CONFIDENTIAL TREATMENT REQUESTED. Confidential portions
of this document have been redacted and have been separately filed with the Commission.


 


Exhibit No. 10.01







 


 


ADVISORY AGREEMENT


 


THIS AGREEMENT, made
as of March 27, 2012, among RJO Global Trust, a Delaware statutory business trust (the “Fund”), R.J. O’Brien
Fund Management, LLC, a Delaware limited liability company (the “Managing Owner”), and Liberty Funds Group, Inc. (the
“Trading Advisor”).


 


WITNESSETH:


 


WHEREAS, the Fund
has been organized as a Delaware statutory business trust pursuant to its organizational documents to, among other things, directly
or indirectly through one or more commodity trading advisor, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of
commodities (including, but not limited to, foreign currencies, mortgage-backed securities, money market instruments, financial
instruments, and any other securities or items which are now, or may hereafter be, the subject of futures contract trading), domestic
and foreign commodity futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on
futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of
physicals for futures contracts transactions, and any rights pertaining thereto, whether traded on an organized exchange or otherwise
(hereinafter referred to collectively as “futures interests;” provided, however, such definition shall
exclude securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”), options in securities
futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for investment
of customer funds and other securities on a limited basis, and to engage in all activities incident thereto;


 


WHEREAS, the Fund
is a commodity pool operated by the Managing Owner; and the Fund’s units are being offered pursuant to a registration statement
on Form S-1 (No. 333-146177) as from time to time amended filed under the Securities Act of 1933, as amended;


 


WHEREAS, the principals
of the Trading Advisor have extensive experience trading in futures interests and the Trading Advisor is willing to provide the
services and undertake the obligations as set forth herein;


 


WHEREAS, the Fund
and the Managing Owner each desires the Trading Advisor to act as a trading advisor for the Fund and to make investment decisions
with respect to futures interests for the Fund and the Trading Advisor desires so to act; and


 


WHEREAS, the Fund,
the Managing Owner and the Trading Advisor wish to enter into this Agreement which, among other things, sets forth certain terms
and conditions upon which the Trading Advisor will conduct the futures interest trading with respect to a portion of the Fund’s
assets, as described herein.


 






    	1



    	 



    
  


NOW, THEREFORE,
the parties hereto hereby agree as follows:


 


		1.	Undertakings in Connection with the Continuing Offering
of Units.



 


(a)               
The Trading Advisor agrees with respect to the continuing offering of interests (“Units”) in the Fund: (i) to
make all disclosures regarding itself, its principals and affiliates, its trading performance, its trading systems, methods and
strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information
(as defined in Section 1(c) hereof) concerning such systems, methods and strategies), any client accounts over which it has discretionary
trading authority (other than the names of or identifying information with respect to any such clients), and otherwise, as the
Fund may reasonably require (x) in connection with Fund’s offering materials (the “Prospectus”) as required by
Rule 4.21 of the regulations under the Commodity Exchange Act (the “CEAct”), and the rules and regulations of the Securities
and Exchange Commission (the “SEC”) including in connection with any amendments or supplements thereto, or (y) to comply
with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”),
the SEC, or any other regulatory or self-regulatory body, exchange, or board with jurisdiction over its members (or to comply with
the reasonable request of the aforementioned organizations); and (ii) to otherwise cooperate with the Fund and the Managing Owner
by providing information regarding the Trading Advisor in connection with the preparation of the Prospectus, including any amendments
or supplements thereto, as part of making application for registration of the Units under the securities or blue sky laws of any
jurisdictions, including foreign jurisdictions, as the Fund may deem appropriate; provided that all such disclosures are subject
to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information concerning
its clients, systems methods and strategies. As used herein, unless otherwise provided, the term “principal” shall
have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “affiliate” shall mean an
individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such party. The Managing
Owner may, in its sole discretion and at any time, withdraw the SEC registration of the Units or discontinue the offering of Units.


