Document:

Exhibit 10.4

 

		Storgatan 23 C

                           114 55

                           Stockholm

                           Sweden
	info@neonode.com
www.neonode.com www.linkedin.com/company/neon ode
    	 

 

EMPLOYMENT AGREEMENT

 

This employment agreement (the
“Employment Agreement”) is entered into on this day between

 

Neonode Inc. a Delaware
Corporation, Storgatan 23 C, 114 55 Stockholm (“Neonode”); and
Urban Forssell, personal identity no. XXXXXX-XXXX,
address XXX. (Employee)

 

		1	EMPLOYMENT, TERM AND POSITION

 

		1.1	The Employee is hereby employed as CEO (“Position”) at Neonode.

 

		1.2 	The employment shall commence latest on January 1, 2020 (“Commencement Date”). The
                                                                               employment shall last until further notice.

 

		1.3	As from the Commencement Date, the Employee’s employment is governeq by the terms and
                                                                              conditions of this Employment Agreement between the parties. This Employment Agreement overrules and supersedes all previous
                                                                              agreements between the parties.

 

		1.4	The Employee’s place of work is the Stockholm office or at such other locations in Sweden or
                                                                              abroad where Neonode conducts business from time to time. In order to safeguard Neonode’s interests in the best way, the
                                                                              Employee is expected to travel within as well as outside Sweden as an important part of the employee duties. No further
                                                                              reimbursement is paid for the performance of the duties in addition to what is set out in this Employment Agreement.

 

	2	DUTIES AND RESPONSIBILITIES

 

		2.1	The Employee shall during the employment diligently and faithfully perform such duties and
                                                                              responsibilities and exercise such powers as may from time to time be assigned to the Employee. The Employee is obligated to
                                                                              perform the Employee’s obligations in accordance with the Board and Management guidelines (attachment A) issued from time to time by Neonode’s Board of Directors.

 

 

		2.2	For the purpose of this Employment Agreement, a company
is considered to be an“affiliated company” if it is a legal entity that either directly or indirectly controls,
or is controlled by, Neonode.

 

     

    

    

 

	3	LOYALTY

 

This Employment Agreement
is based on the mutual loyalty and trust between the parties. The Employee shall in all situations safeguard and promote
Neonode’s and its affiliated companies’ interests as well as devote the entire Employee’s working hours to Neonode. Without
the prior written approval of the management, the Employee may not engage, either directly or indirectly, in any other
professional or commercial business, regardless of whether said business activity competes with Neonode’s business or not.
The foregoing shall not, however, prevent the Employee from owning or investing in financial instruments listed on a Swedish
or foreign stock exchange.

 

	4	REMUNERATION AND OTHER BENEFITS

 

		4.1	The Employee is entitled to a gross monthly salary amounting to SEK 175,000 per month. The salary is paid in accordance
                                                                  with Neonode’s prevalent payment routines. The gross monthly salary will be reviewed on an annual basis. Neonode is under no obligation to award
an increased salary following a salary review. There shall be no review of the salary after notice has been given by either party
to terminate the employment.

 

		4.2	The parties acknowledge that the Position may require overtime work in relation to which no additional compensation will be
paid. Overtime work has been taken into consideration, inter alia, when determining the salary level and other benefits
according to this Employment Agreement.

 

		4.3	In addition to the payments set out in Clauses 4.1 above, the Employee is entitled to receive a yearly bonus during 2019
                                                           and in each subsequent year up to a maximum of 50% of his total yearly salary based on his performance as CEO and the
                                                           financial performance of Neonode.

 

		4.4	The Employee is entitled to preventive health care allowance (Sw. friskvardsbidrag) in accordance with Neonode’s from
time to time applicable health care allowance policy.

 

		4.5	The Employee is not, in addition to what is stipulated in this Employment Agreement, entitled to any additional remuneration
for the Employee’s duties.

 

	5	PENSION AND INSURANCE

 

		5.1	The Employee is entitled to pension and insurance benefits in accordance with Neonode’s policy as applicable from time to time.
The Company will make a pension provision for the CEO of 25% of the monthly base salary.

 

In addition to Clause 5.1 above,
Neonode undertakes to supply occupational group life insurance (Sw. Tjanstegrupplivforsakring), industrial
(occupational) injury insurance (Sw. Trygghetsforsakring vid arbetsskada), disability pension insurance (Sw.
Sjukpensionsforsakring) according to ITP and work travel insurance.

 

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	6	HOLIDAY

 

The Employee is entitled to
thirty (30) days of paid holiday per annum. Holiday shall be taken after agreement with Neonode’s Chairman of the Board of Directors
and in accordance with Neonode’s policies applicable from time to time. The calculation of holiday pay is made in accordance with
the provisions under the Swedish Annual Leave Act (S w. Semesterlagen ( 1977:480)). The Employee is entitled to holiday
in advance (Sw. f6rskottssemstet). Neonode is entitled to offset holiday pay made in advance against salary and accrued
holiday pay at the termination of employment in accordance with the Swedish Annual Leave Act.

 

	7	SICK PAY

 

In the event of sickness, the
Employee shall be entitled to sick pay in accordance with Swedish statutory requirements, with the exception that the Company
will compensate the employee for the difference between the compensation from the Swedish insurance system (“Forsakringskassan”)
and 75% of the salary from day 15 up to day 90 after the sick leave occurred.

 

	8	EXPENSES

 

The Employee shall, upon submission
of appropriate receipts, receive reimbursement for reasonable and pre-approved out-of-pocket business expenses properly incurred
by the Employee in connection with the Employee’s duties.

 

Neonode will also reimburse the
Employee for any reasonable business travel expenses which the Employee incurs in connection with the Employee’s duties, subject
to and in accordance with the from time to time applicable business travel policy (or equivalent), or, where applicable, in accordance
with a specific agreement to be agreed upon by Neonode and the Employee. Reimbursement is subject to the Employee providing Neonode
with appropriate receipts and/or invoices.

 

	9	PERSONAL DATA AND IT SECURITY

 

		9.1	The Employee confirms that Neonode has informed the Employee of the principles governing Neonode’s
processing employees’ personal data in accordance with the Personal Data Act (1998:204) ( Sw. Persondatalagen, PUL) and
that the Employee has given consent thereto.

 

		9.2	The Employee undertakes to comply with Neonode’s, and its affiliated companies’, from time to time applicable policies regarding
the use of Neonode’s (and its affiliated companies’) computers, e-mail system, Internet services and software programs. The Employee
is aware that Neonode has full access to all files, e-mail correspondence and document handling systems as well as full access
to all Internet usage which is stored in Neonode’s IT system.

 

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	10	INTELLECTUAL PROPERTY RIGHTS

 

		10.1	Without any additional compensation, Neonode is the sole owner of all rights (and has the exclusive right of disposition to
all rights), including but not limited to all intellectual property rights, to any results and material made, designed or produced
by the Employee within the frame of the Employee’s employment. Accordingly, Neonode is entitled to modify and/or further develop
any results, material or intellectual property rights as well as to transfer or license the rights to such results, material or
intellectual property rights to third parties.

