failure of, or in connection with, any communication, computer, transmission, clearing or settlement facilities, industrial action, acts and regulations of any governmental or supra national bodies or authorities, or the rules of any
relevant regulatory or self-regulatory organisation. 

  

	11.5	 Indemnity: The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify and
keep the Custodian indemnified on demand against all costs and expenses, damages, liabilities and losses which the Custodian may suffer or incur, directly or indirectly, in connection with this Agreement except to the extent that such sums are due
to the Custodian’s negligence, wilful default, fraud or material breach of this Agreement. For the avoidance of doubt, the Sponsor (and not the Trustee) shall indemnify the Custodian for the amount of any Tax that the Custodian is required
under applicable laws (whether by assessment or otherwise) to pay in respect of the Unallocated Account or any deposits or withdrawals related thereto (including any payment of Tax required by reason of an earlier failure to withhold).

  

	12.	 TERMINATION 

 

	12.1	 Method: Any Party may terminate this Agreement by giving not less than one hundred twenty
(120) Business Days written notice to the other Parties; and this Agreement will terminate automatically, without notice or further action by any Party, upon a Bankruptcy or Insolvency Event. 

 

	12.2	 Change in Trustee or the Sponsor: If there is any change in the identity of the Trustee or the Sponsor
in accordance with the Trust Agreement, then the Custodian, the Trustee, the Sponsor and the Trust shall, subject to the last sentence of this clause 12.2, execute such documents and shall take such actions as the new Trustee or Sponsor and the
outgoing Trustee or Sponsor may reasonably require for the purpose of vesting in the new Trustee or 

  
 17 

	 	
Sponsor the rights and obligations of the outgoing Trustee or Sponsor, and releasing the outgoing Trustee or Sponsor from its future obligations under this Agreement. The Custodian’s
obligations under this clause 12.2 shall be conditioned on the Custodian having conducted prompt, reasonable and proportionate due diligence to the Custodian’s reasonable satisfaction on any such new Trustee or Sponsor. 

 

	12.3	 Termination Notice Requirements: Any notice given by the Trustee under clause 12.1 must specify:

  

	 	(a)	 the date on which the termination will take effect (the “Termination Date”);

  

	 	(b)	 the person to whom the Account Balance which is a credit balance is to be transferred; 

 

	 	(c)	 whether the Gold standing to the credit of the Unallocated Account is to be withdrawn pursuant to clauses
4.1(d); and 

  

	 	(d)	 all other necessary arrangements for the transfer, repayment, or other disposition of the Account Balance.

  

	12.4	 Redelivery arrangements: If the Trustee does not make arrangements acceptable to the Custodian for the
transfer or repayment, as the case may be, of an amount of Gold equal to the Account Balance, the Custodian may continue to maintain that Unallocated Account, in which case the Custodian will continue to charge the fees and expenses payable under
clause10. If the Trustee has not made arrangements acceptable to the Custodian for the transfer or repayment of Gold equal to each Account Balance within six (6) months of the Termination Date, the Custodian will be entitled to close the
Unallocated Account and in place of delivery of Gold, account to the Trustee for the value of the Account Balance on the Unallocated Account (as at the date which is 6 months after the Termination Date, calculating the value using the next available
prices for that date for Gold of the same type and amount on the relevant London Precious Metals Markets), after deducting any amounts due to the Custodian under this Agreement. 

 

	12.5	 Termination. For the avoidance of any doubt, upon receipt of notice of any termination of this Agreement
pursuant to clause 12.1, the Custodian agrees to continue to serve as custodian pursuant to the terms of this Agreement for the period of time between the provision of notice and the Termination Date, to facilitate liquidation and distribution of
the Trust, if applicable, or an orderly transition to a successor custodian. In the event that the Trust seeks to transition to a successor custodian in accordance with the Trust Agreement, the Custodian shall cooperate with the Trustee and the
Sponsor in good faith to effect a smooth and orderly transfer of the Gold held in the Unallocated Account, the custodial services provided under this Agreement and all applicable records as directed by the Trustee or the Sponsor to a successor
custodian. Such cooperation shall include the execution of such documents and the taking of such actions as the Trustee or the Sponsor may reasonably require in order to effect such transfer. 

 

	12.6	 Existing rights: Termination shall not affect rights and obligations then outstanding under this
Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed. Additionally, the provisions of clauses 6 and 16 shall survive the termination of this Agreement. 

  
 18 

	12.7	 eBTS: Effective as of the Termination Date, the use of the Website (as defined in the schedule) will
automatically be terminated and no further access to the Website will be permitted. 

  

	13.	 VALUE ADDED TAX 

 

	13.1	 VAT exclusive: All fees referenced in the Schedule to this Agreement (including but not
limited to storage, handling and clearing fees) shall be deemed to be exclusive of VAT. To the extent that value added tax or any other tax shall become chargeable and payable in respect of the services provided by the Custodian, the Sponsor shall
pay to the Custodian such value added tax, or other tax subject to the provisions of clause 10.2, in addition to the custody fees set out in the Schedule to this Agreement. 

 

	13.2	 Supplies: Where pursuant to or in connection with this Agreement, the Custodian makes a supply to the
Sponsor for VAT purposes and VAT is or becomes chargeable on such supply, the Sponsor shall on demand pay to the Custodian (in addition to any other consideration for such supply) a sum equal to the amount of such VAT and the Custodian shall on
receipt of such payment provide the Sponsor and the Trustee with an invoice or receipt in such form and within such period as may be prescribed by applicable law. 

 

	13.3	 Deemed supplies: Where, pursuant to or in connection with this Agreement, the Custodian is deemed or
treated by applicable law or the practice from time to time of the relevant fiscal authority to make a supply for VAT purposes to any person by virtue of the Custodian’s or any custodian for the Custodian relinquishing physical control of any
Gold, and VAT is or becomes chargeable on such supply, the Sponsor shall on demand pay to the Custodian a sum equal to the amount of such VAT and the Custodian shall on receipt of such payment provide an invoice or receipt in such form and within
such period as may be prescribed by applicable law to the person to which the Custodian is deemed or treated to make such supply. 

  

	13.4	 Reimbursement: References to any fee, cost, expense, charge or other liability incurred by the Custodian
and in respect of which the Custodian is to be reimbursed or indemnified by the Sponsor on behalf of the Trust under the terms of this Agreement shall include such part of such fee, cost, expense, charge or other liability as represents any VAT.

  

	14.	 NOTICES 

 

	14.1	 Form: Except as otherwise provided in this Agreement, any notice or other communication under or in
connection with this Agreement may be given in writing or as otherwise specified in the Schedule. References to writing includes an electronic transmission in a form permitted by clause 14.2. 

 

	14.2	 Method of transmission: Except as otherwise provided in this Agreement, any notice or
other communication shall be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission (including fax, email and SWIFT) or such other electronic transmission as the
Parties may from time to time agree, to the Party due to receive the notice or communication, at its address, number or destination set out in this Agreement or another address, number or destination specified by that Party by written notice to the
other. 

  
 19 

	14.3	 Deemed receipt of notice: A notice or other communication under or in connection with this Agreement
will be deemed received only if actually received or delivered. 

  

	14.4	 Notice Addresses: The addresses and numbers of the Parties for the purposes of clauses 5.2 and
14.1 are: 

  

			
	The Custodian:	  	JPMorgan Chase Bank, N.A.
		  	25 Bank Street, Canary Wharf
		  	5th Floor, Global Commodities
		  	E14 5JP, London
		  	United Kingdom
		  	Attention: David Nahmanovici, Mark Amlin
		  	Email: david.j.nahmanovici@jpmorgan.com;
		  	mark.c.amlin@jpmchase.com; vivien.x.zillner@jpmchase.com;
		  	jonatan.h.sherman@jpmchase.com; bullion.etf@jpmorgan.com;
		  	metalics.bo.processing@jpmorgan.com
		
	The Trustee:	  	The Bank of New York Mellon
		  	240 Greenwich Street
		  	8th Floor
		  	New York, New York 10286
		  	Attention: ETF Services
		  	Telephone:    718-315-4591
		  	Facsimile:    732-667-9585
		  	E-Mail: etfservicesgs@bnymellon.com

 The address and numbers of the Sponsor for purposes of receiving notices under this Agreement is: 

 

			
	The Sponsor:	  	Goldman Sachs Asset Management, L.P.
		  	200 West Street, 37th Floor
		  	New York, NY 10282
		  	Attention:Michael Crinieri
		  	Telephone: (212) 357-7445
		  	E-Mail: Michael.crinieri@gs.com

 With copies (which shall not constitute notice) to: 

 

			
		  	Clifford Chance US LLP
		  	31 West 52nd Street
		  	New York, NY 10019
		  	Attention:Clifford Cone and David Brinton
		  	Telephone: (212) 878-8000
		  	E-Mail: clifford.cone@cliffordchance.com
		  	david.brinton@cliffordchance.com

  

	15.	 GENERAL 

  

	15.1	 Role of Trustee: The Trustee is a party to this Agreement in its capacity as trustee of the Trust and
accordingly: 

  

	 	(a)	 the Trustee shall only be liable to satisfy any obligations under this Agreement, including any obligations or
liabilities arising in connection with any default by the Trustee under this Agreement, to the extent of the assets held from time to time by the Trustee as trustee of the Trust (the “Trust Assets”); and 

  
 20 

	 	(b)	 no recourse shall be had to: 

 

	 	(i)	 any assets other than the Trust Assets, including any of the assets held by the Trustee as trustee, co-trustee or nominee of a trust other than the Trust, as owner in its individual capacity or in any way other than as trustee of the Trust; or 

 

	 	(ii)	 the Trustee for any assets that have been distributed by the Trustee to the beneficiaries of the Trust.

  

	15.2	 Limited Recourse and Non-Petition: The Custodian hereby agrees
that, in relation to amounts expressed to be payable (and not paid) by the Sponsor or by or on behalf of the Trustee or the Trust to the Custodian under this Agreement, including any interest thereon, and any other of the Custodian’s monetary
claims (together, the “unpaid amounts”), neither the Custodian nor any person acting on its behalf shall be entitled to take any steps to recover any such unpaid amounts out of any other assets of the Trustee or the Trust and no
debt shall be owed by the Trustee or the Trust to the Custodian in respect of any such unpaid amounts. In particular, the Custodian shall not be entitled to institute, or join with any person in bringing, instituting or joining, insolvency
proceedings (whether court based or otherwise) in relation to the Trustee or the Trust in respect of such unpaid amounts, or to otherwise take any action to wind up the Trustee or the Trust. 

 

	15.3	 No advice: The Custodian’s duties and obligations under this Agreement do not include providing the
Trustee with investment advice. In asking the Custodian to open and maintain the Unallocated Account, the Trustee does so in reliance upon its own judgement and the Custodian shall not owe to any duty to exercise any judgement on the Trustee’s
behalf as to the merits or suitability of any deposits into, or withdrawals from, the Unallocated Account. 

  

	15.4	 Rights and remedies: The Custodian hereby waives any right it has or may hereafter acquire to combine,
consolidate or merge the Metal Accounts with any other account of the Trustee’s or the Trust’s to set off any liabilities of the Trustee or the Trust to the Custodian and the Custodian agrees that it may not set off, transfer or combine or
withhold payment of any sum standing to the credit or to be credited to the Metal Accounts in or towards or conditionally upon satisfaction of any liabilities to it of the Trustee or the Trust. Subject thereto, the Custodian’s rights under this
Agreement are in addition to, and independent of, any other rights which the Custodian may have at any time in relation to the Unallocated Account. 

