Document:

Exhibit 10.3

   

   

   

  GLOBAL CUSTODY AGREEMENT

  For Foreign and Domestic Securities

   

  This Custodian Agreement (“Agreement”) is made as of July 27, 2015 by and between each of the parties listed in Schedule I (each, a “Fund”) and MUFG Union Bank, N.A.
    (“Custodian”).

   

  WHEREAS, the Custodian is a bank meeting the qualifications required by Section 17(f)(1) of the Act to act as custodian of the securities and other assets of each Fund
    that is a registered investment company; and

   

  WHEREAS, each Fund wishes to retain the Custodian to act as custodian of that Fund’s assets, and the Custodian has indicated its willingness to so act;

   

  NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

   

  1.           DEFINITIONS Certain terms used in this Agreement are defined as follows:

   

  1.1.        “Account” means, collectively, each account maintained by Custodian on behalf of a Fund pursuant to Paragraph 4 of this
    Agreement.

   

  1.2.        “Act” means the Investment Company Act of 1940, as amended, and the rules and regulations adopted by the U.S. Securities and Exchange Commission
    (“SEC”) thereunder, including §270.17f-4, §270.17f-5 and §270.17f-7, all as may be amended from time to time.

   

   1.3.       “Board” means the Board of Trustees or the Board of Directors of a Fund.

   

  1.4.        “Depository” means both any “securities depositary” within the meaning of §270.17f-4 of the Act and any Eligible Securities
    Depository.

   

  1.5.        “Eligible Foreign Custodian” means an entity that is incorporated or organized under the laws of a country other than the
    United States and that is a Qualified Foreign Bank, as defined in §270.17f-5(a)(5) of the Act.

   

  1.6.        “Eligible Securities Depository”, (“Depository”, or collectively “Depositories”) means a system for the central handling of
    securities as defined in §270.17f-7(b)(1) of the Act.

   

   1.7.       “Emerging Market” means each market so identified in Appendix A attached hereto.

   

  1.8.        “Foreign Account” means an Account in which Foreign Currencies or Securities are held by the Custodian for the benefit of clients whether in
    comingled accounts or accounts designated for each beneficial owner as is required under the regulatory jurisdiction where the Foreign Account is established.

  
     

    
      
 

  

   1.9.       “Foreign Assets” has the meaning provided in §270.17f-5(a)(2) of the Act.

   

  1.10.      “Foreign Currency” (“Currencies”) means any currency or any composite currency unit issued
    by a government or entity other than the United States Department of Treasury.

   

   1.11.     “Foreign Market” means each market so identified in Appendix A attached hereto.

   

  1.12.     “Sub-Custodian” means an entity, including an Eligible Foreign Custodian and Domestic Sub-Custodian, which Custodian retains to
    hold Securities.

   

  1.13.     “Global Sub-Agent Network” (“Sub-Agent Network” or “Sub-Agents”) means any Sub-Custodian located in the United States (the “Domestic
    Sub-Custodian”), and any sub-agents located in the countries and markets where Eligible Foreign Sub-Custodians and Eligible Foreign Depositories are maintained by Custodian or any Sub-Custodian located in the United States which utilizes a Sub-Agent
    Network on behalf of Custodian.

   

  1.14.     “Governing Documents” means, with respect to each of the Funds, (i) the declaration of trust, limited liability company agreement or other constituting
    document of the Fund and (ii) the current private offering memorandum or currently effective prospectus and statement of additional information (as applicable).

   

   1.15.     “Investment Manager” or “Manager” means Westech Advisors, LLC.

   

  1.16.      “Monitoring System” means the policies and procedures established by Custodian to fulfill its duties to monitor the custody risks associated with
    maintaining Securities with a Sub-Custodian or Depository on a continuing basis, pursuant to this Agreement.

   

  1.17.      “Securities” means securities as defined in §2(a)(36) of the Act together with cash or any currency or other property of the
    Funds and all income and proceeds of sale of such securities or other property of a Fund that are held by Custodian in the Account.

   

   1.18.     “Securities Act” means the Securities Act of 1933, as amended.

   

  2.           APPOINTMENT

   

   2.1.        Each Fund hereby appoints the Custodian as the custodian of its Securities.

   

  2.2.        Each Fund has provided the Custodian with a copy of its Governing Documents, and will provide the Custodian with a copy of amendments,
    supplements and modifications thereof from time to time.

   

  2.3.        The Custodian hereby accepts appointment as custodian of the Securities of the Funds and agrees to perform the duties of such custodian in accordance with
    the provisions of this Agreement.

  
     

    
      
 

  

   3.           REPRESENTATIONS AND ACKNOWLEDGEMENTS 

   

  3.1.       Power to Enter Agreement. Each Fund represents that, with respect to its Account, it is authorized to enter into this Agreement and to retain Custodian on
    the terms and conditions and for the purposes described herein.

   

  3.2.       Foreign Custody Manager. The custodian agrees to serve as each Fund’s “Foreign Custody Manager” as defined in Rule
    §270.17f-5(a)(3) of the Act, in respect of that Fund’s Foreign Assets held from time to time by the Custodian with any Sub-Custodian that is an Eligible Foreign Custodian or with any Eligible Securities Depository.

   

  3.3.        Custodian’s Sub-Agent Network. Each Fund hereby acknowledges receiving appropriate notice of Custodian’s selection of the use of those
    Eligible Foreign Custodians and Eligible Securities Depositories that are identified in Appendix A of this Agreement as amended from time to time.

   

  4.           ESTABLISHMENT OF ACCOUNT

   

  For each Fund, Custodian shall open and maintain a separate Account or Accounts in the name of that Fund and shall hold in such Account or Accounts, subject to the provisions
    hereof, all Securities received by it from or for the Account of that Fund. Custodian, in its sole discretion, may reasonably refuse to accept any property now or hereafter delivered to it for inclusion in the Account. A Fund shall be notified promptly
    of such refusal and any such property shall be immediately returned to that Fund. Custodian shall be under no duty to take any action hereunder on behalf of a Fund except as specifically set forth herein or as may be specifically agreed to by Custodian
    and that Fund in a written amendment hereto.

   

  5.           CUSTODY AND REGISTRATION

   

  Custodian may (i) maintain possession of all or any portion of the Securities, including possession in a foreign branch or other office of Custodian; or (ii) retain, in
    accordance with this Paragraph 5 and Paragraph 6 of this Agreement one or more Sub-Custodians to hold all or any portion of the Securities. Custodian and any Sub-Custodian may, in accordance with this Paragraph 5 and Paragraph 6 of this Agreement,
    deposit definitive or book-entry Securities with one or more Depositories.

   

  5.1.        Identification of Securities. Custodian shall ensure the Securities are at all times properly identified as being held for the appropriate Account.
    Custodian shall segregate physically the Securities from other securities owned by Custodian. Custodian shall not be required to segregate physically Securities held from other securities or property held by Custodian for third parties as custodian or
    other representative capacity, but Custodian shall maintain adequate records showing the true ownership of the Securities.

   

  5.2.        Use of Depositories and Sub-Custodians. Custodian may, in its discretion, deposit any Securities which, under
    applicable law, are eligible to be so deposited in a Depository or Sub-Custodian account Securities and Foreign Currencies held by a Sub-Custodian or Depository will be held subject to the rules, terms and conditions of such securities markets or
    securities depositories. If Custodian deposits Securities with a Sub-Custodian or Depository, Custodian shall maintain adequate records showing the identity and location of the Sub-Custodian or Depository, the Securities held by the Sub-Custodian or
    Depository and each account to which such Securities belong. With respect to Securities that are held for Custodian or any Sub-Custodian at a Depository, as defined in §270.17f-4 of the Act, Custodian shall satisfy or cause the Sub-Custodian to satisfy
    the requirements of §270.17f-4 of the Act.

   

  

  
     

    
      
 

  

   

  5.3.        Use of Nominees. Custodian shall have the right to hold or cause to be held all Securities in the name of the Custodian, or for any Sub-Custodian or
    Depository, or in the name of a nominee of any of them as Custodian shall determine to be appropriate under the circumstances.