 

		10.2	The Employee is obliged to and agrees to support and procure that Neonode, at any time during the employment or after its expiration,
can fully profit from the rights relating to Clause 10.1 above. Accordingly, the Employee is, inter alia, obliged to prepare
any documentation which Neonode, at its sole discretion, deems necessary or desirable in order to protect, register and/or maintain
Neonode’s rights according to Clause 10.1 above, including but not limited, where necessary, to transfer (without the right to any additional compensation)
any such rights to Neonode.

 

	11	TERMINATION

 

		11.1	The employment may be terminated with a six (6) months’ notice from the Employee’s side and with a twelve (12) months’ notice
from Neonode’s side, during which time the employee are entitled to receive his monthly salary. The board have however the right
to exempt the employee from his position during the termination period. Upon termination for cause, the employee shall not receive
any severance.

 

		11.2	The Employee acknowledges that the Employee’s obligations according to Clause 10 (Intellectual Property Rights) and 12 (Confidentiality)
will continue to remain in force after the expiration of this Employment Agreement, regardless of the reasons for the expiration.

 

		11.3	Upon termination of the employment or at any earlier point in time when the Employee leaves the Employee’s position, the Employee
shall return any business material, reports, documents and other property (e.g. computer programs and software), including copies
thereof (stored electronically or otherwise), which have been entrusted to the Employee or which have come into the Employee’s
possession in connection with the employment. Such material is always Neonode’s property.

 

	12	CONFIDENTIALITY

 

		12.1	The Employee may not make use of, transfer or otherwise disclose to a third party, neither during the employment nor after
its expiration, such information regarding Neonode or its affiliated companies or regarding Neonode’s or its affiliated companies’
businesses, that Neonode wishes to remain confidential.

 

	 	12.2	For the purpose of this Clause 12, “information” is considered to be all information, including but not limited to information regarding products, materials, pricing, market and sales strategies, management and Neonode’s (or its affiliated companies’) customers and clients, regardless of whether the information is of technical, of commercial or of any other nature, and regardless of whether the information is documented in writing or otherwise.

 

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		12.3	The prohibition in Clause 12.1 shall not, however, apply where:

 

		(a)	it is required by this Employment Agreement, by law or mandatory regulations that the information is disclosed, or

 

		(b)	the parties have agreed in writing that the information could be disclosed to a third party, or

 

		(c)	the information is publicly known and has come to public knowledge in any way other than by breach
of the confidentiality undertakings in Clause 12.1 or any other breach of this Employment Agreement.

 

	13	POST-TERMINATION RESTRICTIONS

 

		13.1	In order to protect the confidential information of Neonode or of any affiliated company referred to above under Clause 12
to which the Employee has access as a result of the employment, the Employee covenants that the Employee shall neither directly
or indirectly, without the prior written consent from the Chairman of the Board of Directors, for a period of twelve (12) months
following the expiration of the employment:

 

		(a)	actively solicit the services of or entice away from Neonode or from any of its affiliated companies or engage, whether on
his own behalf or on behalf of others, any person who is or was an executive director or a senior manager of Neonode or of any
of its affiliated companies at any time during the twelve month period immediately preceding the date on which the Employee’s employment
with Neonode terminated; nor
	 	 	 

		(b)	actively to a competing business solicit the customer of or entice away from Neonode or from any of its affiliated companies
the customer or business of any person who is or was a customer of Neonode or of any of its affiliated companies at any time during
the twelve month period immediately preceding the date on which the Employee’s employment with Neonode terminated and with whom
the Employee or one of his subordinates dealt with during the said twelve month period; nor
	 	 	 

		(c)	actively solicit employees of Neonode or any of its affiated companies at any time during the twelve month period immediately
preceding the date on which the Employee’s employment with Neonode terminated.

 

		13.2	In the event of termination of the employment, the Employee undertakes not to copy or use information regarding Neonode’s operations
or otherwise utilise Neonode’s contacts and materials.

 

	14	APPLICABLE LAW AND DISPUTE RESOLUTION

 

		14.1	This Employment Agreement shall be governed by the substantive
laws of Sweden.

 

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	15	AMENDMENTS AND MODIFICATIONS

 

This Employment Agreement may
not be amended nor modified unless agreed upon in writing and signed by the parties.

 

This Agreement constitutes
the entire agreement of the parties relating to the subject matter addressed in this Agreement. This Agreement supersedes all prior
communications, contracts, or agreements between the parties with respect to the subject matter addressed in this Agreement, whether
oral or written.

 

 

 

This Employment Agreement has
been executed in duplicate and the parties have received one copy each.

 

	Date: October 20, 2019	 	Date: October 20, 2019

 

	/s/ Ulf Rosberg	 	 
	Ulf Rosberg	 	Urban Forssell
	Chairman of the Board of Directors	 	 
	Neonode Inc	 	 

 

 

6Wilshire wShares Enhanced Gold Trust POS EX

Exhibit 10.3

 

CUSTODY AGREEMENT

 

By and Between

 

THE BANK OF NEW YORK MELLON

 

And

 

WILSHIRE wSHARES ENHANCED GOLD TRUST

 

     

     

    

 

CUSTODY AGREEMENT

 

This Custody Agreement
is made and entered into as of the latest date set forth on the signature page hereto (the “Effective Date”)
by and between THE BANK OF NEW YORK MELLON, a New York state chartered bank (“BNY Mellon”), and WILSHIRES
wSHARES ENHANCED GOLD TRUST, a Delaware statutory trust (“Customer”). BNY Mellon and Customer are collectively
referred to as the “Parties” and individually as a “Party”.

 

RECITALS

 

WHEREAS, Customer wishes
to appoint BNY Mellon as the custodian of certain of its assets, and BNY Mellon is willing to provide such services on the terms
and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as
follows.

 

		1.	DEFINITIONS

 

Whenever used in this Agreement,
the following words have the meanings set forth below:

 

“Account”
or “Accounts” has the meaning set forth in Section 2.2.

 

“Act” has
the meaning set forth in Section 10.1(a).

 

“Affiliate”
means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control
with such entity.

 

“Agreement”
means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

 

“Anti-Money Laundering
Laws” means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and
requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT
Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority
over Customer.

 

“Assets” has
the meaning set forth in Section 2.1(a).

 

“Authorized Person”
has the meaning set forth in Section 3.1.

 

“BNY Mellon”
has the meaning set forth in the introductory paragraph.

 

“Cash” means
the money and currency of any jurisdiction which BNY Mellon accepts for deposit in an Account.