  

	15.5	 Business Day: If an obligation of a Party would otherwise be due to be
performed on a day which is not a Business Day in respect of the Unallocated Account or otherwise under this Agreement, such obligation shall be due to be performed on the next succeeding Business Day in respect of the Unallocated Account or
otherwise under this Agreement. 

  

	15.6	 Assignment: This Agreement is for the benefit of and binding upon the Custodian, the Trustee and the
Sponsor and their respective successors and assigns. Save as expressly provided in clause 12.2 and this clause 15.6, no Party may assign, transfer or encumber, or purport to assign, transfer or encumber, any right or obligation under this Agreement
unless the other Parties otherwise consent in writing. This clause shall not restrict the Custodian’s power to merge or consolidate with any party, or to dispose of all or part of its custody business. 

  
 21 

	15.7	 Amendments: Unless otherwise specified in this Agreement, any amendment to this Agreement must be agreed
in writing and be signed by the Sponsor, the Custodian, and the Trustee. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen. 

 

	15.8	 Partial invalidity: If any of the clauses (or part of a clause) of this Agreement becomes invalid or
unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired. 

  

	15.9	 Liability: Nothing in this Agreement shall exclude or limit any liability which cannot lawfully be
excluded or limited (e.g. liability for personal injury or death caused by negligence). 

  

	15.10	 Entire Agreement: This document represents the entire agreement, and
supersedes any previous agreements among the Custodian, the Trustee, and the Sponsor relating to the subject matter of this Agreement. 

  

	15.11	 Counterparts: This Agreement may be executed in any number of counterparts each of which when executed
and delivered is an original, but all the counterparts together constitute the same agreement. 

  

	16.	 GOVERNING LAW
AND JURISDICTION 

  

	16.1	 Governing law: This Agreement and any non-contractual
obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. 

  

	16.2	 Jurisdiction: The English courts are to have non-exclusive
jurisdiction to settle any disputes or claims which may arise out of or in connection with this Agreement, including any question regarding its existence, validity or termination, and accordingly any legal action or proceedings arising out of or in
connection with this Agreement (“Proceedings”) may be brought in such courts. Each of the Parties hereto irrevocably submits to the non-exclusive jurisdiction of such courts and waives any
objection to Proceedings in such courts whether on the grounds of venue or on the grounds that the Proceedings have been brought in an inconvenient forum. 

  

	16.3	 Waiver of immunity: To the extent that the Trustee may in any jurisdiction claim for itself or its
assets any immunity from suit, judgement, enforcement or otherwise howsoever, the Trustee agrees not to claim and irrevocably waive any such immunity to which it would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the
full extent permitted by the laws of such jurisdiction. 

  

	16.4	 Third Party Rights: A person who is not a party to this Agreement has no right to enforce any term of
this Agreement under the Contracts (Rights of Third Parties) Act 1999, except with respect to the Trust, which shall be considered a beneficiary of this entire Agreement. For the avoidance of any doubt, nothing in this paragraph is intended to limit
the obligations hereunder of any successor Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce the Custodian’s obligations hereunder. 

  
 22 

	16.5	 Service of process: The process by which any Proceedings are begun may be served on any Party hereto by
being delivered to the address specified below. This does not affect a Party’s right to serve process in another manner permitted by law. 

Address for service of process: 

Trustee’s Address for service of process: 

The Bank of New York Mellon 
 240
Greenwich Street 
 New York, New York 10286 

Attention: Legal Department – Asset Servicing 

Custodian’s Address for service of process: 

JPMorgan Chase Bank, N.A. 

JPMorgan Chase Bank, N.A. 
 25
Bank Street, Canary Wharf 
 5th Floor, Global Commodities 

E14 5JP, London 
 United Kingdom

 Attention: David Nahmanovici, Mark Amlin, Jonatan Sherman 

Email: david.j.nahmanovici@jpmorgan.com; 

mark.c.amlin@jpmchase.com; vivien.x.zillner@jpmchase.com; 

jonatan.h.sherman@jpmchase.com; bullion.etf@jpmorgan.com; 

metalics.bo.processing@jpmorgan.com 

Sponsor’s Address for service of process: 

Goldman Sachs Asset Management, L.P. 

200 West Street, 37th Floor 

New York, NY 10282 
 Attention:
Michael Crinieri 
 [Signature Page Follows] 

  
 23 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date
first above written. 
 EXECUTED by the Parties 

Signed on behalf of 
 JPMORGAN CHASE BANK, N.A., LONDON
BRANCH 
  

			
	by:	 	
	Signature	 	/s/ Mark Amlin
	Name	 	Mark Amlin
	Title	 	Executive Director

 Signed on behalf of 
 GOLDMAN
SACHS ASSET MANAGEMENT, L.P. 
  

			
	by:	 	
	Signature	 	/s/ Michael Crinieri
	Name	 	Michael Crinieri
	Title	 	Managing Director

 Signed on behalf of 
 THE BANK
OF NEW YORK MELLON, solely in its capacity as Trustee of the Goldman Sachs Physical Gold ETF 
  

			
	by:	 	
	Signature	 	/s/ Robert Snyder
	Name	 	Robert Snyder
	Title	 	Managing Director

  
 [Signature Page to
Unllocated Gold Account Agreement] 

 SCHEDULE 

To Unallocated Gold Account Agreement 

dated December 11, 2020 
 This
Schedule forms an integral part of the Agreement to which it is attached and expressions contained herein shall, where applicable, have the same meaning as defined in the Agreement. 

Clause 2.3: Reports 
 Reports will be provided daily
(through eBTS and SWIFT) and monthly (monthly statement) 
 Clause 4.1(d): Vault premises 

The vault premises into which the Custodian shall require delivery, or out of which the Custodian shall effect delivery, in accordance with the above clauses
are: 
 JP Morgan Chase Bank N.A , 60 Victoria Embankment London, EC4Y OJP 

Bank of England, Threadneedle Street, London, EC2R 8AH (for sub-custodian services) 

Clause 5.1: Instructions 
 Agreed methods of giving
instructions include the following: 
 Through eBTS and SWIFT, accessible through the JP Morgan Chase Bank website (the “Website”) by the Trustee
pursuant to the terms of the website agreement. 
 Clause 11.3: Insurance 

The Custodian agrees to insure the Gold on the terms specified in clause 11.3(b) 

  
 25Exhibit 4.1

 

AFFIRM HOLDINGS, INC.

AMENDED AND RESTATED

INVESTORS’ RIGHTS AGREEMENT

 

This Amended and Restated
Investors’ Rights Agreement (the “Agreement”) is made as of September 11, 2020 (the “Effective
Date”), by and among Affirm Holdings, Inc., a Delaware corporation (the “Company”) and the holders
of the Company’s Preferred Stock listed on Exhibit A attached hereto (the “Investors”).

 

RECITALS

 

The Company and certain
of the Investors (the “Existing Investors”) entered into an Amended and Restated Investors’ Rights Agreement
effective as of June 18, 2019 in connection with a reorganization of the Company’s corporate structure (the “Prior
Investors’ Rights Agreement”). The parties to the Prior Investors’ Rights Agreement desire to amend and restate
the Prior Investors’ Rights Agreement in its entirety and to accept the rights and restrictions created in this Agreement
in lieu of the rights and restrictions contained in the Prior Investors’ Rights Agreement. Section 3.3 of the Prior Investors’
Rights Agreement vested the authority to amend the Prior Investors’ Rights Agreement in the Company, the holders of a majority
of the “Registrable Securities” as defined therein, the holders of at least sixty percent (60%) of the shares of Common
Stock issuable or issued upon conversion of the Company’s Series B Preferred Stock, the holders of at least seventy-five
percent (75%) of the shares of Common Stock issuable or issued upon conversion of the Company’s Series C Preferred Stock,
the holders of a majority of the shares of Common Stock issuable or issued upon conversion of the Company’s Series D Preferred
Stock, the holders of a majority of the shares of Common Stock issuable or issued upon conversion of the Company’s Series
E Preferred Stock and the holders of a majority of the shares of Common Stock issuable or issued upon conversion of the Company’s
Series F Preferred Stock. The Existing Investors who are signatories to this Agreement constitute the holders of a majority of
the Registrable Securities as defined in the Prior Investors’ Rights Agreement, at least sixty percent (60%) of the shares
of Common Stock issuable or issued upon conversion of the Company’s Series B Preferred Stock, at least seventy-five percent
(75%) of the shares of Common Stock issuable or issued upon conversion of the Company’s Series C Preferred Stock, a majority
of the shares of Common Stock issuable or issued upon conversion of the Company’s Series D Preferred Stock, a majority of
the shares of Common Stock issuable or issued upon conversion of the Company’s Series E Preferred Stock and a majority of
the shares of Common Stock issuable or issued upon conversion of the Company’s Series F Preferred Stock.

 

The Company and
certain of the Investors (the “New Investors”) have entered into a Series G Preferred Stock and
Series G-1 Preferred Stock Purchase Agreement (the “Purchase Agreement”) of even date herewith pursuant to
which the Company desires to sell to the New Investors, and the New Investors desire to purchase from the Company, shares of
the Company’s Series G Preferred Stock and Series G-1 Preferred Stock. A condition to the New Investors’
obligations under the Purchase Agreement is that the Company and the Existing Investors amend and restate the Prior
Investors’ Rights Agreement in order to provide the Investors with, among other rights, (i) certain rights to register
shares of the Company’s Common Stock issuable upon conversion of the Company’s Series A Preferred Stock, Series B
Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock,
Series G Preferred Stock and Series G-1 Preferred Stock held by the Investors, (ii) certain rights to receive or inspect
information pertaining to the Company, and (iii) a right of first offer with respect to certain issuances by the Company of
its securities. The Company and the Existing Investors each desire to induce the New Investors to purchase shares of Series G
Preferred Stock and Series G-1 Preferred Stock pursuant to the Purchase Agreement by agreeing to the terms and conditions set
forth herein.

 

     

     

    

 

AGREEMENT

 

The parties hereby
agree as follows:

 

1.            Registration
Rights. The Company and each Investor, severally and not jointly, covenant and agree as follows:

 

1.1          Definitions.

 

(a)              
The term “Adverse Regulatory Event” means the existence of any facts or circumstances that, as a result
of the ownership or control by Jasmine Ventures (as defined below) of shares of Company Stock, which are voting securities, or
any securities into which the Series G Preferred Stock and/or other shares of Company Stock, which are voting securities, may be
converted or for which they may be exchanged, or any such securities obtained by Jasmine Ventures following such conversion or
exchange, would, or would be reasonably likely to, result in Jasmine Ventures or any of its affiliates (i) directly or indirectly
owning, controlling or holding with power to vote 10% or more of any Class of voting securities of any Bank Entity, (ii) directly
or indirectly having or possessing Control of any Bank Entity, or (iii) becoming subject to any compliance, notice, approval or
filing obligation under (the Change in Bank Control Act (12 U.S.C. § 1817(j)) (the “CIBC Act”), the Bank
Holding Company Act of 1956 (the “BHC Act”), the Home Owners’ Loan Act of 1933 (“HOLA”),
the International Banking Act, the FDI Act and regulations thereunder, or any similar Federal, state or foreign laws affecting
the owner of securities of a Bank Entity or a person or entity that Controls a Bank Entity, including in connection with an application
for deposit insurance for a Bank Entity made pursuant to the Interagency Charter and Federal Deposit Insurance Application and
the FDI Act (including 12 U.S.C. § 1815, 12 C.F.R. Part 303 and FDIC regulations or policies with respect to parent companies
of industrial banks or industrial loan companies, applicable state banking regulations or application requirements), the National
Bank Act and/or HOLA, or (iv) becoming subject to the any of the circumstances described in the first paragraph of this section.