   

  5.4.        Foreign Currency Deposits. The Custodian may in accordance with customary practices hold any currency in which any cash is denominated on deposit, and
    effect transactions relating thereto, through an account with an affiliate of Custodian, or Sub-Custodian or Depository in the country where such currency is the lawful currency or in other countries where such currency may be lawfully held on deposit.

   

  5.5.        Transferability and Convertibility of Currency. Custodian shall have no liability for any loss or damage arising from the applicability of any law or
    regulation now or hereafter in effect, or from the occurrence of any event, which may affect the transferability, convertibility, or availability of any currency in the countries where such Foreign Accounts are maintained and in no event shall
    Custodian be obligated to substitute another currency for a currency whose transferability, convertibility, or availability has been affected by such law, regulation or event, except to the extent that such liability is a result of Custodian’s own
    willful misfeasance, negligence or reckless disregard of Custodian’s performance of activities under this Agreement. To the extent that any such law, regulation or event imposes a cost or charge upon Custodian in relation to the transferability,
    convertibility, or availability of any such currency, such cost or charge shall be for the Account.

   

  5.6.        Delivery of Securities. If a Fund directs Custodian to deliver assets, certificates or other physical evidence of
    ownership of Securities to any broker or other party, other than a Sub-Custodian or Depository employed by Custodian for purposes of maintaining its Account, Custodian’s sole responsibility shall be to exercise care and diligence in effecting the
    delivery as instructed by that Fund. Upon completion of the delivery, Custodian shall be discharged completely of any further liability or responsibility with respect to the safekeeping and custody of Securities so delivered.

   

  5.7.        Transferability of Securities. Except as otherwise provided under this Agreement or as the parties may otherwise agree, Custodian shall ensure that (i) the
    Securities will not be subject to any right, charge, security interest, lien, or claim of any kind in favor of Custodian or any Sub-Custodian or any person claiming through any of them except for Custodian’s expenses relating to the Securities’ safe
    custody or administration or other services made available under contractual agreements to Account by Custodian, and in the case of cash deposits at an Eligible Foreign Custodian, liens or rights in favor of the creditors of the Eligible Foreign
    Custodian arising under bankruptcy, insolvency, or similar laws, and (ii) the beneficial ownership of the Securities will be freely transferable without the payment of money or value other than for safe custody or administration.

  
     

    
      
 

  

   

  5.8.        Access to Account Records. Each Fund or its designee, shall have access, upon reasonable prior notice to Custodian, during regular business hours to the
    books and records relating to the Accounts, or shall be given confirmation of the contents of the books and records, maintained by Custodian or any Sub-Custodian holding securities hereunder to verify the accuracy of such books and records. Custodian
    shall notify a Fund promptly of any applicable law or regulation in any country where Securities are held that would restrict such access or confirmation.

   

  6.           SELECTION AND MONITORING OF GLOBAL SUE-AGENT NETWORK

   

  Upon written notice to the applicable Fund, as provided in Subparagraph 6.3 of this Agreement, Custodian may from time to time select one or more Domestic Sub-Custodians and
    Eligible Foreign Custodians and, subject to the provisions of Subparagraph 6.5, one or more Eligible Securities Depositories, to hold Securities hereunder.

   

  6.1.        Governing Sub-Agent Agreement. Any relationship Custodian establishes with an Eligible Foreign Custodian with respect to Securities shall be governed by a
    written contract providing for the reasonable care of Securities based on the standards specified in section §270.17(f)-5(c)(1) of the Act, and including the provisions set forth in sections §270.17(f)-5(c)(2)(i)(A) through (F) of the Act, or
    provisions which Custodian determines provide the same or greater protection of a Fund’s Securities.

   

   6.2.        Sub-Agent Network Selection.

   

  6.2.1.    Foreign Sub-Custodian. In selecting an Eligible Foreign Custodian on behalf of Custodian, the Domestic Sub-Custodian shall exercise reasonable care, prudence
    and diligence and shall consider whether the Securities will be subject to reasonable care, based on the standards applicable to custodians in the relevant market, including (i) the Eligible Foreign Custodian’s practices, procedures, and internal
    controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the method of keeping custodial records, and the security and data protection practices; (ii) the Eligible Foreign Custodian’s
    financial strength, general reputation and standing in the country in which it is located, its ability to provide efficiently the custodial services required, and the relative cost of such services; and, (iii) whether the Eligible Foreign Custodian has
    branch offices in the United States, or consents to service of process in the United States, in order to facilitate jurisdiction over and enforcement of judgments against it.

   

  6.2.2.     Securities Depository. In selecting an Eligible Securities Depository, Custodian shall exercise reasonable care, prudence, and diligence In evaluating the
    custody risks associated with maintaining Securities with the Eligible Securities Depository under Custodian’s custody arrangements with any relevant Eligible Foreign Custodian and the Eligible Securities Depository.

   

  6.3.        Notices to Funds. Custodian shall give written notice to a Fund of the deposit of its Securities with an Eligible Foreign Custodian or, directly or through
    an Eligible Foreign Sub-Custodian, with an Eligible Securities Depository. The notice shall identify the Eligible Foreign Custodian or Eligible Securities Depository and shall include reasonably available information relied on by Custodian in making
    the selection.

   

  

  
     

    
      
 

  

   

  6.4.      Monitoring of Sub-Agent Network. Custodian shall monitor under its Monitoring System the appropriateness of the continued custody or maintenance of a Fund’s
    Securities with each Domestic Sub-Custodian and their Global Network of Eligible Foreign Custodian or Eligible Securities Depository.

   

  6.4.1.    Custodian shall evaluate and determine at least annually the continued eligibility of its Domestic Sub-Custodian and each Eligible Foreign Custodian and
    Eligible Securities Depository approved by a Fund to act as such hereunder. In discharging this responsibility, Custodian shall (i) monitor on a continuing basis the services and reports provided by its Domestic Sub-Custodian for each of its Eligible
    Foreign Custodians or Eligible Securities Depositories; (ii) at least annually, obtain and review the periodic reports published by its Domestic Sub-Custodian confirming the Domestic Sub-Custodian’s review of the continued eligibility of each Foreign
    Sub-Custodian and Foreign Securities Depository; and (iii) review periodic reports related to the Domestic Sub-Custodian’s periodic physical inspections of the operations of each Eligible Foreign Custodian or Eligible Securities Depository as deemed
    appropriate.

   

  6.4.2.     Custodian shall provide to the Board or Manager (as applicable) annually and at such other times as the Board or Manager may reasonably
    request based on the circumstances of a Fund’s foreign custody arrangements, written reports notifying the Board or Manager of the placement of Securities of a Fund with a particular Domestic Sub-Custodian or a particular foreign Eligible Foreign
    Custodian within a Foreign Market or an Emerging Market and of any material change in the arrangements (including any material changes in any contracts governing such arrangements or any material changes in the established practices or procedures of
    Depositories) with respect to Securities of a Fund held by the Eligible Foreign Custodian.

   

  6.4.3.     If Custodian determines that (i) any Eligible Foreign Custodian or Eligible Securities Depositary no longer satisfies the applicable requirements described
    in Subparagraph 1.4 of this Agreement (in the case of an Eligible Foreign Custodian) or Subparagraph 1.5 of this Agreement (in the case of an Eligible Securities Depository); or, (ii) any Eligible Foreign Custodian or Eligible Securities Depository is
    otherwise no longer capable or qualified to perform the functions contemplated herein; or, (iii) any change in a contract with a Eligible Foreign Custodian or any change in established Eligible Securities Depository or market practices or procedures
    shall cause a custody arrangement to no longer meet the requirements of the Act, Custodian shall promptly give written notice thereof to each applicable Fund. The notice shall either indicate Custodian’s intention to transfer Securities held by the
    removed Eligible Foreign Custodian or Eligible Securities Depository to another Eligible Foreign Custodian or Eligible Securities Depository previously identified to the Fund, or include a notice pursuant to Subparagraph 6.4 of this Agreement of
    Custodian’s intention to deposit Securities with a new Eligible Foreign Custodian or Eligible Securities Depository, in either instance such transfer of Securities to be effected as soon as reasonably practical.

