Document:

Document

                                                                                                                 Exhibit 10.1

FORM OF INDEMNITY AND ESCROW AGREEMENT 
This INDEMNITY AND ESCROW AGREEMENT (this “Agreement”), dated as of ___________ ___, 2022, is made and entered into by and among First Horizon Bank, a Tennessee banking corporation, in its capacity as escrow agent under this Agreement (the “Escrow Agent”), BancPlus Corporation, a Mississippi business corporation (“BancPlus”), First Trust Corporation, a Louisiana business corporation (“FTC”), and Joseph C. Canizaro, as representative of FTC shareholders (the “Representative”) after the merger described in the Purchase Agreement (as defined below).  Capitalized terms used but not otherwise defined herein have the meanings given them in the Purchase Agreement (as defined below).    
RECITALS
WHEREAS, FTC, BancPlus and the other signatories thereto have entered into an Agreement and Plan of Share Exchange and Merger, dated as of September 28, 2021 (the “Purchase Agreement”), providing for, among other things, a distribution of the FTC Accumulated Adjusted Account (“AAA”) to the shareholders of FTC, as described in, and pursuant to the terms and conditions of, the Purchase Agreement; and
WHEREAS, FTC received notice from the Internal Revenue Service (the “IRS”) dated October 5, 2021 that FTC’s Subchapter S election was terminated effective September 23, 2020 and FTC is working to restore such status retroactive to September 23, 2020; and
WHEREAS, classification of FTC as a C Corporation will result in FTC having a federal income tax liability and possible penalties and interest on earnings of FTC from September 23, 2020, until Closing, which tax liability, penalties and interest and associated costs on earnings would be assumed or incurred by BancPlus if the transactions subject to the Purchase Agreement are consummated and FTC’s Subchapter S classification is not restored retroactive to September 23, 2020; and
WHEREAS, FTC and BancPlus wish to proceed with Closing prior to retroactive reinstatement of the Subchapter S election on the condition that FTC agree to indemnify and hold harmless BancPlus for the taxes, penalties and interest that may be assumed or incurred by BancPlus in the event that FTC is unable to reinstate its Subchapter S status retroactive to September 23, 2020 and in support of such indemnity to establish an escrow to fund such potential tax liability; and
WHEREAS, the Closing will occur and calculations as of the Closing will be made assuming FTC’s S classification will be retroactively reinstated; and
WHEREAS, in the event the Subchapter S status is not restored retroactive to September 23, 2020, such escrowed funds shall be paid to BancPlus as provided herein, and in the event the Subchapter S status is restored retroactive to September 23, 2020, such escrowed funds shall be paid pro rata to the former shareholders of FTC as provided herein; and,  
WHEREAS, the parties believe it is in their respective best interests to enter into this Agreement in connection with the Purchase Agreement.
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, including the premises and mutual covenants contained herein and in the Purchase Agreement, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound hereby, the parties hereto undertake, promise, covenant and agree with each other as follows:

AGREEMENT
1.Definitions.  
(a)“Aggregate Cash Consideration” has the meaning of Section 1.5(a)(i) of the Purchase Agreement.
(b)“business day” means any day other than a Saturday, a Sunday or a day on which banks in Ridgeland, Mississippi, are closed as authorized by law or executive order.
(c)“Subchapter S Reinstatement” means with respect to FTC, the reinstatement as of September 23, 2020 of the FTC Subchapter S election.
(d)“Final Determination” means the earliest to occur of the date on which a final, non-appealable decision is issued by the IRS denying reinstatement of FTC’s Subchapter S election for the time period of September 23, 2020, through Closing and all allowable appeals requested by the parties to the action have been exhausted and the time for such appeals has expired or FTC’s Subchapter S election is reinstated retroactive to September 23, 2020.
(e)“Tax Equivalency Payment” means a payment to BancPlus in the amount of the federal, state, and local income tax liability, including penalties and interest, if any, that would be imposed on FTC and assumed by BancPlus based on the Final Determination as well as any costs or expenses associated with classification as, and administration of, a C Corp, including but not limited to the preparation of amended K-1s, preparation of C-Corp returns including 1099 statements, other administrative costs and expenses of filing corrected returns and verification of accounting entries, resolution of FTC shareholder issues and responses to the IRS required by Section 2(b) below, even if FTC’s Subchapter S classification is reinstated. 
2.Tax Indemnity.  
(a)The Tax Equivalency Payment, if any, will be paid out of the Escrow no later than 180 days following the occurrence of a Final Determination. If BancPlus and the Representative mutually determine that a Final Determination has occurred, BancPlus and the Representative shall mutually agree on the amount of the Tax Equivalency Payment, if any.  Such determination shall be binding absent manifest error.  In the event BancPlus and Representative cannot mutually agree on the amount of the Tax Equivalency Payment within 150 days of the Final Determination, either party shall have the right to refer such dispute after such 150 days to Crowe LLP, or if Crowe LLP is unable or unwilling to serve, to a nationally-recognized accounting or financial firm mutually agreed upon between BancPlus and Representative (such firm, or any successor thereto, being referred to herein as the “Firm”). Representative and his representatives will have reasonable access to all work papers and books and records of FTC used by BancPlus in its calculation of the Tax Equivalency Payment. Representative and his representatives may make inquiries of BancPlus and its employees, accountants and other representatives regarding their calculation of the Tax Equivalency Payment, and BancPlus will cause such applicable employees, accountants, and other representatives to cooperate with and respond to such reasonable inquiries. Upon reasonable notice and during normal business hours, the representatives of BancPlus will coordinate, arrange and schedule all communications among Representative and his representatives and BancPlus’ employees, accountants, and other representatives. In connection with the resolution of any such dispute by the Firm: (i) each of BancPlus and Representative shall have a reasonable opportunity to submit to the Firm a written statement of their views as to any disputed issues with respect to the calculation of any of the Tax Equivalency Payment, a copy of which shall also be delivered to the other party; (ii) the Firm shall determine the Tax Equivalency Payment in accordance with the terms of this Agreement based solely on written submissions delivered to 
2

the Firm pursuant to this clause within 30 days of such referral and, upon reaching such determination, shall deliver a copy of its calculations to Representative and BancPlus; and (iii) the determination made by the Firm of the Tax Equivalency Payment shall be final and binding on BancPlus and Representative for all purposes of this Agreement, absent manifest error or intentional misconduct.  Notwithstanding anything else contained herein, in calculating the Tax Equivalency Payment, (x) the Firm shall act as an expert and not as an arbitrator, (y) the Firm shall be limited to addressing the amount of the Tax Equivalency Payment and (z) such calculation shall be no greater than the highest amount calculated by Representative or BancPlus, as the case may be.  All fees and expenses of the Firm shall be paid out of the Escrow Amount as defined below.
(b)BancPlus and Representative shall endeavor to provide each other with prompt notice of any communications with the IRS regarding the status of the Subchapter S election of FTC and thereafter, each party shall endeavor to keep the other party reasonably informed of the progress of any related proceedings which, if resolved adversely, would result in a Tax Equivalency Payment.  BancPlus shall act at the reasonable direction of the Representative in connection with all matters regarding or related to the status of the Subchapter S election of FTC, including, without limitation, all negotiations with the IRS regarding the abatement of any penalties and interest proposed by the IRS to be included in the Tax Equivalency Payment and the appeal of any adverse determinations by the IRS with respect to the retroactive reinstatement of FTC’s S election.
3.Establishment of Escrow.  BancPlus and FTC hereby irrevocably appoint the Escrow Agent, and the Escrow Agent hereby accepts appointment, as the escrow agent for the Escrow Amount (as defined below) deposited with the Escrow Agent in the Escrow Account pursuant to this Agreement. The Escrow Agent agrees to accept the Escrow Amount, and to distribute and release the Escrow Amount, in whole or in part, only in accordance with the terms and conditions of this Agreement. 
4.Deposit in Escrow.  Supplemental to the terms of the Purchase Agreement, on the Closing Date, BancPlus shall deposit or cause to be deposited into the Escrow Account with the Escrow Agent a certain amount of cash in immediately available funds from the Aggregate Cash Consideration (the “Escrow Amount”) equal to $10,000,000.
5.Term and Termination of Escrow.  The Escrow Account shall remain in existence from the date that the Escrow Amount is deposited into the Escrow Account until all of the Escrow Amount has been distributed in accordance with the terms of this Agreement (the “Termination Date”).  After the Termination Date, this Agreement shall terminate, whereupon all of the Escrow Agent’s liabilities and obligations in connection with the Escrow Amount shall terminate.
6.Additional Limitations on Rights to Escrow Amount.  Notwithstanding anything to the contrary contained herein, none of the Representative, the former shareholders of FTC or BancPlus shall have the ability to transfer, assign, otherwise dispose of, pledge, convey, hypothecate or grant as security any of the Escrow Amount unless and until the Escrow Amount has been disbursed or is required to be disbursed to such party pursuant to Section 7 of this Agreement. Accordingly, the Escrow Agent shall not act as custodian for any of the Representative, the former shareholders of FTC or BancPlus for the purposes of perfecting a security interest therein, and no creditor of any of the Representative, the former shareholders of FTC, or BancPlus shall have any right to have or to hold any portion of the Escrow Amount as collateral for any obligation and shall have no right to obtain a security interest in any assets (tangible or intangible) contained (or deemed to be contained) in the Escrow Account or relating to the Escrow Amount.  
3

7.Disbursements from Escrow.  Within 180 days following a Final Determination that FTC’s Subchapter S election will not be reinstated retroactively to September 23, 2020 or no later than five (5) business days following a Final Determination that FTC’s Subchapter S election will be reinstated retroactively to September 23, 2020, as applicable, BancPlus and the Representative jointly shall prepare and provide to the Escrow Agent a joint written notice (“Notice”) reflecting the Tax Equivalency Payment, if any, and the Reimbursed Representative Expenses (as defined below), if any.  The Escrow Agent shall promptly, but no later than two (2) business days after the receipt of the Notice (A)(1) disburse to BancPlus a portion of the Escrow Amount having an aggregate value equal to the Tax Equivalency Payment, if any, as set forth in the Notice and (2) disburse to the Representative out of the Escrow Amount an amount equal to the documented cost and expenses (including any filing fees) actually and reasonably incurred by the Representative in connection with or related to (x) the fulfillment of his obligations or exercise of his rights under this Agreement and (y) payments made to the IRS or to Representative’s counsel or experts in connection with, related to, or during the process of determining and/or reaching (i) the amount of the Tax Equivalency Payment or (ii) a Final Determination (the “Reimbursed Representative Expenses”), if any, each as set forth in the Notice and (B) disburse to the Exchange Agent for the benefit of the former shareholders of FTC, on a pro rata basis in accordance with the FTC shares of common stock formerly held by such shareholders as of immediately prior to the Effective Time, the excess, if any, of the remainder of the Escrow Amount over the sum of fees assessed against the Escrow Amount pursuant to Section 8(b), the Tax Equivalency Payment, if any, and the Reimbursed Representative Expenses, if any, each as set forth in the Notice.  
8.The Responsibilities of the Escrow Agent with Respect to the Escrow.
(a)The Responsibility of the Escrow Agent.  
(i)The Escrow Agent’s sole responsibility shall be for the receipt, holding, investing and reinvesting (as applicable) of the Escrow Amount in the Escrow Account, and the disbursement thereof in accordance with this Agreement.  The Escrow Agent shall have no other responsibility or obligation of any kind, and shall not be required to take any other action with reference to any matters that might arise, in connection with the Escrow Amount, interest thereon, or this Agreement.  The Escrow Agent may, in accordance with this Agreement, act upon (and shall be fully protected in acting upon) any written instruction or other instrument that the Escrow Agent in good faith believes to be genuine and what it purports to be.  
(ii)The duties and responsibilities of the Escrow Agent hereunder shall be determined solely by the express provisions of this Agreement and no other or further duties or responsibilities shall be implied, including, but not limited to, any obligation under or imposed by any laws of the State of Mississippi upon fiduciaries.
(b)Reimbursement of Expenses.  The Escrow Agent is authorized to pay its fees described in Exhibit A annexed hereto, costs and expenses, including attorneys’ fees, incurred in connection with the preparation, operation, administration and enforcement of this Agreement out of the Escrow Amount.  The Escrow Agent shall provide the Representative and BancPlus a notice and an accounting of all such fees, costs and expenses and may withdraw such amount from the Escrow Account.  
(c)Possible Disagreements.  If any disagreement should arise among any one or more of the parties hereto or any other party with respect to the Escrow Amount or this Agreement (and the Escrow Agent is notified in writing of such disagreement), or if the Escrow Agent in good faith is in doubt as to what action should be taken hereunder, the Escrow Agent has the absolute right (but not the obligation) at its election to do either or both of the following:
4

