SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-10.3
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/ex10-3.htm

Chunk 2 of 18
Word Count: 1478
Character Count: 9312

Document Content:

respect of Anchorage would be able to identify and trace Client's Digital Assets separately from the assets of Anchorage's own assets and those of all other persons. Upon request from Client in writing and at no charge to Client (or its authorized independent public accountant), Anchorage shall reasonably cooperate with Client’s authorized independent public accountant, and provide Client’s authorized independent public accountant confirmation of and access to information sufficient to confirm: (i) the existence of Client’s Digital Assets and fiat currency as of such date as such accountant may specify, including the reconciliation of such Digital Assets against the Blockchain, and (ii) Client’s Digital Assets are held in a separate Account under Client’s name, and (iii) such other information as Client's authorized independent public accountant may reasonably request in connection with any audit or examination of Client, Client’s Account(s) or Client’s Digital Assets, including Anchorage’s most recent SOC 1 Report.

1.5.	Authority to Assign or Pledge . Client’s Digital Assets and fiat currency shall not be subject
to any right, charge, security interest, lien or claim of any kind in favor of Anchorage or any of its Affiliates or of any creditor of
any of them, and Anchorage shall not have the independent right or authority to assign, hypothecate or re-hypothecate, pledge, encumber
or otherwise dispose of any Client Digital Assets or fiat currency of Client. The Digital Assets in the Account and the fiat currency
in the Deposit Account, as defined in Section 2.7, are not general assets of Anchorage or of any of its Affiliates and are not available
to satisfy claims of any creditors of Anchorage or of any of its Affiliates.

1.6.	Application of UCC . The Parties agree the relationship between Anchorage and Client is governed
by Article 8 of the New York Uniform Commercial Code, as adopted and implemented under New York law (“ Article 8 ”).
For purposes of this Agreement: Client Digital Assets credited to the Account and fiat currency in the Deposit Account (as defined in
Section 2.7), shall be treated as a “financial asset” under Article 8. Anchorage is a “securities intermediary”
with respect to all financial assets held in such securities accounts, the Account is maintained as a “securities account”
pursuant to Article 8 in the ordinary course of business Client is an “entitlement holder” under Article 8. This Agreement
sets forth how Anchorage will satisfy its Article 8 duties. Treating Client assets in the Account as financial assets under Article 8
does not determine the characterization or treatment of the cash and Digital Assets of Client under any other law or rule. New York will
be the securities intermediary’s jurisdiction with respect to Anchorage for purposes of Article 8, and New York law will govern
all issues addressed in Article 2(1) of the Hague Securities Convention. Anchorage will credit the Client with any payments or distributions
on any Client Digital Assets it holds in Client’s Account. Anchorage will comply with Client’s Directions with respect to
Client Digital Assets in Client’s Account, subject to the terms of this Agreement. Anchorage is obligated by Article 8 to maintain
sufficient Digital Assets to satisfy all entitlements of customers of Anchorage, respectively, to the same Digital Assets. Anchorage shall
not grant any person or entity a lien, security interest, encumbrance, mortgage, pledge, or adverse claim or interest of any kind in the
Digital Assets in the Client's Account. Digital Assets in Client’s Account are custodial assets. Under Article 8, the Digital Assets
in the Client’s Account are not general assets of Anchorage, and are not available to satisfy claims of creditors of Anchorage or
any of its Affiliates. Anchorage will comply at all times with the duties of a securities intermediary under Article 8, including but
not limited to those set forth at UCC sections 8-504(a), 8-505(a), 8-506(a), 8-507 and 8-508 .