   

  

  
     

    
      
 

  

   

  6.5.        Compulsory Depositories. Notwithstanding the foregoing sub-sections of this Paragraph 6, Custodian shall have no responsibility for the selection or
    monitoring of any Eligible Securities Depository or Eligible Securities Depository’s agent (“Compulsory Depository”) (i) the use of which is mandated by law or regulation; (ii) because securities cannot be withdrawn from the depository; or (iii)
    because maintaining securities outside the securities depository is not consistent with prevailing market practices in the relevant market; provided however, that Custodian shall notify a Fund if that Fund has directed a trade in a market containing a
    Compulsory Depository, so that Fund shall have an opportunity to determine the appropriateness of investing in such market. Custodian shall provide risk analysis and monitoring of any such Compulsory Depository as provided in Rule 17f-7 under the Act,
    and will exercise reasonable care, prudence, and diligence in performing these responsibilities.

   

  6.6.       Assessment of Custody Risk. Each Fund and Custodian agree that, for purposes of this Paragraph 6, Custodian’s
    determination of appropriateness shall only include custody risk, and shall not include any evaluation of “country risk” or systemic risk associated with the investment or holding of assets in a particular country or market, including, but not limited
    to (i) the use of Compulsory Depositories; (ii) the country’s or market’s financial infrastructure; (iii) the country’s or market’s prevailing custody and settlement practices; (iv) risk of nationalization, expropriation or other governmental actions;
    (v) regulation of the banking or securities industries; (vi) currency controls, restrictions, devaluation or fluctuation; and (vii) country or market conditions which may affect the orderly execution of securities transactions or affect the value of
    the transactions. Each Fund and Custodian further agree that the evaluation of any such country and systemic risks shall be solely the responsibility of such Fund.

   

  7.           TRANSACTIONS

   

  7.1.        Instructions and Immediately Available Funds. Each Fund is responsible for ensuring that Custodian receives timely instructions and sufficient immediately
    available funds for all transactions by such time and date as conditions in the relevant market dictates. As used herein, “sufficient immediately available funds” shall mean either (i) sufficient cash denominated in the currency of a Fund’s home
    jurisdiction to purchase the necessary foreign currency, or (ii) sufficient applicable foreign currency, to settle the transaction. If Custodian does not receive such timely instructions and/or immediately available funds, Custodian shall have no
    liability of any kind to any person, including a Fund, for failing to effect settlement. However, Custodian shall use reasonable efforts to effect settlement as soon as possible after receipt of appropriate instructions. Unless otherwise specified by a
    Fund, foreign exchange transactions will be processed according to the instructions in Appendix B.

   

  7.2.        Customary or Established Settlement Practices. Each Fund acknowledges settlement of and payment for Securities received for and delivered from the Account
    may be made in accordance with the customary or established securities trading and securities processing practices in the market in which the transaction occurs. Each Fund understands that when Custodian is instructed to deliver Foreign Securities or
    Foreign Currencies against payment, delivery of such Foreign Securities and Foreign Currencies and receipt of payment therefore may not be completed simultaneously. Each Fund assumes full responsibility for all credit risks involved in connection with
    Custodian’s delivery of Foreign Securities or Foreign Currencies pursuant to instructions of that Fund.

  
     

    
      
 

  

   

  7.3.        Additions to and Withdrawals from Account. Custodian shall make all additions and withdrawals of Securities to and from this Account only upon receipt of
    and pursuant to written instructions from the applicable Fund or Manager.

   

  7.4.        Purchase or Sales. The Funds or Manager from time to time may instruct Custodian regarding the
    purchase or sale of Securities in accordance with this paragraph 7.

   

  7.5.        Purchases. Custodian shall settle purchases by charging the Account with the amount necessary to make the purchase and effecting payment to the seller or
    broker for the Securities. Custodian shall have no liability of any kind to any person, including a Fund, if Custodian effects payment on behalf of the Account, and the settler or broker specified by Manager falls to deliver the Securities purchased.
    Custodian shall exercise such ordinary care and diligence as would be employed by a reasonably prudent custodian in examining and verifying the certificates or other indicia of ownership of the Securities purchased before accepting them, except with
    respect to assets described in Paragraph 7.7.

   

  7.6.        Sales. Custodian shall settle sales by delivering certificates or other indicia of ownership of the Securities, and as instructed, shall receive cash for
    such sales. Custodian shall have no liability of any kind to any person, including a Fund, if Custodian exercises due diligence and delivers such certificates or indicia of ownership and the purchaser or broker fails to effect payment.

   

  7.7.        Depository Settlement. If a purchase or sale is settled through a Sub-Custodian or Depository, Custodian shall exercise such ordinary care and diligence as
    would be employed by a reasonably prudent custodian in verifying proper consummation of the transaction by the Sub-Custodian or Depository.

   

  7.8.       Income and Principal. Custodian or its designated Sub-Agents are authorized, as a Fund’s agent, to surrender against payment maturing
      obligations and obligations called for redemption, and to collect and receive payments of interest and principal, dividends, warrants, and other things of value in connection with that Fund’s Securities. Absent written instructions from the
      applicable Fund or Manager, funds will remain in the currency of collection upon receipt of payment.

   

  7.9.        Foreign Currency Transactions. At the direction of the applicable Fund or Manager, as the case may be, Custodian shall convert currency in the Account to
    other currencies through customary channels including, without limitation, Custodian or any of its affiliates or Sub-Custodian Network, as shall be necessary to effect any transaction directed by the applicable Fund or Manager. If a Fund or Manager
    gives Custodian standing instructions to execute foreign currency exchange transactions on that Fund’s behalf, such transactions will be performed in accordance with the FX Standing Instructions Defined Spread Service Level Document as amended from
    time to time.

   

  

  
     

    
      
 

  

   

  7.10.     Taxes. Custodian shall pay or cause to be paid from the Account all taxes and levies in the nature of taxes imposed on the Account or the
    Foreign Securities thereof by any country. Custodian will use reasonable efforts to give the applicable Fund or Manager, as the case may be, advance notice of the imposition of such taxes. The Custodian shall have no responsibility or liability for any
    obligations now or hereafter imposed on a Fund or the Custodian as custodian of that Fund by the tax law of the United States or of any state or political subdivision thereof or any foreign jurisdiction. The sole responsibilities of the Custodian with
    regard to such tax law shall be to use reasonable efforts to effect the withholding of local taxes and related charges with regard to market entitlement/payment in accordance with local law and subject to local market practice or custom and to assist a
    Fund with respect to any claim for exemption or refund under the tax law of countries for which that Fund has provided such information. Except as specifically provided in this Agreement or otherwise agreed to in writing by the Custodian, the Custodian
    shall have no independent obligation to determine the tax obligations now or hereafter imposed on a Fund by any taxing authority or to obtain or provide information relating thereto, and shall have no obligation or liability with respect to such tax
    obligations.

   

  7.11.      Foreign Tax Reclamation. Custodian shall use reasonable efforts to obtain refunds of taxes withheld on Foreign Securities or the income thereof that are
    available under applicable tax laws, treaties and regulations subject to a Fund’s provision of all documentation and certifications as required by U.S. and foreign tax authorities to establish the eligibility of a Fund for tax redamation under
    applicable law or treaty. Subject to Paragraphs 15.1 and 16.1, each Fund hereby agrees to indemnify and hold harmless Custodian and its agents in respect to any liability arising from any underwithholding or underpayment of any Tax which results from
    the inaccuracy or invalidity of any such forms or other documentation, and such obligation to indemnify shall be a continuing obligation of the applicable Fund, its successor and assignees, notwithstanding the termination of this agreement. The
    Custodian is authorized to disclose any information required by any such tax or other governmental authority in relation to processing any claim for exemption from or reduction or refund of any taxes relating to a Fund’s transactions and holdings.

   

  7.12.      Collection Obligations. Custodian shall diligently collect income and principal of Securities which the Custodian has received actual notice in accordance
    with normal industry practices. However, Custodian shall be under no obligation or duty to take any action to effect collection of any amount if the Securities upon which such amount is payable is in default, or if payment is refused after due demand.
    Custodian shall notify the applicable Fund and Manager promptly of such default or refusal to pay. Custodian shall have no duty to file or pursue any bankruptcy or class action claims with respect to Account, unless indemnified by the applicable Fund
    in manner and amount satisfactory to Custodian provided, however, unless the applicable Fund directs otherwise, Custodian will use its best efforts to file claims in class actions and pay any recovery to account, net of Custodian’s fees as disclosed in
    the fee schedule.