(i)withhold or stop all further performance under this Agreement (except the holding, investing and reinvesting (as applicable) of the Escrow Amount in accordance with the terms hereof unless such disagreement relates to the investment of the Escrow Amount) and all notices or instructions received in connection herewith until the Escrow Agent is satisfied that such disagreement or such doubt has been resolved; or
(ii)file a suit in interpleader and obtain an order from a court of appropriate jurisdiction requiring all persons involved to litigate in such court their respective claims arising out of or in connection with the Escrow Amount (the right of the Escrow Agent to institute such bill of interpleader, however, shall not be deemed to modify the manner in which the Escrow Agent is entitled to make disbursements of the Escrow Amount as set forth in this Agreement, other than to tender the Escrow Amount into the registry of the court).
(d)Consultation with Legal Counsel.  The Escrow Agent may consult with its counsel or other counsel satisfactory to it with respect to any question relating to its duties or responsibilities hereunder or otherwise in connection herewith and shall not be liable for any action taken, suffered, or omitted by the Escrow Agent in good faith upon the advice of such counsel.  The Escrow Agent may act through its officers, employees, authorized representatives, or attorneys. 
(e)No Duty to Verify.  The Escrow Agent shall have no duty or responsibility to inquire into or determine or verify the accuracy, genuineness, authenticity, or sufficiency of any securities, checks, or other documents or instruments, including, without limitation, the notifications contemplated by Section 7, submitted to it in connection with its duties hereunder.  The Escrow Agent shall be entitled to deem the signatories of any documents or instruments submitted to it hereunder as being those purported to be authorized to sign such documents or instruments on behalf of the parties hereto, and shall be entitled to rely upon the genuineness of the signatures of such signatories without inquiry and without requiring substantiating evidence of any kind.
(f)LIMITATION ON LIABILITY.  IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGES (AS DEFINED IN SECTION 9) ARISING OUT OF THE SERVICES PROVIDED HEREUNDER OR BY REASON OF ANY ACT OR OMISSION TO ACT BY THE ESCROW AGENT OR IN CONNECTION WITH ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY DAMAGES THAT MAY OCCUR BY REASON OF FORGERY, FALSE REPRESENTATIONS, OR THE EXERCISE BY THE ESCROW AGENT OF ITS DISCRETION, OTHER THAN DAMAGES WHICH RESULT DIRECTLY FROM THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.  NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE FOR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL LOSS OR DAMAGE OF ANY KIND WHATSOEVER (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE LIKELIHOOD OF SUCH LOSS OR DAMAGE AND REGARDLESS OF THE FORM OF ACTION.
(g)Garnishment, Attachment, Court Orders. In addition to all other rights of Escrow Agent under this Agreement, in the event that any Escrow Amount shall be attached, garnished or levied upon by court order, or delivery thereof is stayed or enjoined by order of a court or any order judgment or decree shall be made or entered into by any court affecting the Escrow Amount, the Escrow Agent is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate to comply with all writs, orders, or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding on it whether with or without jurisdiction. In the event Escrow Agent obeys or complies with any such writ or order or 
5

decree, it shall not be liable to any party by reason of such compliance if such writ, order, or decree is subsequently reversed, modified, annulled, set aside or vacated.
9.Indemnification of the Escrow Agent.  Each of BancPlus and the former shareholders of FTC through the Representative (but only to the extent of the Escrow Amount) hereby jointly and severally release, acquit and discharge the Escrow Agent and agree to indemnify the Escrow Agent and its officers, directors, employees, representatives, attorneys and agents (collectively, the “Indemnitees”) against and hold the Indemnitees harmless from any and all direct or indirect payments, recoveries, deficiencies, fines, penalties, assessments, actions, causes of action, suits, losses, damages, costs and expenses (including costs of investigation and defense and reasonable attorneys’ fees), whether accrued, absolute, contingent, known, unknown or otherwise (“Damages”), suffered or incurred by the Indemnitees as a result of, in connection with or arising from or out of the acts or omissions of any Indemnitee in the performance of or otherwise pursuant to this Agreement, except for such Damages that result directly from the Escrow Agent’s gross negligence or willful misconduct.  All protections and indemnities benefiting the Escrow Agent (and any other Indemnitee) are cumulative of any other rights it (or they) may have by law or otherwise, and will survive the termination of this Agreement.
10.Investment of Escrow Amount and Taxes.  
(a)    The Escrow Agent may invest any cash held in the Escrow Account in a money market fund selected by BancPlus. The Escrow Amount need not be collateralized with securities.  
(b)    The parties agree that for tax reporting purposes, all interest and other income from the Escrow Amount (the “Earnings”) shall be reported as earned by the party(ies) to this Agreement to whom the Escrow Amount is disbursed in proportion to the amount of the Escrow Amount disbursed to such party(ies). The Escrow Agent shall have no duty to prepare or file any information reports (including without limitation IRS Forms 1099-B) other than such information reports of interest earned on the Escrow Amount as the Escrow Agent is required to prepare and file in the ordinary course of its business.  The Escrow Agent shall have no obligation to report any amounts to the parties resulting from the deposit of the Escrow Amount or the disbursement of the Escrow Amount as a result of or related to the transactions contemplated by this Agreement.
(c)    To the extent that the Escrow Agent becomes liable for the payment of any taxes in respect to the Earnings, the Escrow Agent shall satisfy such liability to the extent possible from the Escrow Amount.  The parties, jointly and severally, shall indemnify, defend and hold the Escrow Agent harmless from and against any tax, late payment interest, penalty or other cost or expense that may be assessed against the Escrow Agent on or with respect to the Escrow Amount and the Earnings unless such tax, late payment, interest, penalty or other expense was directly caused by the gross negligence or willful misconduct of the Escrow Agent.
11.Representative.  In the event of the resignation, death or incapacity of the Representative, a successor Representative shall be selected by the two (2) former Shareholders of FTC owning the largest beneficial interest in the Escrow Amount as of the Closing Date.  All parties hereto shall be entitled to rely on all actions and communications of the Representative as being genuine and binding on all of the former FTC shareholders.  The Representative shall not be liable to any person for anything that the Representative may do or refrain from doing in accordance with this Agreement, unless such action or inaction results from the Representative’s gross negligence or willful misconduct.

6

12.Miscellaneous.
(a)Notices.  Any and all payments (other than payments at the Closing), notices, requests, instructions and other communications required or permitted to be given under this Agreement after the date of this Agreement by any party hereto to any other party may be delivered personally or by nationally recognized overnight courier service or sent by mail or (except in the case of payments) by facsimile transmission or electronic mail, at the respective addresses or transmission numbers set forth below and is deemed delivered (a) in the case of personal delivery when received, (b) in the case of facsimile transmission or electronic mail, as of date of delivery as evidenced by confirmation of delivery, (c) in the case of mail,  United States Postal Service, first class certified or registered mail, postage prepaid, return receipt requested as of date of delivery, and (d) in the case of an  courier service, upon receipt the parties may change their respective addresses and transmission numbers by written notice to all other parties, sent as provided in this Section. All communications must be in writing and addressed as follows:
						
	If to the Escrow Agent:
	
	First Horizon Bank, Trust
	4385 Poplar Avenue
	Memphis, Tennessee 38117
	Fax No.:	[***]
	E-Mail:	[***]
	Attention:	[***]
		
	
	If to the Representative:
	
	Mr. Joseph C. Canizaro
	909 Poydras Street; 17th Floor

	New Orleans, LA 70112
	Fax No.:	[***]
	E-Mail:	[***]
		
		
	with a copy to:
	
	Mark A. Fullmer, Esq.
	Phelps Dunbar, LLP:
	365 Canal Street
	Suite 2000
	New Orleans, LA  70130
	Fax No.:	[***]
	E-Mail:	[***]
	
	
	If to BancPlus:
	

7

						
	William A. Ray
President & Chief Executive Officer
BancPlus Corporation
1068 Highland Colony Pkwy
Ridgeland, MS  39157

	Fax No.:	[***]
	E-Mail:	[***]
		
	with a copy to:	
		
	Craig N. Landrum, Esq.	
	Jones Walker LLP	
	190 E Capitol Street	
	Suite 800	
	Jackson, MS  39201	
	Fax No.:	[***]
	E-Mail:	[***]

(b)Binding Agreement; Assignment.  All of the terms, covenants, representations, warranties and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties and their respective successors, representatives and permitted assigns. Nothing expressed or referred to herein is intended or is to be construed to give any person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement, it being the intent of the parties that this Agreement, and the terms hereof are for the sole benefit of the parties to this Agreement and not for the benefit of any other person.  No party to this Agreement shall assign this Agreement, by operation of law or otherwise, in whole or in part, without the prior written consent of the other parties, and any assignment made or attempted in violation of this Section is void and of no effect.
(c)Specific Performance.  Each of the parties hereto acknowledges that the other parties would be irreparably damaged and would not have an adequate remedy at law for money damages if any of the covenants contained in this Agreement were not performed in accordance with its terms or otherwise were materially breached.  Each of the parties hereto therefore agrees that, without the necessity of proving actual damages or posting bond or other security, the other party shall be entitled to seek temporary and/or permanent injunction or injunctions which a court of competent jurisdiction concludes is justified to prevent breaches of such performance and to specific enforcement of such covenants in addition to any other remedy to which they may be entitled, at law or in equity.
(d)Multiple Counterparts.  For the convenience of the parties hereto, this Agreement may be signed in multiple counterparts, each of which shall be deemed an original, and all counterparts hereof so signed by the parties hereto, whether or not such counterpart shall bear the execution of each of the parties hereto, shall be deemed to be, and is to be construed as, one and the same Agreement.  A facsimile or electronic scan in a “.pdf” format transmission of a signed counterpart of this Agreement shall be sufficient to bind the party or parties whose signature(s) appear thereon.
(e)Governing Law; Waiver of Jury Trial.  THIS AGREEMENT IS TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF MISSISSIPPI, WITHOUT REGARD FOR THE PROVISIONS THEREOF REGARDING CHOICE OF LAW (WHETHER OF THE STATE OF MISSISSIPPI OR ANY OTHER JURISDICTION).  VENUE FOR ANY CAUSE OF ACTION BETWEEN THE 
8

