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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assessment or otherwise) to pay on behalf of, or in respect of activity in the Account of, Client. In the event that Anchorage is required under applicable Law to pay any Tax on behalf of Client, Anchorage shall promptly notify Client of the amount required and Client shall promptly transfer to Anchorage the amount necessary to pay the Tax. Anchorage agrees that the Client may withhold or deduct Taxes as may be required by applicable Law. Anchorage agrees that the Client may withhold or deduct Taxes from any payment of Fees to Anchorage as may be required by applicable Law and as documented by Client to Anchorage, and any such amounts so withheld or deducted shall be treated as having been paid to Anchorage. For the avoidance of doubt, Anchorage shall be liable for any and all Taxes on any and all income or gross receipts it receives from Client.

5.4.	Reserve . With Client's prior written agreement, Anchorage may establish a reserve account to ensure
Client pays Fees (“ Reserve Account ”) if Client: (i) breaches this Agreement; (ii) is subject to a material regulatory
action or proceeding that Anchorage reasonably determines makes it prudent for it to engage counsel or incur expenses to manage the Account;
or (iii) is likely to become the subject of bankruptcy or insolvency proceedings, each as reasonably determined by Anchorage. If Anchorage
creates a Reserve Account, Anchorage will provide prior written notice to the Client of the reasons therefore and the required Reserve
Account balance. Anchorage may use Reserve Account funds to pay Client obligations to Anchorage, and if such funds are used, Anchorage
will account to Client for such funds used in Client’s monthly statements. In no case shall any amounts held in the Reserve Account
constitute “demand deposits” or be withdrawable by check or similar means for payment to Third Parties or others, within the
meaning of 12 U.S.C. 1841(c)(2)(D)(iv)(1).

6.	Representations and Warranties; Disclaimers.

6.1.	Mutual Representations and Warranties . Each Party represents, warrants, and covenants that: (i)
it is a validly organized entity under the laws of the jurisdiction of its incorporation; (ii) it has all rights, power, and authority
necessary to enter into this Agreement and perform its obligations hereunder; (iii) its performance of this Agreement, and the other Party’s
exercise of its rights under this Agreement, will not conflict with or result in a breach or violation of any of the terms or provisions
or constitute a default under any agreement by which it is bound or any applicable Laws; (iv) that it is committed to conducting business
without the appearance of impropriety and will not seek to influence any person in relation to its business by giving, offering, or promising
bribes or other illegal payments or advantages. This commitment extends to each Party’s dealing and transactions in all countries
in which it operates (including extraterritorial remit) and all directors, employees, agents, consultants, and business partners. Each
Party has controls in place to prevent bribery and corruption including at a minimum, controls required to comply with the UK Bribery
Act 2010, the US Foreign Corrupt Practices Act (FCPA) 1977, and USA Patriot Act; (v) it will comply with all applicable Laws in performing
its obligations under this Agreement; and (vi) it is not directly or indirectly owned or controlled by any person or entity: (a) included
on the Specially Designated Nationals and Blocked Persons or the Consolidated Sanctions List maintained by the Office of Foreign Assets
Controls (“ OFAC ”) or similar list maintained by any government entity from time to time; or (b) located, organized,
or resident in a country or territory that is the target of sanctions imposed by OFAC or any government entity.