 

(b)               The
term “Affiliate” means, with respect to any specified person, any other person who or which, directly or
indirectly, controls, is controlled by, or is under common control with such specified person, including, without limitation,
any general partner, officer, director or manager of such person and any venture capital or other investment fund now or
hereafter existing that is controlled by one or more general partners or managing members of, or is under common investment
management with or shares the same registered investment adviser with, such person; provided, however, that (i) each
Wellington Investor shall be deemed to be an “Affiliate” of each other Wellington Investor, and (ii) an entity
that is an “Affiliate” of a Wellington Investor shall not be deemed to be an “Affiliate” of any other
Wellington Investor unless such entity is a Wellington Investor (and, for the avoidance of doubt, an “Affiliate”
of such entity shall not be deemed an “Affiliate” of any Wellington Investor solely by virtue of being an
 “Affiliate” of such entity. The term “Wellington Investors” shall mean Investors or permitted
transferees of Registrable Securities (as defined below) held by Wellington Investors, that are advisory or subadvisory
clients of Wellington. For the avoidance of doubt, each of the Permitted Founders Fund Entities (as defined below) shall be
considered Affiliates of all other Permitted Founders Fund Entities. For the avoidance of doubt, each of the Permitted
Jasmine Ventures Entities (as defined below) shall be considered Affiliates of all other Permitted Jasmine Ventures Entities.
For the avoidance of doubt, each Permitted BG Entity (as defined in the Purchase Agreement) shall be considered Affiliates of
all other Permitted BG Entities.

 

    2

     

    

 

(c)              
“Bank Entity” means (i) an “insured depository institution” (as defined in the FDI Act (12
U.S.C. § 1813(c)(2)), a “bank” (as defined in the BHC Act (12 U.S.C. § 1841(c)), a “savings association”
(as defined in FDI Act Section 3(b) (12 U.S.C. § 1813(b)) and/or HOLA (12 U.S.C. §1467a(a)(1)(A) and (l)), a national
banking association existing under the provisions of the National Bank Act, a trust company, a credit card bank, an industrial
bank or industrial loan company, or any other banking institution organized under the laws of the United States or any political
subdivision thereof; (ii) any foreign bank (as defined in 12 U.S.C. § 3101(7)) or company that is subject to the BHC Act by
virtue of Section 8 of the International Banking Act, any Edge corporation existing under the provisions of Section 25A of the
Federal Reserve Act, any entity chartered or existing under the laws of any state or political subdivision of the United States
that has entered into an agreement with the Board of Governors of the Federal Reserve System or its delegee to limit its activities
to those permissible for an Edge corporation (a so-called “agreement corporation”); (iii) any “bank holding company”
(as defined in 12 U.S.C. § 1841(a)) any “savings and loan holding company” (as defined in 12 U.S.C. § 1467a(a)(1)(D))
or (iv) any other company that controls any entity described in clauses (i) or (ii) above.

 

(d)              
“Class of voting securities” has the meaning given for purposes of 12 C.F.R. § 225.2(q)(3).

 

(e)              
“Control” shall have the meanings provided in the FDI Act, the CIBC Act, the BHC Act and the applicable
regulations thereunder, and applicable state law and regulations. A person has Control of a Bank Entity if such person would be
regarded as directly or indirectly having control of such Bank Entity for purposes of the FDI Act, the BHC Act, the CIBC Act, HOLA,
the International Banking Act or applicable state law, or would be subject to a presumption of control arising under any regulation
thereunder or applicable state law.

 

(f)               
The term “Conversion Shares” means shares of the Company’s capital stock (including without limitation
its Preferred Stock, Common Stock and Common Stock issuable upon conversion of Preferred Stock or any stock received in connection
with any stock dividend, stock split or other reclassification of any such stock).

 

(g)              
The term “Exchange Act” means the Securities Exchange Act of 1934, as amended (and any successor thereto),
and the rules and regulations promulgated thereunder.

 

    3

     

    

 

(h)              
 The term “Form S-3” means such form under the Securities Act as in effect on the date hereof or any
successor form under the Securities Act that permits significant incorporation by reference of the Company’s subsequent public
filings under the Exchange Act.

 

(i)                 The
term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee
thereof in accordance with Section 1.12 of this Agreement.

 

(j)                
The term “Major Holder” means any person, or any assignee thereof in accordance with Section 1.12 of
this Agreement, owning or having the right to acquire at least 714,285 shares of Registrable Securities (subject to adjustment
for stock splits, stock dividends, reclassification or the like).

 

(k)              
The term “Permitted Jasmine Ventures Entities” means Jasmine Ventures Pte Ltd (“Jasmine Ventures”),
any Jasmine Ventures employee investment vehicles, or any partner or Affiliate of any Permitted Jasmine Ventures Entity.

 

(l)                
The term “Permitted Founders Fund Entities” means Founders Fund, LLC, The Founders Fund V Management
LLC, The Founders Fund V, LP, The Founders Fund V Principals Fund, LP, Lembas V (or, in the alternative, one other similar Founders
Fund investment vehicle), The Founders Fund VI Management, LLC, The Founders Fund VI, LP, The Founders Fund VI Principals Fund,
LP, The Founders Fund VI Entrepreneurs Fund, LP, FF Angel V, LLC, FF Science V, LLC, any Founders Fund employee investment vehicles,
or any partner or Affiliate of any Permitted Founders Fund Entity.

 

(m)             
“Permitted Transferee” means a transferee (i) in a widespread public distribution, (ii) in any transfer
in which no transferee (or group of associated transferees) acquires 2% or more of any class of voting shares of the Company (determined
by giving effect to any automatic or other conversion of such transferred shares of nonvoting securities upon such transfer), or
(iii) that owns or controls 50% or more of every class of voting shares of the Company before the transfer.

 

(n)              
The term “Preferred Stock” means the Company’s Preferred Stock.

 

(o)              
The term “Qualified IPO” has the definition given to such term in the Company’s Amended and Restated
Certificate of Incorporation as may be amended from time to time (the “Restated Certificate”).

 

(p)              
The terms “register,” “registered,” and “registration” refer to
a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities
Act, and the declaration or ordering of effectiveness of such registration statement or document.

 

    4

     

    

 

(q)               The
term “Registrable Securities” means (i) the shares of Common Stock issuable or issued upon conversion of
the Series A Preferred Stock, (ii) the shares of Common Stock issuable or issued upon conversion of the Series B Preferred
Stock, (iii) the shares of Common Stock issuable or issued upon conversion of the Series C Preferred Stock, (iv) the shares
of Common Stock issuable or issued upon conversion of the Series D Preferred Stock, (v) the shares of Common Stock issuable
or issued upon conversion of the Series E Preferred Stock, (vi) the shares of Common Stock issuable or issued upon conversion
of the Series F Preferred Stock, (vii) the shares of Common Stock issuable or issued upon conversion of the Series G
Preferred Stock, (viii) the shares of Common Stock issuable or issued upon conversion of the Series G-1 Preferred Stock and
(ix) any other shares of Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant,
right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, the shares listed in (i), (ii), (iii), (iv), (v), (vi), (vii) or (viii); provided, however,
that the foregoing definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in
which his or her rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other
securities shall only be treated as Registrable Securities if and so long as (A) they have not been sold to or through a
broker or dealer or underwriter in a public distribution or a public securities transaction, and (B) they have not been sold
in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section
4(a)(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the
consummation of such sale.

 

(r)               
The number of shares of “Registrable Securities then outstanding” shall be determined by the number of
shares of Common Stock outstanding which are, and the number of shares of Common Stock issuable pursuant to then exercisable or
convertible securities (including without limitation shares of Preferred Stock) which are, Registrable Securities.

 

(s)               
The term “Rule 144” shall mean Rule 144 under the Securities Act.

 

(t)                
The term “SEC” means the Securities and Exchange Commission.

 

(u)               
The term “Securities Act” means the Securities Act of 1933, as amended (and any successor thereto) and
the rules and regulations promulgated thereunder.

 

(v)               
The term “Series A Preferred Stock” means the Company’s Series A Preferred Stock.

 

(w)              
The term “Series B Preferred Stock” means the Company’s Series B Preferred Stock.

 

(x)              
The term “Series C Preferred Stock” means the Company’s Series C Preferred Stock.

 

(y)               
The term “Series D Preferred Stock” means the Company’s Series D Preferred Stock.

 

(z)               
The term “Series E Preferred Stock” means the Company’s Series E Preferred Stock.

 

(aa)             
The term “Series F Preferred Stock” means the Company’s Series F Preferred Stock.

 

    5

     

    

 

(bb)            
 The term “Series G Preferred” means, collectively, the Company’s Series G Preferred Stock and
Series G-1 Preferred Stock.

 

(cc)             
The term “Series G Preferred Stock” means the Company’s Series G Preferred Stock.

 

(dd)            
The term “Series G-1 Preferred Stock” means the Company’s Series G-1 Preferred Stock.

 

(ee)            
“Voting securities” means any securities that would be regarded as voting securities as set forth in
12 C.F.R. § 225.2(q)(1) or by the FDIC for any purposes of the FDI Act, including the CIBC Act.

 

The foregoing references to laws, regulations
or orders shall refer to such laws, regulations and orders, as amended or proposed to be amended at the time of any determination,
and shall include any successor provisions.

 

1.2          Request
for Registration.

 

(a)              
If the Company shall receive at any time after the earlier of (i) the third anniversary of the Effective Date of this Agreement,
or (ii) six months after the effective date of the first registration statement for a public offering of securities of the Company
(other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a stock
option, stock purchase or similar plan or an SEC Rule 145 transaction), a written request from the Holders of more than a majority
of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting
discounts and commissions, would exceed $5 million) that the Company file a registration statement under the Securities Act, then
the Company shall, within 20 days of the receipt thereof, give written notice of such request to all Holders and shall, subject
to the limitations of subsection 1.2(b), use its best efforts to file as soon as practicable, and in any event within 90 days of
the receipt of such request, a registration statement under the Securities Act covering all Registrable Securities which the Holders
request to be registered.

 

(b)               If
the Holders initiating the registration request hereunder (“Initiating Holders”) intend to distribute the
Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of
their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred
to in subsection 1.2(a). The underwriter will be selected by a majority in interest of the Initiating Holders and shall be
reasonably acceptable to the Company. In such event, the right of any Holder to include his Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the
Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall (together with the Company as provided in subsection 1.5(e)) enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other
provision of this Section 1.2, if the underwriter advises the Company in writing that marketing factors require a limitation
of the number of shares to be underwritten, then the Company shall so advise all Holders of Registrable Securities which
would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in
the underwriting shall be allocated among all participating Holders thereof, including the Initiating Holders, in proportion
(as nearly as practicable) to the amount of Registrable Securities of the Company owned by each participating Holder; provided, however,
that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other
securities are first entirely excluded from the underwriting.

 

    6

     

    

 

(c)               
Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a registration statement pursuant to this
Section 1.2, a certificate signed by the Chief Executive Officer or President of the Company stating that in the good faith judgment
of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration
statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have
the right to defer such filing for a period of not more than 90 days after receipt of the request of the Initiating Holders; provided,
however, that the Company may not utilize this right more than once in any 12 month period; and provided, further,
that the Company shall not register any securities for the account of itself or any other stockholder during such ninety (90) day
period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration
relating to a corporate reorganization or transaction under Rule 145 of the Securities Act, a registration on any form that does
not include substantially the same information as would be required to be included in a registration statement covering the sale
of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon
conversion of debt securities that are also being registered.