PARTIES TO THIS AGREEMENT WILL LIE IN MADISON COUNTY, MISSISSIPPI.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
(f)Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws, then (a) this Agreement is to be construed and enforced as if such illegal, invalid or unenforceable provision were not a part hereof; (b) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid or unenforceable provision or by its severance from this Agreement; and (c) there shall be added automatically as a part of this Agreement a provision mutually agreed to which is similar in terms to such illegal, invalid or unenforceable provision as may be possible and still be legal, valid and enforceable.
(g)Entire Agreement. This Agreement, the Purchase Agreement and the other agreements, documents, schedules and instruments signed and delivered by the parties to each other at the Closing are the full understanding of the parties, a complete allocation of risks between them and a complete and exclusive statement of the terms and conditions of their agreement relating to the subject matter hereof and thereof and supersede any and all prior agreements, whether written or oral, that may exist among the parties with respect hereto and thereto. Except as otherwise specifically provided in this Agreement, no conditions, usage of trade, course of dealing or performance, understanding or agreement purporting to modify, vary, explain or supplement the terms or conditions of this Agreement is binding unless hereafter made in writing and signed by the party to be bound, and no modification shall be effected by the acknowledgment or acceptance of documents containing terms or conditions at variance with or in addition to those set forth in this Agreement.
(h)Rules of Construction. The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision in this Agreement. Each use herein of the masculine, neuter or feminine gender are deemed to include the other genders. Each use herein of the plural include the singular and vice versa, in each case as the context requires or as is otherwise appropriate. The word “or” is used in the inclusive sense. Any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent. References to a person are also to its permitted successors or assigns.
(i)Further Cooperation.  The parties agree that they shall, at any time and from time to time after the Closing, upon request by the other and without further consideration, do, perform, execute, acknowledge and deliver all such further acts, deeds, assignments, assumptions, transfers, conveyances, powers of attorney, certificates and assurances as may be reasonably required in order to complete the transactions contemplated by this Agreement or to carry out and perform any undertaking made by the parties hereunder.
(j)Attorneys’ Fees and Costs.  If any action at law or in equity, including an action for declaratory relief, is brought to enforce or interpret the provisions of this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees from the other party (unless such other party is the Escrow Agent), which fees may be set by the court in the trial of 
9

such action or may be enforced in a separate action brought for that purpose, and which fees shall be in addition to any other relief that may be awarded.
[Signature Page Follows]
10

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.
			
	BANCPLUS CORPORATION

By: ___________________
Name:    William A. Ray
Title:    President & CEO

	
	REPRESENTATIVE

___________________
    Joseph C. Canizaro

	
	FIRST HORIZON BANK
as escrow agent

By: ___________________
Name:    
Title:    

	
	FIRST TRUST CORPORATION

By: ___________________
Name:    Joseph C. Canizaro
Title:    Chief Executive Officer

Signature Page to Escrow Agreement

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.
			
	BANCPLUS CORPORATION

By: ___________________
Name:    William A. Ray
Title:    President & CEO

	
	REPRESENTATIVE

___________________
    Joseph C. Canizaro

	
	FIRST HORIZON BANK
as escrow agent

By: ___________________
Name:    
Title:    

	
	FIRST TRUST CORPORATION

By: ___________________
Name:    Joseph C. Canizaro
Title:    Chief Executive Officer

Signature Page to Escrow AgreementExhibit 10.1

 

COINBASE CUSTODY CUSTODIAL SERVICES AGREEMENT

 

This Custodial Services
Agreement (“Agreement”) is made by and between               Osprey Bitcoin Trust                               (“Client”) and
Coinbase Custody Trust Company, LLC, with an address at 200 Park Avenue South, Suite 1208, New York, NY 10003 (“Coinbase
Custody”). This Agreement governs Client’s use of the Custodial Services (as defined herein) provided by Coinbase
Custody as a fiduciary to Client’s assets.

 

	1.	CUSTODIAL SERVICES.

 

	 	1.1.	Custodial Services. Client hereby appoints Coinbase Custody as its provider of
    Custodial Services     in accordance with the terms and conditions of this Agreement. Coinbase Custody shall provide Client
    with a segregated custody     account controlled and secured by Coinbase Custody (“Custodial Account”) to
    store certain digital assets     supported by Coinbase Custody (“Digital Assets”), on Client’s
    behalf (“Custodial Services”). Coinbase     Custody is a fiduciary under § 100 of the New York
    Banking Law and a qualified custodian for purposes of Rule 206(4)-2(d)(6)     under the Investment Advisers Act of 1940, as
    amended, and is licensed to custody Client’s Digital Assets in trust on     Client’s behalf. Digital Assets in
    Client’s Custodial Account are not treated as general assets of Coinbase Custody. Rather, Coinbase Custody serves
    as a fiduciary and custodian on Client’s behalf, and the Digital Assets in Client’s     Custodial Account are
    considered fiduciary assets that remain Client’s property.
	 	 	 
	 	1.2.	Opt-in to Division 8 of the New York Commercial Code. Coinbase Custody is a “securities intermediary”
    as that term is defined in Division 8 of the Commercial Code of the State of New York. Although it holds only Digital Assets,
    Client’s Custodial Account is considered a “securities account” under Division 8, and Client is the “entitlement
    holder” of the securities account under Division 8. Digital Assets in Client’s Custodial Account are treated as
    “financial assets” under Division 8. Coinbase Custody is obligated by Division 8 to maintain sufficient Digital
    Assets to satisfy all entitlements of its customers to the same Digital Assets. Coinbase Custody may not grant a security
    interest in the Digital Assets in Client’s Custodial Account. Digital Assets in Client’s Custodial Account are
    custodial assets. Under Division 8, the Digital Assets in Client’s Custodial Account are not general assets of Coinbase
    Custody and are not available to satisfy claims of creditors of Coinbase Custody. The treatment of Digital Assets in Client’s
    Custodial Account as financial assets under Division 8 does not determine the characterization or treatment of the Digital
    Assets under any other law or rule.
	 	 	 
	 	1.3.	Custodial Services Fees. Subject to any addenda or attachments hereto, the fees for Custodial Services shall be
    calculated in accordance with Schedule A (“Fee Schedule”). Coinbase Custody may propose modifications
    to the Fee Schedule at any time, upon at least thirty (30) days’ advance notice of such modifications to Client. Such
    modifications to the Fee Schedule shall be agreed to by Client and Coinbase

 

Coinbase 2021 Version 1.2

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	Custody in writing or to the extent
    the parties cannot reach an agreement, either party may elect to terminate this Agreement in accordance with Section 4.5 and
    discontinue the Custodial Services without charge or penalty.
	 	 	 
	 	1.4.	No Investment Advice or Brokerage. Coinbase Custody does not provide investment, tax, or legal advice, nor does Coinbase Custody broker transactions on Client’s behalf. Client acknowledges that Coinbase Custody has not provided any advice or guidance or made any recommendations to Client with regard to the suitability or value of any Digital Assets, and that Coinbase Custody has no liability regarding Client’s decision of any selection of a Digital Asset that is held by Client through Client’s Custodial Account and the Custodial Services. All deposit and withdrawal transactions are executed based on Client’s Instructions and in accordance with posted deposit and withdrawal execution procedures, and Client is solely responsible for determining whether any investment, investment strategy, or related transaction involving Digital Assets is appropriate for Client based on Client’s personal investment objectives, financial circumstances, and risk tolerance. Client should consult its legal or tax professional regarding Client’s specific situation.
	 	 	 
	 	1.5.	Acknowledgement of Risks. Client acknowledges that Digital Assets are not covered by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.

 

	2.	CREATING A CUSTODIAL ACCOUNT.

 

	 	2.1.	Registration of Custodial Account. The
    Custodial Services are provided through the website located at https://custody.coinbase.com/,
    associated websites and application programming interfaces (“APIs”) (collectively, the “Coinbase
    Custody Site”). To use the Custodial Services, Client must create a Custodial Account by providing Coinbase Custody
    with all information requested. Coinbase Custody may, in its sole discretion, limit the number of Custodial Accounts a Client
    may operate.
	 	 	 
	 	2.2.	Authorized Representatives.
    Client shall provide the names of authorized employees and/or agents who shall be authorized to access the Coinbase Custody
    Site and issue instructions to Coinbase Custody on behalf of Client (each an “Authorized Representative”).
    Each Authorized Representative will continue in such capacity until such time as Coinbase Custody receives instructions from
    Client that its Authorized Representatives have changed. Client shall promptly notify Coinbase Custody in the event that the
    Authorized Representatives have changed.

 

	3.	CUSTODIAL ACCOUNT.

 

	 	3.1.	In General. The Custodial
    Services allow (i) Client to deposit supported Digital Assets from a public blockchain address controlled by Client into its
    Custodial Account, (ii) withdraw supported Digital Assets from its Custodial Account to a public blockchain address
    controlled by Client, and (iii) certain additional services as

 

Coinbase Custody

 

1

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	may be agreed to between the Client and Coinbase Custody from time to time in an addendum or attachment hereto. Each such deposit or withdrawal shall be a “Custody Transaction” and conform to Instructions (as defined below) provided by Client through the Coinbase Custody Site. Client shall withdraw Digital Assets only to public blockchain addresses and accounts owned by Client. Digital Assets are stored in Client’s Custodial Account in accordance with the terms of this Agreement and are not commingled with other client’s Digital Assets. Coinbase Custody reserves the right to refuse to process or to cancel any pending Custody Transaction as required by law or in response to a subpoena, court order, or other binding government order or to enforce transaction, threshold, and condition limits or if Coinbase Custody reasonably believes that the Custody Transaction may violate or facilitate the violation of an applicable law, regulation or applicable rule of a governmental authority or self-regulatory organization. Coinbase Custody cannot reverse a Custody Transaction which has been broadcast to a Digital Asset network.
	 	 	 
	 	3.2.	Instructions. Coinbase Custody
    may act upon instructions received from Client (if Client is a natural person) or Client’s Authorized Representatives
    (“Instructions”). When taking action upon Instructions, Coinbase Custody shall act in a reasonable and
    proper manner, and provided that (i) Instructions shall continue in full force and effect until cancelled or superseded
    (except in respect of Instructions executed by Coinbase Custody, which can no longer be cancelled), (ii) if any Instructions
    are ambiguous, Coinbase Custody shall refuse to execute such Instructions until any such ambiguity has been resolved to
    Coinbase Custody’s satisfaction, (iii) Coinbase Custody may refuse to execute Instructions if in Coinbase
    Custody’s opinion such Instructions are outside the scope of its obligations under this Agreement or are contrary to
    any applicable law, rule or other regulatory requirement (whether arising from any governmental authority or self-regulatory
    organization), and (iv) Coinbase Custody may rely in the performance of its duties under this Agreement and without
    liability     on its part, upon any Instructions believed by it in good faith to be given by Client’s Authorized
    Representatives (or     otherwise to have been given on Client’s behalf) and upon any notice, request, consent,
    certificate or other instrument     believed by it in good faith to be genuine and to be signed or furnished by the proper
    party or parties thereto, including     (without limitation) Client or any of Client’s Authorized Representatives.
    Client is responsible for losses resulting     from inaccurate Instructions (e.g., if Client provides the wrong destination
    address to Coinbase Custody for executing a     withdrawal transaction). Coinbase Custody is responsible for losses resulting
    from Coinbase Custody’s errors in     executing a transaction (e.g., if Client provides the correct destination address
    for executing a withdrawal transaction, but     Coinbase Custody erroneously sends Client’s Digital Assets to another
    destination address).
	 	 	 
