Document:

Exhibit 10.7

EXHIBIT 10.7

Form of 2009 Tier I Senior Management Time-Based Class A Stock Option Agreement

Name: 

Number of
Shares: 

Price per Share: 

Date of Grant:

SunGard Capital Corp.

Senior Management Non-Qualified Time-Based

Class A Option Agreement

THIS AWARD AND ANY SECURITIES
ISSUED UPON EXERCISE OF THIS OPTION

ARE SUBJECT TO RESTRICTIONS ON VOTING
AND TRANSFER AND

REQUIREMENTS OF SALE AND OTHER PROVISIONS AS SET FORTH IN
THE

STOCKHOLDERS AGREEMENT AMONG SUNGARD CAPITAL CORP., SUNGARD

CAPITAL
CORP. II, SUNGARD HOLDING CORP., SOLAR CAPITAL CORP. AND

CERTAIN
STOCKHOLDERS OF SUNGARD CAPITAL CORP. AND SUNGARD

CAPITAL CORP. II, DATED
AS OF AUGUST 10, 2005 (AS IN EFFECT FROM TIME

TO TIME, THE
“STOCKHOLDERS AGREEMENT”).

SUNGARD CAPITAL CORP. STRONGLY
ENCOURAGES YOU TO SEEK THE

ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS
WITH RESPECT TO

YOUR AWARD AND ITS TAX CONSEQUENCES.

This agreement (the
“Agreement”) evidences a stock option granted by SunGard Capital
Corp., a Delaware corporation (the “Company”), to the undersigned
(the “Optionee”), pursuant to, and subject to the terms of, the
SunGard 2005 Management Incentive Plan (as amended from time to time, the
“Plan”) which is incorporated herein by reference and of which the
Optionee hereby acknowledges receipt and the Executive Employment Agreement,
dated August 11, 2005, between the Optionee and SunGard Data Systems Inc.
(the “Employment Agreement”). Any exercise of discretionary
authority granted under the Plan shall be subject to the express terms of this
Agreement, and the last sentence of Section 3 of the Plan shall not apply
to determinations of the Administrator with respect to this Agreement or the
provisions of the Plan as applied to this Agreement.

1. Grant of
Option. The Company grants to the Optionee, as of the above Date of Grant,
an option (the “Option”) to purchase, in whole or in part, on the
terms provided herein and in the Plan, that total number of Class A Common
shares as set forth in Schedule A (the “Shares”) at the above
Price per Share. The Option will vest and become exercisable in accordance with
Section 3 below.

The Option evidenced
by this Agreement is intended to be a non-qualified option and is granted to
the Optionee in an Employment capacity as an employee.

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2. Meaning of
Certain Terms. Except as otherwise defined herein, all capitalized terms
used in this Agreement shall have the same meaning as in the Plan. The
following terms shall have the same meaning as set forth in the
Optionee’s Employment Agreement: “Board,”
“Cause,” “Change of Control,”
“Consulting Period,” “Date of
Termination,” “Disability,”
“Employer,” “Good Reason,”
“Investors,” “Retained Business,”
“Sale of a Business,” and “Sold
Business.” The following terms shall have the following meanings:

	 	(a)	 	“Adjustment Event” means (i) a cash distribution
with respect to Shares paid to all or substantially all holders of Shares,
other than cash dividends in respect of Shares declared by the Board as part of
a regular dividend payment practice or stated cash dividend policy of the
Company following an IPO, or (ii) a substantially pro rata redemption or
substantially pro rata repurchase (in each case by the Company or any of its
subsidiaries) of the Shares;

	 	(b)	 	“Beneficiary” means, in the event of Optionee’s
death, Optionee’s legal representative, executor, administrator or
designated beneficiary, as applicable;

	 	(c)	 	“Call Option” means an option in favor of Company to
purchase for cash at a specified price the Shares received by Optionee (or
Optionee’s Beneficiary) upon any exercise of the Option with respect to
one or more Shares;

	 	(d)	 	“Closing” means August 11, 2005;

	 	(e)	 	“Extended Exercise Period” means the period ending on
the later of (i) the 90th day following (as
applicable) the Optionee’s Date of Termination or the Sale of a Business
where the Optionee is employed by the Sold Business and is not offered
employment with a Retained Business on substantially similar terms and
conditions (or the one year anniversary of the Optionee’s Date of
Termination in the case of a termination resulting from Disability or death)
and (ii) the earlier of (A) a Change of Control or (B) the 30th day after an IPO (or,
if Optionee is subject to an IPO lock-up, the 30th day after the
expiration of the lock-up); provided that in all cases the Extended Exercise
Period shall end no later than the Final Exercise Date;

	 	(f)	 	“Fair Market Value” means, as of any date, as to any
Share, the Board’s good faith determination of the fair market value of
such Share as of the applicable reference date, taking into account the most
recent annual valuation of the Company. The Company agrees to engage, no later
than December 31, 2006, and at least annually thereafter, an independent
third party appraiser to perform such valuation, and to update each such
valuation on a quarterly basis. Upon the exercise of a Call Option pursuant to
Section 5(a) or a Put Option, the Board will provide prompt written notice of
its determination of the Fair Market Value of the applicable Shares (the
“Board Notice”) to Optionee. Optionee shall have the right
to contest the Fair Market Value thereof by notice to the Company within
fifteen (15) business days of receipt of the Board Notice. If Optionee
does so notify the Company of Optionee’s disagreement with the Fair
Market Value set forth in the Board Notice within such time period, then the
Company shall retain an

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independent third
party appraiser reasonably acceptable to Optionee and to the Company to
determine the fair market value of such Shares, and the determination of such
independent appraiser shall govern. For this purpose, the appraiser last used
by the Company in the ordinary course of business will be considered an
independent appraiser. In the event that the Fair Market Value of the Shares as
determined by such independent appraiser exceeds by the lesser of $200,000 or
10% the fair market value determined by the Board, then the Company shall bear
the full cost of the appraisal. Otherwise, the Optionee (or the
Optionee’s Beneficiary, as applicable) shall bear the full cost of the
appraisal;

	 	(g)	 	“Family Member” means, with respect to Optionee, any
child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former
spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships, any person sharing the Optionee’s household (other than a
tenant or employee), a trust in which one or more of these persons have more
than fifty percent of the beneficial interest, a foundation in which one or
more of these persons (or Optionee) control the management of assets, or any
other entity in which one or more of these persons (or Optionee) own more than
fifty percent of the voting interests;

	 	(h)	 	“IPO” means the initial closing of a bona fide firm
commitment underwritten public offering of equity shares of the Company,
registered under the Securities Act of 1933, as amended, that results in such
shares being traded on a liquid trading market;