 

(d)               
In addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
this Section 1.2:

 

(i)             
After the Company has effected 2 registrations pursuant to this Section 1.2 and such registrations have been declared or
ordered effective;

 

(ii)            
During the period commencing on the effective date of the registration statement for the initial public offering of the
Company’s securities and ending on a date 180 days after the effective date of such registration; or

 

(iii)           
If the Company delivers notice to the Holders within 30 days of the Company’s receipt of the Initiating Holders’
registration request declaring the Company’s intention to file within 60 days a registration statement for the Company’s
initial public offering, provided that the Company is actively employing in good faith all commercially reasonable efforts
to cause such registration statement to become effective.

 

1.3          Company
Registration. If (but without any obligation to do so) the Company proposes to register (including for this purpose a
registration effected by the Company for stockholders other than the Holders) any of its stock or other securities under the
Securities Act in connection with the public offering of such securities solely for cash (other than the initial public
offering of the Company’s securities, a registration relating to a demand pursuant to Section 1.2 hereof, a
registration relating solely to the sale of securities to participants in a Company stock plan or a transaction covered by
Rule 145 under the Securities Act, a registration in which the only stock being registered is Common Stock issuable upon
conversion of debt securities which are also being registered, or any registration on any form which does not include
substantially the same information as would be required to be included in a registration statement covering the sale of the
Registrable Securities), the Company shall give written notice of such registration at least five (5) days prior to the
initial public filing of a registration statement with the SEC to each Major Holder for which Rule 144 is unavailable for the
sale of all of such Major Holder’s shares without limitation during a three-month period without registration (each, a
 “Major Restricted Holder”). Upon the written request of each Major Restricted Holder given within three
(3) days after delivery of such notice by the Company in accordance with Section 3.4, the Company shall, subject to the
provisions of Section 1.8, cause to be registered under the Securities Act all of the Registrable Securities that each such
Major Restricted Holder has requested to be registered.

 

    7

     

    

 

1.4          Form
S-3 Registration. In case the Company shall receive from any Holder or Holders of the Registrable Securities then outstanding
a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with
respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company will:

 

(a)              
promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders;
and

 

(b)               as
soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would
permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other
Holder or Holders joining in such request as are specified in a written request given within 15 days after receipt of such
written notice from the Company; provided, however, that the Company shall not be obligated to effect any such
registration, qualification or compliance, pursuant to this Section 1.4: (i) if Form S-3 is not available for such offering
by the Holders; (ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion
in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the
public (net of any underwriters’ discounts or commissions) of less than $1,000,000; (iii) if the Company shall furnish
to the Holders a certificate signed by the Chief Executive Officer or President of the Company stating that in the good faith
judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for
such Form S-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing
of the Form S-3 registration statement for a period of not more than 120 days after receipt of the request of the Holder or
Holders under this Section 1.4; provided, however, that the Company shall not utilize this right more than once
in any 12 month period; provided, further, that the Company shall not register any securities for the account
of itself or any other stockholder during such 120 day period (other than a registration relating solely to the sale of
securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction
under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be
required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in
which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being
registered); (iv) if the Company has, within the 12 month period preceding the date of such request, already effected 2
registrations on Form S-3 for the Holders pursuant to this Section 1.4; (v) in any particular jurisdiction in which the
Company would be required to qualify to do business or to execute a general consent to service of process in effecting such
registration, qualification or compliance; or (vi) during the period ending 180 days after the effective date of a
registration statement subject to Section 1.3.

 

    8

     

    

 

(c)               
Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other
securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations
effected pursuant to this Section 1.4 shall not be counted as demands for registration or registrations effected pursuant to Sections
1.2 or 1.3, respectively.

 

1.5          Obligations
of the Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

 

(a)               
Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts
to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for up to 120 days, or until the distribution described
in such registration statement is completed, if earlier.

 

(b)               
Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in
connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement for up to 120 days, or until the distribution described
in such registration statement is completed, if earlier.

 

(c)               
Furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition
of Registrable Securities owned by them.

 

(d)              
Use its best efforts to register and qualify the securities covered by such registration statement under such other securities
or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall
not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service
of process in any such states or jurisdictions.

 

(e)               
In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement,
in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall
also enter into and perform its obligations under such an agreement.

 

    9

     

    

 

(f)                
 Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or free-writing
prospectus, as defined in Rule 405 (a “Free Writing Prospectus”), relating thereto is required to be delivered
under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement,
as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then existing, and, at the request
of any such Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment
to such prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) so that, as thereafter delivered
to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit
to state any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made,
such obligation to continue for 120 days.

 

(g)               
Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed.

 

(h)               
Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for
all such Registrable Securities, in each case not later than the effective date of such registration.

 

(i)                
Use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant
to this Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a
registration pursuant to this Section 1, if such securities are being sold through underwriters, (i) an opinion, dated such date,
of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering, addressed to the underwriters and (ii) a letter dated such date, from the independent
certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants
to underwriters in an underwritten public offering, addressed to the underwriters.

 

(j)                
Promptly make available for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant
to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the
selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s
officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information
in such registration statement and to conduct appropriate due diligence in connection therewith.

 

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1.6          Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such
securities as shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall
have no obligation with respect to any registration requested pursuant to Section 1.2 or Section 1.4 of this Agreement if, as
a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of
the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the
anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such
registration as specified in subsection 1.2(a) or subsection 1.4(b)(2), whichever is applicable, provided that in such
event, any such registration effected or abandoned due to the preceding clause shall not count towards the number of
requested registrations available to the Holders under subsection 1.2(a) or subsection 1.4(b)(2).

 

1.7          Expenses
of Registration. 

 

(a)              
Demand Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to Section 1.2, including (without limitation) all registration, filing and qualification
fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the reasonable fees and disbursements
of one counsel for the selling Holders (not to exceed $25,000) selected by them with the approval of the Company, which approval
shall not be unreasonably withheld, shall be borne by the Company; provided, however, that the Company shall not
be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 if the registration request is
subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case
all participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities agree to forfeit
their right to one demand registration pursuant to Section 1.2; provided further, however, that if at the time of
such withdrawal, the Holders (i) have learned of a material adverse change in the condition, business, or prospects of the Company
that was not known at the time of their request or could have not been reasonably known given the prior communication or information
provided by the Company to the Holders and (ii) have withdrawn the request with reasonable promptness following disclosure by the
Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall not forfeit
their rights pursuant to Section 1.2.

 

(b)              
Company Registration. All expenses other than underwriting discounts and commissions incurred in connection
with registrations, filings or qualifications of Registrable Securities pursuant to Section 1.3 for each Holder (which right may
be assigned as provided in Section 1.12), including (without limitation) all registration, filing, and qualification fees, printers’
and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel
for the selling Holder or Holders (not to exceed $25,000) selected by them with the approval of the Company, which approval shall
not be unreasonably withheld, shall be borne by the Company.

 

(c)              
Registration on Form S-3. All expenses incurred in connection with a registration requested pursuant to Section
1.4, including (without limitation) all registration, filing, qualification, printers’ and accounting fees and the reasonable
fees and disbursements of one counsel for the selling Holder or Holders (not to exceed $25,000) selected by them with the approval
of the Company, which approval shall not be unreasonably withheld, and counsel for the Company, and any underwriters’ discounts
or commissions associated with Registrable Securities, shall be borne by the Company.

 

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1.8          Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s
capital stock, the Company shall not be required under Section 1.3 to include any of the Holders’ securities in such underwriting
unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by
other persons entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole
discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable
Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the
Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company
shall be required to include in the offering only that number of such securities, including Registrable Securities, which the
underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so included to
be apportioned pro rata among the selling stockholders according to the total amount of securities entitled to be included therein
owned by each selling stockholder or in such other proportions as shall mutually be agreed to by such selling stockholders) but
in no event shall (i) the amount of securities of the selling Holders included in the offering be reduced below 35% of the total
amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities,
in which case, the selling Holders may be excluded if the underwriters make the determination described above and no other stockholder’s
securities are included or (ii) without the consent of the holders of a majority of the Registrable Securities, any securities
held by any non-Holder be included if any securities held by any selling Holder are excluded. For purposes of the preceding parenthetical
concerning apportionment, for any selling stockholder which is a holder of Registrable Securities and which is a partnership or
corporation, the partners, retired partners and stockholders of such holder, or the estates and family members of any such partners
and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling
stockholder,” and any pro-rata reduction with respect to such “selling stockholder” shall be based upon
the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling
stockholder,” as defined in this sentence.

 

1.9          Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 1.

 

1.10        Indemnification.
In the event any Registrable Securities are included in a registration statement under this Section 1:

 

(a)                To
the extent permitted by law, the Company will indemnify and hold harmless each Holder (including each of its officers,
directors, members and partners), any underwriter (as defined in the Securities Act) for such Holder and each person, if any,
who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses,
claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange
Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof)
arise out of or are based upon any of the following statements, omissions or violations (collectively, a
 “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus, final prospectus or Free Writing Prospectus contained therein
or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to
be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by
the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the
Securities Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder, underwriter or
controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement
contained in this subsection 1.10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability, or action if such settlement is effected without the consent of the Company (which consent shall not be
unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or controlling person for any such loss,
claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs in reliance
upon and in conformity with written information furnished expressly for use in connection with such registration by any such
Holder, underwriter or controlling person.

 

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(b)              
To the extent permitted by law, each selling Holder will, severally and not jointly, indemnify and hold harmless the Company,
each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company
within the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration statement and
any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several)
to which any of the foregoing persons may become subject, under the Securities Act, the Exchange Act or other federal or state
law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any
Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with
written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will
pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection
1.10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however,
that the indemnity agreement contained in this subsection 1.10(b) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld; provided, that in no event shall any indemnity under this subsection 1.10(b) exceed the net proceeds
from the offering received by such Holder, except in the case of willful fraud by such Holder.

 

(c)               Promptly
after receipt by an indemnified party under this Section 1.10 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party
under this Section 1.10, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party (together with all other indemnified parties which may be represented without conflict by one
counsel) shall have the right to retain one separate counsel, with the reasonable fees and expenses to be paid by the
indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such indemnified party and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time
of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying
party of liability to the indemnified party under this Section 1.10 to the extent of such prejudice, but the omission so to
deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified
party otherwise than under this Section 1.10.

 

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(d)               
If the indemnification provided for in this Section 1.10 is held by a court of competent jurisdiction to be unavailable
to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying
party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or
omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations;
provided, that in no event shall any contribution by a Holder under this Subsection 1.10(d), when combined with amounts
paid or payable by such Holder pursuant to Subsection 1.10(b), exceed the net proceeds from the offering received by such Holder,
except in the case of willful fraud by such Holder. The relative fault of the indemnifying party and of the indemnified party shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission
to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission.

 

(e)               
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions
in the underwriting agreement shall control.

 

(f)               
The obligations of the Company and Holders under this Section 1.10 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise.