	 	3.3.	Digital Asset Deposits and Withdrawals. Coinbase Custody processes supported Digital Asset deposits and withdrawals according to Instructions received from Client or Client’s Authorized Representatives, and Coinbase Custody does not guarantee the

 

Coinbase Custody

 

2

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	identity of any user, receiver,
    requestee, or other party. Client should verify all transaction information prior to submitting instructions to Coinbase
    Custody. Coinbase Custody shall have no liability, obligation, or responsibility whatsoever for Client Digital Asset
    transfers sent to or received from a wrong party or sent or received with inaccurate Instructions. Client should manage and
    keep secure any and all information or devices associated with deposit and withdrawal verification procedures, including
    YubiKeys and passphrases or other security or confirmation information. Client agrees that it will not withdraw Digital
    Assets     to a blockchain address that is not under Client’s control or an address for which Client has not conducted
    the     necessary Know Your Customer (KYC) and AML due diligence. Coinbase Custody reserves the right to charge network fees
    (miner     fees) to process a Digital Asset transaction on Client’s behalf. Coinbase Custody will calculate the
    network     fee, if     any, in its discretion, although Coinbase Custody will always notify Client of the network fee at or
    before the     time Client     authorizes the transaction. Coinbase Custody reserves the right to delay any Custody
    Transaction if it perceives     a risk of fraud     or illegal activity.
	 	 	 
	 	3.4.	Digital Asset Storage and
    Transmission Delays. Coinbase Custody requires up to twenty-four (24) hours between any request to withdraw Digital
    Assets     from Client’s Custodial Account and submission of Client’s withdrawal to the applicable Digital Asset
    network.     Since Coinbase Custody securely stores all Digital Asset private keys in offline storage, it may be necessary
    to     retrieve certain information from offline storage in order to facilitate a withdrawal in accordance with
    Client’s     Instructions, which may delay the initiation or crediting of such withdrawal. Client acknowledges and
    agrees     that a Custody     Transaction may be delayed, and that Digital Assets shall not be deposited or withdrawn upon
    less than     twenty-four (24)     hours’ notice initiated from Client’s Custodial Account. The time of such
    request shall be     the time such notice     is transmitted from Client’s Custodial Account. Coinbase Custody makes no
    representations or     warranties with respect to     the availability and/or accessibility of (1) the Digital Assets, (2) a
    Custody Transaction, (3)     the Custodial Account, or (4)     the Custodial Services.
	 	 	 
	 	 	While Coinbase Custody will make reasonable efforts to process Client initiated deposits in a timely manner, Coinbase Custody makes no representations or warranties regarding the amount of time needed to complete processing as such processing is dependent upon many factors outside of Coinbase Custody’s control.
	 	 	 
	 	3.5.	Supported Digital Assets. The
    Custodial Services are available only in connection with those Digital Assets that Coinbase Custody, in its sole discretion,
    decides to support. The Digital Assets that Coinbase Custody supports may change from time to time. Prior to initiating a
    deposit of Digital Asset to Coinbase Custody, Client must confirm that Coinbase Custody offers Custodial Services for that
    specific Digital Asset. By initiating a deposit of Digital Asset to a Custodial Account, Client attests that Client has
    confirmed     that the Digital Asset being transferred is a supported Digital Asset offered by Coinbase

 

Coinbase Custody

 

3

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	Custody. Under no circumstances
    should Client attempt to use the Custodial Services to deposit or store Digital Assets in any forms that are not supported
    by     Coinbase Custody. Depositing or attempting to deposit Digital Assets that are not supported by Coinbase Custody will
    result     in such Digital Asset being irretrievable by Client and Coinbase Custody. Client shall be fully responsible and
    liable, and     Coinbase Custody assumes no obligation or liability whatsoever regarding any unsupported Digital Asset sent
    or     attempted to be     sent to it, or regarding any attempt to use the Custodial Services for Digital Assets that
    Coinbase     Custody does not support.     To confirm which Digital Assets are supported by Coinbase Custody, Client should
    login at Coinbase Custody Site and carefully review the list of supported     Digital
    Assets. Coinbase Custody recommends that Client     deposit a small amount of supported Digital Asset as a test     prior to
    initiating a deposit of a significant amount of supported     Digital Asset. Coinbase Custody may from time to     time
    determine types of Digital Asset that will be supported or cease to     be supported by the Custodial Services.     Coinbase
    Custody shall provide Client with thirty (30) days’ written notice     before ceasing to support a     Digital Asset,
    unless     Coinbase Custody is required to cease such support by court order, statute,     law, rule (including     a
    self-regulatory     organization rule), regulation, code, or other similar requirement.
	 	 	 
	 	3.6.	Advanced Protocols. Unless
    specifically announced on the Coinbase Custody Site or through some other
    official public statement of Coinbase Custody, Coinbase Custody does not support airdrops, metacoins, colored coins, side
    chains, or other derivative, enhanced, or forked protocols, tokens, or coins which supplement or interact with a Digital
    Asset     supported by Coinbase Custody (collectively, “Advanced Protocols”). Client shall not use
    Client’s     Custodial Account to attempt to receive, request, send, store, or engage in any other type of
    transaction involving an Advanced     Protocol. The Coinbase Custody platform is not configured to detect and/or secure
    Advanced Protocol transactions and     neither Client nor Coinbase Custody will be able to retrieve any unsupported Advanced
    Protocol. Coinbase Custody assumes     absolutely no liability, obligation or responsibility whatsoever in respect to
    Advanced     Protocols.
	 	 	 
	 	3.7.	Operation of Digital Asset
    Protocols. Coinbase Custody does not own or control the underlying software protocols which govern the operation of
    Digital     Assets supported in the Coinbase Custody platform. In general, the underlying protocols are open source and
    anyone can use,     copy, modify, and distribute them. By using the Custodial Services, Client acknowledges and agrees (i)
    that Coinbase Custody     makes no guarantee of the functionality, security, or availability of underlying protocols; (ii)
    that     some underlying protocols     are subject to consensus-based proof of stake validation methods which may allow, by
    virtue of     their governance systems, changes     to the associated blockchain or digital ledger (“Governance
    Modifiable Blockchains”), and that any Custody     Transactions made by Client validated on such Governance
    Modifiable Blockchains may be affected accordingly; and (iii) that the     underlying protocols are subject to sudden
    changes in     operating rules (a/k/a “forks”), and that such forks     may materially affect the value,
    function, and/or     even the name of

 

Coinbase Custody

 

4

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	the Digital Asset Client stores in
    Client’s Custodial Account. In the event of a fork, Client agrees that Coinbase Custody may temporarily suspend
    Coinbase Custody operations (with or without notice to Client) and that Coinbase Custody may, in its sole discretion, decide
    whether or not to support (or cease supporting) either branch of the forked protocol entirely. Client acknowledges and
    agrees     that Coinbase Custody assumes absolutely no liability, obligation or responsibility whatsoever in respect to the
    operation of     underlying software protocols, transactions affected by Governance Modifiable Blockchains, or an
    unsupported     branch of a     forked protocol and, accordingly, Client acknowledges and assumes the risk of the
    same.
	 	 	 
	 	3.8.	Use of the Custodial Services. Client
    acknowledges and agrees that Coinbase Custody may monitor use of the Custodial Account and the Custodial Services and the
    resulting information may be utilized, reviewed, retained and or disclosed by Coinbase Custody for its internal purposes or
    in     accordance with the rules of any applicable legal, regulatory or self-regulatory organization or as otherwise may be
    required     to comply with relevant law, sanctions programs, legal process or government request.
	 	 	 
	 	3.9.	Privacy. Coinbase Custody
    shall     only use Client’s non-personal information in order to provide Services to the Client as outlined in this
    Agreement, to     comply with its legal obligations, and for research and development. Coinbase Custody may only disclose
    Client information     externally in an anonymized or aggregated form that does not identify Client and is stripped of any
    persistent identifiers (such     as device identifiers, IP addresses, and cookie IDs).
	 	 	 
	 	 	Coinbase, Inc.’s Privacy Policy,
    available at https://www.coinbase.com/legal/privacy, sets out Coinbase
    Custody’s use of any personal data collected by Coinbase Custody relating to any natural persons, which may include
    representatives of the Client.
	 	 	 
	 	3.10.	Security. Coinbase Custody has
    implemented and will maintain a reasonable information security program that includes policies and procedures that are
    reasonably designed to safeguard Coinbase Custody’s electronic systems and Client’s Confidential Information
    from, among other things, unauthorized access or misuse. In the event of a Data Security
    Incident (defined below), Coinbase Custody shall promptly notify Client and such notice shall include the following
    information: (i) the timing and nature of the Data Security Incident, (ii) the information related to Client that was
    compromised, including the names of any individual acting on Client’s behalf in his or her corporate capacity whose
    personal information was compromised, (iii) when the Data Security Incident was discovered, and (iv) remedial actions that
    have been taken and that Coinbase Custody plans to take. “Data Security Incident” is defined as any
    incident whereby (a) an unauthorized person (whether within Coinbase Custody or a third party) acquired or accessed
    Client’s information, or (b) Client’s information is otherwise lost, stolen or compromised.

 

Coinbase Custody

 

5

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	3.11.	Confidentiality. The parties
    agree that the recipient of any non-public, confidential or proprietary information of the other party including without
    limitation the existence and terms of this Agreement and information relating to the other party’s business operations
    or     business relationships or pursuant to this Agreement, including without limitation the pricing schedule
    (collectively “Confidential Information”) will not disclose such Confidential Information to any third
    party except to such party’s officers, directors, agents, employees, consultants, contractors and professional
    advisors     who need to know the Confidential Information for the purpose of assisting in the performance of this Agreement
    and who are     informed of, and agree to be bound by obligations of confidentiality no less restrictive than those     set
    forth herein, and will     protect such Confidential Information from unauthorized use and disclosure. Each party shall use
    any Confidential Information     that it receives pursuant to or in connection with this Agreement solely for performance of
    this Agreement, and no other     purpose. Confidential Information shall not include any (i) information that is or becomes
    generally publicly available through     no fault of the recipient, (ii) information that the recipient obtains from a
    third party (other than in connection with this     Agreement) that, to the recipient’s best knowledge, is not bound by a
    confidentiality agreement prohibiting such disclosure;     (iii) information that is independently developed or acquired by
    the recipient without the use of Confidential Information     provided by the disclosing party; (iv) disclosure with the
    prior     written consent of the disclosing party.
	 	 	 
	 	 	Notwithstanding the foregoing, each
    party may disclose Confidential Information of the other party to the extent required by a court of competent jurisdiction
    or     governmental authority or otherwise required by law; provided, however, the party making such required     disclosure
    shall first notify the other party (to the extent legally permissible) and shall afford the other party a reasonable
    opportunity to seek confidential treatment if it wishes to do so. For the purposes of this Agreement, no affiliate of
    Coinbase     Custody shall be considered a third party; provided that Coinbase Custody causes such entity to undertake the
    obligations in     this section. All documents and other tangible objects containing or representing Confidential
    Information     and all copies or     extracts thereof or notes derived therefrom that are in the possession or control of
    the     recipient shall be     and remain the     property of the disclosing party and shall be promptly returned to the
    disclosing party or destroyed, each     upon the      disclosing     party’s request; provided, however,
    notwithstanding     the foregoing, the recipient may     retain one (1) copy     of Confidential     Information if (a)
    required by law or     regulation, or (b) retained pursuant to a bona fide and consistently     applied document
    retention policy; provided,     further, that in either case, any Confidential     Information so retained     shall
    remain subject to     the     confidentiality obligations of this Agreement.
	 	 	 
