SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-10.4
Date Filed: 2026-04-27
Accession Number: 0001999371-26-009120
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126009120/ex10-4.htm

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are not received by the Custodian or which are delivered out in accordance with Proper Instructions. The Custodian shall not be responsible for the title, validity or genuineness of any securities or other assets or evidence of title thereto received by it or delivered by it pursuant to this Agreement. INVESTMENT ADVICE. The Custodian has no responsibility to monitor or oversee the investment activity undertaken by any Trust or its Sponsor. The Custodian has no duty to ensure or to inquire whether the Sponsor complies with any investment objectives or restrictions agreed upon between a Trust and the Sponsor or whether the Sponsor complies with its legal obligations under applicable securities laws or other laws, including laws intended to protect the interests of investors. The Custodian shall neither assess nor take any responsibility or liability for the suitability or appropriateness of the investments made by any Trust on its behalf.

14.10       COMMUNICATIONS.
The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with securities
or other financial assets of a Trust at any time held by the Custodian unless (a) the Custodian or the foreign sub-custodian is in
actual possession of such securities or other financial assets, (b) the Custodian receives Proper Instructions with regard to the
exercise of the right or power, and (c) both of the conditions referred to in the foregoing clauses (a) and (b) have been
satisfied at least three business days prior to the date on which the Custodian is to take action to exercise the right or power.

14.11        LOANED SECURITIES.
If applicable, income due to each Trust on securities or other financial assets loaned shall be the responsibility of the applicable Trust.
The Custodian will have no duty or responsibility in connection with loaned securities or other financial assets, other than to provide
the applicable Fund Trust with such information or data as may be necessary to assist the Trust in arranging for the timely delivery to
the Custodian of the income to which the Trust is entitled, unless otherwise mutually agreed to between the parties.

14.12       TRADE
COUNTERPARTIES. A Trust’s receipt of securities or other financial assets from a counterparty in connection with any of its
purchase transactions and its receipt of cash from a counterparty in connection with any sale or redemption of securities or other financial
assets will be at the Trust’s sole risk, and the Custodian shall not be obligated to make demands on the Trust’s behalf if
the Trust’s counterparty defaults. If a Trust’s counterparty fails to deliver securities, other financial assets or cash,
the Custodian will, as its sole responsibility, notify the Trust’s Sponsor of the failure within a reasonable time after the Custodian
became aware of the failure.

14.13       LIABILITY
FOR PAYMENT IN ADVANCE OF RECEIPT OF SECURITIES PURCHASED. In any and every case where payment for purchase of domestic securities
for the account of a Trust is made by the Custodian in advance of receipt of the securities purchased in the absence of Proper Instructions
from the Trust to so pay in advance, the Custodian shall be absolutely liable to the Trust for such securities to the same extent as if
the securities had been received by the Custodian.

SECTION 15.	COMPENSATION AND INDEMNIFICATION OF CUSTODIAN; SECURITY INTEREST .

SECTION 15.1     COMPENSATION.
The Custodian shall be entitled to reasonable compensation for its services and expenses as agreed upon from time to time between each
Trust on behalf of each applicable Trust and the Custodian.

SECTION
15.2     INDEMNIFICATION. Each Trust, severally and not jointly, agrees to indemnify the Custodian and to hold the Custodian
harmless from and against any direct loss, cost, or expense sustained or incurred by the Custodian (including its agents or
subcustodians) in acting or omitting to act under or in respect of this Agreement if the Custodian (including its agents or
subcustodians) acts or omits to act in accordance with its Standard of Care, including, without limitation, (a) the
Custodian’s compliance with Proper Instructions and (b) in connection with the provision of services to a Trust pursuant
to Section 7, any obligations, including taxes, withholding and reporting requirements, claims for exemption and refund,
additions for late payment, interest, penalties and other expenses, that may be assessed against the Trust or the Custodian as
custodian of the assets of the Trust. If a Trust instructs the Custodian to take any action with respect to securities or other
financial assets, and the action involves the payment of money or may, in the opinion of the Custodian, result in the Custodian or
its nominee assigned to the Trust being liable therefor, the Trust, as a prerequisite to the Custodian taking the action, shall
provide to the Custodian at the Custodian’s request such further indemnification in an amount and form satisfactory to the
Custodian. The Custodian agrees to indemnify, defend and hold harmless each Trust from any direct loss, cost, or expense sustained
or incurred by the Trust resulting from the acts or omissions of the Custodian or its agents or subcustodians not in accordance with
the Standard of Care. Each party will use reasonable efforts to mitigate any losses in respect of which it claims indemnification
hereunder. Upon the assertion of a claim for which an indemnifying party may be required to indemnify the indemnified party, the
indemnified party shall promptly notify the indemnifying party of such assertion; provided, however, the failure to notify the
indemnifying party will not relieve such party of any liability under this section, except to the extent such failure materially
prejudices the investigation and/or defense of the indemnified claim. The indemnified party shall keep the indemnifying party
advised with respect to all material developments concerning such claim. The indemnifying party shall have the option to participate
with the indemnified party in the defense of such claim or to defend against said claim in its own name, unless the Custodian is the
indemnified party and is seeking indemnification from multiple customers for claims based on common facts or otherwise relating to
the indemnified claim. The indemnifying party shall not settle an indemnified claim without the consent of the indemnified party,
which consent shall not be unreasonably withheld or delayed, provided that the indemnifying party will have the right to settle a
claim without the consent of the indemnified party if such settlement (i) involves only the payment of money, (ii) fully and
unconditionally releases the indemnified party from any liability in exchange for the amount paid in settlement, and (iii) does not
include any admission of fault or liability in relation to the indemnified party.

SECTION 15.3     SECURITY
INTEREST. Each Trust hereby grants to the Custodian, to secure the payment and performance of the Trust’s obligations under
this Agreement, whether contingent or otherwise, a security interest in and right of recoupment and setoff against all cash and all securities
and other financial assets at any time held for the account of such Trust by or through the Custodian. The obligations include, without
limitation, the Trust’s obligations to reimburse the Custodian if the Custodian or any of its affiliates, subsidiaries or agents
advances cash or securities or other financial assets to the Trust for any purpose (including but not limited to settlements of securities
or other financial assets, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall
incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement,
except such as may arise from its or its nominee’s own negligence, fraud or willful misconduct, as well as the Trust’s undisputed
obligation to compensate the Custodian pursuant to Section 15.1 or indemnify the Custodian pursuant to Section 15.2. Should the Trust
fail to reimburse or otherwise pay the Custodian any obligation under this Agreement timely, the Custodian shall have the rights and remedies
of a secured party under this Agreement, the UCC and other applicable law, including the right to utilize available cash and to sell or
otherwise dispose of the Trust’s assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time
decline to follow Proper Instructions to deliver out cash, securities or other financial assets if the Custodian determines in its reasonable
discretion that, after giving effect to the Proper Instructions, the cash, securities or other financial assets remaining will not have
sufficient value fully to secure the Trust's payment or reimbursement obligations, whether contingent or otherwise.

SECTION 16.	EFFECTIVE PERIOD AND TERMINATION .

SECTION 16.1     TERM.
This Agreement shall remain in full force and effect for an initial term ending February 28, 2029. After the expiration of the Initial
Term, this Agreement shall automatically renew for successive one-year terms unless a written notice of non-renewal is delivered by the
non-renewing party no later than ninety (90) days prior to the expiration of the initial term or any renewal term, as the case may be.