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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of a Trust upon receipt of, and in accordance with, Proper Instructions on behalf of the applicable Trust, specifying the amount of the payment and the person or persons to whom the payment is to be made. SECTION 3.6 DEPOSIT OF Trust ASSETS WITH THE UNDERLYING TRANSFER AGENT. Underlying Shares of a Trust shall be deposited and held in an account or accounts maintained with an Underlying Transfer Agent. The Custodian’s only responsibilities with respect to the Underlying Shares shall be limited to the following: 1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent that the Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Trust, the Custodian shall identify by book-entry that the Underlying Shares are being held by it as custodian for the benefit of the Trust.

2)	Upon receipt of Proper Instructions to purchase Underlying Shares for the
account of a Trust, the Custodian shall pay out cash of the Trust as so directed to purchase the Underlying Shares and record the payment
from the account of the Trust on the Custodian’s books and records.

3)	Upon receipt of Proper Instructions for the sale or redemption of Underlying
Shares for the account of a Trust, the Custodian shall transfer the Underlying Shares as so directed to sell or redeem the Underlying
Shares, record the transfer from the account of the Trust on the Custodian’s books and records and, upon the Custodian’s receipt
of the proceeds of the sale or redemption, record the receipt of the proceeds for the account of such Trust on the Custodian’s books
and records.

SECTION
3.7     PROXIES. The Custodian shall cause to be promptly executed by the registered holder of domestic securities or other
financial assets held in the United States of a Trust, if the securities or other financial assets are registered otherwise than in the
name of the Trust or a nominee of the Trust, all proxies, without indication of the manner in which the proxies are to be voted, and
shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to the securities or other
financial assets.

SECTION
3.8     COMMUNICATIONS. Subject to the domestic securities or other financial assets held in the United States being registered
as provided in Section 3.2, the Custodian shall transmit promptly to the applicable Trust for each Trust all written information
received by the Custodian from issuers of the securities and other financial assets being held for the Trust. The Custodian shall transmit
promptly to the applicable Trust all written information received by the Custodian from issuers of the securities and other financial
assets whose tender or exchange is sought and from the party or its agent making the tender or exchange offer. The Custodian shall also
transmit promptly to the applicable Trust all written information received by the Custodian regarding any class action or other collective
litigation relating to the Trust’s securities or other financial assets issued in the United States and then held, or previously
held, during the relevant class-action period during the term of this Agreement by the Custodian for the account of the Trust, including,
but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Trust beyond
such forwarding of written information received by the Custodian except as may otherwise be mutually agreed to in writing between the
Custodian and a Trust.

SECTION 4.	RESERVED .

SECTION 5.	ACTIVITIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY HELD OUTSIDE
THE UNITED STATES .

SECTION
5.1.     APPOINTMENT OF FOREIGN SUB-CUSTODIANS. Each Trust hereby authorizes and instructs
the Custodian to employ as sub-custodians for the Trust’s securities and other assets maintained outside the United States in the
countries listed in the Custodian’s Client Publications (“foreign countries”) the foreign banking institutions
designated in the Custodian’s Client Publications (“foreign sub-custodians”).

SECTION
5.2.     FOREIGN SECURITIES SYSTEMS. Except as may otherwise be agreed upon in
writing by the Custodian and a Trust, securities of the Trust shall be maintained in a clearing agency which acts as a securities
depository or in a book-entry system for the central handling of securities located outside the United States (each, as listed in
the Custodian’s Client Publications , a “Foreign Securities System”).

SECTION 5.3.     HOLDING
SECURITIES. Foreign securities and other financial assets held outside of the United States shall be maintained in a Foreign Securities
System in a foreign country through arrangements implemented by the Custodian or a foreign sub-custodian, as applicable, in the foreign
country. The Custodian shall identify on its books as belonging to the Trust the foreign securities and other financial assets held by
each foreign sub-custodian or Foreign Securities System and shall provide such information. The Custodian may hold foreign securities
and other financial assets for all of its customers, including the Trusts, with any foreign sub-custodian in an account that is identified
as the Custodian’s account for the benefit of its customers; provided however, that (a) the records of the Custodian with
respect to foreign securities or other financial assets of a Trust maintained in the account shall identify those securities and other
financial assets as belonging to the Trust and (b) to the extent permitted and customary in the market in which the account is maintained,
the Custodian shall require that securities and other financial assets so held by the foreign sub-custodian be held separately from any
assets of the foreign sub-custodian or of other customers of the foreign sub-custodian.

SECTION 5.4.     REGISTRATION
OF FOREIGN SECURITIES. Foreign securities and other financial assets held outside of the United States maintained in the custody of
a foreign sub-custodian and that are not bearer securities shall be registered in the name of the applicable Trust or in the name of the
Custodian or in the name of any foreign sub-custodian or in the name of any nominee of any of the foregoing. The Trust on behalf of the
Trust agrees to hold any such nominee harmless from any liability as a holder of record of the foreign securities or other financial assets.
The Custodian or a foreign sub-custodian reserves the right not to accept securities or other financial assets on behalf of a Trust under
the terms of this Agreement unless the form of the securities or other financial assets and the manner in which they are delivered are
in accordance with local market practice.

SECTION 5.5.     INDEMNIFICATION
BY Foreign Sub-custodians. Each contract pursuant to which the Custodian employs a foreign sub-custodian shall, to the extent
possible, require the foreign sub-custodian to indemnify and hold harmless the Custodian from and against any loss, damage, cost, expense,
liability or claim arising out of or in connection with the foreign sub-custodian’s performance of its obligations. At a Trust’s
election, a Trust shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a foreign sub-custodian
as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Trust has not been made whole
for the loss, damage, cost, expense, liability or claim. In no event shall the Custodian be obligated to bring suit in its own name or
to allow suit to be brought in its name, with respect to a foreign sub-custodian.

SECTION 5.6     BANK ACCOUNTS.

5.6.1     GENERAL. The Custodian
shall identify on its books as for the account of the applicable Trust the amount of cash (including cash denominated in foreign currencies)
deposited with the Custodian. The Custodian shall maintain cash deposits in on book currencies on its balance sheet. The Custodian shall
be liable for such balances. If the Custodian is unable to maintain, or market practice does not facilitate the maintenance for the Trust
of a cash balance in a currency as an on book currency, a deposit account shall be opened and maintained by the Custodian outside the
United States on behalf of the Trust with a foreign sub-custodian. The Custodian shall not maintain the cash deposit on its balance sheet.
The foreign sub-custodian will be liable for such balance directly to the Trust. All deposit accounts referred to in this Section shall
be subject only to draft or order by the Custodian or, if applicable, the foreign sub-custodian acting pursuant to the terms of this Agreement.
Cash maintained in a deposit account and denominated in an “on book” currency will be maintained under and subject to the
laws of the Commonwealth of Massachusetts. The Custodian will not have any deposit liability for deposits in any currency that is not
an “on book” currency.