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IRC SECTION 457 CUSTODIAL ACCOUNT AGREEMENT THIS CUSTODIAL ACCOUNT AGREEMENT (the “Agreement”), effective as of the 14 day of ___August_____, 2025 between City of Redwood City (the "Employer") in its capacity employer and as the party authorized and responsible under state or local law for maintaining the City of Redwood City, State of California, Deferred Compensation Plan (the "Plan") and Voya Institutional Trust Company (the "Custodian"). WITNESSETH: WHEREAS, the Employer has adopted and maintains the Plan in accordance with the requirements of Section 457(b) of the Internal Revenue Code of 1986, as amended ("Code"), for the benefit of the employees therein described; and WHEREAS, Section 457(g)(3) of the Code provides that custodial accounts described in Section 401(f) of the Code shall be treated as trusts pursuant to that section; and WHEREAS, the Employer has established or desires to establish a custodial account in accordance with Section 457(g) and Section 401(f) of the Code constituting a part of the Plan, pursuant to which assets are held to provide for the funding of and payment of benefits under the Plan; and WHEREAS, the Employer has the power and authority to manage and control the assets of the Plan; and WHEREAS, the Employer has engaged an affiliate of the Custodian to provide recordkeeping services to the Plan (“Recordkeeping Affiliate”); and WHEREAS, the Employer wishes to appoint the Custodian as custodian of the Plan in accordance with the terms and conditions of this Agreement. NOW, THEREFORE, the Employer on behalf of the Plan and the Custodian, each intending to be legally bound, agree as follows: SECTION 1 - ESTABLISHMENT AND OPERATION OF CUSTODY ACCOUNT 1.1 Appointment and Acceptance of Custodian/Affiliates. The Employer hereby establishes with the Custodian a custodial account consisting of such sums of money and such other property acceptable to the Custodian as shall from time to time be paid or delivered to the Custodian, and hereby appoints the Custodian as custodian with respect to the assets held pursuant to this Agreement as such assets shall exist from time to time (the “Account”). The Account shall not include any property or asset other than the assets delivered to and accepted by the Custodian from time to time. For purposes of this agreement, plan assets invested through the Program in a self-directed brokerage account shall also be considered to be part of the Account. The Custodian shall have no responsibility for any property until it is received and accepted by the Custodian, or for any property of the Plan not delivered to the Custodian and accepted by the Custodian to be a part of the Account. The Custodian hereby accepts its appointment, acknowledges that it assumes the duties established by this Agreement, and agrees to be bound by the terms contained herein. The Employer hereby acknowledges that an affiliate of the Custodian, the Recordkeeping Affiliate, acts on behalf of the Custodian as the Custodian’s agent for purposes of carrying out the Custodian’s responsibilities under this Agreement. 1.2 Custodian Responsibilities. The Custodian shall receive and hold the assets on behalf of Plan participants and beneficiaries in accordance with the terms of this Agreement. The duties of the Custodian hereunder as custodian shall be to act solely in accordance with the instructions of the Employer or Authorized Parties in accordance with Sections 2.2 and 2.3 of this Agreement ("Authorized Instructions"). Nothing in this Agreement is intended to give the Custodian any discretionary responsibility, authority or control with respect to the management or administration of the Plan or the management of the assets of the Plan. Further, the Custodian is not a party to the Plan and has no duties or responsibilities other than those that may be expressly contained in this Irc 457(b) Custodial Account Agreement__9-8-2016 REV: 07-30-25 MI ATTY/AGR.2025.195/Voya (Voya Loan Custody Agreement) (Page 1 of 7)