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

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the Client Data or any particular trading strategy of Client. 3.4. Feedback . From time to time, Client may submit or provide suggestions, requests for features, recommendations, or ideas to Anchorage (“ Feedback ”). For clarity, Client is not required to submit any Feedback under this Agreement and Client retains all right, title, and interest in and to Feedback, including all Intellectual Property Rights in Feedback. To the extent Client provides Feedback to Anchorage during the Term, Client hereby grants Anchorage a non-exclusive, worldwide, royalty-free, irrevocable, non-sub-licensable, perpetual license to use the Feedback, without consideration or compensation to Client or Authorized Persons, Affiliates, agents, partners, or personnel (except to Affiliates of Anchorage approved by Client in writing to provide Services). Client makes no representations or warranties whatsoever with respect to any Feedback, which is provided on an “as-is” basis, and Client disclaims any and all liability for the use thereof.

3.5.	Reservation of Rights . Except for the rights and licenses granted under this Agreement, each Party
agrees that, subject to applicable Law: (a) nothing in this Agreement will be construed as granting any rights of a Party to the other
Party, by license or otherwise, in or to any Client Data, Confidential Information or Intellectual Property Rights of such Party or its
Affiliates: and (b) all rights in and to the Intellectual Property Rights of such Party that are not expressly granted herein are reserved
by such Party.

4.	Term and Termination.

4.1.	Term . This Agreement is effective as of the Effective Date and will continue in full force and
effect for the Initial Term period in the Order Form, and will be automatically renewed on the same terms for each successive Renewal
Term specified in the Order Form (the Initial Term and each Renewal Term collectively referred to herein as the “ Term ”).
The Client may elect not to renew the Agreement by providing written notice of cancellation and non-renewal no less than thirty (30) days’
prior to the expiration of the current Term or unless sooner terminated as set forth in this Agreement.

4.2.	Termination by Anchorage for Cause :

(a)	Cause : Upon the occurrence and during the continuance of an event that constitutes Cause (as defined
below) (unless, with respect to a non-continuing event that constitutes Cause, Anchorage has already commenced exercising its rights under
this Section or has otherwise notified Client that it will promptly do so, in each case while such event is continuing) and after giving
effect to any notice requirement and cure period that may apply, Anchorage may, in its reasonable discretion, take any of the following
actions: (i) terminate, in whole or in part, the Agreement, and/or (ii) suspend, restrict or terminate the Client’s Services, except
for the Transition Services during the Transition Period. “ Cause ” shall mean: (A) Client materially breaches any provision
of this Agreement and such breach remains uncured for a period of thirty (30) calendar days after notice of such breach is provided by
Anchorage to Client; or (B) a Bankruptcy Event occurs and is continuing with respect to Client.

(b)	Minimum Notice Period : Unless providing such notice would cause Anchorage to: (i) violate applicable
Law or the legally binding order of a governmental body or other regulatory or supervisory authority; or (ii) compromise an investigation
of a governmental body or other regulatory or supervisory authority, Anchorage shall not terminate this Agreement or suspend, restrict,
terminate or modify the Services, and shall continue to provide the Services for the duration of the Term (or in the case of the Transition
Services, the Transition Period), including, the custody of Client’s Digital Assets on Client’s behalf, the processing of
withdrawals, deposits, and the other Services, and access to the Technology Platform, in each case unless: (A) such suspension, restriction,
termination or modification is permitted pursuant to this Section 4.2; and (B) Anchorage provides not less than 180 days’ prior
written notice to Client (or such lesser amount as expressly permitted pursuant to this Section 4.2) describing in reasonable detail the
suspension, restriction, termination or modification that Anchorage will implement.

(c)	Technology Platform Incident: Anchorage may temporarily suspend, modify or restrict Client’s
access to the Technology Platform to the extent and for the duration Anchorage reasonably determines, in good faith and based on a written
record, is necessary to maintain the security or integrity of the Technology Platform or Client’s Digital Assets. The requirement
to provide 180 days’ prior written notice pursuant to Section 4.2(b)(B) shall not apply to any suspension, modification or restriction
of the Technology Platform pursuant to this Section 4.2(c)where: (i) immediate action is reasonably required to address the threat to
the security or integrity of the Technology Platform or the Client’s Digital Assets; or (ii) providing such notice would otherwise
compromise the security or integrity of the Technology Platform or the Client’s Digital Assets, in which case: (A) Anchorage shall
instead provide Client with as much prior written notice as reasonably practicable (which for the avoidance of doubt may be concurrent
with or immediately following the implementation of the suspension, modification or restriction); and (B) such notice shall include reasonable
details regarding the scope and expected duration of the suspension, modification or restriction.

(d)	Change in Law : If after the Effective Date, there occurs: (i) any change in or the adoption of
any applicable Law; or (ii) a governmental body or other regulatory or supervisory authority issues an order which is legally binding
on either Party, which in the reasonable opinion of counsel to Anchorage, acting in good faith and based on a written record, will prohibit
Anchorage from providing the Services to Client as contemplated by this Agreement (a “ Change in Law ”), the Parties
will, in good faith and acting in a commercially reasonable manner intended to produce a commercially reasonable result, agree on modifications
to the Agreement or Services that would enable compliance with such Change in Law and Anchorage shall continue to provide the Services
as contemplated herein unless prohibited from doing so by the Change in Law. If the Parties cannot agree on modifications within thirty
(30) days following notice from Anchorage or if the Change in Law requires that Anchorage immediately ceases providing any Services, Anchorage
may, only following notice in writing to Client, suspend, restrict or terminate the Services solely to the extent necessary to account
for the Change in Law, provided that Anchorage agrees that any suspension, restriction, termination or modification arising from a Change
in Law shall be narrowly tailored to enable compliance with such Change in Law and, to the extent not prohibited by the Change in Law,
Anchorage will continue to provide, at a minimum, the Transition Services following any Change in Law. Anchorage represents, warrants
and covenants that it will promptly notify Client of any proposed or announced change in applicable Law that may result in a Change in
Law hereunder.

(e)	Waiver of rights : Upon receipt of written notice from Client of any event that constitutes Cause,
if Anchorage fails to exercise any of its rights and remedies above, except those listed in Section 4.2(d), for a period of sixty (60)
days following the receipt of such notice requesting a waiver, then Anchorage shall have waived its right to terminate the Agreement or
exercise any other rights or remedies by reason of such event and such event shall be deemed to have been cured regardless of whether
it continues after such waiver; provided however that this provision: (i) does not limit Anchorage’s right to take any actions with
respect to an event that constitutes Anchorage Cause as the result of the separate occurrence of such event or the occurrence of any other
such event; and (ii) shall not apply to any Bankruptcy Event.

4.3.	Termination by Client for an Anchorage Termination Event :