 

1.11        Reports
Under the Exchange Act. With a view to making available to the Holders the benefits of Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration
or pursuant to a registration on Form S-3, the Company agrees to:

 

(a)               
make and keep adequate current public information available, as those terms are understood and defined in Rule 144, at all
times after the effective date of the first registration statement filed by the Company for the offering of its securities to the
general public so long as the Company remains subject to the periodic reporting requirements under Sections 13 or 15(d) of the
Exchange Act;

 

(b)                take
such action, including the voluntary registration of its Common Stock under Section 12 of the Exchange Act, as is necessary
to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as
practicable after the end of the fiscal year in which the first registration statement filed by the Company for the offering
of its securities to the general public is declared effective;

 

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(c)               
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and
the Exchange Act; and

 

(d)              
furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement
by the Company that it has complied with the reporting requirements of Rule 144 (at any time after 90 days after the effective
date of the first registration statement filed by the Company), the Securities Act and the Exchange Act (at any time after it has
become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to
Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such
other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing
any Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant
to such form.

 

1.12        Assignment
of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1
may be assigned (but only with all related obligations) by a Holder to a transferee or assignee (i) who, with the addition of
the transferred shares, holds at least 714,285 Registrable Securities (subject to adjustment for stock splits, stock dividends,
reclassification or the like) (or all of such Holder’s Registrable Securities, if less), (ii) that is a subsidiary, parent,
partner, limited partner, retired partner, member, retired member or stockholder of a Holder, (iii) that is an Affiliate of the
Holder, (iv) who is a Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (such a relation, a Holder’s “Immediate
Family Member”, which term shall include adoptive relationships), (v) that is a trust, partnership, limited liability
company or corporation, the use of which is for estate planning purposes for the benefit of an individual Holder or such Holder’s
Immediate Family Member, or (vi) who is a Holder, provided the Company is, within a reasonable time after such transfer,
furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which
such registration rights are being assigned; and provided, further, that such assignment shall be effective only
if the transferee agrees to be bound by this Agreement and immediately following such transfer the further disposition of such
securities by the transferee or assignee is restricted under the Securities Act. For the purposes of determining the number of
shares of Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of (x) a partnership
who are partners or retired partners of such partnership, (y) a limited liability company who are members or retired members of
such limited liability company (including Immediate Family Members of such partners or members who acquire Registrable Securities
by gift, will or intestate succession) or (z) Affiliates shall be aggregated together and with such partnership or limited liability
company; provided that all assignees and transferees who would not qualify individually for assignment of registration rights
shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under Section 1.

 

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1.13        Limitations
on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the outstanding
Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company which
would allow such holder or prospective holder (a) to include such securities in any registration filed under Section 1.2, 1.3
or 1.4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any
such registration only to the extent that the inclusion of his securities will not reduce the amount of the Registrable
Securities of the Holders that are included or (b) to demand registration of their securities.

 

1.14        Lock-Up
Agreement.

 

(a)               
Lock-Up Period; Agreement. In connection with the initial public offering of the Company’s securities
and upon request of the Company or the underwriters managing such offering of the Company’s securities, each Holder agrees
not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the
Company, held immediately before the closing date of such offering (other than those included in the registration), excluding securities
of the Company purchased in the initial public offering or in the open market following such initial public offering, without the
prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days)
from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an
agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering.

 

(b)               
Limitations. The obligations described in Section 1.14(a) shall apply only if all officers and directors and
greater than one percent (1%) stockholders of the Company enter into similar agreements, and shall not apply to a registration
relating solely to employee benefit plans, or to a registration relating solely to a transaction pursuant to Rule 145 under the
Securities Act.

 

(c)              
Stop-Transfer Instructions. In order to enforce the foregoing covenants, the Company may impose stop-transfer
instructions with respect to the securities of each Holder (and the securities of every other person subject to the restrictions
in Section 1.14(a)).

 

(d)               
Transferees Bound. Each Holder agrees that prior to the Company’s
initial public offering it will not transfer securities of the Company unless each transferee agrees in writing to be bound by
all of the provisions of this Section 1.14, provided that this Section 1.14(d) shall not apply to transfers pursuant to
a registration statement or transfers after the 12 month anniversary of the effective date of the Company’s initial registration
statement subject to this Section 1.14.

 

(e)               
Miscellaneous. The underwriters in connection with the initial public offering of the Company’s securities
are intended third-party beneficiaries of this Section 1.14 and shall have the right, power and authority to enforce the provisions
hereof as though they were a party hereto. If any of the obligations described in this Section 1.14 are waived or terminated with
respect to any of the securities of any such Holder, officer, director or greater than one-percent stockholder (in any such case,
the “Released Securities”), the foregoing provisions shall be waived or terminated, as applicable, to the same
extent and with respect to the same percentage of securities of each Holder as the percentage of Released Securities represent
with respect to the securities held by the applicable Holder, officer, director or greater than one-percent stockholder.

 

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(f)                
Legend. Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates
representing all Registrable Securities of each Holder (and the shares or securities of every other person subject to the restriction
contained in this Section 1.14):

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE
ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH
MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

 

1.15         Termination
of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any
registration pursuant to Section 1 shall terminate upon the earliest to occur of: (a) the date that is five (5) years following
the consummation of the initial public offering of the Company’s securities, (b) such time following the Company’s
initial public offering as Rule 144 is available for the sale of all of such Holder’s shares without limitation during a
three-month period without registration or (c) the consummation of a Liquidation Transaction, as that term is defined in the Restated
Certificate.

 

2.            Covenants
of the Company.

 

2.1          Delivery
of Financial Statements. The Company shall deliver to each Major Holder:

 

(a)               
as soon as practicable, but in any event within 150 days after the end of each fiscal year of the Company, an income statement
for such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such year, and
a statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with
generally accepted accounting principles (“GAAP”), and audited and certified by an independent public accounting
firm of national standing selected with the approval of the Board of Directors;

 

(b)              
as soon as practicable, but in any event within 45 days after the end of each quarter, an unaudited profit or loss statement,
a statement of cash flows as compared to the budget and the comparable period for the prior year, an unaudited balance sheet as
of the end of such quarter and a written summary of operations, all prepared in accordance with GAAP (except that such financial
statements may be subject to normal year-end audit adjustments and not contain all notes thereto that may be required in accordance
with GAAP);

 

(c)               
as soon as practicable, but in any event within 45 days after the end of each quarter, an updated capitalization table of
the Company, in sufficient detail as to permit the Major Holders to calculate their respective percentage equity ownership in the
Company;

 

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(d)               
 as soon as practicable, but in any event 30 days prior to the end of each fiscal year, an operating budget for the next
fiscal year, prepared on a monthly basis, and, as soon as prepared, any other operating budgets or revised operating budgets prepared
by the Company; and

 

(e)               
such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as
any Major Holder may from time to time reasonably request; provided, however, that the Company shall not be obligated
under this Section 2.1 to provide information (i) that the Company reasonably determines in good faith to be
a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to
the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its
counsel.

 

2.2          Inspection.
The Company shall permit each Major Holder, at such Major Holder’s expense, to visit and inspect the Company’s properties,
to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers,
all at such reasonable times as may be requested by the Major Holder; provided, however, that the Company shall
not be obligated pursuant to this Section 2.2 to provide access to any information which it reasonably considers to be a trade
secret or similar confidential information (unless covered by an enforceable confidentiality agreement in a form acceptable to
the Company) or any information with respect to which the Company is legally bound to maintain confidentiality.

 

2.3          Right
of First Offer. Subject to the terms and conditions specified in this Section 2.3, the Company hereby grants to each Major
Holder a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). A Major Holder
who chooses to exercise the right of first offer may designate as purchasers under such right itself or its partners or Affiliates
in such proportions as it deems appropriate.

 

Each time the Company
proposes to offer any shares of, or securities convertible into or exchangeable or exercisable for any shares of, any class of
its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Holder in
accordance with the following provisions:

 

(a)              
The Company shall deliver a notice (the “RFO Notice”) to the Major Holders stating (i) its bona fide
intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms, if any, upon which
it proposes to offer such Shares.

 

(b)               Within
20 calendar days after delivery of the RFO Notice, the Major Holder may elect to purchase or obtain, at the price and on the
terms specified in the RFO Notice, up to that portion of such Shares which equals the proportion that the number of shares of
Common Stock issued and held, or issuable upon conversion and exercise of all convertible, exchangeable or exercisable
securities then held, by such Major Holder bears to the total number of shares of Common Stock then outstanding (assuming
full conversion and exercise of all convertible or exercisable securities). Such purchase shall be completed at the same
closing as that of any third party purchasers or at an additional closing thereunder. The Company shall promptly, in writing,
inform each Major Holder that purchases all the Shares available to it (each, a “Fully-Exercising Holder”)
of any other Major Holder’s failure to do likewise. During the 10-day period commencing after receipt of such
information, each Fully-Exercising Holder shall be entitled to obtain that portion of the Shares for which Major Holders were
entitled to subscribe but which were not subscribed for by the Major Holders that is equal to the proportion that the number
of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible, exchangeable or
exercisable securities then held, by such Fully-Exercising Holder bears to the total number of shares of Common Stock issued
and held, or issuable upon conversion and exercise of all convertible, exchangeable or exercisable securities then held, by
all Fully Exercising Holders who wish to purchase some of the unsubscribed Shares.

 

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(c)              
The Company may, during the 45-day period following the expiration of the period provided in subsection 2.3(b) hereof, offer
the remaining unsubscribed portion of the Shares to any person or persons at a price not less than, and upon terms no more favorable
to the offeree than those specified in the RFO Notice. If the Company does not enter into an agreement for the sale of the Shares
within such period, or if such agreement is not consummated within 60 days of the execution thereof, the right provided hereunder
shall be deemed to be revived and such Shares shall not be offered unless first reoffered to the Major Holders in accordance herewith.

 

(d)              
The right of first offer in this Section 2.3 shall not be applicable to (i) the issuance of securities that are exempt from
the definition of Additional Stock (as defined in the Restated Certificate) or (ii) the issuance of shares of Series G Preferred
Stock or Series G-1 Preferred Stock pursuant to the Purchase Agreement, as may be amended from time to time. In addition to the
foregoing, the right of first offer in this Section 2.3 shall not be applicable with respect to any Major Holder and any subsequent
securities issuance, if (i) at the time of such subsequent securities issuance, the Major Holder is not an “accredited investor,”
as that term is then defined in Rule 501(a) under the Securities Act, and (ii) such subsequent securities issuance is otherwise
being offered only to accredited investors.

 

2.4          Banking
Regulatory.

 

(a)               
Jasmine Ventures seeks not to, directly or indirectly, individually or as part of a group acting in concert, (i) Control
any Bank Entity, (ii) be deemed an “organizer” by any applicable federal or state bank regulatory authority or be 10%
or greater holder of any Class of voting securities of any de novo Bank Entity, (iii) be an “institution affiliated
party” (as defined in Section 3(u) of the Federal Deposit Insurance Act (“FDI Act”) (12 U.S.C. 1813(u))
solely as a result of its ownership of Company capital stock, (iv) be subject to any conditions imposed by any bank regulatory
authority with respect to the Company forming, acquiring and/or being in Control of a Bank Entity, and which are applicable to
Jasmine Ventures, or (v) be obligated pursuant to a support agreement, capital and liquidity maintenance agreement or other commitment
or agreement, or any source of strength or bank regulatory reporting provisions, whether pursuant to any law, regulation, regulatory
order or policy in connection with the organization, approval, ownership, management or operation of any Bank Entity, directly
or indirectly, by the Company.

