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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this Agreement, Anchorage shall have no liability, obligation, or responsibility for Client Digital Asset transfers conducted in reliance on Authenticated Instructions received from Client or Client’s Authorized Representatives pursuant to this Agreement. 12.20. No Waiver of Contractual Right . The failure of either Party to enforce any provision of this Agreement will not be construed as a waiver or limitation of that Party’s right to subsequently enforce and compel strict compliance with every provision of this Agreement. A waiver or consent given on one occasion is effective only in that instance and will not be construed as a bar to or waiver of any other right on any other occasion. 12.21. Non-exclusivity . Anchorage acknowledges that it is not the exclusive service provider to Client of services the same as or similar to the Services and that Client is entitled to source the same or similar services from third parties.

12.22.	Conflicts . In the event and to the extent of any conflict or inconsistency between the clauses
of this Agreement and the exhibits, schedules and/or any annexures to the schedules, or between any of those clauses, schedules, exhibits
or annexures and an Order Form then the conflict or inconsistency shall be resolved in accordance with the following descending order
of precedence (from high priority to low priority): (A) first, any amendments to this Agreement agreed in writing between authorized representatives
of the parties after the Effective Date; (B) second, this Agreement; (C) third, any other exhibits or schedules to this Agreement; and
(D) fourth, the other provisions of the applicable Order Form.

12.23.	Equal Opportunity Employer . Anchorage affirms that it provides equal employment opportunities for
all individuals without regard to race, color, religion, national origin, gender, age, disability, sexual orientation or other characteristics
protected by Law. Anchorage shall not recruit, hire, train, assign, compensate, discipline, promote, transfer or discharge any individuals
who may be assigned to provide the Services in violation of this equal employment opportunity policy.

12.24.	Subcontracting . Anchorage shall not subcontract its material obligation to provide any of the Services
to a Vendor without the prior written consent of Client. Where Client provides its written consent to such subcontracting, Anchorage will
remain fully responsible and liable for the acts and omissions of the Vendor as if such acts or omissions were those of Anchorage. For
avoidance of doubt, this section does not prohibit use of Vendors within the definition of (i) to (iii) of “Personnel” or
Third Party validators, and the use of any Third Party services for On-Chain Services shall not constitute subcontracting. The Vendors
approved by Client as at the Effective Date are set out at Appendix 3 to Exhibit C (Data Privacy and Security Requirements) to Addendum

SCHEDULE A

DEFINITIONS

“Account”
means an account established in the name of, or for the benefit of a Client, in which the ownership of Digital Assets is recorded and
to which Digital Assets are credited. Each Account is recorded separately on Anchorage's books and records and has one or more unique
wallet addresses on the relevant Blockchain (e.g., in the case of bitcoin, the Blockchain associated with the Bitcoin network). An organization
may have one or more Accounts, and an Account may have one or more Vaults. The Authorized Persons and Quorum requirements for each Account
may differ from those of other Accounts.

“Acceptable Device”
means a hardware device with software configuration set forth in Schedule B that (i) Client has authorized to access the Services; and
(ii) has been designated by Anchorage as such, in each case, in accordance with Section 2.3(a).

“ADA”
means the native Digital Asset of the Cardano network used for value transfer, transaction fees, staking, and governance on the Cardano
blockchain.

“Affiliate”
means an entity controlling, controlled by or under common control with a Party, , where “control” is defined as ownership
of more than fifty percent (50%) of outstanding shares or securities or an equivalent ownership interest.

“Anchorage API”
means the application programming interfaces made available by Anchorage as part of the Services to facilitate access (via API Key)
to the Account(s) and/or Technology Platform, including (1) the Anchorage v1 API, which provides read-only functionality for viewing Client’s
Account and transaction details; and (2) the Anchorage v2 API, which provides (subject to permissioning by Client’s Authorized Persons)
functionality which enables the submission of Directions.