	 	(i)	 	“Put Option” means the obligation of the Company, upon
thirty (30) days notice from Optionee, to use commercially reasonable
efforts to repurchase for cash the Shares acquired by Optionee (or
Optionee’s Beneficiary) upon exercise of the Option with respect to one
or more Shares at the then Fair Market Value of such Shares; provided, however,
that any Shares subject to the Put Option shall have been held by Optionee (or
Optionee’s Beneficiary) for at least six months. If Company (as the case
may be) is not able to repurchase the Shares subject to the Put Option in cash
as a result of any contractual or legal restriction, Company shall provide
Optionee (or Optionee’s Beneficiary) with a promissory note that bears
interest at the prime rate as published in The Wall Street Journal on the
repurchase date plus 1% and will become payable over the three year period from
the date of the note;

	 	(j)	 	“Registration Rights Agreement” means the
Participation, Registration Rights and Coordination Agreement, dated as of
August 10, 2005, by and among the Company, SunGard Capital Corp. II,
SunGard Holding Corp., Solar Capital Corp. and certain stockholders of the
Company;

	 	(k)	 	“Restrictive Covenant” means any of the restrictive
covenants set forth in Section 5 of Optionee’s Employment Agreement;
and

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	 	(l)	 	“Retirement” means retirement within the meaning of
Section 2.2(b) of Optionee’s Employment Agreement.

As used herein with
respect to the Option, the term “vest” means to become exercisable
in whole or in specified part.

3. Vesting of
Option. The Option shall vest in accordance with Schedule A; provided,
however, that:

	 	(a)	 	if the Optionee’s Employment terminates as a result of
(i) termination of the Optionee by the Employer without Cause,
(ii) resignation by the Optionee, or (iii) the Optionee’s
Disability or death, then the Option shall immediately stop vesting;

	 	(b)	 	if the Optionee’s Employment terminates as a result of termination
by the Employer for Cause, then the Option will be immediately forfeited by the
Optionee and terminate as of the Date of Termination;

	 	(c)	 	if the Optionee’s Employment terminates as a result of the
Optionee’s Retirement, then the Option shall continue to vest for the
duration of the Optionee’s Consulting Period;

	 	(d)	 	upon a Sale of a Business where the Optionee is employed by the Sold
Business and is not offered employment with a Retained Business on
substantially similar terms and conditions, the Option shall become fully
vested; and

	 	(e)	 	in the event of a Change of Control, the Option shall become fully vested
and exercisable immediately before the Change of Control.

4. Exercise of
Option.

	 	(a)	 	In General. The latest date on which this Option may be exercised
is ten years from the Date of Grant (the “Final Exercise
Date”). Each election to exercise this Option shall be subject to the
terms and conditions of the Plan and shall be in writing, signed by the
Optionee or by his or her executor, administrator, or permitted transferee
(subject to any restrictions provided under the Plan and the Stockholders
Agreement), made pursuant to and in accordance with the terms and conditions
set forth in the Plan and received by the Company at its principal offices,
accompanied by payment in full as provided in the Plan. The purchase price may
be paid by delivery of cash or check acceptable to the Administrator or, in
case of an exercise on the Final Exercise Date or upon a Change of Control that
terminates an Extended Exercise Period, after termination of Employment as a
result of resignation by the Optionee other than for either Good Reason or
Retirement and prior to the fifth anniversary of the Closing or as a result of
the Optionee’s Disability or death, if and to the extent permitted by the
Code (including Section 409A thereof) and if such exercise would not
adversely affect any of the Companies’ results of operations under
Generally Accepted Accounting Principles, by means of withholding of Shares
subject to the Option with an aggregate Fair Market Value equal to (i) the
aggregate exercise price and

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(ii) if
commercially reasonable for the Company to so permit (taking into account its
cash position in light of any contractual or legal restrictions) minimum
statutory withholding taxes with respect to such exercise, or by such other
method provided under the Plan and explicitly approved by the Administrator. In
the event that this Option is exercised by a person other than the Optionee,
the Companies will be under no obligation to deliver Shares hereunder unless
and until it is satisfied as to the authority of the Option Holder to exercise
this Option.

	 	(b)	 	Time To Exercise. The Option must be exercised no later than the
Final Exercise Date, and if not exercised by such date, will thereupon
terminate. The Option must also be exercised by the termination of the
Optionee’s Employment, and if not exercised by such date, will thereupon
terminate, except as provided below:

	 	(i)	 	upon termination of the Optionee’s Employment (i) by the
Employer without Cause, (ii) by resignation by the Optionee for Good
Reason, or (iii) as a result of a Disability or death, or upon the Sale of
a Business where the Optionee is employed by the Sold Business and is not
offered employment with a Retained Business on substantially similar terms and
conditions, the Option will remain exercisable through the Extended Exercise
Period, and will thereupon terminate;

	 	(ii)	 	if the Optionee’s Employment terminates as a result of resignation
by the Optionee other than for Good Reason and such Employment terminates
(i) prior to the fifth anniversary of the Closing, then the Option will
remain exercisable until the earlier of (a) the 90th day after the Date of
Termination or (b) the Final Exercise Date, and will thereupon terminate,
or (ii) on or after the fifth anniversary of the Closing, then the Option
will remain exercisable through the Extended Exercise Period, and will
thereupon terminate;

	 	(iii)	 	if, the Optionee’s Employment terminates as a result of the
Optionee’s Retirement, then the Option will remain exercisable through
the Extended Exercise Period, and will thereupon terminate;

provided further that
the Administrator shall extend the period to exercise the portion of the Option
that vests after termination of Employment (but not beyond the Final Exercise
Date) to the extent necessary to determine the Actual Internal EBITA (as
defined in Schedule A) for the year containing the Date of Termination (or
for the preceding year, as applicable).

5. Certain
Calls and Puts.

	 	(a)	 	Call on Resignation Without Good Reason. If the Optionee’s
Employment terminates as a result of resignation by the Optionee other than for
either Good Reason or Retirement, for the period ending one hundred eighty-one
(181) days following the later of Optionee’s Date of Termination or
the date on which this Option is exercised, the Company shall have a Call
Option at the then Fair Market

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Value of such Shares,
provided, however, that the Companies’ Call Options pursuant to this
Section 5(a) shall cease to apply on the earlier of an IPO or the fifth
anniversary of the Closing. For purposes of the preceding sentence, the term
resignation does not include the departure of Optionee by reason of the Sale of
a Business where Optionee is employed by the Sold Business and is not offered
employment with a Retained Business on substantially similar terms and
conditions.