 

     

     

    

 

“Confidential Information”
means, with respect to a Party or the Sponsor, the terms of this Agreement and all non-public business and financial information
of such Party or the Sponsor (including, with respect to Customer, information regarding the Accounts and including, with respect
to BNY Mellon, information regarding its practices and procedures related to the services provided hereunder) disclosed to the
other Party in connection with this Agreement. For the avoidance of doubt, Confidential Information shall include (a) any data
or information that is competitively sensitive material, and not generally known to the public, including, but not limited to,
information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer
lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities
of Customer, Sponsor or BNY Mellon and their respective subsidiaries and affiliated companies; (b) any scientific or technical
information, design, process, procedure, formula, index methodology, or improvement that is commercially valuable and secret in
the sense that its confidentiality affords Customer, Sponsor or BNY Mellon, as applicable, a competitive advantage over its competitors;
(c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object
code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (d) anything
designated as confidential.

 

“Customer”
has the meaning set forth in the introductory paragraph.

 

“Data Terms Website”
means http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf or any successor website the address
of which is provided by BNY Mellon to Customer.

 

“Depository”
means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other
securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities
pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

 

“Effective Date”
has the meaning set forth in the introductory paragraph.

 

“Electronic Access Services”
means such services made available by BNY Mellon or a BNY Mellon Affiliate to Customer to electronically access information relating
to the Accounts and/or transmit Instructions.

 

“Foreign Depository”
means each eligible securities depository identified by BNY Mellon to Customer from time to time.

 

“Instructions”
means, with respect to this Agreement, instructions issued to BNY Mellon by way of (a) one of the following methods (each as and
to the extent specified by BNY Mellon as available for use in connection with the services hereunder): (i) the Electronic Access
Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords
or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party
institutional trade matching utilities used to effect transactions in accordance with such utility’s customary procedures
or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized
Person.

 

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“Market Data”
means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers,
bond ratings and classification data.

 

“Market Data Providers”
means vendors and analytics providers and any other Person providing Market Data to BNY Mellon.

 

“Non-Custody Assets”
has the meaning set forth in Section 17.1.

 

“Oral Instructions”
means, with respect to this Agreement, spoken instructions issued to BNY Mellon and reasonably believed by BNY Mellon to be from
an Authorized Person.

 

“Party” or
“Parties” has the meaning set forth in the introductory paragraph. “Person” or “Persons”
means any entity or individual.

 

“Registration Statement”
means the Registration Statement (including a Prospectus and Statement of Additional Information) for Customer under the Securities
Act of 1933, as amended, filed with the U.S. Securities and Exchange Commission.

 

“Sanctions”
means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority
of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other
applicable domestic or foreign authority with jurisdiction over Customer.

 

“Securities”
means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive,
subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY Mellon and Customer and which
are from time to time delivered to or received by BNY Mellon and/or any Subcustodian for deposit in an Account.

 

“Series” means
the respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix
I to this Agreement then a reference to a Series means Customer.

 

“Shares” means
shares of beneficial interest in Customer.

 

“Sponsor” means
Wilshire Phoenix Funds LLC, the sponsor of Customer.

 

“Standard of Care”
has the meaning set forth in Section 14.1.

 

“Subcustodian”
means a bank or other financial institution (other than a Depository) that is selected and used by BNY Mellon or a BNY Mellon Affiliate
in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of,
any of the foregoing.

 

“Tax Obligations”
means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions
to tax and other related expenses.

 

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“Third Party Data”
has the meaning set forth in Section 9.3(a).

 

		2.	APPOINTMENT
OF CUSTODIAN; ACCOUNTS

 

		2.1	Appointment of Custodian

 

		(a)	Customer hereby appoints BNY Mellon as custodian of all Cash to be held under, and in accordance
with the terms of, this Agreement (collectively, “Assets”), and BNY Mellon hereby accepts such appointment.
The Parties acknowledge and agree that BNY Mellon’s duties pursuant to such appointment will be limited solely to those duties
expressly undertaken pursuant to this Agreement.

 

		(b)	Notwithstanding the foregoing, BNY Mellon has no obligation:

 

		(i)	With respect to any Assets until they are actually received in an Account;

 

		(ii)	To inquire into, make recommendations, supervise or determine the suitability of any transactions
affecting any Account or to question any Instructions;

 

		(iii)	To determine the adequacy of title to, or the validity or genuineness of, any Assets received by
it or delivered by it pursuant to this Agreement; or

 

		(iv)	With respect to any matters related to: the establishment, maintenance operation or termination
of Customer; or the offer, sale or distribution of the Shares of Customer.

 

		(c)	Cash held hereunder may be subject to additional deposit terms and conditions issued by BNY Mellon
or the applicable Subcustodian from time to time, including rates of interest and deposit account access.

 

		(d)	If Customer engages in securities lending activities, such activities will be subject to certain
additional and/or modified terms to be set forth in a separate written agreement between Customer and BNY Mellon or a BNY Mellon
Affiliate.

 

		2.2	Establishment of Accounts

 

BNY Mellon will establish and
maintain a separate account for each Series in which BNY Mellon will hold Assets relating to the relevant Series as provided herein
(each, an “Account,” and collectively, the “Accounts”).

 

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		3.	AUTHORIZED
PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS

 

		3.1	Authorized Persons

 

Promptly following the
Effective Date, Customer and/or its designee (including any of Customer’s investment managers) will furnish BNY Mellon
with one or more written lists or other documentation acceptable to BNY Mellon specifying the names and titles of, or
otherwise identifying, all Persons authorized to act on behalf of Customer with respect to this Agreement (each, an
“Authorized Person”). Customer will be responsible for keeping such lists and/or other documentation
current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

  

		3.2	Instructions

 

		(a)	Except as otherwise expressly provided in this Agreement, BNY Mellon will have no obligation to
take any action hereunder unless and until it receives Instructions issued in accordance with this Agreement.

 

		(b)	Customer will be responsible for ensuring that (i) only Authorized Persons issue Instructions to
BNY Mellon and (ii) all Authorized Persons safeguard and treat with extreme care any user and authorization codes, passwords and
authentication keys used in connection with the issuance of Instructions.

 

		(c)	Where Customer may or is required to issue Instructions, such Instructions will be issued by an
Authorized Person.

 

		(d)	BNY Mellon will be entitled to deal with any Authorized Person until notified otherwise pursuant
to Instructions, and will be entitled to act and rely upon any Instruction received by BNY Mellon.

 

		(e)	All Instructions must include all information necessary, and must be delivered using such methods
and in such format as BNY Mellon may require and be received within BNY Mellon’s established cut-off times and otherwise
in sufficient time, to enable BNY Mellon to act upon such Instructions.

 

		(f)	BNY Mellon may in its sole discretion decline to act upon any Instructions that do not comply with
requirements set forth in Section 3.2(e) or that conflict with applicable law or regulations or BNY Mellon’s operating policies
and practices, in which event BNY Mellon will promptly notify Customer.