 

(b)               The
Company shall periodically provide Jasmine material information on the Company’s plans to charter, acquire any equity
securities or any debt or securities that may be exchanged for or convertible into equity securities of any Bank Entity,
and/or to acquire Control of a Bank Entity, directly or indirectly, including with respect to proposed corporate and capital
structure and timing and anything related to Adverse Regulatory Events or matters described in Section 2.4(a). In connection
with such transactions, the Company shall provide Jasmine, on a confidential basis, copies of all presentations, business
plans and draft and final applications, in each case, provided in writing to applicable state and federal bank regulatory
authorities, written responses to bank regulatory authority requests for information, and any bank regulatory authority
correspondence and written requests, excluding any Interagency Financial and Biographical Reports or other personal
information with respect to proposed directors and officers of the Bank Entity and other information with respect to which
the Company is subject to a duty of confidentiality. The Company shall notify Jasmine Ventures not less than 30 days prior to
submitting any proposal, notice or application to charter, acquire any equity securities in, and/or Control a Bank Entity,
and shall provide Jasmine Ventures with sufficient information to enable Jasmine Ventures to assess whether such request or
proposed action may result in the occurrence of an Adverse Regulatory Event.

 

    19

     

    

 

(c)              
Whether or not the Company has given notice to Jasmine Ventures as contemplated by this Section 2.4(c), in the event that
Jasmine Ventures determines that an Adverse Regulatory Event has occurred or is reasonably likely to occur, then, within 10 calendar
days following the day on which Jasmine Ventures gives written notice to the Company of such determination, the Company shall use
its reasonable best efforts to cause all or a sufficient portion of the Series G Preferred Stock and/or other series of Company
Preferred stock which are voting securities, and any shares of Company common stock into which any such shares of preferred stock
are converted (“Company Stock”), then held by Jasmine Ventures to be converted into or exchanged for shares
of new Company Stock (preferred or common, as applicable) having identical rights, privileges, preferences and restrictions as
the shares of Company Stock then held by Jasmine Ventures and that are voting securities, except that such new shares of Company
Stock shall be nonvoting securities in the hands of Jasmine Ventures so as to cure or eliminate the Adverse Regulatory Event. Without
limiting the foregoing, to the extent necessary to cure or eliminate the Adverse Regulatory Event, as determined by Jasmine Ventures,
(i) such nonvoting securities shall not permit the holder thereof to vote for or otherwise select directors of the Company, or
vote on any other matter other than those on which holders of nonvoting shares are permitted to vote under 12 C.F.R. § 225.2(q)(2);
(ii) shall otherwise meet the requirements so as to qualify as “nonvoting securities” as set forth at 12 C.F.R. §
225.2(q)(2); (iii) shall not be transferable by the holder to any person other than an affiliate of the holder, the Company or
a Permitted Transferee, and (iv) shall not be convertible into or exchangeable for any securities that are “voting securities”
within the meaning of 12 C.F.R. § 225.2(q)(1), except upon or following a transfer to the Company or a Permitted Transferee
that is not an affiliate of the holder thereof. The Company and Jasmine Ventures shall cooperate and take any other mutually agreeable,
commercially reasonable actions to avoid any Adverse Regulatory Event.

 

2.5          Key
Man Insurance. The Company has as of the date hereof obtained from financially sound and reputable insurers term life
insurance on the life of Max Levchin. The Company shall obtain from financially sound and reputable insurers term life
insurance on the life of any additional individuals identified by the Board of Directors (including the Series B Directors
(as defined in the Restated Certificate), the Series C Director (as defined in the Restated Certificate), the Series D
Director (as defined in the Restated Certificate) and the Series F Director (as defined in the Restated Certificate)) in
amounts determined by the Board of Directors (including the Series B Directors, the Series C Director, the Series D Director
and the Series F Director) no more than 60 days following the identification of such persons by the Board of Directors. Such
policies shall name the Company as loss payee and shall not be cancelable by the Company without prior approval of the Board
of Directors (including the Series B Directors, the Series C Director, the Series D Director and the Series F Director).

 

    20

     

    

 

2.6          Proprietary
Information and Inventions Agreements. The Company shall require all employees and consultants with access to confidential
information to execute and deliver a Proprietary Information and Inventions Agreement in substantially the form approved by the
Company’s Board of Directors.

 

2.7          Employee
Agreements. Unless approved by the Company’s Board of Directors (including the Series B Directors, Series C Director
and Series D Director), all future employees of the Company who shall purchase, or receive options to purchase, shares of Common
Stock following the date hereof shall be required to execute stock purchase or option agreements providing for (a) vesting of
shares over a 4 year period with the first twenty five percent (25%) of such shares vesting following 12 months of continued employment
or services, and the remaining shares vesting in equal monthly installments over the following 36 months thereafter and (b) a
180-day lockup period (plus an additional period of up to 18 days) in connection with the Company’s initial public offering.
The Company shall retain a right of first refusal on transfers until the Company’s initial public offering and the right
to repurchase unvested shares at cost.

 

2.8          Successor
Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other entity
and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper
provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect
to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations
are contained in the Company’s Bylaws, its Restated Certificate, or elsewhere, as the case may be.

 

2.9          D&O
Insurance. The Company shall use its commercially reasonable efforts to maintain, from financially sound and reputable
insurers, Directors and Officers liability insurance in an amount and on terms and conditions satisfactory to the Company’s
Board of Directors (including the Series B Directors, the Series C Director, the Series D Director and the Series F Director),
until such time as the Board of Directors (including the Series B Directors, the Series C Director, the Series D Director and
the Series F Director) determines that such insurance should be discontinued.

 

2.10        Board
Matters. The Company shall reimburse the nonemployee directors for all reasonable out-of-pocket travel expenses incurred
(consistent with the Company’s travel policy) in connection with attending meetings of the Company’s Board of Directors.

 

    21

     

    

 

2.11        Confidentiality.
Each Investor agrees, severally and not jointly, that such Investor will keep confidential any confidential information
obtained pursuant to Section 2.1 or Section 2.2 hereof, and, in the case of Jasmine Ventures, such confidential information
shall include any information furnished pursuant to Section 2.4 hereof, and each Investor acknowledges that it will not,
unless otherwise required by law or the rules of any national securities exchange, association or marketplace, disclose such
information without the prior written consent of the Company except such information that (a) was in the public domain prior
to the time it was furnished to such Investor, (b) is or becomes (through no willful improper action or inaction by such
Investor) generally available to the public, (c) was in its possession or known by such Investor without restriction prior to
receipt from the Company, (d) was rightfully disclosed to such Investor by a third party without restriction or (e) was
independently developed without any use of the Company’s confidential information. Notwithstanding the foregoing, each
Investor that is a limited partnership or limited liability company may disclose such proprietary or confidential information
to any former partners or members who retained an economic interest in such Investor, current or prospective partner of the
partnership, any prospective partner of an investment entity formed (or to be formed) after the date hereof that is an
advisory or subadvisory client of the Investor’s investment advisor, or any subsequent partnership under common
investment management, limited partner, general partner, partner of a partner, member or management company of such Investor
(or any employee or representative of any of the foregoing) (each of the foregoing persons, a “Permitted
Disclosee”) or legal counsel, accountants or representatives for such Investor. Furthermore, nothing contained
herein shall prevent any Investor or any Permitted Disclosee from (i) entering into any business, entering into any agreement
with a third party, or investing in or engaging in investment discussions with any other company (whether or not competitive
with the Company), provided that such Investor or Permitted Disclosee does not, except as permitted in accordance with
this Section 2.10, disclose or otherwise make use of any proprietary or confidential information of the Company in connection
with such activities (other than to monitor its investment in the Company), or (ii) making any disclosures required by law,
rule, regulation or court or other governmental order. Notwithstanding the foregoing, in the case of any Investor that is (y)
a registered investment company within the meaning of the Investment Company Act of 1940, as amended, or (z) is advised by a
registered investment adviser or Affiliates thereof, such Investor may identify the Company and the value of such
Investor’s security holdings in the Company in accordance with applicable investment reporting and disclosure
regulations or internal policies and respond to routine examinations, demands, requests or reporting requirements of a
regulator without prior notice to or consent from the Company.

 

2.12        Acknowledgement.
The Company acknowledges that the Investors are in the business of venture capital investing and therefore review the business
plans and related proprietary information of many enterprises, including enterprises which may have products or services which
compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the
Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services
which compete with those of the Company.

 

2.13        Termination
of Covenants. The covenants set forth in this Section 2, other than the covenants contained in Sections 2.4(a)-(b), 2.8
and 2.11, shall terminate as to each Holder and be of no further force or effect, upon the earlier of: (a) a Liquidation Transaction
(as defined in the Restated Certificate) in which the consideration received by the Investors solely consists of cash and/or marketable
securities, or (b) immediately prior to the consummation of the Company’s initial public offering.

 

    22

     

    

 

3.                 
Miscellaneous.

 

3.1             
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject
matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the parties
hereto are expressly canceled. The Prior Investors’ Rights Agreement is hereby superseded, amended and restated in its entirety
by this Agreement and shall be of no further force or effect.

 

3.2             
Successors and Assigns. Except as otherwise provided in this Agreement, the terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties (including transferees
of any of the Preferred Stock or any Common Stock issued upon conversion thereof). Nothing in this Agreement, express or implied,
is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement; provided,
however, that an Investor that is a venture capital or other investment fund may assign or transfer such rights to its
Affiliates.

 