6.2.	Anchorage Representations and Warranties . Anchorage represents, warrants and covenants to Client
as of the Effective Date and each calendar day during the Term that: (i) the Services will conform to this Agreement; (ii) it is the owner
of or is duly authorized to provide all Services; (iii) it has all rights necessary to grant all the rights and licenses that it purports
to grant and perform all of its obligations under this Agreement; (iv) it has all licenses, registrations, authorizations and approvals
required by any governmental agency, regulatory authority or other Party necessary for it to operate its business and engage in the business
relating to its provision of the Services; (v) it is a qualified custodian as defined under the Advisers Act and is chartered by the OCC
to custody Client’s digital assets in trust on Client’s behalf; (vi) it is not aware of any claim that the Services, and the
use thereof by any Authorized Person in accordance with this Agreement, infringe upon or otherwise violate any statutory, common law or
other rights of any Third Party in or to any Intellectual
Property Rights therein; (vii) as of the Effective Date, there is no pending, threatened, or anticipated claim, suit, or proceeding affecting
or that could affect Anchorage’s ability to perform and fulfill its obligations under this Agreement; (viii) the Technology Platform
will perform in accordance with the Documentation and technical specifications; (ix) it will test the Technology Platform using industry
standard virus detection tools to prevent (with commercially reasonable efforts) the inclusion of Disabling Device, or any malicious or
harmful code prior to use by Client; (x) the Services will be performed by Anchorage in a professional and workmanlike manner in accordance
with generally accepted industry standards and in accordance with the Documentation; (xi) all information and materials provided by Anchorage
to Client for the purpose of Client conducting a security assessment of Anchorage were (and will be during the term of this Agreement)
materially correct and accurate; and (xii) it has no right, interest, or title in the Client’s Digital Assets.

In addition, Anchorage represents, warrants
and covenants as of the Effective Date and each calendar day during the Term that:

(a)	Anchorage has adopted, implemented, and shall maintain and follow a reasonable risk-based sanctions compliance
program (“ Sanctions Program ”) that complies with all applicable economic sanctions laws and regulations imposed by
the United States (including as administered and/or enforced by the Office of Foreign Assets Control), the United Kingdom, the European
Union, the United Nations and other applicable jurisdictions (collectively “ Sanctions Laws ”) and that Sanctions Program
prevents Digital Assets, deposits, withdrawals, transfers or transactions from being directly or indirectly derived from or associated
with persons, entities or jurisdictions that are the target or subject of sanctions in violation of any Sanctions Laws;

(b)	Anchorage has also adopted, implemented and shall maintain and follow an anti-money laundering program
(“ AML Program ”) that complies with: (i) all applicable laws and regulations relating to anti-money laundering, including
the Bank Secrecy Act, as amended by the USA PATRIOT Act and the Anti-Money Laundering Act of 2020 (collectively “ AML Laws ”);
and (ii) industry best practice. As part of its AML Program, Anchorage performs both initial and ongoing due diligence on each of its
customers, as well as ongoing transaction monitoring that is designed to identify and report suspicious activity conducted through customer
accounts, as required by law. The above AML controls are applied to all transactions and asset transfers conducted by Anchorage, and to
all customer accounts opened at Anchorage, including any opened by authorized participants of the Client or trading counterparties of
the Client (collectively known as “ Counterparty Accounts ”) for the purpose of facilitating Supported Digital Assets
deposits to, and withdrawals from, the Client’s Account;

(c)	All fund movements, whether from a public blockchain address outside Anchorage or from an account within
Anchorage, into Client's Account or a Counterparty’s Account at Anchorage will be sanctions screened, including with blockchain
analytics software, to ensure that in kind transactions in respect of Supported Digital Assets did not originate from persons, entities
or jurisdictions that are the target or subject of sanctions, or associated with such persons, entities or jurisdictions, or otherwise
in violation of any Sanctions Laws, prior to any onward transfer to the Client’s Account(s) at Anchorage;

(d)	Anchorage complies with all applicable Laws, including U.S. securities laws and regulations, as well as
AML Laws, Sanctions Laws, banking laws, and any other laws and regulations to which it is subject;

(e)	It possesses and will maintain, all licenses, registrations, authorizations and approvals required by
any applicable government agency or regulatory authority for it to operate its business and provide the Services;

(f)	It is and shall remain in good standing with all relevant government agencies, departments, regulatory
and supervisory bodies to the extent relevant and material to its performance hereunder, and it will, to the extent permitted under applicable
Law and by such relevant government agency, department, regulatory and supervisory body, promptly notify Client if it ceases to be in
good standing with any regulatory authority;