	 	(b)	 	Call on Termination For Cause. If the Optionee’s Employment
is terminated by the Employer for Cause, for the period ending one hundred
eighty-one (181) days following the later of Optionee’s Date of
Termination or the date on which this Option is exercised, the Company shall
have a Call Option at the lower of (i) the exercise price paid by Optionee
for such Shares (less any distributions received with respect to such Shares
under the SunGard Capital Corp. and SunGard Capital Corp. II Dividend Rights
Plan or with respect to such Shares after the exercise of this Option), or (ii)
the then Fair Market Value of such Shares, provided, however, that the
Companies’ Call Options pursuant to this Section 5(b) shall cease to
apply on an IPO.

	 	(c)	 	Put on Disability or Death. If the Optionee’s Employment
terminates as a result of the Optionee’s Disability or death (and if and
to the extent permitted by the Code (including Section 409A thereof)) the
Optionee (or, the Optionee’s Beneficiary) shall have a Put Option at any
time after Optionee’s Date of Termination, but prior to an IPO.

	 	(d)	 	The Company may assign its rights under this Section 5 to any of
their subsidiaries or to the Investors.

	 	(e)	 	The provisions of this Section 5 supersede Section 6 of the
Stockholders Agreement with respect to the Options granted hereunder and the
related Shares.

6. Share
Restrictions, etc. Except as expressly provided herein, the
Optionee’s rights hereunder and with respect to Shares received upon
exercise are subject to the restrictions and other provisions contained in the
Stockholders Agreement.

7. Distributions, Redemptions, etc. On the occurrence
of an Adjustment Event, the per-Share exercise price of this Option, whether
vested or unvested, shall be reduced by an amount equal to the per-Share amount
paid in connection with the Adjustment Event; provided, however, that any such
reduction shall be limited to that portion of such amount which would not cause
the per-Share exercise price of the Option to be reduced below 25% of the fair
market value, as of the date the Option was granted, of the Shares. In the case
of a redemption or repurchase of the Shares, the number of Shares that are
subject to the Option will be automatically reduced by an amount proportionate
to the percentage reduction in outstanding shares of the affected class
resulting from the redemption or repurchase. Notwithstanding the foregoing,
adjustments under this Section shall be made in accordance with the
requirements of Section 409A of the Code, where applicable, so as not to
cause the Option to be considered “deferred compensation” under
Section 409A.

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8. Forfeiture. Upon exercise, payment or delivery
pursuant to this Option, Optionee shall certify on a form acceptable to the
Committee that Optionee is in compliance with the Restrictive Covenants and all
other agreements between Optionee and the Company or any of its Affiliates. If
the Company determines that Optionee is not in compliance with one or more of
the Restrictive Covenants or with the provisions of any agreement between
Optionee and the Company or any of its Affiliates, and such non-compliance has
not been authorized in advance in a specific written waiver from the Company,
the Committee may cancel any unexercised portion. The Company shall also have
the following (and only the following) additional remedies:

	 	(a)	 	During the six months after any exercise, payment or delivery of Shares
pursuant to this Option, such exercise, payment or delivery may be rescinded at
the Company’s option if Optionee fails to comply in any material respect
with the terms of the Restrictive Covenants or of any other agreement with the
Company or any of its Affiliates or if Optionee breaches any duty to the
Company or any of its Affiliates. The Company shall notify Optionee in writing
of any such rescission within one year after such exercise, payment or
delivery. Within ten days after receiving such a notice from the Company,
Optionee shall remit or deliver to the Company (i) the amount of any gain
realized upon the sale of any Shares acquired upon the exercise of this Option,
(ii) any consideration received upon the exchange of any Shares acquired
upon the exercise of this Option (or the extent that such consideration was not
received in the form of cash, the cash equivalent thereof valued of the time of
the exchange) and (iii) the number of Shares received in connection with the
rescinded exercise.

	 	(b)	 	The Company shall have the right to offset, against any Shares and any
cash amounts due to Optionee under or by reason of Optionee’s holding
this Option, any amounts to which the Company is entitled as a result of
Optionee’s violation of the Restrictive Covenants or of any other
agreement with the Company or any of its Affiliates or Optionee’s breach
of any duty to the Company or any of its Affiliates. Accordingly, Optionee
acknowledges that (i) the Company may delay exercise of this Option or
withhold delivery of Shares, (ii) the Company may place the proceeds of
any sale or other disposition of Shares in an escrow account of the
Company’s choosing pending resolution of any dispute with the Company or
any of its Affiliates, and (iii) the Company has no liability for any
attendant market risk caused by any such delay, withholding, or escrow.

Optionee acknowledges and agrees that
the calculation of damages from a breach of any of the Restrictive Covenants or
of any other agreement with the Company or any of its Affiliates or of any duty
to the Company or any of its Affiliates would be difficult to calculate
accurately and that the right to offset or other remedy provided for herein is
reasonable and not a penalty. Optionee further agrees not to challenge the
reasonableness of such provisions even where the Company rescinds, delays,
withholds or escrows Shares or proceeds or uses those Shares or proceeds as a
setoff.

9. Legends,
etc. Shares issued upon exercise shall bear such legends as may be required
or provided for under the terms of the Stockholders Agreement.

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10. Transfer
of Option. This Option may only be transferred by the laws of descent and
distribution, to a legal representative in the event of the Optionee’s
incapacity, or to a Family Member with the consent of the Compensation
Committee of the Board, such consent not to be unreasonably withheld.

11. Withholding. The exercise of the Option will give
rise to “wages” subject to withholding. The Optionee expressly
acknowledges and agrees that the Optionee’s rights hereunder, including
the right to be issued Shares upon exercise, are subject to the Optionee
promptly paying to the Company in cash (or by such other means as may be
acceptable to the Administrator in its discretion) all taxes required to be
withheld. The Optionee also authorizes the Company and its subsidiaries to
withhold such amount from any amounts otherwise owed to the Optionee and the
Company may so withhold as provided in Section 4(a) above.

12. Effect on
Employment. Neither the grant of this Option, nor the issuance of Shares
upon exercise of this Option, shall give the Optionee any right to be retained
in the employ of the Company or any of its Affiliates, affect the right of the
Company or any of its Affiliates to discharge or discipline such Optionee at
any time, or affect any right of such Optionee to terminate his or her
Employment at any time.

13. Governing
Law. This Agreement and all claims arising out of or based upon this
Agreement or relating to the subject matter hereof shall be governed by and
construed in accordance with the domestic substantive laws of the State of
Delaware without giving effect to any choice or conflict of laws provision or
rule that would cause the application of the domestic substantive laws of any
other jurisdiction.

[SIGNATURE PAGE FOLLOWS]

 

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By acceptance of this
Option, the undersigned agrees hereby to become a party to, and be bound by the
terms of, the Stockholders Agreement and the Registration Rights Agreement, ,
in each case treating the undersigned as a “Manager” as defined
therein.