1.7.	Rights of Use; Limits on Use . Subject to the terms of this Agreement, Anchorage hereby grants to
Client a non-sublicensable (except to Affiliates of Client or to any Authorized Person, Agent, and any Third Party in accordance with
this Section 1.7), non-exclusive, royalty-free, worldwide and irrevocable (except pursuant to the express termination provisions set out
in this Agreement) right during the Term to access the Technology Platform. Client may sublicense its rights to access and use the Technology
Platform to any of its Affiliates, Authorized Persons, Agent, and Third Parties authorized by Client in accordance with Section 2.3(b).
Client will not, and will not permit its Affiliates, Authorized Persons, Agents or applicable Third Parties to: (i) directly or indirectly
copy, disseminate, display, distribute, publish, sell, or otherwise disclose any part of the Technology Platform, or create any works
or other materials based on or derived from any part of the Technology Platform in a manner not contemplated under this Agreement or otherwise
directed by Anchorage or its Affiliates or Agents during the Term; (ii) reverse engineer, decompile, or disassemble the software used
in the Technology Platform; (iii) sell, rent, lease, or license Client’s right to use the Technology Platform except as may be set
out under this Agreement; or (iv) use the Technology Platform or Services in any other way not expressly authorized by this Agreement.
Client will be responsible for all acts and omissions of Authorized Persons in connection with or relating to this Agreement; provided
that the foregoing will not in any way limit or reduce Anchorage’s duties and obligations to Client under this Agreement.

1.8.	Support and Maintenance . Subject to applicable Law, as part of the Services and at no additional
cost to Client, Anchorage will (i) make available the Technology Platform, and (ii) provide other Support Services, in each case as described
in this Agreement, including in Addendum 1 and in accordance with the Service Level Agreement attached as Exhibit A to Addendum 1.

1.9.	Business Continuity Policy . Anchorage shall maintain at all times during the Term a business continuity
and disaster recovery program that is part of the normal operating procedures applicable to Anchorage’s performance of Services
as set forth in Exhibit D to Addendum 1.

1.10.	Forks, Airdrops .

(a)	Should a Fork occur: (i) Anchorage retains the right, in its sole discretion, to determine whether or
not to support (or cease supporting) either Forked Network; (ii) in connection with determining whether to support a Forked Network, Anchorage
may suspend certain operations, in whole or in part (subject to, with respect to Supported Digital Assets only, providing not less than
ninety (90) days’ notice to Client prior to such suspension), for only the amount of time that is reasonably necessary for Anchorage
to take the necessary steps, as determined in its sole discretion, to perform obligations hereunder with respect to supporting the Forked
Network; (iii) Client hereby agrees that Anchorage shall determine, in its sole discretion, whether to support such Forked Network and
that Client shall have no right or claim against Anchorage related to value represented by any change in the value of any Digital Asset
(on a Forked Network), including with respect to any period of time during which Anchorage exercises its rights described herein with
respect to Forks and Forked Networks; and (iv) Anchorage will use all commercially reasonable efforts to select as soon as reasonably
possible and in its sole discretion, at least one (1) of the Forked Networks to support and will identify such selection in a written
notice to Client. Further:

(1)	With respect to a Forked Network that Anchorage chooses not to support Anchorage shall, in consultation
with Client and with respect to Supported Digital Assets only, but in its sole final discretion, elect to (x) abandon or otherwise not
pursue obtaining the Digital Assets from that Forked Network, or (y) if Client provides written consent to take delivery of such Digital
Assets from the Forked Network, deliver the Digital Assets from that Forked Network to Client (or such Third Party nominated by Client
in writing) within a time period as determined by Anchorage in its sole discretion, together with any credentials, keys, or other information
sufficient for Client (or its nominated Third Party) to gain control over such Digital Assets (subject to the withholding and retention
by Anchorage of an amount reasonably necessary to fairly compensate Anchorage (on a pro rata basis) for the efforts expended to obtain
and deliver such Digital Assets to Client or its nominated Third Party).

(2)	With respect to Forked Networks that Anchorage chooses to support, Client may be responsible for the reasonable
additional fees incurred by Anchorage attributable to Anchorage’s support of such Fork and prorated in respect of Client’s
Digital Assets (to be negotiated and agreed between the Parties in writing prior to such Fork taking effect), and Client acknowledges
and agrees that Anchorage assumes no responsibility with respect to any Forked Network and related Digital Assets that it chooses not
to support.