   

  7.13.      Capital Changes. Custodian may, without further instruction from the applicable Fund or Manager, exchange temporary certificates and may surrender and
    exchange Securities for other securities in connection with any reorganization, recapitalization or similar transaction in which the owner of the Securities is not given an option. Custodian has no responsibility to effect any such exchange unless it
    has received notice of the event permitting or requiring such exchange at the office of Custodian’s designated agents.

  
     

    
      
 

  

   

  7.14.     Fractional Interest. Custodian shall receive and retain all stock distributed by a corporation as a dividend, stock split, or otherwise and, in connection
    therewith, any fractional shares, unless otherwise instructed or without authorization to sell.

   

  7.15.     Delivery of Instructions. Instructions shall be directed to Custodian or Domestic Sub-Custodian, as applicable with respect to the
    foregoing.

   

  8.           CREDITS TO ACCOUNT

   

  8.1.        Payment. Custodian may as a matter of bookkeeping convenience or by separate agreement with a Fund, credit that Fund’s Account with the proceeds from the
    sale, redemption or other disposition of Securities or interest or dividends or other distributions payable on Securities prior to its actual receipt of final payment; therefore, all such credits shall be conditional until the Custodian’s actual
    receipt of final payment and may be reversed by

   

  Custodian to the extent that final payment is not received. Payment with respect to a transaction will not be final until Custodian receives immediately available funds under
    which applicable local law, rule and/or practice are irreversible and not subject to any security interest, levy or other encumbrance, and which are specifically applicable to such transaction. The Funds acknowledge and agree that any currency risk
    associated with such credits will be born by the applicable Fund.

   

  8.2.        Emerging Market Settlement Dates. Notwithstanding the foregoing Paragraph 8.1, each Fund understands and agrees that settlement of Securities transactions
    is available only on settlement date basis in certain Emerging Markets, which are identified in Appendix A, as amended from time to time.

   

  8.2.1.    Cash Deposits. For Emerging Markets with restricted settlement conditions, cash of any currency deposited or delivered to the Account shall be available for
    use by a Fund or Investment Manager only on the business day on which actual receipt of final payment and funds of good value are available to Sub-Custodian in the Account

   

  8.2.2.     Securities. For Emerging Markets with restricted settlement conditions, Securities deposited or delivered to the Account shall be available for use by the
    applicable Fund or Investment Manager only on the business day on which such Securities are held in the nominee name or are otherwise subject to the control of and in a form for good delivery by, the Sub-Custodian.

   

  9.           OVERDRAFT AND INDEBTEDNESS

   

  9.1.        Advance Funds. If Custodian advances funds to or for the benefit of Account in connection with the settlement of securities or currency transactions or
    other activity in the Account including overdrafts or other indebtedness incurred in connection with the settlement of securities transactions, maturity or income payments or funds transfers, the applicable Fund agrees to reimburse Custodian on demand
    the amount of the advance or overdraft and all related fees as established in Custodian’s published fee schedule. A Fund will bear the risk from any currency valuation differences associated with that Fund’s reimbursement obligations to Custodian.
    Custodian shall also have the right to utilize any cash in the Account in order to obtain reimbursement hereunder and to setoff Custodian’s obligations with respect to any deposits or credit balances in the Account against any obligation of the
    applicable Fund hereunder.

   

  

  
     

    
      
 

  

   

  9.2.       Repayment. To the extent permissible by applicable law, in order to secure repayment of Account’s obligations to
    Custodian hereunder, each Fund hereby pledges and grants to Custodian a continuing lien and security interest in, and right of set-off against, all of its Account’s right, title and interest in and to (i) all Accounts in that Fund’s name and the
    Securities, money and other property now or hereafter held in such Accounts (including proceeds thereof); and (ii) each of its Accounts in respect of which or for whose benefit the advance or overdraft relates and the Securities, money and other
    property now or hereafter held in such Accounts, including proceeds thereof. In this regard, Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable laws, rules or regulations as then in effect.
    Each Fund authorizes the Custodian, in the Custodian’s sole discretion, at any time to charge any overdraft or indebtedness, together with interest due thereon, against any balance of account standing to the credit of that Fund on the Custodian’s
    books. In addition, the Custodian shall be entitled to utilize available cash and to dispose of such Fund’s Securities to the extent necessary to obtain reimbursement.

   

  10.         CORPORATE ACTIONS PROXIES AND LITERATURE

   

  10.1.      Corporate Actions. Custodian shall notify Manager of the receipt of notices of redemptions, conversions, exchanges, calls, puts, subscription rights, and
    scrip certificates (“Corporate Action(s)”). Custodian need not monitor financial publications for notices of Corporate Actions and shall not be obligated to take any action unless actual notice has been received by Custodian at the offices of its
    Domestic Sub-Custodian. Custodian’s sole responsibility in this regard shall be to give such notices to a Fund or Manager, as the case may be, within a reasonable time after Custodian receives them. Custodian has no responsibility to respond or
    otherwise act with respect to any such notice unless and until Custodian has received timely and appropriate instructions from the applicable Fund or Manager. Each Fund is responsible to ensure all required documentation and funds are available to
    Custodian and its agents as required under the terms of the offer or by legal jurisdiction in order for Custodian and its agent to take action on behalf of its Account.

   

  10.2.     Proxies. Custodian shall promptly forward all proxies and accompanying material actually received by Custodian’s Domestic Sub-Custodian that are issued by any
    company whose securities are held in an Account to the applicable Fund, as directed. The Funds acknowledge that proxy services are limited in foreign markets and Custodian’s sole responsibility with respect to such proxy materials will be to forward
    promptly the proxy and accompanying material received by Custodian’s Domestic Sub-Custodian to the applicable Fund or Manager. Custodian shall have no duty to translate or retain any material received unless required to do so by law.

   

  10.3.     Corporate Literature. Custodian shall have no duty to forward or to retain any other corporate material received by Custodian for an Account unless required
    to do so by law. Custodian shall have no duty to translate or retain any material received from its Global Sub-Agent Network unless required to do so by law.

  
     

    
      
 

  

   

  10.4.     Disclosure to Issuers of Securities. Each Fund agrees that unless it directs Custodian in writing to the contrary, the Custodian or its Domestic Sub-Custodian
    or its Sub-Agents may disclose the name and address of the party with the authority to vote the proxies of the Securities held in its Account as well as the number of shares held, to any issuer of said Securities or its agents upon the written request
    of such issuer or agent in conformity with the provisions of the applicable law. Each Fund acknowledges that Custodian or its Domestic Sub-Custodian or its Sub-Agents may be required under jurisdictional law to disclose to issuers beneficial owner
    information regardless of that Fund’s instructions otherwise.

   

  11.        INSTRUCTIONS

   

  11.1.      Written. All instructions from a Fund or Manager with respect to its Accounts must be from an authorized person and, except those instructions described in
    Paragraph 7, shall be in writing, and shall continue in force until changed by subsequent instructions. For purposes of this Paragraph 11, an authorized person means any of the persons duly authorized by the Board to give instructions on behalf
    of a Fund, as applicable, as set forth in a certificate along with any limitations on such Persons’ scope of authority, such certificate to be executed by the Secretary or Assistant Secretary of the Fund, as the same may be revised from time to time.
    Pending receipt of written authority, Custodian may in its discretion at any time accept oral, faxed, wired and electronically transmitted instructions from a Fund or Manager provided Custodian believes in good faith that the instructions are genuine.
    If oral instructions are received, the Fund or Manager, as the case may be, shall promptly confirm such instructions in writing or by facsimile or other means permitted hereunder. A Fund will hold Custodian harmless for the failure of that Fund or
    Manager to send confirmation in writing, the failure of such confirmation to conform to the telephone instructions received or Custodian’s failure to produce such confirmation at any subsequent time. Only those individuals as may be designated by a
    Fund or Manager from time to time are authorized to give instructions as described In this Agreement.