 

		(g)	Customer acknowledges that while it is not part of BNY Mellon’s normal practices and procedures
to accept Oral Instructions, BNY Mellon may in certain limited circumstances accept Oral Instructions. In such event, such Oral
Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction
will promptly confirm such Oral Instruction to BNY Mellon in writing. Notwithstanding the foregoing, Customer agrees that the fact
that such written confirmation is not received by BNY Mellon, or that such written confirmation contradicts the Oral Instruction,
will in no way affect (i) BNY Mellon’s reliance on such Oral Instruction or (ii) the validity or enforceability of transactions
authorized by such Oral Instruction and effected by BNY Mellon.

 

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		(h)	Customer acknowledges and agrees that it is fully informed of the protections and risks associated
with the various methods of transmitting Instructions to BNY Mellon and that there may be more secure methods of transmitting Instructions
than the method selected by the sender. Customer agrees that the security procedures, if any, to be followed by Customer and BNY
Mellon with respect to the transmission and authentication of Instructions provide to Customer a commercially reasonable degree
of protection in light of its particular needs and circumstances.

  

		3.3	BNY Mellon Actions Without Instructions

 

Notwithstanding anything to the
contrary set forth in this Agreement, Customer hereby authorizes BNY Mellon, without Instructions, to take any administrative or
ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under
this Agreement, including the following:

 

		(a)	Receive income and other payments due to the Accounts; provided, however, that BNY Mellon will
have no duty to pursue collection of any amount due to an Account, including for Securities in default, if such amount is not paid
when due;

 

		(b)	Endorse for collection checks, drafts or other negotiable instruments received on behalf of the
Accounts; and

 

		(c)	Execute and deliver, solely in its capacity as custodian, certificates, documents or instruments
incidental to BNY Mellon’s performance under this Agreement.

 

		3.4	Funds Transfers

 

With respect to each Instruction
for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier
(e.g., IBAN or ABA or account number), BNY Mellon and any other bank participating in the Cash transfer will be entitled to rely
solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance
on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated
in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will
be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

 

		3.5	Electronic Access

 

If Customer elects to use the
Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained
in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY Mellon’s
prior consent, to transmit Instructions through a third-party electronic communications service, BNY Mellon will not be responsible
or liable for the reliability or availability of any such service.

 

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		4.	SUBCUSTODIANS,
DEPOSITORIES AND AGENTS

 

		4.1	Use of Subcustodians and Depositories

  

		(a)	BNY Mellon will be entitled to utilize Subcustodians and Depositories in connection with its performance
hereunder.

 

		(b)	BNY Mellon will only utilize Subcustodians that have entered into an agreement with BNY Mellon
or a BNY Mellon Affiliate, and Assets held through a Subcustodian will be held subject to the terms and conditions of such Subcustodian’s
respective agreement.

 

		(c)	Assets deposited in a Depository will be held subject to the rules, procedures, terms and conditions
of such Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians participate.

 

		(d)	With respect to each Foreign Depository, BNY Mellon will exercise reasonable care, prudence and
diligence (a) to provide Customer with an analysis of the custody risks associated with maintaining assets with the Foreign Depository
and (b) to monitor such custody risks on a continuing basis and promptly notify Customer of any material change in such risks.
Customer acknowledges and agrees that such analysis and monitoring will be made on the basis of, and limited by, information gathered
from certain Subcustodians or through publicly available information otherwise obtained by BNY Mellon, and will not include any
evaluation of the matters referenced in Section 14.2(b)(i).

 

		(e)	Unless otherwise required by local law or practice or a particular Subcustodian agreement, Assets
deposited with Subcustodians or Depositories may be held in a commingled account in the name of, as applicable, BNY Mellon, a BNY
Mellon Affiliate or the applicable Subcustodian, for its clients.

 

		4.2	Liability for Subcustodians

 

		(a)	BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians.

 

		(b)	With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities
of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement
if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however,
that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate:

 

		(i)	BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s
failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and

 

		(ii)	To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon’s sole
responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward
to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

 

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		4.3	Liability for Depositories

 

BNY Mellon will have no responsibility
or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on
the transfer or holding of Assets held with such Depository.

 

		4.4	Use of Agents

 

BNY Mellon may appoint agents,
including BNY Mellon Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except
as otherwise specifically provided herein, no such appointment will discharge BNY Mellon from its obligations hereunder.

 

		5.	CORPORATE
ACTIONS

 

		5.1	Notification

 

BNY Mellon will notify Customer
or its designee of rights or discretionary corporate actions as promptly as practicable under the circumstances, provided that
BNY Mellon has actually received, in its capacity as custodian, notice of such right or discretionary corporate action from the
relevant issuer, or from a Subcustodian, Depository or third party vendor. Without actual receipt of such notice by BNY Mellon,
BNY Mellon will have no responsibility or liability for failing to so notify Customer.

 

		5.2	Exercise of Rights

 

Whenever there are voluntary
rights that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer
or its designee will be responsible for making any decisions relating thereto and for instructing BNY Mellon to act. In order for
BNY Mellon to act, Customer must issue Instructions either: (a) using the BNY Mellon-generated form provided along with BNY Mellon’s
notice under Section 5.1 or (b) if Customer is not using such BNY Mellon-generated form, clearly indicating, by reference to the
options provided on such BNY Mellon-generated form, which action Customer is electing. Each such Instruction will be addressed
as BNY Mellon may from time to time request and issued by such time as BNY Mellon will advise Customer or its designee.

 

		5.3	Partial Redemptions, Payments, Etc.

 

BNY Mellon will advise Customer
or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with
respect to a Security affecting fewer than all such Securities held within an Account. If BNY Mellon or any Subcustodian or Depository
holds any Securities affected by one of the events described, BNY Mellon or such Subcustodian or Depository may select the Securities
to participate in such partial redemption, partial payment or other action in any nondiscriminatory manner that it customarily
uses to make such selection.

 

		6.	[RESERVED]

 

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		7.	TAX MATTERS

 

		7.1	Tax Obligations

 

To the extent that BNY Mellon
has received relevant and necessary information with respect to an Account, BNY Mellon will perform the following services with
respect to Tax Obligations:

 

		(a)	BNY Mellon (or the applicable Subcustodian) will apply, withhold and report appropriate amounts
as BNY Mellon (in its capacity as custodian) or the applicable Subcustodian (in its capacity as subcustodian) is required to do
under the relevant source country tax laws, and is authorized to debit the relevant Account in the amount of a Tax Obligation withheld
and to pay such amount to the appropriate taxing authority;

 

		(b)	BNY Mellon will, where appropriate and upon receipt of sufficient information, pursue claims for
tax relief where (i) either a tax treaty or a source country’s domestic tax laws provide for favorable tax treatment with
respect to an Asset as a result of the relevant Series’ status as a specific type of investor and/or residency status and
(ii) the source country’s tax authorities have outlined the requirements and qualification criteria required to obtain such
relief; and

 

		(c)	BNY Mellon will forward to Customer or its designee information regarding Tax Obligations applicable
to Customer that BNY Mellon receives in its capacity as custodian from third parties and that BNY Mellon reasonably believes would
be useful to Customer or its designee in the submission of any reports or returns with respect to Tax Obligations.