Executed as of the
Date of Grant.

SunGard Capital Corp.

SUNGARD CAPITAL CORP.

By:
                                                       

Optionee

I acknowledge that I have received a copy
of this Agreement and certain related information, and that I have read and
understood these documents. I accept and agree to all of the provisions of this
Agreement. 

	 	                                                                               

Optionee

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Schedule A

Vesting Schedule

Option for 25% of the total number of
Shares is exercisable on the first anniversary of the Date of Grant
(“Initial Vesting Date”); and

Option for the remaining 75% of the
total number of Shares is exercisable in equal monthly installments over the 48
months following the Initial Vesting Date starting with the first monthly
anniversary of the Initial Vesting Date.

10exv10w51

Exhibit 10.51

	 	 	 	 	 
	

	 	CUSTODY AGREEMENT
	 	Account No(s).                                              

PLEASE PRINT, PREFERABLY WITH BLACK INK

	1.	 	ACCOUNT REGISTRATION.

	 	 	 
	 
	Client’s Name

	 	Birth Date (if applicable)
	 
	 	 
	 
	Client’s Social Security Number or Tax Identification Number
	 
	 	 
	 
	Joint Client’s Name (if any)

	 	Birth Date (if applicable)
	 
	 	 
	 
	Joint Client’s Social Security Number or Tax Identification Number

If this is a joint account, the joint account will be
[please select one]: o Joint Tenants With Right of Survivorship (natural persons only);
o Tenants by the Entireties (husband and wife only); or o Tenants in Common (presumed
to be equal among tenants unless otherwise specified in writing).

Client declares that it is a [please select one] o natural person(s); o U.S. domestic corporation, partnership,
trust or other fiduciary entity; or other entity;
o non-U.S. corporation, partnership,
trust or other fiduciary entity or other entity; or o other                    

Client declares that it is exempt from federal income taxation [check if applicable] o

If Client is a Fiduciary on behalf of Trust or Fiduciary Entity:

 

Description of Trust or other Fiduciary Entity, including Date of Trust/Will

 

and Name of Settlor/Testator and Tax Identification Number of the Trust

	2.	 	ADDRESS.

All correspondence will be sent to Client at the address below unless otherwise provided in writing.

	 	 	 	 	 
	 
	Street or P.O. Box Number
	 	 	 	 
	 
	 	 	 	 
	 
	City

	 	State
	 	Zip

	 	 	 
	Attention:
	 	 
	 

	 	 

	 	 	 
	Citizenship: o U.S. Citizen o Resident Alien
	 	 
	 

	 	 
	 

	 	Country of Residence

	 	 	 	 	 	 	 
	(___)

	 	  

	 	(___)
	 	  

	Daytime Phone	 	Evening Phone

3. TAX CERTIFICATION. By signing below, Client certifies under penalty of perjury that:

	a.	 	The number shown on this form is Client’s correct taxpayer ID number;
	 
	b.	 	Client is not subject to backup withholding because (i) Client is exempt from backup
withholding, (ii) Client has not been notified by the Internal Revenue Service (“IRS”) that
Client is subject to backup withholding as a result of a failure to report all interest or
dividends, or (iii) the IRS has notified Client that Client is no longer subject to backup
withholding; and
	 
	c.	 	If Client is a natural person, Client is a U.S. person (including a U.S. resident alien).

(Cross out item “b” if the Client has been notified by the IRS that
Client is currently
subject to backup withholding because Client failed to report all interest or dividends on Client’s
tax return.)

(IRS instructions will be provided upon request.)

	4.	 	INCOME; DISBURSEMENT.

Reinvest or remit the income to Client as selected below:

	a.	 	o Reinvest
	 
	b.	 	o Remit o monthly o quarterly o semi-annually; and

o by depositing it to Client’s checking account

#                                                              with the Custodian

 o
by check to Client’s address shown, or
	 
	c.	 	o other:           
                   
                   
                   
                    
                   
             
	 
	d.	 	Client directs Custodian to deduct and disburse from Client’s account fees
payable to                                                              (Client’s “Service
Provider”).

5.
SHAREHOLDER COMMUNICATIONS. Client [please select
one]

o objects and directs Custodian not to disclose or o does not object to
the Custodian disclosing Client’s name, address and share position of Assets to the
companies (or to their representatives)shares of which are held pursuant to this
Agreement.

6. CLIENT AUTHORIZATION; SIGNATURES REQUIRED.

a. For Joint Accounts: For withdrawal, approval, termination, or other
instructions: [check one] (See Section 22.)

o one signature required           o all signatures required

b. For corporations, partnerships and other entities: Client has furnished the
Custodian with copies of each of the following:

(i) Appendix I, identifying and containing signatures of Client’s officers and/or
other persons authorized to sign written instructions or issue oral instructions,
and

(ii) Resolution of the Board of Directors, Trustees or Managing Officers of Client
authorizing the appointment of the Custodian for the Assets, which resolution has
not been amended, superseded, revoked or withdrawn.

c. For fiduciary entities: If the fiduciary entity has more than one fiduciary,
for withdrawal, approval, termination, or other instructions: [check one]

o under the fiduciary document or court order, only one signature is required.

o signatures of more than one fiduciary are required. (Complete Appendix I.)

7. AUTOMATED CASH INVESTMENT.

Pursuant to Section 9.a. below, select one of the following money market mutual
funds:

	o	 	BlackRock Liquidity Funds, Temp Fund, cash management shares
	 
	o	 	BlackRock Funds U.S. Treasury Money Market Portfolio
	 
	o	 	BlackRock Funds Municipal Money Market Portfolio
	 
	o	 	BlackRock Funds New Jersey Municipal Money Market Portfolio
	 
	o	 	BlackRock Funds North Carolina Municipal Money Market Portfolio
	 
	o	 	BlackRock Funds Ohio Municipal Money Market Portfolio
	 
	o	 	BlackRock Funds Pennsylvania Municipal Money Market Portfolio
	 
	o	 	BlackRock Funds Virginia Municipal Money Market Portfolio

The undersigned person(s) (“Client”) acknowledges that Client has read the Custody Agreement (the
“Agreement”) set forth above and below and together with PNC Bank, National Association (the
“Custodian”) adopts and agrees to be bound by the Agreement. The Parties acknowledge that the
Custodial Services to be provided under this Agreement are intended to be performed in accordance
with the provisions of Rule 17f-2 under the Investment Company Act of 1940, as amended, (the “1940
Act”). Allied Capital Corporation has instructed PNC Bank, National Association with respect to
what the custodial procedures should be. The Parties agree that the Client shall be solely
responsible for monitoring the Rule and inform the Custodian of any applicable amendment(s) to the
Rule and that the Custodian shall then reply in writing to the Client whether or not it agrees to
adhere to the amendment(s).