   

  11.2.      Reliance on Instructions. Except as otherwise provided herein, all instructions shall be in writing, and shall continue
    in force until changed by subsequent instructions. Pending receipt of written authority, Custodian may in its discretion at any time accept oral, wired or electronically transmitted instructions from a Fund or Manager provided Custodian believes in
    good faith that the Instructions are genuine. Further, Custodian may in good faith assume that any written or oral instructions received hereunder are consistent with the provisions of organizational documents of a Fund or of any vote, resolution or
    proceeding of a Fund’s board of directors, unless and until Custodian receives written instructions to the contrary.

   

   12.         RIGHT TO RECEIVE ADVICE 

   

   12.1.     Advice of a Fund. If Custodian is in doubt as to any action it should or should not take under this Agreement, Custodian may request
    directions or advice, including oral instructions or written instructions, from a Fund.

   

  12.2.     Advice of Counsel. If Custodian shall be in doubt as to any question of law pertaining to any action it should or should not take, Custodian may request
    advice from counsel of its own choosing (who may be counsel for the Custodian, at the option of Custodian). The applicable Fund(s) shall pay the reasonable cost of any counsel retained by Custodian with prior notice to such Fund(s).

   

  

  
     

    
      
 

  

   

  12.3.     Conflicting Advice. In the event of a conflict between directions or advice or oral instructions or written instructions Custodian receives from a Fund, and
    the reasonable advice it receives from counsel, Custodian shall be entitled to rely upon and follow the reasonable advice of counsel.

   

  12.4.      Protection of Custodian. Subject to Paragraph 16.1, Custodian shall be indemnified by a Fund and without liability for
    any action Custodian takes or does not take in reliance upon directions or advice or oral instructions or written instructions Custodian receives from or on behalf of that Fund, or from counsel and which Custodian believes, in good faith, to be
    consistent with those directions or advice or oral instructions or written instructions. Nothing in this paragraph shall be construed so as to impose an obligation upon Custodian (i) to seek such directions or advice or oral instructions or written
    instructions, or (ii) to act in accordance with such directions or advice or oral instructions or written instructions.

   

  13.         ACCOUNTING AND REPORTING

   

  13.1.      Cost and Nominal Value. Each Fund agrees to furnish Custodian with the income tax cost basis and dates of acquisition
    of all Securities held in its Account to be carried on its records. If a Fund does not furnish such information, Custodian shall carry the Securities at any such nominal value it determines, such value to be for bookkeeping purposes only. All
    statements and reporting of any matters requiring this information will use this nominal value. Custodian shall have no duty to verify the accuracy of the cost basis and dates of acquisition furnished by a Fund. Securities purchased in the Account
    shall be carried at cost.

   

  13.2.      Valuations. To the extent that Custodian has agreed to provide pricing or other information services, Custodian is authorized to utilize any vendor
    (including brokers and dealers of Securities and pricing services embedded in Custodian’s securities processing or accounting systems) reasonably believed by Custodian to be reliable to provide such information. The Funds understand that certain
    pricing information with respect to complex financial instruments including, without limitation, derivatives may be based on calculated amounts rather than actual market transactions and may not reflect actual market values, and that the variance
    between such calculated amounts and actual market values may or may not be material. Where pricing vendors used by Custodian do not provide information for Securities, a Fund or authorized party may advise Custodian regarding the fair market value of,
    or provide other information with respect to, such held Securities. If the Fund or Manager does not provide such information, Custodian shall use the cost or nominal value for such Securities, solely for administrative convenience. Custodian shall not
    be liable for any loss, damage or expense incurred as a result of errors or omissions with respect to any pricing or other information utilized by Custodian hereunder and shall have no responsibility or duty to ascertain or authenticate the value of
    pricing applied to any such Security.

   

  13.3.      Activity Reports. Custodian shall provide access to the Funds end Manager and other persons authorized by a Fund or
    Manager to access advices of securities transactions and other information regarding the Account by means of Custodian’s online system.

  
     

    
      
 

  

   

  13.4.     Statements. Custodian shall provide the Funds and Manager with the applicable Account statements and other reports periodically via paper delivery or
    electronically by means of the Custodian’s online service or as otherwise as agreed to by the applicable Fund and Custodian showing all Income and principal transactions and cash positions, and a list of property. A Fund may approve or disapprove any
    such statement within thirty (30) days of its receipt, and, if no written objections are received within the thirty (30) day period, such statement of its Account shall be deemed approved.

   

  Each Fund acknowledges and agrees that if Custodian’s online service is selected, paper statements will be provided only upon request and that the Custodian’s online
    statements, trade confirms and related online communications satisfy all of Custodian’s existing legal and contractual obligations to provide statements, reports and confirmations with respect to the account. Printed trade confirmations for trades
    effected by the Custodian will be available upon request and at no additional cost. A Fund or Manager may request printed trade confirmations for other securities transactions from the broker through which they direct such trades.

   

  14.         USE OF OTHER BANK SERVICES

   

  14.1.      Mutual Fund Investments. A Fund or Manager may direct Custodian to utilize for the Account any mutual fund available in the market as permitted by law. These
    investment directions may include, but are not limited to, money market mutual funds or long equity and fixed income mutual funds. Such funds may be sub-advised by an affiliate or subsidiary of Custodian and/or for which Custodian may also act as the
    mutual fund’s custodian and/or provide other services for the mutual fund. A Fund or Manager shall designate the particular mutual fund that the Fund or Manager deems appropriate for the applicable Account. Each Fund hereby acknowledges that Custodian
    or its affiliate or subsidiary will receive fees for such services which are in addition to those fees charged by Custodian as agent for a Fund’s custody

  Account.

   

  14.2.      Foreign Exchange. Custodian makes available to a Fund foreign exchange services directly with Custodian or through
    Custodian’s Domestic Sub-Custodian to convert currencies in conjunction with transactions in that Fund’s Account under direction provided in Appendix B, as amended from time to time. Each Fund acknowledges that Custodian is the counterparty with
    respect to foreign exchange transactions provided under the Standing Instructions Defined Spread Service (Defined Spread Service) with Custodian’s Domestic Sub-Custodian and are subject to Paragraph 9 of this Agreement

   

  14.2.1.  Standing Instructions Defined Spread Service. Foreign currency exchanges offered under the Defined Spread Service are directed to Custodian’s Domestic
    Sub-Custodian or, for markets with currency restrictions, to the local market Sub-Agent. Both services may be amended from time to time.

   

  14.2.2.  Direct with Custodian’s Global Capital Markets. A Fund may elect to have foreign currency exchanges provided under separate agreement with Custodian’s Global
    Capital Markets and performed in accordance with Custodian’s Foreign Exchange Agreement.

  
     

    
      
 

  

   

  Each Fund acknowledges that (i) it or Manager is not obligated to effect foreign currency exchange with Custodian or Custodian’s Domestic Sub-Custodian, (ii) Custodian will
    make available the relevant data so that it or Manager, as the case may be, can Independently monitor foreign exchange activities, and (iii) Custodian will receive benefits for such foreign currency transactions as defined in Section 14.2.2 which are
    in addition to the compensation which Custodian receives for administering the Account.

   

  14.3.      Interest Bearing Deposits. A Fund or Manager may direct that assets of the applicable Account be invested in deposits with Custodian or
    Domestic Sub-Custodian as a sweep vehicle or other deposit held in Custodian’s nominee name for the benefit of Its clients. Such deposits are covered by FDIC insurance up to the designated value in effect for each beneficial owner.

   

  14.4.     Other Transaction Services. A Fund or Manager may direct Custodian to utilize for the applicable Account other services or facilities provided by Custodian,
    its subsidiaries or affiliates. Such services may include, but are not be limited to the placing of orders for the purchase or sale of units or shares of any registered investment company, including such registered investment company to which
    Custodian, MUFG Americas Holdings Corporation, or their subsidiaries or affiliates, manage, provide investment advice, act as custodian or provide other services.