 

		7.2	Responsibility for Taxes

 

Customer will be responsible
and liable for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto. Customer
acknowledges and agrees that BNY Mellon and its Affiliates are not tax advisers and will not under any circumstances provide tax
advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters.

 

		7.3	Payments

 

Where BNY Mellon receives Instructions
to make distributions or transfers out of an Account in order to pay Customer’s third party service providers, Customer acknowledges
that in making such payments BNY Mellon is acting in an administrative or ministerial capacity, and not as the payor, for tax information
reporting and withholding purposes.

 

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		8.	CREDITS AND
ADVANCES

 

		8.1	Contractual Settlement and Income

 

BNY Mellon may, in its sole discretion,
as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption
or other delivery or receipt of Securities, or interest, dividends or other distributions payable on Securities prior to its actual
receipt thereof. All such credits will be conditional until BNY Mellon’s actual receipt of such proceeds and may be reversed
by BNY Mellon to the extent that such proceeds are not received. Actual receipt of proceeds with respect to a transaction will
not be deemed to have occurred, and the transaction will not be considered final, until BNY Mellon has received sufficient immediately
available funds or Securities specifically applicable to such transaction that, under applicable local law, rule or practice, are
irreversible and not subject to any security interest, levy or other encumbrance.

 

		8.2	Advances

 

If BNY Mellon receives an Instruction
that, if processed, would result in an overdraft in an Account, BNY Mellon may, in its sole discretion, advance funds in any currency
hereunder.

 

		8.3	Repayment

 

If: (a) BNY Mellon has advanced
funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement
of securities transactions, funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted
to BNY Mellon, Customer agrees to repay BNY Mellon (on demand or upon becoming aware thereof) the amount of such advance, overdraft
or indebtedness, plus accrued interest at a rate then charged by BNY Mellon to its institutional custody clients in the relevant
currency.

 

		8.4	Securing Repayment

 

In order to secure repayment
of Customer’s obligations and liabilities relating to a Series (whether or not matured) to BNY Mellon or any BNY Mellon Affiliate,
whether or not relating to or arising under this Agreement, and without limiting BNY Mellon’s or such BNY Mellon Affiliate’s
rights under applicable law or any other agreement, Customer hereby pledges and grants to BNY Mellon and such BNY Mellon Affiliate,
and agrees BNY Mellon and such BNY Mellon Affiliate will have to the maximum extent permitted by law, a continuing first lien and
security interest in: (a) all of Customer’s and such Series’ right, title and interest in and to the Account relating
to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at
any time held by BNY Mellon or any BNY Mellon Affiliate relating to such Series; provided that Customer does not hereby grant a
security interest in any Securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act) of BNY Mellon.
Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by
BNY Mellon or any BNY Mellon Affiliate relating to Customer, free and clear of all liens, claims and security interests (except
as otherwise acknowledged in writing by BNY Mellon), and that the first lien and security interest granted herein with respect
to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third
party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure
BNY Mellon of such priority security interest, including notifying third parties or obtaining their consent. BNY Mellon will be
entitled to collect from the relevant Account sufficient Cash for reimbursement, and if such Cash is insufficient, to sell Securities
in such Account to the extent necessary to obtain reimbursement. In this regard, BNY Mellon will be entitled to all the rights
and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then
in effect as if Customer or the relevant Series is in default.

 

    10 

     

    

 

		8.5	Setoff

 

BNY Mellon has the right to debit
any Cash for any amount payable by Customer in connection with any and all obligations and liabilities (whether or not matured)
of Customer relating to a Series to BNY Mellon or any BNY Mellon Affiliate whether or not relating to or arising under this Agreement.
In addition to the rights of BNY Mellon or such BNY Mellon Affiliate under applicable law or any other agreement, at any time when
Customer has not honored any of its obligations relating to a Series to BNY Mellon or such BNY Mellon Affiliate, BNY Mellon will
have the right with prior notice to Customer to retain or set-off against any obligations relating to such Series any cash BNY
Mellon or any BNY Mellon Affiliate may directly or indirectly hold with respect to such Series and any obligations (whether or
not matured) that BNY Mellon or any BNY Mellon Affiliate may have with respect to such Series in any currency. Any such cash or
obligation relating to a Series may be transferred to BNY Mellon and any BNY Mellon Affiliate in order to effect the above rights.

 

		9.	STATEMENTS;
BOOKS AND RECORDS; THIRD PARTY DATA

 

		9.1	Statements

 

BNY Mellon will make available
to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may
agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts
as of the last business day of such month (or as of such other date(s) as the Parties may agree from time to time). Customer will
promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY Mellon, notify
BNY Mellon of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY Mellon of any such exceptions
or objections at any time; provided, however, that BNY Mellon will not be responsible or liable for any losses that could have
been mitigated had such notice been provided during such ninety (90) day period.

 

    11 

     

    

 

		9.2	Books and Records

 

The books and records directly
pertaining to the Accounts which are in the possession of BNY Mellon will be the property of Customer. BNY Mellon will identify
on its books and records the Assets belonging to Customer with respect to each Series whether held directly or indirectly through
Subcustodians or Depositories. Securities held in the Accounts will be held in registered form in the name of BNY Mellon or one
of its nominees and will be segregated on BNY Mellon’s books and records from BNY Mellon’s own property. Customer and
its authorized representatives will have the right, at Customer’s own expense and with reasonable prior written notice to
BNY Mellon, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur
during BNY Mellon’s normal business hours and will be subject to BNY Mellon’s applicable security policies and procedures.
Upon Customer’s reasonable request, copies of those books and records directly pertaining to the Accounts will be provided
by BNY Mellon to Customer or its authorized representative.

  

		9.3	Third Party Data

 

		(a)	Customer acknowledges that BNY Mellon will be receiving, utilizing and relying on Market Data and
other data provided by Customer and/or by third parties in connection with its performance of the services hereunder (collectively,
“Third Party Data”). BNY Mellon is entitled to rely without inquiry on all Third Party Data provided to BNY
Mellon hereunder (and all Instructions related to Third Party Data), and BNY Mellon makes no assurances or warranties in relation
to the accuracy or completeness of Third Party Data and will not be responsible or liable for any losses or damages incurred as
a result of any Third Party Data that is inaccurate or incomplete. BNY Mellon may follow Instructions with respect to Third Party
Data, even if such Instructions direct BNY Mellon to override its usual procedures and data sources or if BNY Mellon, in performing
services for itself or others (including services similar to those performed for Customer), receives different Third Party Data
for the same or similar Securities.

 

		(b)	Although statements and reports provided by BNY Mellon hereunder with respect to the Accounts may
contain values of, and pricing information in relation to, Securities held pursuant to this Agreement, BNY Mellon does not undertake
any duty or responsibility under this Agreement to report such values or pricing information.