	 	3.12.	Account Statements. Coinbase
    Custody will provide Client with an electronic account statement: (1) every calendar quarter, at a minimum; or (2) for any
    month in which Client deposited or withdrew Digital Assets. Each account statement will identify the amount of each
    Digital Asset in Client’s Custodial Account at the end of

 

Coinbase Custody

 

6

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	the period and set forth all
    transactions in Client’s account during that period. Coinbase Custody will send a notice to the email of record given
    to Coinbase Custody when a new account statement is made available.
	 	 	 
	 	3.13.	Independent Verification. If
    Client is subject to Rule 206(4)-2 under the Investment Advisers Act of 1940, Coinbase Custody shall, upon written request,
    provide Client authorized independent public accountant confirmation of or access to information sufficient to confirm (i)
    Client’s Digital Assets as of the date of an examination conducted pursuant to Rule 206(4)-2(a)(4), and
    (ii) Client’s Digital Assets are held either in a separate account under Client’s name or in accounts under
    Client’s name as agent or trustee for Client’s clients.
	 	 	 
	 	3.14.	Third-Party Payments. The
    Custodial Services are not intended to facilitate third-party payments of any kind. As such, Coinbase Custody has no control
    over, or liability for, the delivery, quality, safety, legality or any other aspect of any goods or services that Client may
    purchase or sell to or from a third party (including other users of Custodial Services) involving Digital Assets that Client
    intends to store, or have stored, in Client’s Custodial Account.

 

	4.	GENERAL USE, PROHIBITED USE, AND TERMINATION. 

 

	 	4.1.	Limited Licenses

 

	 	 	4.1.1.	Coinbase Custody Site and Content. During the term of this Agreement, Coinbase
    Custody     hereby     grants Client a limited, nonexclusive, non-transferable, non-sublicensable, revocable, and
    royalty-free license,     subject to     the terms of this Agreement, to access and use the Coinbase Custody Site and
    related     content,     materials, information (collectively,     the “Content”) solely for
    Client’s internal     business use and     other approved purposes as permitted     by Coinbase Custody in writing
    from     time to time. Any other      use     of the Coinbase     Custody Site or Content is expressly prohibited.     All
    other     right, title, and     interest (including all     copyright, trademark,     patent, trade secrets, and all other
    intellectual     property     rights)      in     the Coinbase Custody Site or     Content and Custodial     Services is and
    will remain the     exclusively the property     of     Coinbase     Custody and its licensors.     Client shall not copy,
    transmit,     distribute, sell, license, reverse     engineer,     modify, publish,     or     participate in the
    transfer or sale of,     create     derivative works from, or in     any other way     exploit any of the     Custodial
    Services     or     Content,     in whole or in part.     “custody.coinbase.com,”     “Coinbase,”
    “Coinbase Custody,”     “Coinbase     Custody” and all logos related to     the Custodial Services or
    displayed on the Coinbase     Custody Site     are     either     trademarks or registered marks of     Coinbase Custody or
    its     licensors. Client may     not copy, imitate or use     them without      Coinbase Custody’s     prior written
    consent. The     license granted     under this Section 4.1.1 will     automatically terminate     upon termination     of
    this Agreement, or the

 

Coinbase Custody

 

7

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	 	suspension or termination of Client’s access to the Coinbase Custody Site or Custodial Services.

 

	 	 	4.1.2.	Limited License of Coinbase
    Custody Brand. Notwithstanding Section 6.1(vi) of this Agreement, during the term of this Agreement, each party hereby
    grants to the other a nonexclusive, non-transferable, non-sublicensable, revocable, and royalty-free right, subject to the
    terms of this Agreement, to display its trademark or logo, or otherwise refer to its name and likeness (the
    “Brand”), for the sole and limited purpose of identifying such other party as a service provider or
    client of     the Custodial Services, as applicable, on its website or to investors or the public, as required by     its
    investment     activities. Client may also use the Coinbase Custody Brand in published form, including but not
    limited to investor or     related marketing materials using only the content pre-approved by Coinbase Custody
    (“Pre-Approved Marketing     Content”) as set forth in Exhibit A hereto. Client (1) shall not
    deviate from nor     modify the Pre-Approved     Marketing Content or brand guidelines found in Exhibit A, except as
    provided therein, and     (2) shall not make any     representations or warranties regarding the Custodial Services provided
    by     Coinbase Custody (other     than factually accurate     statements that Coinbase Custody is a provider of Custodial
    Services).     Each party acknowledges     that it shall not acquire any     right of ownership to the other
    parties’ copyrights,     patents, trade secrets, trademarks,     trade dresses, service marks, or     other
    intellectual     property rights, and     further agrees that it will cease using any     materials that bear the other
    parties’     Brand     upon termination of this     Agreement. All uses of each parties’ Brand     hereunder
    shall     inure to the     benefit of     such party and the other     party shall not do or cause to be done any act or
    thing     that     may in any     way adversely       affect any rights of the party     owning the Brand in and to its
    Brand     or otherwise challenge     the     validity of its Brand or     any     application for     registration thereof,
    or any     trademark registration thereof, or any     rights     therein.     Notwithstanding the     foregoing,     Coinbase
    Custody     shall retain the right to request that Client     modify or terminate     its     use of the Coinbase Custody
    Brand         if Coinbase Custody, in its sole and absolute     discretion, disapproves of     Client’s use of the
    Coinbase Custody     Brand.

 

	 	4.2.	Website Accuracy. Although
    Coinbase Custody intends to provide accurate and timely information on the Coinbase Custody Site, the Coinbase Custody Site
    (including, without limitation, the Content) may not always be entirely accurate, complete, or current and may also include
    technical inaccuracies or typographical errors. In an effort to continue to provide Client with as complete and accurate
    information as possible, information may be changed or updated from time to time without notice, including without
    limitation information regarding Coinbase Custody policies, products and services. Accordingly, Client should verify all
    information before relying on it, and all decisions based on information contained on the Coinbase

 

Coinbase Custody

 

8

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	Custody Site are Client’s sole responsibility and Coinbase Custody shall have no liability for such decisions. Links to third-party materials (including without limitation websites) may be provided as a convenience but are not controlled by Coinbase Custody. Coinbase Custody is not responsible for any aspect of the information, content, or services contained in any third-party materials or on any third-party sites accessible from or linked to the Coinbase Custody Site.
	 	 	 
	 	4.3.	Third-Party or Non-Permissioned
    Use. Except for fund administrators, Client shall not grant permission to a third party or non-permissioned user to
    access     or connect to Client’s Custodial Account, either through the third party’s product or service or
    through the     Coinbase Custody Site. Client acknowledges that granting permission to a third party or non-permissioned
    user     to take     specific actions on Client’s behalf does not relieve Client of any of Client’s
    responsibilities under     this Agreement     and may violate the terms of this Agreement. Client is fully responsible for
    all acts or omissions of any     third party or     non-permissioned user with access to Client’s Custodial Account.
    Further, Client acknowledges and     agrees that Client     will not hold Coinbase Custody responsible for, and will
    indemnify Coinbase Custody from, any     liability arising out of or     related to any act or omission of any third party or
    non-permissioned user with access to     Client’s Custodial Account.     Client must notify Coinbase Custody
    immediately if a third party or non-permissioned     user accesses or connects to     Client’s Custodial Account by
    contacting Client’s Custodial Account     representative or by emailing custody@coinbase.com from
    the email address     associated with Client’s Custodial Account.
	 	 	 
	 	4.4.	Prohibited Use. Client
    represents and warrants that Client will not use the Custodial Services or Custodial Account for any illegal activity,
    including without limitation illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, the financing
    of     terrorism, other violent activities or any prohibited market practices, including without limitation activities and
    business     set forth in Appendix 1.
	 	 	 
	 	4.5.	Termination for Convenience. Either
    party may terminate this Agreement upon thirty (30) days’ prior written notice to the other party. Notwithstanding the
    foregoing, Client may cancel Client’s Custodial Account at any time by withdrawing all balances and contacting Coinbase
    Custody at custody@coinbase.com. Client will not be charged for canceling
    Client’s Custodial Account, although Client will be required to pay any outstanding amounts owed to Coinbase Custody.
    Client authorizes Coinbase Custody to cancel or suspend any pending deposits or withdrawals at the time of
    cancellation.
	 	 	 
	 	4.6.	Suspension, Termination, and
    Cancellation. Coinbase Custody may: (a) suspend or restrict Client’s access to the Custodial Services, and/or
    (b) deactivate, terminate or cancel Client’s Custodial Account if:

 

Coinbase Custody

 

9

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	4.6.1.	Coinbase Custody is so required by a
    facially valid subpoena, court order, or binding order of a government authority;
	 	 	 	 
	 	 	4.6.2.	Coinbase Custody reasonably suspects
    Client of using Client’s Custodial Account in connection with a Prohibited Use or Prohibited Business, as set forth
    in Appendix 1;
	 	 	 	 
	 	 	4.6.3.	Coinbase Custody perceives a heightened risk of legal or regulatory non-compliance associated with Client’s Custodial Account activity;
	 	 	 	 
	 	 	4.6.4.	Coinbase Custody service partners are unable to support Client’s use;
	 	 	 	 
	 	 	4.6.5.	Client takes any action that Coinbase Custody deems as circumventing Coinbase Custody’s controls, including, but not limited to, opening multiple Custodial Accounts, abusing promotions which Coinbase Custody may offer from time to time, or otherwise making a misrepresentation of Client’s Custodial Account; or
	 	 	 	 
	 	 	4.6.6.	Client breaches or violates the terms of this Agreement.

 

	 	 	If Coinbase Custody suspends or closes Client’s Custodial Account
    or     terminates     Client’s use of the Custodial Services for any reason, Coinbase Custody will provide Client with
    notice     of Coinbase Custody’s actions unless a court order or other legal or regulatory process prohibits Coinbase
    Custody     from providing Client with such     notice. Client acknowledges that Coinbase Custody’s decision to take
    certain actions, including limiting access to, suspending,     or closing Client’s Custodial Account, may be based on
    confidential criteria that are essential to Coinbase Custody’s risk management and security protocols. Client
    agrees     that Coinbase Custody is under no obligation to disclose the details of     its risk management and
    security procedures     to     Client.
	 	 	 
	 	 	Client will be permitted to withdraw Digital Assets associated with
    Client’s Custodial     Account for ninety (90) days after Custodial Account deactivation or cancellation unless such
    withdrawal is otherwise prohibited     (i) under the law, including but not limited to applicable sanctions programs, or
    (ii)     by a facially valid subpoena, court order,     or binding order of a government authority. If a shorter time frame
    than the     ninety (90) days prescribed in the preceding     sentence is required by an applicable court order, subpoena or
    regulatory or     governmental authority, Client shall use best     efforts to withdraw such Digital Assets within such
    shorter time frame.
	 	 	 
	 	4.7.	Relationship of the Parties. Nothing in this Agreement shall be
    deemed or is intended     to be deemed, nor shall it cause Client and Coinbase Custody to be treated as partners, joint
    ventures, or otherwise as joint     associates for profit, or either Client or Coinbase Custody to be treated as the agent of
    the other.