   

  14.5.     Credit Facilities. Custodian may, in accordance with its commercial lending practices, enter into a credit facility with a Fund for use with the operation of
    the applicable Account. Such credit facility will be agreed to under separate agreement and subject to the terms and conditions, therein. The Funds acknowledge that any such credit facility is subject to the lien provisions of Paragraph 9.2 of this
    Agreement.

   

  15.         CUSTODIAN’S RESPONSIBILITIES AND LIABILITIES

   

  15.1.     Standard of Care. In performing the responsibilities delegated to it under this Agreement, the Custodian agrees to exercise reasonable care and shall not be
    liable for any damages arising out of the Custodian’s performance of or failure to perform its duties under this Agreement except to the extent that damages arise directly out of the Custodian’s willful misfeasance, negligence or otherwise from a
    material breach of the Custodian’s standard of care under this Agreement.

   

  15.2.     Investment Authority. The parties intend that Custodian shall not be considered a fiduciary of the Account.

   

  15.3.      Insurance and Force Majeure. Without limiting the generality of Paragraph 15.1 or of any other provision of this
    Agreement, the Custodian shall not be liable so long as and to the extent that it exercises reasonable care, for any defect in the title, validity or genuineness of any Security or in the evidence of title thereto received by it or delivered by it
    pursuant to this Agreement. In addition, Custodian (i) shall not be required to maintain any special insurance for the benefit of a Fund, and (ii) except as may arise from Custodian’s or its affiliates own willful misfeasance, negligence or otherwise
    from a material breach of Custodian’s standard of care under this Agreement, shall not be liable or responsible for any loss, damage, expense, failure to perform or delay caused by accidents, strikes, fire, flood, war, riot, electrical or mechanical or
    communication line or facility failures, acts of third parties (including without limitation any messenger, telephone or delivery service), acts of God, war, government action, civil commotion, fire, earthquake, or other casualty or disaster or any
    other cause or causes which are beyond Custodian’s reasonable control. However, Custodian shall use reasonable efforts to replace Securities lost or damaged due to such causes with securities of the same class and issue with all rights and privileges
    pertaining thereto. Custodian shall not be liable to a Fund for any loss as the result of a Sub-Custodian to the same extent that the Custodian would be liable under this Agreement.

   

  

  
     

    
      
 

  

   

  15.4.      Legal Proceedings

   

  15.4.1.  Custodian shall not be required to appear in or defend any legal proceedings with respect to the Account or the Securities unless Custodian has been
    indemnified to its reasonable satisfaction against loss and expense (including reasonable attorneys’ fees).

   

  15.4.2.  With respect to legal proceedings, Custodian may consult with counsel acceptable to it after written notification to a Fund concerning its duties and
    responsibilities under this Agreement, and shall not be liable for any action taken or not taken in good faith on the advice of such counsel.

   

  15.4.3.  To the extent permissible by law or regulation and upon a Fund request, that Fund shall be subrogated to the rights of the Custodian with respect to any claim
    for any loss, damage or claim suffered by that Fund, in each case to the extent that the Custodian falls to pursue any such claim or that Fund is not made whole in respect of such loss, damage or claim.

   

  16.         INDEMNITIES AND LIMITATION OF LIABILITY

   

  16.1.      In addition to the indemnification provisions contained in this Agreement, each Fund agrees to indemnify, defend and
    hold harmless Custodian and its affiliates providing services under this Agreement, including their respective officers, directors, agents and employees from all taxes, charges, expenses, assessments, claims and liabilities including, without
    limitation, reasonable attorneys’ fees and disbursements and liabilities (“Claims”) arising directly or indirectly from any action or omission to act which Custodian takes in connection with the provision of services to that Fund. Neither Custodian,
    nor any of its affiliates, shall be indemnified against any liability (or any expenses incident to such liability) caused by Custodian’s or its affiliates’ or any sub-contractor’s own willful misfeasance, negligence or reckless disregard in the
    performance of Custodian’s or its affiliates’ or any sub-contractors activities under this Agreement. The provisions of this Paragraph 16 shall survive termination of this Agreement.

   

  16.2.     In all cases, Custodian’s liability under this Agreement shall be limited to the resulting direct loss, if any, incurred by a Fund. Under no circumstances
    shall Custodian be liable for any incidental, consequential, indirect, punitive, or special damage which a Fund may incur or suffer in connection with this Agreement.

  
     

    
      
 

  

  17.         COMPENSATION AND OTHER CHARGES

   

  17.1.      Compensation. The Funds shall pay Custodian compensation for its services hereunder as specified in Appendix C and as amended from time to time. Fees for a
    Fund shall accrue and be taken in arrears as specified on the active fee schedule and charged to the Account unless that Fund has requested that it be billed directly. However, any fees not paid within sixty (60) days of billing will be charged to the
    Account.

   

  17.2.      Expenses. A Fund shall reimburse Custodian by debiting its Account for all reasonable out-of-pocket expenses and processing costs
    incurred by Custodian and Global Sub-Custodian Network in the administration of the Account including, without limitation, reasonable counsel fees Incurred by Custodian pursuant to Subparagraph 12.2 of this Agreement.

   

   18.         AMENDMENT AND TERMINATION 

   

   18.1.     Amendment. This Agreement may be amended at any time by a written instrument signed by the parties or by Custodian immediately if required
    by applicable law or upon thirty (30) days written notice to the Funds.

   

  18.2.     Termination. Custodian may terminate this Agreement immediately if Custodian, in its sole discretion, determines that (i) a Fund failed to strictly comply
    with any material provision of this Agreement; or (ii) any representation, warranty or covenant of the other party in this Agreement is false. Any such termination shall not constitute a waiver of any other rights that the Custodian may have under this
    Agreement

   

  In addition, either party may terminate this Agreement and the Account upon sixty (60) days’ written notice. Upon such termination, Custodian shall deliver or cause to be
    delivered the Securities, less any amounts due and owing to Custodian under this Agreement to a successor custodian designated by the Funds or, if a successor custodian has not accepted an appointment by the effective date of termination of an Account,
    to the applicable Fund. Upon completion of such delivery Custodian shall be discharged of any further liability or responsibility with respect to the Securities so delivered. In the event that Securities or other properties remain in the possession of
    the Custodian after the date of termination hereof owing to failure of a Fund to provide proper instructions, the Custodian shall be entitled to fair compensation for its services during such period to that Fund as the Custodian retains possession of
    such securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect. In the event that no proper instructions designating a successor custodian
    or alternative arrangements shall have been delivered to the Custodian on or before the date when such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company, which is a “bank” as defined in
    the Act of its own selection, having an aggregate capital, surplus, and undivided profits, as shown by its last published report, of not less than $25,000,000, all Securities held by the Custodian on behalf of a Fund and all instruments held by the
    Custodian relative thereto held by it under this Agreement on behalf of a Fund, and to transfer to an account of such successor custodian all of the Securities held in an Account. Thereafter, such bank or trust company shall be the successor of the
    Custodian under this Agreement All expenses associated with the transfer of custody hereunder upon termination hereof shall be borne by the applicable Fund (except as may be specifically agreed in writing by the parties in relation to special
    arrangements).

   

  

  
     

    
      
 

  

   

  19.       SUCCESSORS

   

  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors in interest. This Agreement may not be assigned by either party, nor
    may the duties of either party hereunder be delegated, without the prior written consent of the other party.

   

  20.       GOVERNING LAW

   

  The validity, construction, and administration of this Agreement shall be governed by the applicable laws of the United States from time to time in force and effect and, to
    the extent not preempted by such laws of the United States, by the laws of the State of California from time to time in force and effect. Any action or proceeding to enforce, interpret or adjudicate the rights and responsibilities of the parties
    hereunder shall be commenced in the State or Federal courts located in the State of California.