CLIENT UNDERSTANDS THAT THE INTERNAL REVENUE SERVICE DOES NOT REQUIRE CLIENT’S SIGNATURE TO
ANY PROVISION OF THIS DOCUMENT OTHER THAN THE CERTIFICATIONS REQUIRED TO AVOID BACKUP WITHHOLDING.

			
	 	 	 
	August 6, 2009 PNC Bank, National Association — 100.10 Custody
	 	© 2009- The PNC Financial Services Group, Inc.

1

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	PNC BANK, NATIONAL
ASSOCIATION	 	Client’s Signature (for individual)	 	Date
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Authorized Signature	 	Joint Client’s Signature (for individual)	 	Date
	 
	 	 	 	 	 	 	 	 
	 	 	 
	Print Name and Title	 	Client’s Name (print name of corporation, partnership, trust or other entity)	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	Authorized Signature (for corporation, partnership, trust or other entity)
	 	Date

			
	 	 	 
	August 6, 2009 PNC Bank, National Association — 100.10 Custody
	 	© 2009- The PNC Financial Services Group, Inc.

2

 

Important Information About Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law
requires all financial institutions to obtain, verify and record information that identifies each
person who opens an account.

What this means for you (a Client): When you open an account, we are required by Federal law to
ask for your name, street address, date of birth (for natural persons) and other information as
required to identify you. This may include a request or requests for confirmatory information such
as presentation of your driver’s license and/or other document(s).

	8.	 	APPOINTMENT AND DUTIES OF CUSTODIAN.

a. Client appoints the Custodian to take custody of certain securities, cash or other financial
instruments, actually delivered to and received into custody by the Custodian or otherwise
specifically identified in writing by Client and acknowledged by Custodian, including the proceeds
of and earnings, if any on such assets that Client has not directed be disbursed from the Account
(herein called “Assets”) and to place the Assets in one or more accounts at the direction of the
Client (each, an “Account”).

b. Client directs Custodian to:

(i) Assume custody of the Assets or place the Assets in the custody of a sub-custodian or a
national registered securities depository, or, as agreed to in writing by Client and Custodian and
subject to Section 14 below, provide only recordkeeping and statement reporting for certain Assets,
and pay or deliver to Client upon Client’s instruction, such Assets as are in Custodian’s custody.

(ii) Effect and make settlement of purchases, sales and exchanges upon instruction by Client or
person(s) authorized in writing by Client on Appendix I hereto as may be amended from time to time
or in another written form acceptable to Custodian (“Authorized Person”); take appropriate action
with respect to tenders; record on the Account’s records the purchase and sale of, pledge
collateral or issue escrow receipts with respect to, options, futures contracts, options on futures
contracts and other derivative securities; exercise any rights and options provisions of the Assets
solely upon instruction by Client or Client’s Authorized Person; and facilitate any securities
lending arrangement with the Custodian to which Client has become a party. The Custodian will
notify Client of calls, repayment option provisions, tenders, exchanges and rights offerings if it
has received timely notice, by registered or certified mail, as holder of record, or if such notice
appears in services listing such matters which are widely utilized in national financial markets.
The Custodian will not provide investment advice or supervision for the Assets or determine the
suitability of any transaction.

(iii) Receive the proceeds from any Assets which are sold and collect amounts due upon any Assets
which mature or which the Custodian determines are being called or redeemed when timely notice
thereof appears in services listing such matters which are widely utilized in national financial
markets. Client understands that when Custodian is instructed to deliver securities against
payment, delivery of such securities and receipt of payment therefore may not be completed
simultaneously. Funds received or collected will be retained in accordance with the terms of this
Agreement subject to the specific directions of Client.

(iv) Account for all income received with respect to the Assets.

(v) Keep proper records of all transactions in the Assets and furnish Client with periodic
itemized statements of all receipts and disbursements during the period and a listing of Assets
held at the end of such period. Client shall assume the responsibility for reconciling such
statements.

(vi) Register Assets in the name of the Custodian, the nominee name of the Custodian, the
Custodian’s sub-custodian or a national registered securities depository.

(vii) Vote all proxies in accordance with the proxy policy in effect from time to time for the
Custodian unless otherwise specifically instructed by Client. Client understands that this
provision may involve the Custodian’s voting shares of The PNC Financial Services Group, Inc. stock
and shares of mutual funds that pay fees to the Custodian or its affiliates and that, in voting
such shares, the Custodian may be in a position to vote for The PNC Financial Services Group, Inc.
Board of Directors or to change fees paid at the mutual fund level to itself or to an affiliate.

(viii) Make and deliver all declarations and certificates of ownership required in connection with
the Assets.

(ix) Round out, sell or reinvest fractional shares of Assets in the Custodian’s discretion.

(x) Convert moneys received with respect to the securities of foreign issue into United States
dollars whenever it is practical to do so through customary banking channels. In effecting such
conversion, the Custodian may use any method or agency available to it, including the facilities of
the Custodian’s divisions or those of its affiliates.

	9.	 	AUTOMATED CASH INVESTMENT AND OTHER INVESTMENT IN MUTUAL FUNDS AND SECURITIES.

a. Client directs the Custodian to automatically invest cash balances in Client’s Account(s) in
Service Shares of the Money Market Portfolio of BlackRock Fundssm that Client has
selected in Section 7 above, unless Client and Custodian agree in writing otherwise. Client
provides this direction, notwithstanding that the Custodian and its affiliate(s), as the case may
be, provide investment advisory and other services to, and receive shareholder servicing fees from,
such mutual fund, and Client agrees that the Custodian and its affiliates may be separately and
additionally compensated for such services.

b. Shares of BlackRock Fundssm
 are distributed by BlackRock Distributors, Inc. Client acknowledges that Client understands that securities available through the Custodian, including
shares of BlackRock Fundssm and other mutual funds, are not backed by or guaranteed by
the Custodian or its affiliates and are not bank deposits, nor are they insured by, issued by,
guaranteed by or obligations of the FDIC, the Federal Reserve Board, or any other government
agency, and in addition mutual fund shares are not issued by, guaranteed by or obligations of any
government agency or bank. Such securities involve investment risks, including possible loss of
value. An investment in money market mutual funds is neither insured nor guaranteed by the U.S.
Government and there can be no assurance that such funds will be able to maintain a stable net
asset value of $1.00 per share. For more complete information about mutual funds selected,
including charges and expenses, refer to the prospectus. Client acknowledges (i) that Client
understands the information set forth in this Section 9, and (ii) receipt and review of the
prospectus or summary prospectus for the mutual fund(s) selected.

c. Purchases of mutual fund shares and other securities will be made in accordance with the
Custodian’s standard procedures in effect from time to time.