 

Coinbase Custody

 

10

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	4.8.	Password Security; Contact
    Information. Client is responsible for maintaining adequate security and control of any and all IDs, passwords, hints,
    personal identification numbers (PINs), API keys, YubiKeys, other security or confirmation information or hardware, or any
    other codes that Client uses to access the Custodial Services. Any loss or compromise of the foregoing information and/or
    Client’s personal information may result in unauthorized access to Client’s Custodial Account by third-parties
    and     the loss or theft of any Digital Assets held in Client’s Custodial Account. Client is responsible for keeping
    Client’s email address and telephone number up to date in Client’s Custodial Account profile in order to receive
    any notices or alerts that Coinbase Custody may send Client. Coinbase Custody assumes no responsibility for any loss that
    Client may sustain due to compromise of Custodial Account login credentials due to no fault of Coinbase Custody and/or
    failure     to follow or act on any notices or alerts that Coinbase Custody may send to Client. In the event Client
    believes     Client’s Custodial Account information has been compromised, Client must contact Coinbase Custody Support
    immediately     at custody@coinbase.com.
	 	 	 
	 	4.9.	Taxes. Client shall be
    fully responsible and liable for, and Coinbase Custody shall have no liability, obligation, or responsibility whatsoever for
    determining whether, and to what extent, any taxes apply to any deposits or withdrawals Client conducts through the
    Custodial     Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax
    authorities. Client’s deposit and withdrawal history is available by accessing Client’s Custodial Account
    through     the Coinbase Custody Site or by contacting Client’s account representative.
	 	 	 
	 	4.10.	Additional Matters. In
    addition to any additional service providers that may be described in an addendum or attachment hereto, Client
    acknowledges and agrees that the Custodial Services may be provided from time to time by, through or with the assistance of
    affiliates of, or vendors to, Coinbase Custody. Client shall receive notice of any material change in the entities that
    provide the Custodial Services. Unless Client terminates this Agreement as permitted herein, any new agreements or amended
    terms and conditions, associated with such change shall be governed by Sections 8.2 and 8.3 herein.
	 	 	 
	 	4.11.	Death of Account Holder. To
    the     extent Client is a natural person, if Coinbase Custody receives legal documentation confirming Client’s death
    or other     information leading Coinbase Custody to believe Client is deceased, Coinbase Custody will freeze Client’s
    Custodial     Account (“Freeze Period”). During the Freeze Period, no transactions may be completed
    until: (i)     Client’s designated fiduciary has opened a new Custodial Account, as further described below, and the
    entirety of     Client’s Custodial Account has been transferred to such new Custodial Account, or (ii) Client has
    received proof in a     form satisfactory to Coinbase Custody that Client is not deceased. If Coinbase Custody has reason to
    believe Client is deceased     but Coinbase Custody does not have proof of Client’s death in a form satisfactory to
    Coinbase Custody, Client authorizes     Coinbase Custody to make inquiries, whether directly or

 

Coinbase Custody

 

11

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	through third parties, that Coinbase
    Custody considers necessary to ascertain whether Client is deceased. Upon receipt by Coinbase Custody of proof
    satisfactory to     Coinbase Custody that Client is deceased, the fiduciary Client designated in a valid Will or similar
    testamentary document     will be required to open a new Custodial Account. If Client has not designated a fiduciary, then
    Coinbase Custody reserves the     right to (i) treat as Client’s fiduciary any person entitled to     inherit
    Client’s     Custodial Account, as determined by     Coinbase Custody upon receipt and review of the     documentation
    Coinbase Custody, in     its sole and absolute discretion, deems     necessary or appropriate, including (but not
    limited     to) a Will, a living trust or a     Small Estate Affidavit, or (ii) require     an order designating a fiduciary
    from     a     court having competent jurisdiction over     Client’s estate. In the event Coinbase     Custody
    determines, in           its sole and absolute discretion, that there is     uncertainty regarding the validity of the
    fiduciary     designation,     Coinbase     Custody reserves the right to require an order     resolving such issue from a
    court of competent        jurisdiction before taking     any action relating to Client’s Custodial     Account.
    Pursuant to the above, the     opening     of a new     Custodial     Account     by a designated fiduciary is mandatory
    following the     death of Client,     and Client     hereby agrees that his/her     fiduciary shall be required to open a
    new Custodial Account and     provide     the     information     required under Section 2 of this     Agreement in order to
    gain access to the contents of     Client’s     Custodial     Account.

 

	5.	COINBASE CUSTODY CONTACT INFORMATION AND DISPUTE RESOLUTION.

 

	 	5.1.	Contact Coinbase Custody; Complaints.
    If Client has any feedback, questions, or complaints, Client may contact Coinbase Custody Customer Support, located at
    200 Park Avenue South, Suite 1208, New York, NY 10003, via email at custody@coinbase.com
    or by telephone to Coinbase Custody at +1 (646) 760-6195.
	 	 	 
	 	 	If Client is a customer of Coinbase
    Custody in the United States, Client may also direct a complaint to the attention of: New York State Department of Financial
    Services, One State Street, New York, NY 10004-1511; +1 (212) 480-6400. Please visit www.dfs.ny.gov for additional information.
	 	 	 
	 	5.2.	Arbitration. Any dispute
    arising out of or relating to this Agreement, or the breach, termination, enforcement, interpretation or validity thereof,
    including the termination of the scope or applicability of this Agreement to arbitrate, shall be determined by arbitration
    in     the state of New York or another mutually agreeable location, before one neutral arbitrator. The arbitration shall be
    administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures, and the award of the arbitrator (the
    “Award”) shall be accompanied by a reasoned opinion. Judgment on the Award may be entered in any court having
    jurisdiction. This Agreement shall not preclude the parties from seeking provisional relief, including injunctive relief, in
    any     court of competent jurisdiction. Seeking any such provisional relief shall not be deemed to be a waiver of such
    party’s     right to compel arbitration. The parties expressly waive their right to a jury trial to the extent
    permitted     by applicable     law.

 

Coinbase Custody

 

12

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	In any arbitration arising out of or
    related to this Agreement, the arbitrator shall award to the prevailing party, if any, as determined by the arbitrator,
    all of     its costs and fees. “Costs and fees” mean all reasonable pre-award expenses of the arbitration,
    including     the     arbitrator’s fees, administrative fees, travel expenses, out-of-pocket expenses such as copying
    and telephone,     court     costs, witness fees, and attorneys’ fees.
	 	 	 
	 	 	JAMS and the arbitrator shall
    maintain     the confidential nature of the arbitration proceeding and the award, including the hearing, except as necessary
    in connection     with a judicial challenge to or enforcement of an Award, or unless otherwise required by law or judicial
    decision. The     parties shall also maintain the confidential nature of the arbitration proceeding and the Award,
    including     the hearing, except     as may be necessary to prepare for or conduct the arbitration hearing on the merits,
    or     except as may     be necessary in     connection with a court application for a preliminary remedy, a
    judicial challenge     to an     Award or     its enforcement, or unless     otherwise required by law or judicial
    decision.

 

	6.	REPRESENTATIONS AND WARRANTIES.

 

	 	6.1.	Client’s Representations and Warranties. In addition to the obligations arising under this Agreement and as a condition of and in consideration of Client accessing the Custodial Services, Client represents and warrants the following:

 

	 	 	6.1.1.	Client is and shall remain in full
    compliance with all applicable laws, rules, and regulations in each jurisdiction in which Client operates or otherwise uses
    the Custodial Services, including U.S. securities laws and regulations, as well as any applicable state and federal laws,
    including, but not limited to, U.S. efforts to fight the funding of terrorism and money laundering, and USA PATRIOT Act and
    Bank Secrecy Act requirements. Client further understands that any
    fines or penalties imposed on Coinbase Custody as a result of a violation by Client of any applicable securities regulation
    or     law may, at Coinbase Custody’s discretion, be passed on to Client and Client acknowledges and represents that
    Client     will be responsible for payment to Coinbase Custody of such fines;
	 	 	 	 
	 	 	6.1.2.	Client is and shall remain in good
    standing with all relevant government agencies, departments, regulatory or supervisory bodies in all relevant
    jurisdictions in     which Client does business, including but not limited to FINRA, the Municipal Securities Rulemaking
    Board,     SIPC, the National     Futures Association, the Commodity Futures Trading Commission and the Securities and
    Exchange     Commission, and Client will     immediately notify Coinbase Custody if Client ceases to be in good standing with
    any     regulatory authority;

 

Coinbase Custody

 

13

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	6.1.3.	Client will promptly provide such
    information as Coinbase Custody may reasonably request in their sole discretion from time to time regarding (a)
    Client’s     policies, procedures, and activities which relate to the Custodial Services in any manner, as determined
    by     Coinbase Custody in     its sole and absolute discretion, and (b) any transaction which involves the use of the
    Custodial     Services, to the extent     reasonably necessary to comply with applicable law, or the guidance or direction
    of, or request     from, any     regulatory authority or financial institution, provided that such information may be
    redacted     to     remove confidential     commercial     information not relevant to the requirements of this
    Agreement;
	 	 	 	 
	 	 	6.1.4.	Client will not deposit to a Custodial
    Account any Digital Asset that is not supported by the Custodial Services;
	 	 	 	 
	 	 	6.1.5.	Client either owns or possesses lawful
    authorization to transact with all Digital Assets involved in the Custody Transactions;
	 	 	 	 
	 	 	6.1.6.	Client will not make any public
    statement, including any press release, media release, or blog post which mentions or refers to Coinbase Custody or a
    partnership between Client and Coinbase Custody, without the prior written consent of Coinbase Custody;
	 	 	 	 
	 	 	6.1.7.	Client has the full capacity and
    authority to enter into and be bound by this Agreement and the person executing or otherwise accepting this Agreement for
    Client     has full legal capacity and authorization to do so; and
	 	 	 	 
	 	 	6.1.8.	All information provided by Client to
    Coinbase Custody in the course of negotiating this Agreement and the onboarding of Client as Coinbase Custody’s
    customer and user of the Custodial Services is complete, true, and accurate in all material respects, and no
    material information     has been excluded.

 

	 	6.2.	Coinbase Custody Representations
    and Warranties. Coinbase Custody represents and warrants the following:

 

	 	 	6.2.1.	Coinbase Custody will safekeep the Digital Assets and segregate all Digital Assets from both the (a) property of Coinbase Custody, and (b) assets of other customers of Coinbase Custody;
	 	 	 	 
	 	 	6.2.2.	Coinbase Custody has no right, interest, or title in Client’s Digital Assets;
	 	 	 	 
	 	 	6.2.3.	Coinbase Custody will maintain
    adequate capital and reserves to the extent required by applicable law;

 

Coinbase Custody

 

14

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	6.2.4.	Coinbase Custody will not, directly or indirectly, lend, pledge, hypothecate or re-hypothecate any Digital Assets;
	 	 	 	 
	 	 	6.2.5.	Coinbase Custody possess, and will
    maintain, all licenses, registrations, authorizations and approvals required by any governmental agency, regulatory
    authority     or other party necessary for it to operate its business and engage in the business relating to its provision
    of     the Custodial     Services;
	 	 	 	 
	 	 	6.2.6.	Coinbase Custody will not make any
    public statement, including any press release, media release, or blog post which mentions or refers to Client or a
    partnership     between Coinbase Custody and Client, without the prior written consent of Client; and
	 	 	 	 
	 	 	6.2.7.	Coinbase Custody has the full
    capacity     and authority to enter into and be bound by this Agreement and the person executing or otherwise accepting this
    Agreement for     Coinbase Custody has full legal capacity and authorization to do so.