   

  21.       NOTICES

   

  Except as otherwise specified herein, all notices, requests, demands and other communications under this Agreement shall be signed and in writing and shall be deemed as having
    been duly given on the date of service, if served personally on the party to whom notice is to be given, or on the fifth (5) day after mailing, if mailed to the party to whom notice is to be given and properly addressed as follows:

   

  

  	To the Funds:	Venture Lending & Leasing	* Updated per 4/28/21 LOI 
	 	104 La Mesa drive, Suite 102	/s/ Kevin Bruni
	 	Portola Valley, CA 94028	Date: 2021.04.28
	 	Attn: Judy Bornstein*	 
	 	Facsimile: 650 234-4343	 
	 	Email: judy@westerntech.com*	 
	 	 	 
	To Custodian:	MUFG Union Bank, N.A.	 
	 	350 California Street, Suite 2018	 
	 	San Francisco, CA 94104	 
	 	Attn: Margaret Bond, Vice President	 
	 	Facsimile: (877) 823-3601	 
	 	Email:  ITCS Funds 1@unionbank.com or margaret.bond@unionbank.com

   

  This agreement and any amendment, notice or other document required to be signed and in writing under this Agreement may be delivered by personal service or U.S. first class
    mail postage prepaid or via fax, email with an imaged or scanned attachment (such as a PDF), or similar electronic transmission with electronic signature through Custodian’s online secure messaging service pursuant to security protocols established and
    agreed by the parties, unless otherwise specified herein. Signatures delivered via fax, email, or similar electronic transmission shall be effective as original signatures in binding the parties and shall be effective upon receipt.

   

  

  
     

    
      
 

  

   

  Periodic communications related to foreign currencies and global market updates will be available to authorized parties through Custodian’s secure messaging service.

   

  22.       CONFIDENTIALITY

   

  All non-public information and advice furnished by either party to the other shall be treated as confidential and will not be disclosed to third parties unless required by
    law, except (a) each Fund and Manager may disclosure any information to any governmental regulatory or (b) Custodian may disclose (i) the identity of a Fund as a client or client reference of Custodian; (ii) any information to any government regulator
    of Custodian or its affiliated entities, as requested or required by such governmental regulator; and (iii) any information to Custodian’s affiliated entities and product and service providers to the extent necessary to provide the financial products
    and services under this Agreement.

   

  23.       EFFECTIVE DATE

   

  This Agreement shall be effective as of the date appearing below, and shall supersede any prior or existing agreements between the parties pertaining to the subject matter
    hereof.

   

  24.       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.
    This Agreement and all exhibits, appendices, attachments and amendments hereto may be reproduced by any reasonable means. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or
    administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall
    likewise be admissible in evidence.

   

  25.       MISCELLANEOUS

   

  Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement embodies the entire
    agreement and understanding between the parties and supersedes all prior agreements and understandings relating to the subject matter hereof. The captions in this Agreement are included for convenience of reference only and in no way define or delimit
    any of the provisions hereof or otherwise affect their construction or effect.

  
     

    
      
 

  

  

  

  

  	 	 	 	 	 
	BY FUND: Venture Lending & Leasing III, LLC	 	ACCEPTED: MUFG Union Bank, N.A.
	 	 	 	 	 
	By:	/s/Maurice Werdegar	 	By:	/s/Brian Davies
	Name:	Maurice Werdegar	 	Name:	Brian Davies
	Title:	President and CEO	 	Title:	Vice President
	Date:	 	 	Date:	07/28/15
	 	 	 	 	 
	By:	/s/Martin Eng	 	By:	/s/Magaret Bond
	Name:	Martin Eng	 	Name:	Margaret Bond
	Title:	CFO	 	Title:	Director
	Date:	July 27, 2015	 	Date:	07/28/15
	 	 	 	 	 
	BY FUND: Venture Lending & Leasing IV, LLC	 	BY FUND: Venture Lending & Leasing V, LLC
	By:	/s/Maurice Werdegar	 	By:	/s/Maurice Werdegar
	Name:	Maurice Werdegar	 	Name:	Maurice Werdegar
	Title:	President and CEO	 	Title:	President and CEO
	Date:	July 27, 2015	 	Date:	July
	 	 	 	 	 
	By:	/s/Martin Eng	 	By:	/s/Martin Eng
	Name:	Martin Eng	 	Name:	Martin Eng
	Title:	CFO	 	Title:	CFO
	Date:	July 27, 2015	 	Date:	July 27, 2015
	 	 	 	 	 
	BY FUND: Venture Lending & Leasing VI, LLC	 	BY FUND: Venture Lending & Leasing VI, Inc.
	By:	/s/Maurice Werdegar	 	By:	/s/Maurice Werdegar
	Name:	Maurice Werdegar	 	Name:	Maurice Werdegar
	Title:	President and CEO	 	Title:	President and CEO
	Date:	 	 	Date:	 
	 	 	 	 	 
	By:	/s/Martin Eng	 	By:	/s/Martin Eng
	Name:	Martin Eng	 	Name:	Martin Eng
	Title:	CFO	 	Title:	CFO
	Date:	July 27, 2015	 	Date:	July 27, 2015

   

  

  
     

    
      
 

  

  

  	 	 	 	 	 
	BY FUND: Venture Lending & Leasing VII, LLC	 	BY FUND: Venture Lending & Leasing VII, Inc.
	By:	/s/Maurice Werdegar	 	By:	/s/Maurice Werdegar
	Name:	Maurice Werdegar	 	Name:	Maurice Werdegar
	Title:	President and CEO	 	Title:	President and CEO
	Date:	July 27, 2015	 	Date:	July 27, 2015
	By:	/s/ Martin Eng	 	By:	/s/ Martin Eng
	Name:	Martin Eng	 	Name:	Martin Eng
	Title:	CFO	 	Title:	CFO
	Date:	July 27, 2015	 	Date:	July 27, 2015
	 	 	 	 	 
	BY FUND: Venture Lending & Leasing VIII, LLC	 	BY FUND: Venture Lending & Leasing VIII, Inc.
	By:	/s/Maurice Werdegar	 	By:	/s/Maurice Werdegar
	Name:	Maurice Werdegar	 	Name:	Maurice Werdegar
	Title:	President and CEO	 	Title:	President and CEO
	Date:	July 27, 2015	 	Date:	July 27, 2015
	 	 	 	 	 
	By:	/s/Martin Eng	 	By:	/s/Martin Eng
	Name:	Martin Eng	 	Name:	Martin Eng
	Title:	CFO	 	Title:	CFO
	Date:	July 27, 2015	 	Date:	July 27, 2015

   

  

  
     

    
      
 

  

   

  SCHEDULE I

   

  TO THE CUSTODIAN AGREEMENT BETWEEN

   

  VENTURE LENDING AND LEASING, INC.

  

  AND US BANK NATIONAL ASSOCIATION

   

  Name of Fund

   

  Venture Lending and Leasing IV, LLC

  Venture Lending and Leasing V, Inc.

  

  Venture Lending and Leasing VI LLC

  Venture Lending and Leasing VII, LLC

  

  Venture Lending and Leasing VII Inc Collection

  

  Venture Lending and Leasing VIII LLC

  Venture Lending and Leasing VIII Inc

  

  Venture Lending and Leasing VIII Inc Collection

  

  Venture Lending and Leasing IX Inc

  Venture Lending and Leasing IX LLC

  

  Venture Lending and Leasing IX Inc Collection

  

  Venture Lending and Leasing VI Holdings Inc

  Venture Lending and Leasing VII Holdings Inc

  

  Venture Lending and Leasing IX Holdings Inc

  

  Venture Lending and Leasing VIII Holdings Inc

  

  WTI Fund X, Inc.

   

  By: Western Technology Investment, “Principal”

   

  

  	Authorized Signature:	/s/ Judy Bornstein	 

  

  	Name & Title: 	Judy Bornstein, CFO	 

  

  	Date:	4/26/21	 

  

   

  By: US Bank National Association, "Custodian"

   

  	Authorized Signature:	/s/ Brian Swanson	 
	 	Attorney in Fact	 
	Name & Title:	Brian Swanson, Vice President	 
	Date:	April 25, 2021EX-10.1

 Exhibit 10.1 
  

 
 April 19, 2021 

Jennifer Wheler MD 
  

	Re:	 Employment Agreement 

 

	Dear	 Jennifer: 

We are very excited about the prospect of your joining Codiak BioSciences (“Codiak”)! It is a great time to be joining the Codiak team. This letter
agreement (the “Agreement”) is made as of April 19, 2021 between Codiak BioSciences, Inc., a Delaware corporation (“Codiak” or the “Company”), and Jennifer Wheler MD (the
“Executive”) (together, the “parties”) and is effective as of May 10, 2021. 
 1. Position and
Duties. The Executive shall serve as the Chief Medical Officer of the Company and shall have such duties and responsibilities as may from time to time be prescribed by the Chief Executive Officer of the Company (the “CEO”) and
the Company’s Board of Directors (including any committees thereof, the “Board”). The Executive shall devote the Executive’s full working time and efforts to the business and affairs of the Company. Except as set forth on
Exhibit A, the Executive may not serve on other boards of directors or engage in outside business activities without the prior written consent of the Board, but the Executive may engage in religious, charitable or other community activities
as long as such services and activities are disclosed to the Board in advance and do not interfere with the Executive’s performance of the Executive’s duties to the Company. 