			
	 	 	 
	August 6, 2009 PNC Bank, National Association — 100.10 Custody
	 	© 2009- The PNC Financial Services Group, Inc.

3

 

d. For fiduciary entities: The fiduciary certifies that either under the fiduciary document, the
applicable court order or under applicable law, the entity may invest in mutual funds including
mutual funds that pay fees to the Custodian or its affiliates.

10. CLIENT INSTRUCTIONS. The Custodian will be required to act only upon instructions, prior
approval, revocation of instructions or notice of termination (“Instruction”) received by
Custodian’s employees assigned responsibility for the Client’s Account(s) (“account officer(s)”) in
writing. For the purposes of this Agreement, telephone, telephone voice messaging, facsimile
transmission, telex, electronic mail and other forms of telephonic or electronic communication, as
well as all forms of oral communication, shall not be deemed to be “in writing” or “written.”
Notwithstanding this, the Custodian may, in its sole discretion, conclusively rely and act upon any
form of Instruction which it believes to be genuine even if the Custodian fails to confirm receipt
of such Instruction and even if Client fails to provide subsequent written confirmation. However,
Client shall not be entitled to rely upon the Custodian’s receipt of any such Instruction until and
unless the Client’s account officer has confirmed such receipt to Client. Client may by
Instruction direct the Custodian to accept Instruction from an Authorized Person. The Custodian
may conclusively rely on the most recent designation of such Authorized Persons furnished to it by
Client until it receives written notification from Client to the contrary.

	11.	 	CLIENT OBLIGATIONS.

a. It shall be the Client’s obligation to file all tax returns and pay all taxes due in connection
with the Assets and the income therefrom.

b. Client shall furnish the Custodian with such information, authorization and documentation as the
Custodian may from time to time require to enable it to carry out its obligations under this
Agreement.

c. Client represents to the Custodian that Client is not executing this Agreement on behalf of an
employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as
amended (ERISA) or an Individual Retirement Account (IRA).

d. Client acknowledges that if Client is not a natural person, in order to verify Client’s identity
or determine the authority of the person opening the Account, Custodian may require Client to
provide copies of Client’s governing documents; however, Custodian assumes no responsibility and
has no obligation to review the governing documents for any purpose other than to verify Client’s
identity or the authority to open the Account.

e. Client represents and warrants that (i) Client has the authority to execute and deliver this
Agreement and all documents relating to the Assets; (ii) this Agreement constitutes a legal, valid
and binding obligation of the Client; (iii) the execution of this Agreement and the payment of fees
to Custodian from the Client Account(s) are fully permitted and valid under applicable law and the
Client’s governing documents, if any; and (iv) the Assets are free of encumbrances. Client will
inform Custodian of any event which might affect these representations, Client’s authority or the
propriety of this Agreement.

12. ACCOUNT STATEMENTS. Client is aware that Federal Regulations require the Custodian, without
charge and within one business day of its receipt of a broker/dealer confirmation for each security
transaction in Client’s Account(s) to forward to Client a written notification which discloses,
among other things: the Custodian’s name, Client’s name, the capacity (capacities) in which the
Custodian is acting, the date (and time, within a reasonable period, upon written request of
Client) of execution, the identity, price, number of shares or units or principal amount of debt
securities purchased or sold by Client, the name of the broker/dealer, the amount of any
remuneration received by such broker/dealer from Client and the amount of any remuneration received
by the Custodian. Client is also aware that, under the terms of this Agreement, the Custodian will
be providing to Client periodic statements that include a listing of all securities transactions,
receipts and disbursements during the period, together with a current listing of the Assets held in
the Account(s). Client shall accept such periodic statements in satisfaction of the Custodian’s
obligation to provide written notification as described above; provided, that upon Client’s
request, the Custodian will provide to Client within a reasonable time and at no additional cost
the information required by Federal Regulations. The Custodian shall not be liable with respect to
the accuracy of such statements, except with respect to any such transaction that Client shall
file, within ninety (90) days after the furnishing of the statement, written objections with the
Custodian. Unless Custodian receives written objection to the periodic statement within ninety
(90) days after the date shown on such statement, the Account(s) shall be deemed approved.
Approval of the statement shall be final and binding on all persons who have interests in the
Account(s) then or in the future.

13. COMPENSATION. Unless specifically provided otherwise in writing (i) the Custodian will be
compensated for its services in accordance with its Standard Schedule of Fees in effect from time
to time, a current copy of which Client has received; (ii) the Custodian will be paid for services
as provided in Section 16; (iii) the Custodian’s compensation does not cover brokerage fees and
costs related to Account transactions for which Client shall be responsible. Client authorizes
Custodian to debit Client’s Account(s) for the Custodian’s compensation hereunder.

	14.	 	RECORDKEEPING ASSETS; NO VALUATION OF CERTAIN ASSETS.

a. If requested by Client, Custodian may provide consolidated recordkeeping services pursuant to
which Custodian reflects on Account statements securities for which Custodian has no investment
management, safekeeping or other responsibility under this Agreement. Client acknowledges and
agrees that it shall have no security entitlement against Custodian with respect to such Assets,
that Custodian shall rely, without independent verification, on information provided by Client
regarding such Assets (including but not limited to positions and market valuations) and that
Custodian shall have no responsibility whatsoever with respect to such Assets or the accuracy of
any information maintained on Custodian’s books or set forth on account statements concerning such
Assets. Such Assets are subject to account level fees based on total market value.

b. Notwithstanding anything in this Agreement to the contrary and without limiting Section 14. a.
above, if Client has directed the Custodian to acquire, hold or record keep for its Account(s) any
Assets (i) which are not registered or admitted to unlisted trading privileges on one of the
national securities exchanges, or (ii) for which the fair market value is not readily determinable,
the Custodian shall have no obligation to determine the fair market value of such Assets.

			
	 	 	 
	August 6, 2009 PNC Bank, National Association — 100.10 Custody
	 	© 2009- The PNC Financial Services Group, Inc.

4

 

	15.	 	LIMITATION OF LIABILITY AND INDEMNIFICATION.

a. The Custodian will not be liable for (i) any loss, damage, or liability incurred by Client
unless it results directly from the Custodian’s gross negligence or willful misconduct in the
performance of its obligations as described by this Agreement or (ii) under any circumstances, any
consequential, special or indirect losses or damages which Client may incur or suffer by or as a
consequence of the Custodian’s performance of, or failure to perform, the services to be provided
hereunder, whether or not the likelihood of such losses or damages was known by the Custodian.

b. Client shall indemnify, defend and hold the Custodian and its officers, directors, employees,
agents and representatives harmless from and against any suit, judgment, claim, asserted claim,
demand, loss, liability, expense or interest (including legal fees and expenses) (“Losses and
Expenses”) arising out of or in connection with this Agreement, excluding, however, those Losses
and Expenses which are finally determined by a court of competent jurisdiction to have resulted
directly from the Custodian’s gross negligence or willful misconduct in the performance of its
obligations as described by this Agreement. This indemnification shall survive resignation of the
Custodian or the termination of this Agreement.