3.3             
Amendments and Waivers. Any term of this Agreement may be amended or waived only with the written consent of the
Company and the holders of a majority of the Registrable Securities then outstanding. The provisions of Section 2.1, Section
2.2 and Section  2.3 may be amended or waived (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the Major Holders holding a majority of the Registrable Securities
that are held by all of the Major Holders; provided, that notwithstanding the foregoing, this Agreement may not be amended or
terminated and the observance of any term hereof may not be waived with respect to any Major Holders without the written consent
of such Major Holders, unless such amendment, termination, or waiver applies to all Major Holders in the same fashion (it being
agreed that a waiver of the provisions of Section 2.3 with respect to a particular transaction shall be deemed to apply to all
Major Holders in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Major Holders may
nonetheless, by agreement with the Company, purchase securities in such transaction). In addition, the provisions of Section
1.14 may not be amended or waived in a manner adverse to Jasmine Ventures without the separate written consent of Jasmine
Ventures, unless such amendment or waiver applies to all Investors in the same fashion. In addition, the separate consent of the
holders of at least sixty percent (60%) of the shares of Common Stock issuable or issued upon conversion of the Series B Preferred
Stock shall be required for any adverse change to the rights, preference or privileges of the Series B Preferred Stock (or the
shares of Common Stock issued upon conversion thereof); it being understood that the authorization or issuance of any new
class or series of capital stock having rights, powers or privileges senior to or on parity with the Series B Preferred Stock
shall not, on its own, be deemed to be an adverse change to the rights, preference or privileges of the Series B Preferred Stock
(or the shares of Common Stock issued upon conversion thereof). In addition, the separate consent of the holders of at least seventy-five
percent (75%) of the shares of Common Stock issuable or issued upon conversion of the Series C Preferred Stock shall be required
for any adverse change to the rights, preference or privileges of the Series C Preferred Stock (or the shares of Common Stock
issued upon conversion thereof); it being understood that the authorization or issuance of any new class or series of capital
stock having rights, powers or privileges senior to or on parity with the Series C Preferred Stock shall not, on its own, be deemed
to be an adverse change to the rights, preference or privileges of the Series C Preferred Stock (or the shares of Common Stock
issued upon conversion thereof). In addition, the separate consent of the holders of a majority of the shares of Common Stock
issuable or issued upon conversion of the Series D Preferred Stock shall be required for any adverse change to the rights, preference
or privileges of the Series D Preferred Stock (or the shares of Common Stock issued upon conversion thereof); it being understood
that the authorization or issuance of any new class or series of capital stock having rights, powers or privileges senior
to or on parity with the Series D Preferred Stock shall not, on its own, be deemed to be an adverse change to the rights, preference
or privileges of the Series D Preferred Stock (or the shares of Common Stock issued upon conversion thereof). In addition, the
separate consent of the holders of a majority of the shares of Common Stock issuable or issued upon conversion of the Series E
Preferred Stock shall be required for any adverse change to the rights, preference or privileges of the Series E Preferred Stock
(or the shares of Common Stock issued upon conversion thereof); it being understood that the authorization or issuance
of any new class or series of capital stock having rights, powers or privileges senior to or on parity with the Series E Preferred
Stock shall not, on its own, be deemed to be an adverse change to the rights, preference or privileges of the Series E Preferred
Stock (or the shares of Common Stock issued upon conversion thereof). Further, the separate consent of the holders of a majority
of the shares of Common Stock issuable or issued upon conversion of the Series F Preferred Stock shall be required for any adverse
changes to the rights, preference or privileges of the Series F Preferred Stock (or the shares of Common Stock issued upon conversion
thereof); it being understood that the authorization or issuance of any new class or series having rights, powers or privileges
senior to or on parity with the Series F Preferred Stock shall not, on its own, be deemed to be an adverse change to the rights,
preference or privileges of the Series F Preferred Stock (or the shares of Common Stock issued upon conversion thereof). Further,
the separate consent of the holders of a majority of the shares of Common Stock issuable or issued upon conversion of the Series
G Preferred shall be required for any adverse changes to the rights, preference or privileges of the Series G Preferred (or the
shares of Common Stock issued upon conversion thereof); it being understood that the authorization or issuance of any new
class or series having rights, powers or privileges senior to or on parity with the Series G Preferred shall not, on its own,
be deemed to be an adverse change to the rights, preference or privileges of the Series G Preferred (or the shares of Common Stock
issued upon conversion thereof). Notwithstanding the foregoing, this Agreement may be amended with only the written consent of
the Company for the sole purpose of including additional purchasers of Series G Preferred Stock as “Investors” and
 “Holders.” Any amendment or waiver effected in accordance with this paragraph shall be binding upon each party to
the Agreement, whether or not such party has signed such amendment or waiver, each future holder of all such Registrable Securities,
and the Company.

 

    23

     

    

 

3.4             
Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed
effectively given upon the earlier to occur of actual receipt or: (a) upon personal delivery to the party to be notified, (b)
when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the
next business day, (c) forty-eight (48) hours after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt. All notices and other communications shall be sent to the Company and to the other parties
at, and only at, their addresses (and with such copies, which shall not constitute notice, as) set forth on their respective signature
pages to this Agreement (or at such other addresses as shall be specified by notice given in accordance with this Section 3.4).

 

3.5             
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such
provision shall be excluded from this Agreement, the balance of the Agreement shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

 

3.6             
Governing Law. This Agreement and all acts and transactions pursuant hereto shall be governed, construed and interpreted
in accordance with the laws of the State of California, without giving effect to principles of conflicts of laws.

 

3.7             
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. The Company and the Investors irrevocably and unreservedly
agree that this Agreement may be executed by way of electronic signatures and the parties agree that this Agreement, or any part
thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in
the form of an electronic record.

 

3.8             
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not
to be considered in construing or interpreting this Agreement.

 

3.9             
Aggregation of Stock. All shares of the Preferred Stock (and any Common Stock issued upon conversion thereof) held
or acquired by Affiliated entities or persons shall be aggregated together for the purpose of determining the availability of
any rights under this Agreement.

 

    24

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first
above written.

 

	 	COMPANY:
	 	 
	 	AFFIRM
    HOLDINGS, INC.
	 	 
	 	By:	  /s/
    Max Levchin
	 	Name:
    	  Max
    Levchin
	 	Title:
    	  Chief
    Executive Officer
	 	 	 
	 	Address:
	 	650
    California Street, 12th Floor
	 	San
    Francisco, CA 94108

  

    1

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first
above written.

 

	 	INVESTOR:
	 	 
	 	MAX
    LEVCHIN
	 	 
	 	By:	  /s/
    Max Levchin
	 	 
	 	2012
    MRL INVESTMENTS LLC
	 	 
	 	By:	  /s/
    Max Levchin
	 	Name:
    	  Max
    Levchin
	 	Title:
    	  CEO

  

    2

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first
above written.

 

	 	INVESTOR:
	 	 
	 	JASMINE
    VENTURES PTE LTD
	 	 
	 	By:	  /s/
    Chris Emanuel (Co-Head, Technology Investment Group)
	 	Name:
    	   Chris
    Emanuel
	 	Title:
    	  Authorized
    Signatory

  

    3

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first
above written.

 

	 	INVESTOR:
	 	 
	 	LIGHTSPEED
    VENTURE PARTNERS IX, L.P.
	 	 
	 	By:
    	Lightspeed
    General Partner IX, L.P., its general partner
	 	 	 
	 	By:
    	Lightspeed
    Ultimate General Partner IX, L.P., its general partner
	 	 	 
	 	Name:	  /s/
    Jeremy Liew
	 	Title:
    	Duly
    authorized signatory
	 	 	 
	 	LIGHTSPEED
    VENTURE PARTNERS SELECT, L.P.
	 	 
	 	By:
    	Lightspeed
    General Partner Select, L.P., its general partner
	 	 	 
	 	By:	Lightspeed
    Ultimate General Partner Select, L.P., its general partner
	 	 	 
	 	Name:	  /s/
    Jeremy Liew
	 	Title:
    	Duly
    authorized signatory

 

	 	Address:	##############
	 		##############
	 		##############
	 		T:
    ##############
	 		F:
    ##############

  

    4

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first
above written.

 

	 	INVESTOR:
	 	 
	 	LIGHTSPEED
    VENTURE PARTNERS SELECT II, L.P.
	 	 
	 	By:
    	Lightspeed
    General Partner Select II, L.P., its general partner
	 	 	 
	 	By:
    	Lightspeed
    Ultimate General Partner Select, Ltd., its general partner
	 	 	 
	 	Name:	  /s/
    Jeremy Liew
	 	Title:	Duly
    authorized signatory

  

    5

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first
above written.

 

	 	INVESTOR:
	 	 
	 	LIGHTSPEED
    OPPORTUNITY FUND, L.P.
	 	 
	 	By:
    	Lightspeed
    General Partner Opportunity Fund, L.P., its general partner
	 	 	 
	 	By:
    	Lightspeed
    Ultimate General Partner Opportunity Fund, Ltd., its general partner
	 	 	 
	 	Name:	  /s/
    Jeremy Liew
	 	 	Name:
     Jeremy Liew
	 	 	Title:
     Director

 

	 	Address:	##############
	 	 	##############
	 	 	##############
	 	 	T:
    ##############
	 	 	F:
    ##############

  

    6

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first
above written.

 

	 	INVESTOR:
	 	 
	 	SCOTTISH
    MORTGAGE INVESTMENT TRUST PLC
	 	 
	 	Executed
    for and on behalf of Scottish Mortgage Investment Trust plc,
 acting through its agent, Baillie Gifford & Co
	 	 
	 	By:	/s/
    Tom Slater
	 	Name:	Tom Slater
	 	Title:	Partner of Baillie Gifford
    & Co
	 	 
	 	THE
    SCHIEHALLION FUND LIMITED
	 	 
	 	Executed for
    and on behalf of The Schiehallion
 Fund Limited, acting through its agent, Baillie Gifford Overseas Limited
	 	 
	 	By:	/s/
    Tom Slater
	 	Name:	Tom Slater
	 	Title:	Authorised Signatory
    of Baillie Gifford Overseas Limited
	 	 
	 	BAILLIE
    GIFFORD US GROWTH TRUST PLC
	 	 
	 	Executed
    for and on behalf of Baillie Gifford US Growth Trust plc,
 acting through its agent, Baillie Gifford & Co
	 	 
	 	By:	/s/
    Tom Slater
	 	Name:	Tom Slater
	 	Title:	Partner of Baillie Gifford
    & Co
	 	 
	 	Address:
	 	 
	 	 

 

    7

    
 

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first
above written.

 

	 	INVESTOR:
	 	 
	 	SPARK CAPITAL GROWTH FUND
    III, L.P.
	 	 
	 	By:	Spark Growth Management Partners
    III, LLC
	 	 	Its General Partner
	 	 	 
	 	By:	/s/ Jeremy
    Philips
	 	 	Managing Member

 

	 	Address:	##############
	 	 	##############
	 	 	##############

 

	 	SPARK CAPITAL GROWTH FOUNDERS’
    FUND III, L.P.
	 	 
	 	By:	Spark Growth Management Partners
    III, LLC
	 	 	Its General Partner
	 	 	 
	 	By:	/s/ Jeremy
    Philips
	 	 	Managing Member

 

	 	Address:	##############
	 	 	##############
	 	 	##############

 

    8

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	FIDELITY CONTRAFUND: FIDELITY
    CONTRAFUND
	 	 
	 	By:	/s/ Chris Maher
	 	Name:	Chris Maher
	 	Title:	Authorized Signatory
	 	 
	 	Address:
	 	##############
	 	##############
	 	##############
	 	##############
	 	##############
	 	##############
	 	 
	 	FIDELITY CONTRAFUND COMMINGLED
    POOL
	 	By: Fidelity Management Trust
    Company, as Trustee
	 	 
	 	By:	/s/ Chris Maher
	 	Name:	Chris Maher
	 	Title:	Authorized Signatory
	 	 
	 	Address:
	 	##############
	 	##############
	 	##############
	 	##############
	 	##############
	 	##############

 

    9

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	FIDELITY CONTRAFUND: FIDELITY
    CONTRAFUND K6
	 	 
	 	By:	/s/ Chris Maher
	 	Name:	Chris Maher
	 	Title:	Authorized Signatory
	 	 	 
	 	Address:
	 	##############
	 	##############
	 	##############
	 	##############
	 	##############
	 	##############

 

    10

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	SPARK CAPITAL GROWTH FUND,
    L.P.
	 	 
	 	By:	Spark Growth Management Partners,
    LLC
	 	 	Its General Partner
	 	 
	 	By:	/s/ Jeremy Philips
	 	 	Managing Member

 

	 	Address:	##############
	 	 	##############
	 	 	##############

 

	 	SPARK CAPITAL GROWTH FOUNDERS’
    FUND, L.P.
	 	 
	 	By:	Spark Growth Management Partners, LLC

    Its General Partner
	 	 	 
	 	By:	/s/ Jeremy Philips
	 	 	Managing Member

 

	 	Address:	##############
	 	 	##############
	 	 	##############

 

    11

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	THRIVE CAPITAL PARTNERS
    V, L.P.
	 	 
	 	By:	Thrive Partners V GP, LLC,
	 	 	its general partner
	 	 
	 	By:	/s/ Joshua Kushner
	 	Name:	Joshua Kushner
	 	Title:	Managing Member
	 	 
	 	CLAREMOUNT V ASSOCIATES,
    L.P.
	 	 