 

	7.	DISCLAIMERS; INDEMNIFICATION; LIMITATION OF LIABILITY.

 

	 	7.1.	Computer Viruses. Coinbase
    Custody shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses, spyware,
    scareware, Trojan horses, worms or other malware that may affect Client’s computer or other equipment, or any
    phishing, spoofing or other attack, unless such damage or interruption directly resulted from Coinbase Custody’s gross
    negligence, fraud, or willful misconduct. Coinbase Custody advises the regular use of a reputable and
    readily available virus screening and prevention software. Client should also be aware that SMS and email services are
    vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from Coinbase
    Custody. Client should always log into Client’s Custodial Account through the Coinbase Custody Site to review any
    deposits or withdrawals or required actions if Client has any uncertainty regarding the authenticity of any communication or
    notice.
	 	 	 
	 	7.2.	Indemnification. Each party
    agrees to indemnify and hold the other party, its affiliates, and each of its or their respective officers, directors,
    employees and representatives, harmless from any third-party claim or third-party demand (including attorneys’ fees
    and     any fines, fees or penalties imposed by any regulatory authority) arising out of a party’s (1) breach of this
    Agreement,     (2) breach of the confidentiality obligations under or in connection with this Agreement, (3) violation of
    any     law, rule or     regulation, or the rights of any third party, or (4) gross negligence, fraud or willful
    misconduct.
	 	 	 
	 	7.3.	Limitation of Liability; No Warranty. IN NO EVENT SHALL COINBASE CUSTODY, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS,

 

Coinbase Custody

 

15

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	EMPLOYEES OR REPRESENTATIVES, BE
    LIABLE (A) FOR ANY AMOUNT GREATER THAN THE VALUE OF THE SUPPORTED DIGITAL ASSETS ON DEPOSIT IN CLIENT’S CUSTODIAL
    ACCOUNT(S) AT THE TIME OF THE EVENTS GIVING RISE TO THE LIABILITY (THE VALUE OF WHICH SHALL BE CALCULATED AT THE AVERAGE
    UNITED STATES DOLLAR ASK PRICE, AT THE TIME OF THE LOSS, OF THE THREE (3) LARGEST EXCHANGES (BY TRAILING 30-DAY VOLUME) WHICH
    OFFER THE RELEVANT DIGITAL CURRENCY OR DIGITAL ASSET/USD TRADING PAIR, AS RELEVANT, SUBJECT TO THE PER ADDRESS LIMITATION AS
    DESCRIBED BELOW) AND/OR (B) FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES,
    WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE COINBASE CUSTODY SITE OR THE COINBASE CUSTODY CUSTODIAL SERVICES, OR THIS AGREEMENT, EVEN IF AN AUTHORIZED REPRESENTATIVE OF COINBASE CUSTODY HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THE ABOVE LIMITATION MAY NOT APPLY TO CLIENT..
	 	 	 
	 	 	TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE COINBASE CUSTODY CUSTODIAL SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, COINBASE CUSTODY SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. COINBASE CUSTODY DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE SITE, ANY PART OF THE COINBASE CUSTODY CUSTODIAL SERVICES, OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, OR TIMELY; BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM OR OTHER SERVICES; OR BE SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE.
	 	 	 
	 	 	NOTWITHSTANDING THE FOREGOING, COINBASE CUSTODY’S MAXIMUM LIABILITY FOR EACH COLD STORAGE ADDRESS SHALL BE LIMITED TO ONE HUNDRED MILLION US DOLLARS (US$100,000,000). AS A BEST PRACTICE, COINBASE CUSTODY RECOMMENDS LIMITING THE VALUE OF DIGITAL ASSETS DEPOSITED IN EACH COLD STORAGE ADDRESS TO LESS THAN EIGHTY MILLION US DOLLARS (US$80,000,000). IF ELECTED BY CLIENT, COINBASE CUSTODY WILL PROVIDE CLIENT WITH ALL NECESSARY ASSISTANCE TO IMPLEMENT SUCH LIMITATIONS.

 

Coinbase Custody

 

16

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	8.	MISCELLANEOUS.

 

	 	8.1.	Entire Agreement. This Agreement, any addendum or attachments thereto, the Coinbase Custody Privacy Policy, and all disclosures, notices or policies available on the Coinbase Custody Site, comprise the entire understanding and agreement between Client and Coinbase Custody as to the Custodial Services, and supersedes any and all prior discussions, agreements and understandings of any kind (including without limitation any prior versions of this Agreement), and every nature between and among Client and Coinbase Custody. Section headings in this Agreement are for convenience only and shall not govern the meaning or interpretation of any provision of this Agreement.
	 	 	 
	 	8.2.	Amendments. Any modification or addition to this Agreement must be in writing and either (i) signed by a duly authorized representative of each of party, or (ii) accepted and agreed to by Client through the Custodial Services user interface. Client agrees that Coinbase Custody shall not be liable to Client or any third party for any modification or termination of the Custodial Services, or suspension or termination of Client’s access to the Custodial Services, except to the extent otherwise expressly set forth herein.
	 	 	 
	 	8.3.	Assignment. Client may not
    assign any rights and/or licenses granted under this Agreement without the prior written consent of Coinbase Custody.
    Coinbase Custody reserves the right to assign its rights without restriction except notice to Client, including without
    limitation to any Coinbase Custody affiliates or subsidiaries, or to any successor in interest of any business associated
    with the Custodial Services. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the
    foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted
    assigns.
	 	 	 
	 	8.4.	Severability. If any
    provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation or any
    governmental agency (local, state, or federal), such provision will be changed and interpreted to accomplish the objectives
    of     the provision to the greatest extent possible under any applicable law and the validity or enforceability of any
    other     provision     of this Agreement shall not be affected.
	 	 	 
	 	8.5.	Survival. All provisions
    of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, including, without
    limitation, sections pertaining to suspension or termination, Custodial Account cancellation, debts owed to Coinbase
    Custody,     general use of the Coinbase Custody Site, disputes with Coinbase Custody, and general provisions, shall survive
    the     termination or expiration of this Agreement.
	 	 	 
	 	8.6.	Governing Law. Client agrees
    that the laws of the State of New York, without regard to principles of conflict of laws, will govern this Agreement and any
    claim or dispute

 

Coinbase Custody

 

17

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	that arises from, or relates thereto,
    between Client and Coinbase Custody, except to the extent governed by federal law.
	 	 	 
	 	8.7.	Force Majeure. Coinbase
    Custody     shall not be liable for delays, suspension of operations, whether temporary or permanent, failure in performance,
    or     interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control
    of     Coinbase Custody, including but not limited to, any delay or failure due to any act of God, natural disasters, act of
    civil or     military authorities, act of terrorists, including but not limited to cyber-related terrorist acts, hacking,
    government     restrictions, exchange or market rulings, civil disturbance, war, strike or other labor dispute,
    fire, interruption in     telecommunications or Internet services or network provider services, failure of equipment and/or
    software, other catastrophe or     any other occurrence which is beyond the reasonable control of Coinbase Custody and shall
    not affect the validity and     enforceability of any remaining provisions.
	 	 	 
	 	8.8.	Non-Waiver of Rights. This
    agreement shall not be construed to waive rights that cannot be waived under applicable laws in the jurisdiction where Client
    is located.

 

	9.	COINBASE CUSTODY OBLIGATIONS.

 

	 	9.1.	Bookkeeping. Coinbase Custody will keep timely and accurate records as to the deposit, disbursement, investment, and reinvestment of the Digital Assets. Coinbase Custody will maintain accurate records and bookkeeping of the Custodial Services as required by applicable law and in accordance with Coinbase Custody’s internal document retention policies.
	 	 	 
	 	9.2.	Insurance. Coinbase Custody
    will obtain and maintain, at its sole expense, insurance coverage in such types and amounts as are commercially reasonable
    for     the Custodial Services provided hereunder.
	 	 	 
	 	9.3.	Business Continuity Plan. Coinbase
    Custody has established a business continuity plan that will support its ability to conduct business in the event of a
    significant business disruption (“SBD”). This plan is reviewed and updated annually, and can be updated
    more frequently, if deemed necessary by Coinbase Custody in its sole discretion. Should Coinbase Custody be impacted by an
    SBD, Coinbase Custody aims to minimize business interruption as quickly and efficiently as possible. To receive more
    information about Coinbase Custody’s business continuity plan, please send a written request to security@coinbase.com.

 

[Signatures on the following page]

 

Coinbase Custody

 

18

    	 

    	

    

Coinbase Custodial Services
Agreement

 

IN WITNESS WHEREOF, this Agreement is executed
as of the date below.

 

COINBASE CUSTODY TRUST COMPANY, LLC.

 

	By:	
    F51A1C5CCF074DB...

    	 
	 	 	 
	Name:	Chad Karges	 
	 	 	 
	Title:	Authorized Signatory	 
	 	 	 
	Date:	February 4, 2022	 

 

CLIENT: Osprey Bitcoin Trust

 

	By:	
    EC5574D6398B479...

    	 
	 	 	 
	Name:	Gregory King	 
	 	 	 
	Title:	CEO

	 
	 	 	 
	Date:	February
                                         3, 2022

	 

 

Coinbase Custody

 

19

    	 

    	

    

Coinbase Custodial Services Agreement

 

EXHIBIT A

 

PRE-APPROVED MARKETING CONTENT

 

“Coinbase
Custody Trust Company, LLC is a fiduciary under § 100 of the New York Banking Law and a qualified custodian for purposes
of Rule 206(4)-2(d)(6) under the Investment Advisers Act of 1940, as amended.”

 

Client may make factually
accurate statements (in accordance with Section 4.1.2 of the Agreement) limited to describing the Custodial Services provided
by Coinbase Custody to Client, which contain the information in the statement above; provided, however, Client may
not make any statements (A) implying that Coinbase Custody is listing, buying, trading, issuing, selling, offering
for sale, distributing or promoting any investment products (including without limitation, Digital Assets, fiat currency, securities,
commodities, trading products, derivatives, structured products, investment funds, investment portfolios, commodity pools, swaps,
securitizations or synthetic products), including where the price, return, outcome, and/or performance of the investment product
is based on, derived from, or related to Coinbase Custody, or (B) implying any endorsement or assessment by Coinbase Custody of
the quality of Client’s Digital Assets or Client’s business, without Coinbase Custody’s written agreement.

 

All Pre-Approved
Marketing Content shall comply with Coinbase Custody’s Brand Guidelines located here.

 

Coinbase Custody

 

20

    	 

    	

    

Coinbase Custodial Services Agreement

 

APPENDIX 1:

 

PROHIBITED USE, PROHIBITED BUSINESSES
AND CONDITIONAL USE

 

This policy
sets forth the limitations concerning Client’s use of Client’s Custodial Account. Coinbase Custody may amend this policy
at any time by providing a revised version on Coinbase Custody Site. The revised version
will be effective at the time Coinbase Custody posts it. Coinbase Custody will provide Client with prior notice of any material
changes via Coinbase Custody Site.