“Anchorage Digital Mobile Application”
means the proprietary Anchorage iOS mobile application installed on an Authorized Person’s Acceptable Device through which Directions
may be submitted.

“Anchorage Web Application”
means the proprietary Anchorage website application which provides users with read-only access to details of Client’s Account, including
account balances, transaction history and monthly statements.

“Anchorage Termination Event”
means the occurrence and continuance of: (i) a Bankruptcy Event with respect to Anchorage; or (ii) the failure of Anchorage to withdraw
or transfer Client’s Supported Digital Assets in accordance with Client’s Directions within the time periods set forth in
this Agreement and such failure is not cured within two (2) Business Days following Client providing written notice to Anchorage (“Anchorage
Return Cure”); provided, however, that if such failure is due to a technology or security issue where, in the commercially reasonable
opinion of Anchorage, returning the relevant Digital Assets would result in material risk to Client or Anchorage or may result in the
relevant Digital Assets being lost or otherwise not successfully returned and Anchorage promptly notifies Client promptly upon Client’s
notice of such failure: (A) Client may request that Anchorage still withdraw or transfer the Digital Assets, but Anchorage will have no
liability with respect to any such withdrawal or transfer (unless Anchorage acts with negligence unrelated to such technology or security
issue) and any failure to withdraw or transfer shall not result in an Anchorage Termination Event if Client does not receive the withdrawn
or transferred Digital Assets or the proceeds of any such sale due to such technology or security issue; or (B) if Client does not elect
to have Anchorage still make the withdrawal or transfer, an Anchorage Termination Event shall not occur while the relevant security or
technology event is occurring and continuing; (iii) Anchorage materially breaches any provision of the Agreement and, where such breach
is capable of cure, it remains uncured for a period of 10 calendar days after notice of the breach is provided by Client to Anchorage.

“Annual Basis Points” refers
to the annual rate for custody fees. Monthly Custody Fees are charged at the rate of one-twelfth of the listed annual rate.

“API Key” means a unique alphanumeric
credential issued by Anchorage to Client in accordance with this Agreement that is used to authenticate and identify a calling program
or user when accessing the Anchorage API.

“AUC” or “Assets Under Custody”
means the average daily balance of Client Digital Assets in Anchorage’s custody each month as determined by reference to the Benchmark
Valuation for each Digital Asset, calculated after the conclusion of each month, where the average daily balance is determined by adding
each daily balance and dividing the sum of the daily balances by the number of days in such month (or in the case of the first month,
by the number of days in such month following the Fees Commencement Date).

“Authenticated Instruction” means a Direction (i)
regarding specific Digital Assets; (ii) to add or remove Authorized Persons; (iii) to generate or remove, or change permissions for, Anchorage
API Keys; or (iv) which is otherwise provided for by the Services; by (a) an Authorized Person that has received Quorum approval (where
such Quorum approval is required) or (b) an authorized application using an Anchorage API Key generated by an Authorized Person. All Authenticated
Instructions shall be received and authenticated by Anchorage in accordance with reasonable security procedures, or they shall not constitute
Authenticated Instructions. Anchorage’s authentication processes and procedures will be determined by Anchorage in its sole discretion,
subject to this Agreement, and in accordance with applicable Law and industry best practices of comparable custodians that are chartered
banks and trust companies, from time to time, and will include various measures, including without limitation a requirement for biometric
authentication for each Authorized Person via an Acceptable Device, and which may include but are not limited to fingerprint, facial recognition,
or voiceprint. Where the purpose of an Authenticated Instruction relates to Digital Assets, such an Authenticated Instruction is an entitlement
order for purposes of Article 8 of the UCC.

“Authorized Person”
means a person nominated by Client, and thereafter approved by Anchorage pursuant to Section 2.1.

“AVAX”
means the native Digital Asset of the Avalanche network used for value transfer, transaction fees (gas), staking, and governance within
the Avalanche ecosystem (including the Primary Network and supported subnets).