MASTERWORKS ADVISERS, LLC INVESTMENT ADVISORY AGREEMENTInvestment Advisory Agreement • June 26th, 2023 • Masterworks 203, LLC • Retail-retail stores, nec
Contract Type FiledJune 26th, 2023 Company IndustryThis investment advisory agreement (the “Agreement”) is made by and between the client that has electronically agreed to this Agreement (“Client” or “you”) and Masterworks Advisers, LLC, a Delaware limited liability company and registered investment adviser (“Adviser”, “we” or “us” and, together with Client, the “Parties”). If you are acting as agent or representative on behalf of a trust, joint account or entity (“Non-Individual Client), the terms “you” and “Client” shall apply collectively to you as the authorized agent or representative and to such Non-Individual Client as the context requires.