16. CLASS ACTIONS AND FAIR FUNDS DISTRIBUTIONS. Client directs the Custodian to use its best
efforts to take such action as the Custodian, in its discretion, shall deem to be appropriate with
respect to participation in, and the filing, status or resolution of, class action lawsuits and the
distribution of proceeds of the U.S. Securities and Exchange Commission’s enforcement actions
pursuant to the Fair Funds for Investors provisions of the Sarbanes-Oxley Act of 2002 (“Fair Funds
Distributions”) associated with the Assets, notice of which is actually received by the Custodian.
However, the Custodian’s responsibilities shall be limited to class action lawsuits and Fair Funds
Distributions associated with Assets that were held in custody by the Custodian during the class
period. The Custodian’s responsibilities under this section shall cease when this Agreement has
terminated. Custodian has no duty to notify Client of any class action lawsuit or Fair Funds
Distribution. At the Custodian’s discretion an appropriate fee will be charged for the services
performed under this section.

17. MINI TENDER AND ODD LOT TENDER OFFERS. Unless specifically directed in writing otherwise,
Client hereby directs the Custodian on behalf of Client, to reject any (i) mini tender offers and
(ii) odd lot tender offers associated with the Assets. The Custodian’s responsibilities under this
section shall cease when Client’s Account(s) under this Agreement has terminated. For purposes of
this Agreement, the term “mini tender offers” means tender offers by a bidder for up to 5% of a
target company’s securities and the term “odd lot tender offers” means tender offers by an issuer
to purchase holdings of fewer than 100 shares of the issuer’s securities each.

	18.	 	BROKERAGE.

a. In the event Client selects brokerage firm(s) for the execution of Asset trades, Client
acknowledges that timely, accurate trade settlement is subject to the Custodian’s receipt of all
necessary trade information consistent with commonly accepted industry standards.

b. Unless Client gives the Custodian written direction (i) to use a specific broker(s), which
direction is accepted by the Custodian, or (ii) prohibiting the use of an affiliated brokerage
firm, Client consents to the Custodian’s use of any brokerage firm which the Custodian may select
for the execution of such trades and that brokerage firm may be one which is an affiliate of the
Custodian. Client consents to the retention of commissions by any such broker, including an
affiliated brokerage firm of the Custodian. Client may revoke the consent provided at any time in
writing.

19. ADVANCES, OVERDRAFT COVERAGE AND LIEN. If the Custodian credits the Client’s Account(s) with
respect to (i) income, dividends, distributions, coupons, option premiums, other payments and
similar items on a contractual payment date or otherwise in advance of the Custodian’s actual
receipt of the amount due, (ii) the proceeds of securities sales on the contractual settlement date
or otherwise in advance of the Custodian’s actual receipt of the amount due, (iii) provisional
crediting of any amounts due, or (iv) any estimated amounts paid in advance of the Custodian’s
final determination of the actual amount due, and (x) the Custodian is unable to collect full and
final payment for the amounts so credited within a reasonable time period using reasonable efforts,
(y) pursuant to standard industry practice, law or regulation, the Custodian is required to repay
to a third party such amounts so credited, or (z) with respect to (iv) above, an estimated payment
credited to an Account(s) exceeds the Custodian’s final determination of the actual amount due, the
Custodian shall have the absolute right in its sole discretion without demand to reverse any such
credit or payment, to debit or deduct the amount of such credit or payment for the Client’s
Account(s), and to otherwise pursue recovery of any such amounts so credited from the Client. The
Custodian is hereby authorized to sell Assets to cover any overdrafts resulting from Client’s
instructions or routine costs. The Client grants to the Custodian a first priority contractual
possessory security interest in and a right of set off against the Assets in the amount necessary
to secure the payment to the Custodian of any amounts owed by Client to the Custodian under the
terms of this Agreement, including any amounts owed under Section 15. b. hereof. Every such right
to setoff may be exercised without demand upon or notice to the Client, and such right of setoff
shall be deemed to have been exercised immediately upon the occurrence of a default by the Client
of its obligations hereunder without any action of the Custodian, although the Custodian may enter
such setoff on its books and records at a later time.

	20.	 	TERMINATION; PRIOR AGREEMENTS; DEATH OF A CLIENT.

a. This Agreement may be terminated by either Client or the Custodian by giving 30 days prior
written notice to the other party.

b. Upon termination, during any period of time in which Custodian continues to have custody of
Assets, Custodian shall have no duties other than the safekeeping of the Assets and delivery of the
Assets upon Client’s Instructions. Client shall provide Asset delivery instructions in writing.
Custodian shall have the right to continue to charge fees in the amount then currently charged to
the Account(s) for any post-termination period in which Assets remain in Custodian’s custody and to
debit such fees from the Account(s).

			
	 	 	 
	August 6, 2009 PNC Bank, National Association — 100.10 Custody
	 	© 2009- The PNC Financial Services Group, Inc.

5

 

c. By executing this Agreement, the Parties hereby terminate any existing custody agreement between
the Parties that covers the Assets held in this Custody Account.

d. If Client is a natural person, the death, disability, or incompetence of Client shall not
terminate or change the terms of this Agreement. However, Client’s executor, guardian,
attorney-in-fact, or other authorized representative may terminate this Agreement by giving written
notice to Custodian as provided herein.

21. AGENTS. The Custodian may execute any of its powers under this Agreement and perform the
duties required of the Custodian by and through attorneys, sub-custodians, agents, affiliates or
subsidiaries. The Custodian shall not be responsible for the performance or supervision of or
liable for the default or negligence of any such person selected by the Custodian with reasonable
care or of any broker or agent engaged in the purchase, sale or exchange of any Asset.

22. JOINT ACCOUNT WITH ONLY ONE SIGNATURE REQUIRED. If this is a joint Account(s) with only one
signature required by Section 6 above, the Custodian is authorized to act upon Instructions from
any joint Client without notice to the other joint Client(s) including Instructions to withdraw all
or a portion of the Assets, to deliver the Assets to anyone, and to close the Account. If the
Custodian becomes aware of a dispute between two or more joint Clients, Custodian may require the
signatures of all joint Clients on all Instructions until the dispute is resolved to Custodian’s
satisfaction in its sole discretion; provided, however, that absent written Instructions from all
joint Clients, Custodian shall under no circumstances be required to require signatures from more
than one joint Client, and shall not be held liable for any failure to do so. If the Account(s)
has been titled Tenants by Entireties, the Clients may wish to obtain legal advice before enabling
only one joint Client to terminate the Account(s) or take other actions regarding the Assets.