 

		(c)	Certain Market Data may be the intellectual property of Market Data Providers, which impose additional
terms and conditions upon Customer’s use of such Market Data. Such additional terms and conditions can be found on the Data
Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms Website from time to time.

 

		10.	DISCLOSURES

 

		10.1	Foreign Exchange Transactions

 

In connection with this Agreement,
Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY Mellon or a BNY
Mellon Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect
to any such foreign exchange transactions, subject to any rules or limitations that may apply to any foreign exchange facility
made available to Customer. With respect to any such foreign exchange transactions, BNY Mellon or such BNY Mellon Affiliate is
acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer,
a Series, an investment manager or any Account.

 

    12 

     

    

 

		10.2	Investment of Cash

 

In connection with this Agreement,
Customer will not issue standing Instructions to invest Cash in one or more sweep investment vehicles, including, without limitation,
in any money market mutual fund, cash deposit product or other cash investment vehicle (each, a “sweep investment vehicle”).
Notwithstanding anything else contained herein to the contrary, in no event shall BNY Mellon invest or permit any Cash to be invested
in any sweep investment vehicle.

 

		11.	REGULATORY
MATTERS

 

		11.1	USA Patriot Act

 

Section 326 of the U.S. Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its
implementing regulations) requires BNY Mellon to implement a customer identification program pursuant to which BNY Mellon must
obtain certain information from Customer in order to verify Customer’s identity prior to establishing an Account. Accordingly,
prior to establishing an Account, Customer will be required to provide BNY Mellon with certain information, including Customer’s
name, physical address, tax identification number and other pertinent identifying information, to enable BNY Mellon to verify Customer’s
identity. Customer acknowledges that BNY Mellon cannot establish an Account unless and until BNY Mellon has successfully performed
such verification.

 

		11.2	Sanctions; Anti-Money Laundering

 

		(a)	Throughout the term of this Agreement, Customer: (i) will have in place and will implement policies
and procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all
relevant data with respect to its clients (to the extent the Assets are client assets) and with respect to incoming or outgoing
assets or transactions relating to this Agreement; (ii) will ensure that neither Customer nor any of its Affiliates, directors,
officers, employees or clients (to the extent the Assets are client assets) is an individual or entity that is, or is owned or
controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or
territory that is, or whose government is, the target of Sanctions and (iii) will not, directly or indirectly, use the Accounts
in any manner that would result in a violation by Customer or BNY Mellon of Sanctions.

 

    13 

     

    

 

		(b)	Customer acknowledges and agrees that, in connection with the services provided by BNY Mellon under
this Agreement, each of Customer’s authorized participants is not a customer or joint customer with BNY Mellon. Customer
(and not BNY Mellon) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to each
of its authorized participants under all Anti-Money Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money
Laundering Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its investors
that includes the following: (i) a know-your-customer program in order to understand and verify the identity of each authorized
participant, in accordance with the requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction
surveillance and monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities
with respect to each authorized participant to the appropriate law enforcement and regulatory authorities and to BNY Mellon where
related to the services provided by BNY Mellon hereunder.

 

		(c)	Customer will promptly provide to BNY Mellon such information as BNY Mellon reasonably requests
in connection with the matters referenced in this Section 11.2, including information regarding (i) the Accounts, (ii) the Assets
and the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, and (iv) Customer’s
anti-money laundering and Sanctions compliance programs and any related records and/or transaction information, including with
respect to any investor, regardless of whether such request is made under USA PATRIOT Act Section 314(b) (where applicable). Customer
will cooperate with BNY Mellon and provide assistance reasonably requested by BNY Mellon in connection with any anti-money laundering
and terrorist financing or Sanctions inquiries. Prior to delivering to BNY Mellon the assets of any authorized participant, Customer
will obtain from each such authorized participant, and will continue to maintain in effect throughout the term of this Agreement,
any consents or waivers that may be required under applicable law in order to comply with the foregoing obligations.

 

		(d)	BNY Mellon may decline to act or provide services in respect of any Account, and take such other
actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section
11.2. If BNY Mellon declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by
applicable law or official request, BNY Mellon will inform Customer as soon as reasonably practicable.

 

		12.	COMPENSATION

 

		12.1	Fees and Expenses

 

In consideration of BNY Mellon’s
services provided hereunder, Customer will (a) pay to BNY Mellon the fees set forth in the agreed upon fee schedule (as such fee
schedule may be amended by BNY Mellon and Customer from time to time) (the “fee schedule”) and (b) reimburse
BNY Mellon for any out-of-pocket and incidental expenses incurred by BNY Mellon in connection therewith; provided, however, that
the prior written consent of Customer shall be required prior to the incurrence of any individual expense greater than $500. Unless
otherwise agreed by the Parties, such amounts will be payable to BNY Mellon within thirty (30) days of Customer’s receipt
of the relevant invoice accompanied by supporting documentation, as appropriate. Without limiting BNY Mellon’s other rights
set forth in this Agreement, BNY Mellon may charge interest on overdue amounts at a rate then charged by BNY Mellon to its institutional
custody clients in the relevant currency.

 

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		12.2	Other Compensation

 

		(a)	Customer acknowledges that, as part of BNY Mellon’s compensation, BNY Mellon will earn interest
on Cash balances held by BNY Mellon (including disbursement balances, balances arising from purchase and sale transactions and
when Cash otherwise remains uninvested) as provided in BNY Mellon’s compensation disclosures.

 

		(b)	Where a processing error has occurred under this Agreement that results in an unintended gain,
provided that Customer is put in the same or equivalent position as it would have been in had such processing error not occurred,
any such gain will be solely for the account of BNY Mellon without any duty to report such gain to Customer.

 

		13.	REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

		13.1	BNY Mellon

 

		(a)	BNY Mellon represents and warrants that: (a) it is duly organized, validly existing and in good
standing in its jurisdiction of organization; (b) it has the requisite corporate power and authority to enter into and to carry
out the transactions contemplated by this Agreement and (c) the individual executing this Agreement on its behalf has the requisite
authority to bind BNY Mellon to this Agreement.

 

		(b)	BNY Mellon represents and warrants that it has, and will maintain, physical, electronic and procedural
safeguards reasonably designed to protect the availability, security, confidentiality and integrity of, and to prevent unauthorized
access to the use of, Confidential Information of Customer.

 

		(c)	BNY Mellon represents and warrants that it is conducting its business in material compliance with
applicable laws, and has obtained regulatory licenses, approvals and consents necessary to provide the services contemplated herein.

 

		13.2	Customer

 

		(a)	Customer represents and warrants that: (i) it is duly organized, validly existing and in good standing
in its jurisdiction of organization; (ii) it has the requisite corporate power and authority to enter into and to carry out the
transactions contemplated by this Agreement and (iii) the individual executing this Agreement on its behalf has the requisite authority
to bind Customer to this Agreement.