 

	 	1.	PROHIBITED USE. Client may not use Client’s Custodial Account to
    engage in the following categories of activity (“Prohibited Uses”). The Prohibited Uses extend to any third
    party that gains access to the Custodial Services through Client’s account or otherwise, regardless of whether such
    third party was authorized or unauthorized by Client to use the Custodial Services associated with the Custodial Account.
    The specific types of use listed below are representative, but not exhaustive. If Client is uncertain as to whether or not
    Client’s use of Custodial Services involves a Prohibited Use, or have questions about how these requirements apply to
    Client, please contact Coinbase Custody at custody@coinbase.com. By opening a Custodial
    Account, Client confirms that Client will not use Client’s Custodial Account to do any of the following:
	 	 	 
	 	 	1.1.	Unlawful Activity: Activity which would violate, or assist in violation
    of, any law, statute, ordinance, or regulation, sanctions programs administered in the countries where Coinbase Custody conducts
    business, including, but not limited to, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”),
    or which would involve proceeds of any unlawful activity; publish, distribute or disseminate any unlawful material or information.
	 	 	 	 
	 	 	1.2.	Abusive Activity: Actions which impose an unreasonable or disproportionately large
    load on Coinbase Custody’s infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data,
    or information; transmit or upload any material to the Site that contains viruses, Trojan horses, worms, or any other harmful
    or deleterious programs; attempt to gain unauthorized access to the Site, other Custodial Accounts, computer systems or networks
    connected to the Site, through password mining or any other means; use Custodial Account information of another party to access
    or use the Site; or transfer Client’s Custodial Account access or rights to Client’s Custodial Account to a third
    party, unless by operation of law or with the express permission of Coinbase Custody.
	 	 	 	 
	 	 	1.3.	Abuse Other Users: Interfere with another Coinbase Custody user’s access to or
    use of any Custodial Services; defame, abuse, extort, harass, stalk, threaten or otherwise violate or infringe the legal
    rights (such     as, but not limited to, rights of privacy, publicity and intellectual property) of others; harvest or
    otherwise collect

 

Coinbase Custody

 

21

    	 

    	

    

Coinbase Custodial Services
Agreement

 

	 	 	 	information from the Site about others, including, without limitation, email addresses,
    without proper consent.
	 	 	 	 
	 	 	1.4.	Fraud: Activity which operates to defraud Coinbase Custody, Coinbase Custody users,
    or any other person; provide any false, inaccurate, or misleading information to Coinbase Custody.
	 	 	 	 
	 	 	1.5.	Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy
    sports leagues with cash prizes; Internet gaming; contests; sweepstakes; games of chance.
	 	 	 	 
	 	 	1.6.	Intellectual Property Infringement: Engage in transactions involving items that infringe
    or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law, including
    but not limited to sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without
    the appropriate authorization from the rights holder; use of Coinbase Custody intellectual property, name, or logo, including
    use of Coinbase Custody trade or service marks, without express consent from Coinbase Custody or in a manner that otherwise
    harms Coinbase Custody, or Coinbase Custody’s brand; any action that implies an untrue endorsement by or affiliation
    with Coinbase Custody.
	 	 	 	 
	 	 	1.7.	Written Policies: Client may not use the Custodial Account or the Custodial Services
    in a manner that violates, or is otherwise inconsistent with, any operating instructions promulgated by Coinbase Custody.
	 	 	 	 
	 	2.	PROHIBITED BUSINESSES. Although
        Coinbase Custody may offer a Custodial Account to any entity that can successfully create an account in accordance with
        the terms of this Agreement, the following categories of businesses, business practices, and sale items are barred from
        the Custodial Services (“Prohibited Businesses”). The specific types of use listed below are representative,
        but not exhaustive. If Client is uncertain as to whether or not Client’s use of the Custodial Services involves
        a Prohibited Business, or have questions about how these requirements apply to Client, please contact us at custody@coinbase.com.

         

        By opening a Custodial Account,
        Client confirm that Client will not use the Custodial Services in connection with any of following businesses, activities,
        practices, or items:

	 	 	 	 
	 	 	2.1.	Restricted Financial Services: Check cashing, bail bonds, collections agencies.
	 	 	 	 
	 	 	2.2.	Intellectual Property or Proprietary Rights Infringement: Sales, distribution, or access
    to counterfeit music, movies, software, or other licensed materials without the appropriate authorization from the rights
    holder

 

Coinbase Custody

 

22

    	 

    	

    

Coinbase Custodial Services Agreement

 

	 	 	2.3.	Counterfeit or Unauthorized Goods: Unauthorized sale or resale of brand
    name or designer products or services; sale of goods or services that are illegally imported or exported or which are stolen.
	 	 	 	 
	 	 	2.4.	Regulated Products and Services: Marijuana dispensaries and related businesses; sale
    of tobacco, e-cigarettes, and e-liquid; online prescription or pharmaceutical services; age-restricted goods or services;
    weapons and munitions; gunpowder and other explosives; fireworks and related goods; toxic, flammable, and radioactive materials;
    products and services with varying legal status on a state-by-state basis.
	 	 	 	 
	 	 	2.5.	Drugs and Drug Paraphernalia: Sale of narcotics, controlled substances, and any equipment
    designed for making or using drugs, such as bongs, vaporizers, and hookahs.
	 	 	 	 
	 	 	2.6.	Pseudo-Pharmaceuticals: Pharmaceuticals and other products that make health claims
    that have not been approved or verified by the applicable local and/or national regulatory body.
	 	 	 	 
	 	 	2.7.	Substances designed to mimic illegal drugs: Sale of a legal substance that provides
    the same effect as an illegal drug (e.g., salvia, kratom).
	 	 	 	 
	 	 	2.8.	Adult Content and Services: Pornography and other obscene materials (including literature,
    imagery and other media); sites offering any sexually-related services such as prostitution, escorts, pay-per view, adult
    live chat features.
	 	 	 	 
	 	 	2.9.	Multi-level Marketing: Pyramid schemes, network marketing, and referral marketing programs.
	 	 	 	 
	 	 	2.10.	Unfair, Predatory or Deceptive Practices: Investment opportunities or other services
    that promise high rewards; sale or resale of a service without added benefit to the buyer; resale of government offerings
    without authorization or added value; sites that we determine in our sole discretion to be unfair, deceptive, or predatory
    towards consumers.
	 	 	 	 
	 	 	2.11.	Gambling Services.
	 	 	 	 
	 	 	2.12.	Weapons Manufacturers/Vendors.
	 	 	 	 
	 	 	2.13.	Money Services: Gift cards; prepaid cards; sale of in-game currency unless the merchant
    is the operator of the virtual world; act as a payment intermediary or aggregator or otherwise resell any of the Custodial
    Services.
	 	 	 	 
	 	 	2.14.	Crowdfunding.
	 	 	 	 
	 	 	2.15.	High-risk Businesses: any businesses that we believe pose elevated financial risk or
    legal liability.

 

Coinbase Custody

 

23

    	 

    	

    

Coinbase Custodial Services Agreement

 

	 	3.	CONDITIONAL USE. Express written consent and approval from Coinbase Custody
    must be obtained prior to using Custodial Services for the following categories of business and/or use (“Conditional
    Uses”). Consent may be requested by contacting us at custody@coinbase.com.
    Coinbase Custody may also require Client to agree to additional conditions, make supplemental representations and warranties,
    complete enhanced on-boarding procedures, and operate subject to restrictions if Client uses the Custodial Services in connection
    with any of following businesses, activities, or practices:
	 	 	 	 
	 	 	3.1.	Charities: Acceptance of donations for nonprofit enterprise.
	 	 	 	 
	 	 	3.2.	Games of Skill: Games which are not defined as gambling under this Agreement or by
    law, but which require an entry fee and award a prize.
	 	 	 	 
	 	 	3.3.	Religious/Spiritual Organizations: Operation of a for-profit religious or spiritual
    organization.

 

Coinbase Custody

 

24

    	 

    	

    

Coinbase Custodial Services Agreement

 

APPENDIX 2:

 

E-SIGN DISCLOSURE AND CONSENT

 

This
policy describes how Coinbase Custody delivers communications to Client electronically. Coinbase Custody may amend this
policy at any time by providing a revised version on Coinbase Custody Site. The
revised version will be effective at the time Coinbase Custody posts it. Coinbase Custody will provide Client with prior
notice of any material changes via Coinbase Custody Site.

 

	 	1.	ELECTRONIC DELIVERY OF COMMUNICATIONS. Client agrees and consents to
    receive electronically all communications, agreements, documents, notices and disclosures (collectively, “Communications”)
    that Coinbase Custody provides in connection with Client’s Custodial Account and Client’s use of Custodial Services.
    Communications include:
	 	 	 	 
	 	 	1.1.	Terms of use and policies Client agrees to (e.g., this Agreement, any addendum thereto,
    and Privacy Policy), including updates to these agreements or policies;
	 	 	 	 
	 	 	1.2.	Custodial Account details, history, transaction receipts, confirmations, and any other Custodial
    Account, deposit, withdrawal or transfer information;
	 	 	 	 
	 	 	1.3.	Legal, regulatory, and tax disclosures or statements we may be required to make available
    to Client; and
	 	 	 	 
	 	 	1.4.	Responses to claims or customer support inquiries filed in connection with Client’s
    Custodial Account.
	 	 	 	 
	 	 	We will provide these Communications to Client by posting them on the Site, emailing
    them to Client at the primary email address on file with Coinbase Custody, communicating to Client via instant chat, and/or
    through other electronic communication.
	 	 	 	 
	 	 	For the sake of clarity, the parties hereby acknowledge and agree that Client’s
    consent herein allows for electronically delivered Communications to be accepted and agreed to by Client through the Custodial
    Services interface. Furthermore, Coinbase Custody may use electronic signatures and obtain them from Client in connection
    with Client’s use of the Custodial Services. Client consents and agrees that Client’s electronic signature on
    Communications, including but not limited to agreements, terms of use, addenda, consents, authorizations or updates relating
    thereto has the same effect as if Client signed them in ink.
	 	 	 
	 	2.	HARDWARE AND SOFTWARE REQUIREMENTS. In order to access and retain electronic
    Communications, Client will need the following computer hardware and software:
	 	 	 
	 	 	2.1.	A device with an Internet connection;

 

Coinbase Custody

 

25

    	 

    	

    

Coinbase Custodial Services Agreement

 

	 	 	2.2.	A current web browser that includes 128-bit encryption (e.g., Internet
    Explorer version 9.0 and above, Firefox version 3.6 and above, Chrome version 31.0 and above, or Safari 7.0 and above) with
    cookies enabled;
	 	 	 	 
	 	 	2.3.	A valid email address (Client’s primary email address on file with Coinbase Custody);
    and
	 	 	 	 
	 	 	2.4.	Sufficient storage space to save past Communications or an installed printer to print them.
	 	 	 	 
	 	3.	HOW TO WITHDRAW CLIENT’S CONSENT. Client may withdraw Client’s
    consent to receive Communications electronically by contacting Coinbase Custody at custody@coinbase.com. If Client fails to provide or if Client withdraws Client’s consent to receive Communications electronically,
    Coinbase Custody reserves the right to immediately close Client’s Custodial Account or charge Client additional fees
    for paper copies.
	 	 	 
	 	4.	UPDATING CLIENT’S INFORMATION. It is Client’s responsibility
    to provide Coinbase Custody with a true, accurate, and complete e-mail address and Client’s contact information, and
    to keep such information up to date. Client understands and agrees that if Coinbase Custody sends Client an electronic Communication
    but Client does not receive it because Client’s primary email address on file is incorrect, out of date, blocked by
    Client’s service provider, or Client is otherwise unable to receive electronic Communications, Coinbase Custody will
    be deemed to have provided the Communication to Client.
	 	 	 	 
	 	 	Client may update Client’s information by logging into Client’s Custodial
    Account and visiting settings or by contacting the Custody support team at custody@coinbase.com.

 

Coinbase Custody

 

26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]