	 	By:	Thrive Partners V GP, LLC,
	 	 	its general partner
	 	 
	 	By:	/s/ Joshua Kushner
	 	Name:	Joshua Kushner
	 	Title:	Managing Member
	 	 

	 	Address:	##############
	 	 	##############

 

    12

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	AF-F RIBBIT OPPORTUNITY
    III, LLC
	 	 
	 	By:	/s/ Cynthia McAdam
	 	Name: 	Cynthia McAdam
	 	Title:	Authorized Person
	 	 
	 	Address:
	 	##############
	 	##############

 

    13

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	RIBBIT CAPITAL III, L.P.,
    for itself and as nominee
	 	 
	 	By: 	Ribbit Capital GP III, L.P.
	 	Its general partner
	 	 
	 	By: 	Ribbit Capital GP III, Ltd.,
	 	Its general partner
	 	 
	 	By:	 /s/ Cynthia McAdam
	 	Name: 	Cynthia McAdam
	 	Title:	 Authorized Person
	 	 	 
	 	Address:
	 	##############
	 	##############

 

    14

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	BULLFROG CAPITAL,
    L.P. for itself and as nominee for Bullfrog Founder Fund, L.P.
	 	By: Bullfrog Capital GP, L.P.,
    its general partner
	 	By: Bullfrog Capital GP, Ltd.,
    its general partner
	 	 
	 	By:	/s/
    Cynthia McAdam
	 	Name:	Cynthia McAdam
	 	Title:	Attorney-in-Fact
	 	 

	 	Address:	##############
	 	 	##############
	 	 	##############

 

    15

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	ANDREESSEN HOROWITZ
    FUND IV, L.P.
 for itself and as nominee for
 Andreessen Horowitz
    Fund IV-A, L.P.,
 Andreessen Horowitz Fund IV-B, L.P. and
 Andreessen Horowitz Fund IV-Q, L.P.
	 	 
	 	By:	AH Equity Partners IV, L.L.C.

    Its general partner
	 	 	 
	 	By:	/s/ Scott Kupor
	 	Name:	Scott Kupor
	 	Title:	COO
	 	 	 
	 	AH PARALLEL FUND IV, L.P.

    for itself and as nominee for
 AH Parallel Fund IV-A, L.P.,
 AH
    Parallel Fund IV-B, L.P. and
 AH Parallel Fund IV-Q, L.P.
	 	 
	 	By:	AH Equity Partners IV (Parallel), L.L.C.
	 	Its general partner
	 	 
	 	By:	/s/ Scott Kupor
	 	Name:	Scott Kupor
	 	Title:	COO

 

    16

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	EMERSON COLLECTIVE INVESTMENTS,
    LLC
	 	 
	 	By:	/s/ Steve McDermid
	 	Name:	Steve McDermid
	 	Title:	Authorized Signatory

 

    17

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	BATTERY
    VENTURES XI-A, L.P.
	 	 
	 	By:	Battery Partners
    XI, LLC
	 	 	General Partner
	 	 	 
	 	/s/ Scott R. Tobin
	 	Name:	 
	 	Title:	Managing Member
	 	 	 
	 	BATTERY
    VENTURES XI-B, L.P.
	 	 
	 	By:	Battery Partners XI,
    LLC
	 	 	General Partner
	 	 	 
	 	/s/ Scott R. Tobin
	 	Name:	 
	 	Title:	Managing Member

 

    18

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	BATTERY VENTURES XI-A
    SIDE FUND, L.P.
	 	 
	 	By:	Battery Partners XI Side Fund, LLC
	 	 	General Partner
	 	 
	 	/s/ Scott R. Tobin
	 	Name:
	 	Title: Managing Member
	 	 
	 	BATTERY VENTURES XI-B
    SIDE FUND, L.P.
	 	 
	 	By: 	Battery Partners XI Side Fund, LLC
	 	 	General Partner
	 	 
	 	/s/ Scott R. Tobin
	 	Name:
	 	Title: Managing Member
	 	 
	 	BATTERY INVESTMENT PARTNERS
    XI, LLC
	 	 
	 	By: 	Battery Partners XI, LLC
	 	 	Managing Member
	 	 
	 	/s/ Scott R. Tobin
	 	Name:
	 	Title: Managing Member

 

    19

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	JEREMY STOPPELMAN TRUSTEE
    UTD 3/16/10
	 	 
	 	By:	/s/ Jeremy Stoppelman
	 	Name:	Jeremy Stoppelman
	 	Title:	Trustee
	 	 	 
	 	Address:
	 	##############

 

    20

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	ALLEN & COMPANY LLC
	 	 
	 	By:	/s/ Peter DiIorio
	 	Name:	Peter DiIorio
	 	Title:	General Counsel
	 	 
	 	Address:
	 	##############
	 	##############

 

    21

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	THE WILLIAM W. BRADLEY
    REVOCABLE TRUST
	 	 
	 	By:	/s/ William Bradley
	 	 	William Bradley
	 	 	Trustee
	 	 
	 	Email: ##############

 

	 	Address:	##############
	 	 	##############
	 	 	##############

 

    22

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	STANLEY S. SHUMAN REVOCABLE
    TRUST
	 	 
	 	By:	/s/ Stanley S. Shuman
	 	 	Stanley Shuman
	 	 	Trustee
	 	 	 
	 	Email: ##############

 

	 	Address:	##############
	 	 	##############
	 	 	##############

 

    23

    
 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	ANDREAS LAZAR
	 	 
	 	By:	/s/ Andreas Lazar
	 	 	 
	 	Email:	##############
	 	 	 
	 	Address:   	##############
	 	 	##############
	 	 	##############

 

    24

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	KHOSLA VENTURES IV, LP
	 	 
	 	By: 	Khosla Ventures Associates IV, LLC, a
 Delaware limited liability company and 

general partner
of Khosla Ventures IV, LP
	 	 
	 	By:	/s/
    David Weiden
	 	Name:  	David Weiden
	 	Title:	Partner
	 	 
	 	KHOSLA VENTURES IV (CF),
    LP
	 	 
	 	By: 	Khosla Ventures Associates IV, LLC, a
 Delaware limited liability company and 

general partner
of Khosla Ventures IV (CF), LP
	 	 
	 	By:	/s/ David
    Weiden
	 	Name:   	David Weiden
	 	Title:	Partner

 

    25

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	THE MARC R. BENIOFF REVOCABLE
    TRUST U/A/D 12/03/2004
	 	 
	 	By:	/s/
    Robert Bradley
	 	Name:   	Robert
    Bradley
	 	Its:	Attorney-in-fact

 

    26

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	THSDFS LLC Series 5
	 	 
	 	By:	/s/
    Stanley F. Druckenmiller
	 	Name:   	Stanley
    F. Druckenmiller
	 	Title:	Managing
    Member

 

    27

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	GGV CAPITAL VI PLUS L.P.
	 	 
	 	By:	GGV Capital VI Plus L.L.C.,
    its General Partner
	 	 
	 	By:	/s/ Hans Tung
	 	 	Hans Tung
	 	 	Managing Director
	 	 
	 	GGV CAPITAL VI ENTREPRENEURS
    FUND L.P.
	 	 
	 	By:	GGV Capital VI Entrepreneurs Fund L.L.C.,
    its General Partner
	 	 
	 	By:	/s/ Hans Tung
	 	 	Hans Tung
	 	 	Managing Director

 

    28

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	SFT (DELAWARE) MANAGEMENT,
    LLC
	 	 
	 	By:	/s/
Sender Cohen
	 	Name:	Sender Cohen
	 	Title:	c/o Attorney-in-fact
	 	 	 
	 	Address:	 
	 	##############
	 	##############

 

    29

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	DURABLE CAPITAL MASTER
    FUND LP
	 	 
	 	By:	Durable Capital Partners LP,
    as investment manager
	 	 	 
	 	By:	/s/ Michael
    Blandino
	 	Name	Michael Blandino
	 	Title:    	Authorized Representative

 

    30

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	Sunley House Capital Master
    Limited Partnership
	 	By:	Sunley House Capital GP LP,
    its General Partner
	 	By:	Sunley House Capital GP LLC, its General
    Partner
	 	 	 
	 	By:	/s/ Jhaleh C. Ghassemi
	 	Name:   	Jhaleh C. Ghassemi
	 	Title:	CFO
	 	 
	 	Address:
	 	##############
	 	##############
	 	##############
	 	##############
	 	##############

 

    31

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	CMFG
    Ventures
	 	 
	 	By:	/s/
    Brian Kaas
	 	Name:	Brian Kaas
	 	Title:	President
    and Managing Director
	 	 
	 	Address:
	 	##############
	 	##############

 

    32

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	THE FOUNDERS FUND V, LP
	 	 
	 	By: The Founders Fund V Management,
    LLC
	 	Its: General Partner
	 	 
	 	By:	/s/
    Brian Singerman
	 	Name:	Brian Singerman
	 	Title:	Managing
    Member
	 	 
	 	THE FOUNDERS FUND V, PRINCIPALS
    FUND LP
	 	 
	 	By: The Founders Fund V Management,
    LLC
	 	Its: General Partner
	 	 
	 	By:	/s/ Brian
    Singerman
	 	Name:	Brian Singerman
	 	Title:	Managing
    Member
	 	 
	 	THE FOUNDERS FUND V, ENTREPRENEURS
    FUND LP
	 	 
	 	By: The Founders Fund V Management,
    LLC
	 	Its: General Partner
	 	 
	 	By:	/s/ Brian
    Singerman
	 	Name:	Brian Singerman
	 	Title:	Managing
    Member

 

    33

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	THE FOUNDERS FUND VI,
    LP
	 	 
	 	By: The Founders Fund VI Management,
    LLC
	 	Its: General Partner
	 	 
	 	By:	/s/
    Brian Singerman
	 	Name:  	Brian Singerman
	 	Title:	Managing
    Member
	 	 
	 	THE FOUNDERS FUND VI,
    PRINCIPALS FUND LP
	 	 
	 	By: The Founders Fund V Management,
    LLC
	 	Its: General Partner
	 	 
	 	By:	/s/ Brian
    Singerman
	 	Name:	Brian Singerman
	 	Title:	Managing
    Member
	 	 
	 	THE FOUNDERS FUND VI,
    ENTREPRENEURS FUND LP
	 	 
	 	By: The Founders Fund VI Management,
    LLC
	 	Its: General Partner
	 	 
	 	By:	/s/ Brian
    Singerman
	 	Name:	Brian Singerman
	 	Title:	Managing
    Member

 

    34

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	THE FOUNDERS FUND GROWTH,
    LP
	 	 
	 	By: The Founders Fund Growth
    Management, LLC
	 	Its: General Partner
	 	 
	 	By:	/s/
    Brian Singerman
	 	Name:   	Brian Singerman
	 	Title:	Managing
    Member
	 	 
	 	THE FOUNDERS FUND GROWTH
    PRINCIPALS FUND, LP
	 	 
	 	By: The Founders Fund Growth
    Management, LLC
	 	Its: General Partner
	 	 
	 	By:	/s/ Brian
    Singerman
	 	Name:	Brian Singerman
	 	Title:	Managing
    Member

 

    35

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	CN2T CAPITAL LLC (NAPOLEON)
	 	 
	 	By:	/s/
    Napoleon Ta
	 	Name:  	 Napoleon Ta
	 	Title:	 Partner

 

    36

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	/s/ Everett
    Randle
	 	Everett Randle

 

    37

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	/s/ Matias
    Van Thienen
	 	Matias Van Thienen

 

    38

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	STANSBURY PARTNERS II,
    L.P.
	 	 
	 	By:	/s/
    Gary Marino
	 	Name:   	Gary Marino
	 	Its:	General Partner

 

    39

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