2. Compensation and Related Matters. 

(a) Base Salary. The Executive’s base salary will be paid at the rate of $450,000 per year and will be paid in accordance with the
Company’s standard payroll practices. The Executive’s base salary may be reviewed and adjusted by the Board. The base salary in effect at any given time is referred to herein as “Base Salary.” 

(b) Bonus. The Executive will be eligible to participate in the Executive Cash Bonus Plan in effect from time to time (“Bonus
Plan”). The Executive’s initial target annual cash incentive compensation will be 40 percent of the Executive’s Base Salary. The terms and conditions of the Executive’s bonus compensation, if any, shall be subject to the
terms of the Bonus Plan (as the Plan is amended or altered by the Board in its discretion from time to time). 
 (c) Expenses. The
Executive shall be entitled to reimbursement for all reasonable and documented business expenses incurred by the Executive in performing services hereunder, subject to Codiak’s applicable policies and procedures. 

(d) Other Benefits. The Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit
plans in effect from time to time, subject to the terms of such plans. To avoid doubt, Codiak may alter the terms of, or eliminate, its employee benefit plans in its discretion. 

 

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 
  

1 

 (e) Equity Compensation. The Executive shall be eligible to participate in the
Company’s equity incentive program, subject to approval by the Company’s Board. The Executive’s eligibility for and other rights with respect to any granted equity awards will be governed by the Equity Documents. We will recommend to
the Board that the Executive be granted stock options to purchase 100,000 shares of Codiak’s common stock. If the option is granted, the shares subject to the foregoing option will vest over a 4-year
period from the start date of employment, with the first 25% vesting on the first anniversary of the start date of employment and the remaining shares vesting in equal quarterly installments over the three years thereafter, subject to the
Executive’s continued employment with Codiak on each applicable vesting date. 
 The options described in this Section (both time-based
and performance based) are referred to as the “Options.” The exercise price for each share of Common Stock subject to the foregoing Options will be equal to the fair market value per share of the Common Stock on the date of grant of such
options, as determined by the Board. To the extent this letter conflicts with the Equity Documents, the Equity Documents shall control. 

(f) Vacation. The Executive shall be entitled to vacation consistent with, and subject to, the Company’s vacation policy in effect
from time to time (the “Vacation Policy”), which Policy is subject to change by the Company. Currently, the Vacation Policy provides the Executive with 20 paid vacation days each year, subject to accrual conditions and the other
terms of the Policy. The Executive shall also be entitled to all Company paid holidays as designated by the Company from time to time. 
 3.
Termination. 
 (a) At-Will. The Executive’s employment hereunder is at-will and may be terminated by the Executive or the Company at any time and for any reason. Nothing herein constitutes a contract of employment for any specified duration or a guarantee of any level of benefits or
compensation in the future. 
 (b) Accrued Compensation. In connection with the termination of Executive’s employment for any
reason, the Company shall pay the Executive any Base Salary earned through the last day of the Executive’s employment with the Company (such date, the “Termination Date”), any unpaid and timely submitted expense reimbursements
(subject to Section 2(c)) and any unused vacation that accrued through the Termination Date (if the Company’s policy on the date of the Executive’s termination provides for accrual of vacation), in each case on or before the time
required by law. 
 (c) Severance. Under certain circumstances, the Executive may be eligible for severance compensation as set forth
in, and subject to, the Company’s Severance Plan for Executive Officers , which is attached hereto as Exhibit B (the “Severance Plan”). By signing this Agreement, you are agreeing to the terms and conditions of the
Severance Plan. 
 (d) Notice of Termination. Except for termination by reason of death, any termination of the Executive’s
employment by the Company or any such termination by the Executive shall be communicated by written notice of termination to the other party. 

(e) Automatic Resignation of Other Positions. The termination of Executive’s employment with the Company for any reason shall
automatically be deemed a resignation by the Executive of any other position held by the Executive with the Company or any affiliate of the Company, whether as an officer, director, fiduciary or otherwise. 

 

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 
  

2 

 4. Continuing Obligations. 

(a) Employee Confidentiality, Assignment and Nonsolicitation Agreement. Executive understands that this Agreement is contingent
upon Executive executing and returning the Employee Confidentiality, Assignment and Nonsolicitation Agreement attached hereto as Exhibit C and complying with the obligations contained therein. 

(b) Litigation and Regulatory Cooperation. During and after the Executive’s employment with the Company, the Executive shall
cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or that may be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while the
Executive was employed by the Company. Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness
on behalf of the Company at mutually convenient times. During and after the Executive’s employment with the Company, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state,
or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. 

5. Integration; Absence of Reliance. This Agreement (including any documents referenced herein) constitute the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior agreements, communications and understandings between the parties concerning such subject matter. In signing this Agreement, the Executive acknowledges and agrees that the
Executive is not relying upon any promise, communication or representation made by anyone at or on behalf of the Company with respect to the subject matter herein, except as expressly contained in this Agreement. 

6. Amendment; No Waiver. This Agreement may be amended or modified only in writing signed by the Executive and the Chairperson of the
Board. No waiver of the Company’s rights hereunder shall be effective unless made in writing and signed by an authorized officer of the Company. The failure of the Company to require the performance of any term or obligation of this Agreement,
or the waiver by the Company of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

7. Governing Law; Jurisdiction. Except as otherwise expressly provided in the Equity Documents or the Severance Plan: (i) this
Agreement, and any disputes arising out of or in any way related to the Executive’s employment with the Company or separation from employment (collectively, “Disputes”), shall be construed under and be governed in all respects
by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles thereof; (ii) the parties hereby agree that the state and federal courts of Massachusetts shall be the exclusive jurisdiction and
exclusive venue for any such Dispute, and hereby submit to such jurisdiction and venue; (iii) the parties hereby waive any right to a jury trial with respect to any such Dispute. 

8. Successors. This Agreement shall be binding upon and inure to the benefit of the Executive and the Company and its successors and
assigns, provided however that Executive shall have no right to assign this Agreement or delegate Executive’s obligations hereunder. 

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 
  

3 

 9. Taxes. All payments made by the Company to the Executive under this Agreement
shall be net of any tax or other amounts required to be withheld by the Company under applicable law. 
 10. Survival. The provisions
of this Agreement shall survive the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein. 

11. Prior Employment. In making this offer, the Company understands, and in accepting it Executive represents, that Executive is not
under any obligation to any prior employer or any other person or entity which would prevent, limit, or impair in any way the performance of Executive’s duties as an employee of the Company. 

This offer is subject to satisfactory background and reference checks, as determined by the Company in its sole discretion. As with all
employees, our offer to you is also contingent on your submission of satisfactory proof of your identity and your legal authorization to work in the United States. 

Thank you for going through this process with us. Please notify us of your decision no later than XXX. If you are accepting employment as
described herein, please sign where indicated below and return the fully signed Agreement by that date. I look forward to seeing you at Codiak! 
  

	
	Codiak BioSciences, Inc.
	
	 /s/ Douglas E. Williams

	By: Douglas E. Williams, Ph.D.
	Its: Chief Executive Officer and President
	
	EXECUTIVE
	
	 /s/ Jennifer Wheler

	Jennifer Wheler

  
 Codiak BioSciences, Inc. – 35
Cambridge Park Drive, Suite 500, Cambridge, MA 02140 
 www.codiakbio.com 
  

4

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