23. CONFLICTS WITH TERMS OF PNC WEBSITE USER AGREEMENT. If Client has registered to use the
password protected sections of the PNC Website (the “Site”) by accepting the PNC Website User
Agreement (the “Website Agreement”) and the terms of the Website Agreement conflict with terms of
this Agreement, to the extent permitted by applicable law, the terms of the Website Agreement shall
apply to Client’s use of the Site. Notwithstanding the foregoing, any communication not occurring
through the Site, and any electronic mail communications from the Custodian to Client occurring
through the Site, pursuant to Client’s relationship with the Custodian under this Agreement, shall
be governed and controlled by this Agreement.

24. MISCELLANEOUS. Client acknowledges that the Custodian now acts and may act in the future as
investment manager and custodian to other clients. Notwithstanding Section 5 of this Agreement,
under certain circumstances, the Custodian may be required to furnish information about the
Client(s), the Assets, or the Account(s) to the state or federal government, applicable regulators,
or the issuers (or their representatives) of securities held in the Account(s). This Agreement
shall be governed and interpreted pursuant to the Commonwealth of Pennsylvania without reference to
its provisions regarding conflict of laws. If a court determines that any provision of this
Agreement is not enforceable, that provision shall be deemed to be deleted from this Agreement but
the remainder of this Agreement shall remain in full force and effect. The parties intend that
this Agreement shall be legally binding upon the parties, their heirs, executors, successors or
assigns. This Agreement contains the entire understanding of the Parties and supersedes any other
oral or written agreement between the Parties. No amendment of this Agreement shall be effective
unless it is in writing and signed by the Parties. This Agreement may be executed in counterparts,
each one of which will be deemed to be an original. The duties set forth in this Agreement are the
only duties agreed to by the Custodian, and Custodian is not responsible for any duties other than
those set forth herein.

25. CLIENT’S AUTHORIZED PERSON OR SERVICE PROVIDER. Client acknowledges that Client’s Authorized
Person or Service Provider is not an agent of the Custodian and that the Custodian is not
responsible for the selection of, performance or supervision of, or liable for the default or
negligence of Client’s Authorized Person or Service Provider. Client consents to the Custodian
giving to Client’s Authorized Person or Service Provider, if any, a copy of this Agreement, all
statements for the Account(s) created by this Agreement and all other information that Client’s
Authorized Person or Service Provider, if any, requests in the performance of its services for
Client.

 

PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). Neither PNC
nor the Custodian provides legal, tax or accounting advice.

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

			
	 	 	 
	August 6, 2009 PNC Bank, National Association — 100.10 Custody
	 	© 2009- The PNC Financial Services Group, Inc.

6

 

APPENDIX I

PNC

CUSTODY AGREEMENT

(for Corporations, Partnerships, Fiduciary Entities and Other Entities)

The following named persons are officers, fiduciaries, agents or other persons (“Authorized
Persons”) duly elected or appointed and authorized to sign written Instructions or issue oral
Instructions on behalf of Client under this Custody Agreement. The following number of signatures
are required to give Instructions:                      (insert number).

	 	 	 	 	 	 	 
	 	 	 
	Print Name and Title	 	Signature
	 
	 	 	 	 	 	 
	 	 	 
	Print Name and Title	 	Signature
	 
	 	 	 	 	 	 
	 	 	 
	Print Name and Title	 	Signature
	 
	 	 	 	 	 	 
	 	 	 
	Print Name and Title	 	Signature
	 
	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	(Print or Type Name of Client)
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	(Authorized Signature)
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	(Print or Type Name and Title)
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	(Authorized Signature)
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	(Print or Type Name and Title)
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	(Authorized Signature)
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	(Print or Type Name and Title)

			
	 	 	 
	August 6, 2009 PNC Bank, National Association — 100.10 Custody
	 	© 2009- The PNC Financial Services Group, Inc.

7

 

FORM OF LETTER OF DIRECTION TO CUSTODIAN

PNC BANK, NATIONAL ASSOCIATION, CUSTODIAN

ADDRESS OF CUSTODIAN

	 	 	 	 	 
	Attention:
	 	 	 	 
	 

	 	 

	 	 
	 

	 	[Name of PNC Bank account officer]	 	 

The undersigned has entered into a Custody Agreement, dated                                          (the
“Custody Agreement”) with

PNC Bank, National Association, “Custodian” which created a custody Account(s) (the “Custody
Account(s)”).

The undersigned has entered into an investment management/advisory agreement [or other] dated
                                                             (the “Investment Management Agreement”) with             
                                                                     (the
“Service Provider”).

[Name of Service Provider]

The undersigned hereby directs and authorizes Custodian to do the following, to the extent not
inconsistent with the provisions of any notification and control agreement, if any, to which the undersigned and the Custody Account(s) may
be subject (a “Control Agreement”):

1. Accept and act upon instructions from the Service Provider for the purchase, sale and
retention of assets in the Custody Account(s) and the exercise of rights appurtenant to such Assets, including exchanges, tenders,
rights offerings, options, securities lending, calls, redemptions, proxy voting, rights in class actions and bankruptcies and
                                                             ;

[specify other, if any, or delete]

and

2. Pay to the Service Provider each calendar quarter, in arrears, the Service Provider’s fee
from the Assets then held in the Custody Account(s) in the amount directed by the Service Provider, it being understood and agreed
that Custodian has no duty or obligation to verify the amount of the Service Provider’s fee.

 

This letter of direction shall be deemed to be a part of and shall become incorporated into the
Custody Agreement. Custodian may continue to rely upon this direction and authorization until Custodian has received from the
undersigned written notification of termination of such direction and authorization or until Custodian has received a “Notice of
Exclusive Control” or equivalent notice under any Control Agreement.

Yours very truly,

	 	 	 	 	 	 	 
	[Trust, Corporate, Partnership or other Entity Execution]	 	 	 	[Individual Execution]
	 
	 	 	 	 	 	 
	 	 	 
	[Print name of trust, corporation, partnership or other entity]	 	 	 	[Signature of Client
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	[Authorized Signature]
	 	 	 	[Signature of Joint Client, if any]
	 
	 	 	 	 	 	 
	 	 	 
	Print Name and Title of Signatory	 	 	 	Print Name of Client
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	 	 	Print Name of Joint Client
	 
	 	 	 	 	 	 
	Date:

	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 

			
	 	 	 
	August 6, 2009 PNC Bank, National Association — 100.10 Custody
	 	© 2009- The PNC Financial Services Group, Inc.

8

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