 

		(b)	Customer represents and warrants that all actions taken, or to be taken, by or on behalf of Customer
in connection with establishing, maintaining, operating or terminating Customer (including, any offer, sale or distribution of
the shares of, or interest in, Customer) shall be done in material compliance with all applicable U.S. state and federal securities
laws and regulations and all other applicable laws and regulations of all applicable jurisdictions.

 

    15 

     

    

 

		14.	LIABILITY

 

		14.1	Standard of Care

 

In performing its duties under
this Agreement, BNY Mellon will exercise the standard of care and diligence that a professional custodian would observe in these
affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market (“Standard
of Care”).

 

		14.2	Limitation of Liability

 

		(a)	BNY Mellon’s liability arising out of or relating to this Agreement will be limited solely
to those direct damages that are caused by BNY Mellon’s failure to perform its obligations under this Agreement in accordance
with the Standard of Care. In no event will BNY Mellon be liable for any indirect, incidental, consequential, exemplary, punitive
or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this
Agreement (whether or not foreseeable and even if BNY Mellon has been advised of the possibility of such losses or damages).

 

		(b)	Notwithstanding anything to the contrary set forth in this Agreement, in no event will BNY Mellon
be liable for any losses or damages arising out of any of the following:

 

		(i)	Customer’s or an Authorized Person’s decision to invest in or hold Assets in any particular
country, including any losses or damages arising out of or relating to: (A) the financial infrastructure of a country; (B) a country’s
prevailing custody and settlement practices; (C) nationalization, expropriation or other governmental actions; (D) a country’s
regulation of the banking or securities industry; (E) currency and exchange controls, restrictions, devaluations, redenominations,
fluctuations or asset freezes; (F) laws, rules, regulations or orders that at any time prohibit or impose burdens or costs on the
transfer of Assets to, by or for the account of Customer or (G) market conditions which affect the orderly execution of securities
transactions or affect the value of securities;

 

		(ii)	BNY Mellon’s reliance on Instructions;

 

		(iii)	BNY Mellon’s receipt or acceptance of fraudulent, forged or invalid Securities (or Securities
which are otherwise not freely transferable or deliverable without encumbrance in any relevant market);

 

    16 

     

    

 

		(iv)	For any matter with respect to which BNY Mellon is required to act only upon the receipt of Instructions,
(A) BNY Mellon’s failure to act in the absence of such Instructions or (B) Instructions that are late or incomplete or do
not otherwise satisfy the requirements of Section 3.2(e), whether or not BNY Mellon acted upon such Instructions;

  

		(v)	BNY Mellon receiving or transmitting any data to or from Customer or any Authorized Person via
any non-secure method of transmission or communication selected by Customer;

 

		(vi)	Customer’s or an Authorized Person’s decision to invest in Securities or to hold Cash
in any currency; or

  

		(vii)	The insolvency of any Person, including a Subcustodian that is not a BNY Mellon Affiliate, Depository,
broker, bank or counterparty to the settlement of a transaction or to a foreign exchange transaction, except as provided in Section
4.2.

 

		(c)	If BNY Mellon is in doubt as to any action it should or should not take, either pursuant to, or
in the absence of, Instructions, BNY Mellon may obtain the advice of either reputable counsel of its own choosing or counsel to
Customer, and BNY Mellon will not be liable for acting in accordance with such advice.

 

		14.3	Force Majeure

 

BNY Mellon will not be responsible
or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or
indirectly, by any event beyond its reasonable control, including acts of God, strikes or other labor disputes, work stoppages,
acts of war, terrorism, general civil unrest, governmental or military actions, legal constraint or the interruption, loss or malfunction
of utilities or communications or computer systems. BNY Mellon will promptly notify Customer upon the occurrence of any such event
and will use commercially reasonable efforts to minimize its effect.

 

		14.4	Indemnification

 

Customer will indemnify and hold
harmless BNY Mellon from and against all losses, costs, expenses, damages, and liabilities (including reasonable and documented
counsel fees and expenses) (“Losses”) incurred by BNY Mellon arising out of or relating to BNY Mellon’s
performance under this Agreement, except to the extent resulting from BNY Mellon’s failure to perform its obligations under
this Agreement in accordance with the Standard of Care. The Parties agree that the foregoing will include reasonable counsel fees
and expenses incurred by BNY Mellon in its successful defense of claims that are asserted by Customer against BNY Mellon arising
out of or relating to BNY Mellon’s performance under this Agreement. Any obligations of Customer under this Section 14.4
with respect to a particular Series will not be satisfied out of the assets of another Series.

 

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		15.	CONFIDENTIALITY

 

		15.1	Confidentiality Obligations

 

Each Party agrees to use the
Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with
such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written
consent of the other Party. Notwithstanding the foregoing, BNY Mellon may: (a) use Customer’s Confidential Information in
connection with certain functions performed on a centralized basis by BNY Mellon, its Affiliates and joint ventures and their service
providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management,
compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures
and to its and their service providers, in each case, who are subject to confidentiality obligations and need to know such information
in connection with the performance of BNY Mellon’s duties under this Agreement; and (c) store the names and business contact
information of Customer’s employees and representatives relating to this Agreement on the systems or in the records of its
Affiliates and joint ventures and its and their service providers. In addition, BNY Mellon may aggregate information regarding
Customer and the Accounts on an anonymized basis with other similar client data for BNY Mellon’s and its Affiliates’
reporting, research, product development and distribution, and marketing purposes.

 

		15.2	Exceptions

 

The Parties’ respective
obligations under Section 15.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter
becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as
of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed
by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to
be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law,
rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory
authority; provided, however, that the Party making disclosure pursuant to a court order, legal process or at the request of a
regulatory authority shall first notify the other Party (to the extent permissible). Notwithstanding Section 15.1, the Parties
agree that Customer may, subject to the prior review of BNY Mellon, reference BNY Mellon and summarize the material terms of this
Agreement in the Registration Statement and any other offering memorandum, prospectus or marketing documents related to an offering
of the Shares by Customer to potential investors.

 

		16.	TERM AND TERMINATION

 

		16.1	Term

 

The term of this Agreement will
commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

 

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		16.2	Termination

 

		(a)	Each Party may terminate this Agreement with respect to one or more Series by giving to the counter-Party
a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such
notice.

 

		(b)	Either party hereto may terminate this Agreement immediately by sending notice thereof to the other
party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy,
insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii) a party commences as debtor
any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such party
or any substantial part of its property or there is commenced against the party any such case or proceeding; or (iii) a party makes
a general assignment for the benefit of creditors.

 

		16.3	Effect of Termination

 

Upon termination hereof, Customer
will pay to BNY Mellon such compensation as may be due to BNY Mellon, and will reimburse BNY Mellon for other amounts payable or
reimbursable to BNY Mellon hereunder, through the date of termination. BNY Mellon will follow such reasonable Instructions as Customer
issues concerning the transfer of custody of records, Assets and other items; provided that (a) BNY Mellon will have no responsibility
or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY Mellon of its compensation,
costs, expenses and other amounts to which it is entitled hereunder. If any Assets remain in any Account after termination, BNY
Mellon may deliver to Customer such Assets. Upon termination of this Agreement, the parties agree to cooperate in order to facilitate
the succession of a new custodian.

 

		16.4	Survival

 

Any and all provisions of this
Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination
of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties’
benefit, including Section 13 (Representations, Warranties and Covenants); Section 14 (Liability); Section 15 (Confidentiality);
Section 16.3 (Effect of Termination); Section 16.4 (Survival) and Section 17.4 (Governing Law/Forum).

 

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		17.	GENERAL

 

		17.1	Non-Custody Assets

 

At Customer’s request pursuant
to Instructions, subject to BNY Mellon’s approval and as an accommodation to Customer, BNY Mellon will provide consolidated
recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY Mellon (“Non-Custody
Assets”). Non-Custody Assets will be designated on BNY Mellon’s books as “assets not held in custody”
or by other similar designation and will not constitute Assets for purposes of this Agreement. Customer acknowledges and agrees
that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY
Mellon with respect to Non-Custody Assets; (b) BNY Mellon will rely, without independent verification, on information provided
by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY Mellon will have
no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on BNY Mellon’s
books or set forth on account statements concerning Non-Custody Assets.

 

		17.2	Assignment

 

Neither Party may, without the
other Party’s prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether
by change of control, operation of law or otherwise); provided, however that BNY Mellon may, without the prior written consent
of Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Mellon Affiliate;
(b) to any successor to the business of BNY Mellon to which this Agreement relates, in which event BNY Mellon agrees to provide
notice of such successor to Customer or (c) as otherwise permitted in this Agreement; provided further that any entity to which
this Agreement is assigned by BNY Mellon without the prior written consent of Customer pursuant to a foregoing item (a), (b) or
(c) will satisfy the requirements for serving as a custodian for a registered investment company. Any purported assignment or delegation
by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon,
and inure to the benefit of, the Parties and their respective permitted successors and assigns.

 

		17.3	Amendment

 

This Agreement and the fee schedule
may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the
foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

 

		17.4	Governing Law/Forum

 

		(a)	The substantive laws of the state of New York (without regard to its conflicts of law provisions)
will govern all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Accounts
and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague Securities Convention.

 

		(b)	Each Party irrevocably agrees to the non-exclusive jurisdiction of the state or federal courts
situated in New York City, New York. Each Party irrevocably submits to personal jurisdiction in such courts and waives any objection
which it may now or hereafter have based on improper venue or forum non conveniens. The Parties hereby unconditionally waive, to
the fullest extent permitted by applicable law, any right to a jury trial with respect to any such actions or proceedings.

 

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		17.5	Business Continuity/Disaster Recovery

 

BNY Mellon will implement business
continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications
used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that
are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery
strategies, requirements, and protocols are viable and sustainable.

 

		17.6	Non-Fiduciary Status

 

Customer hereby acknowledges
and agrees that BNY Mellon is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and
has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect
to the management, investment advisory or sub-advisory functions of Customer.

 

		17.7	Notices

 

Other than routine communications
in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be:
(a) addressed to BNY Mellon or Customer at the address set forth on the signature page (or such other address as either Party may
designate in writing to the other Party) and (b) sent by hand delivery, by certified mail, return receipt requested, or by overnight
delivery service, in each case with postage or charges prepaid. All notices given in accordance with this Section will be effective
upon receipt.

 

		17.8	Entire Agreement

 

This Agreement constitutes the
sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes
all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect
to such matters.

 

		17.9	No Third Party Beneficiaries

 

This Agreement is entered into
solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of
this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity
other than the Parties.

 

		17.10	Counterparts/Facsimile

 

This Agreement may be executed
in any number of counterparts, each of which will be deemed an original, and said counterparts when taken together will constitute
one and the same instrument and may be sufficiently evidenced by one set of counterparts. This Agreement may also be executed and
delivered by facsimile or email with confirmation of delivery and/or receipt.

 

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		17.11	Interpretation

 

The terms and conditions of this
Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor
of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation
or drafting of this Agreement.

 

		17.12	No Waiver

 

No failure or delay by a Party
to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy
or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party
of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. All waivers
will be in writing and signed by an authorized representative of the waiving Party.

 

		17.13	Headings

 

All section and subsection headings
in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope
or intent of any provision of this Agreement.

 

		17.14	Severability

 

If a court of competent jurisdiction
determines that any provision of this Agreement is illegal or invalid for any reason, such illegality or invalidity will not affect
the validity of the remainder of this Agreement. In such case, the Parties will negotiate in good faith to replace each illegal
or invalid provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of
the Parties.

 

		17.15	Concerning Sponsor

 

It is expressly understood and
agreed by the Parties that:

 

		(a)	this Agreement is executed and delivered on behalf of Customer by the Sponsor, not individually
or personally, but solely as the Sponsor in the exercise of the powers and authority conferred and vested in it;

 

		(b)	the representations, covenants, undertakings and agreements herein made by Customer are made and
intended not as personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose
of binding Customer;

 

		(c)	nothing herein contained shall be construed as creating any liability on the Sponsor, individually
or personally, to perform any covenant of Customer either expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and

 

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		(d)	under no circumstances shall the Sponsor be personally liable for the payment of any Customer’s
indebtedness or expenses or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made
or undertaken by Customer under this Agreement or any other related document.

 

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IN WITNESS WHEREOF, the Parties
have executed this Agreement as of the Effective Date. 

 

	THE BANK OF NEW YORK MELLON	 	WILSHIRE wSHARES ENHANCED GOLD TRUST
	 	 	 
	 	 	By: Wilshire Phoenix Funds LLC, not in
        its individual capacity but solely as Sponsor
	 	 	 
	By:
/s/ Elizabeth Stubenrauch 	 	By: /s/
        William Herrmann
	Name: Elizabeth Stubenrauch	 	Name: William Herrmann
	Title: Relationship Manager	 	Title: Managing Partner
	 	 	 
	Date: 12/8/2020	 	Date: 11/25/2020

  

		Address
    for Notice	 	Address
    for Notice:
	 	 	 	 
		THE
    BANK OF NEW YORK MELLON 	 	WILSHIRE
    wSHARES ENHANCED GOLD TRUST 
	 	 	 	c/o
    Wilshire Phoenix Funds LLC, 2 Park
	 	 	 	Avenue,
    20th Floor, New York, New York 10016
		Attention	 	 	Attention:
    William Cai
	 	 	 	

 

Pursuant to Section 10.1(a):

 

[ ] as beneficial owner,
Customer OBJECTS to disclosure

 

[ ] as beneficial owner,
Customer DOES NOT OBJECT to disclosure

 

[ ] Custodian will CONTACT
THE RELEVANT INVESTMENT MANAGER with respect to relevant Securities to make the decision whether it objects to disclosure

 

IF NO BOX IS CHECKED, BNY
MELLON WILL RELEASE SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.

 

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APPENDIX I

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