 


(b)              
If the Trading Advisor becomes aware of any materially untrue or misleading statement or omission regarding itself or any
of its principals or affiliates in the Disclosure Document (as defined in Section 19 hereof), or of the occurrence of any event
or change in circumstances which would result in there being any materially untrue or misleading statement or omission in the Disclosure
Document regarding itself or any of its principals or affiliates, the Trading Advisor shall promptly notify the Managing Owner
and shall cooperate with the Managing Owner in the preparation of any necessary amendments or supplements to the Prospectus. Neither
the Trading Advisor nor any of its principals, or affiliates, or any stockholders, officers, directors, or employees shall distribute
the Prospectus or selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering
of Units except as may be specifically approved by the Managing Owner and agreed to by the Trading Advisor.


 






    	2



    	 



    
 


 


(c)               
For purposes of this Agreement, and notwithstanding any of the provisions hereof, all non-public information relating to
the Trading Advisor including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any
other form, and information contained therein, business and/or marketing and/or sales plans and proposals, names of past and current
clients, names of past, current and prospective contacts, trading methodologies, systems, strategies and programs, trading advice,
trading instructions, results of proprietary accounts, training materials, research data bases, portfolios, and computer software,
and all written and oral information, furnished by the Trading Advisor to the Fund and the Managing Owner and/or their officers,
directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling
persons (each a “Recipient”), regardless of the manner in which it is furnished, together with any analysis, compilations,
studies or other documents or records which are prepared by a Recipient of such information and which contain or are generated
from such information, regardless of whether explicitly identified as confidential, with the exception of information which (i)
is or becomes generally available to the public other than as a result of acts by the Recipient in violation of this Agreement,
(ii) is in the possession of the Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or becomes available
to the Recipient from a source that is not bound by a confidentiality agreement with regard to such information or by any other
legal obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed by the Recipient without
use of the confidential information described in this Section 1(c), are and shall be confidential information and/or trade secrets
and the exclusive property of the Trading Advisor (“Confidential Information” and/or “Proprietary Information”).


 


(d)              
The Fund and the Managing Owner each warrants and agrees that they and their respective officers, directors, members, equity
holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants,
and financial advisors) will protect and preserve the Confidential Information and will disclose Confidential Information or otherwise
make Confidential Information available only to the Fund’s or the Managing Owner’s officers, directors, members, equity
holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants,
and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of satisfying their
fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of
this Agreement or thereafter, or to the Fund, Managing Owner or a Recipient, as the case may be, is required to disclose such Confidential
Information due to a fiduciary obligation or legal or regulatory request. Additionally, the Fund and the Managing Owner each warrants
and agrees that it and any Recipient will use the Confidential Information solely for the purpose of satisfying the Fund’s
or the Managing Owner’s obligations under this Agreement and not in a manner which violates the terms of this Agreement.


 


		2.	Duties of the Trading Advisor.



 


(a)               
Upon the commencement of trading operations on or about April 2, 2012 by the Trading Advisor with respect to a portion of
the assets of the Fund, the Trading Advisor hereby agrees to act as a Trading Advisor for the Fund and, as such, shall have authority
and responsibility for directing the investment and reinvestment of that portion of the Fund’s assets allocated to the Trading
Advisor, which shall consist of the Allocated Net Assets (as defined in Section 5(c) hereof) plus “notional” funds,
if any, allocated to the Trading Advisor, as specified in writing by the Managing Owner and consented to by the Trading Advisor
(the “Assets”), on the terms and conditions and in accordance with the prohibitions and the trading policies set forth
in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Managing Owner
(the “Trading Policies”); provided, however, that the Managing Owner may override the instructions of
the Trading Advisor without notice to the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with
applicable speculative position limits, (ii) to fund any distributions or redemptions, (iii) to pay the Fund’s expenses,
(iv) to the extent the Managing Owner believes doing so is necessary for the protection of the Fund, (v) to terminate the futures
interest trading of the Account (as defined in Section 4) with the Trading Advisor, or (vi) to comply with any applicable law or
regulation. The Managing Owner agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii)
of the preceding sentence unless the Trading Advisor fails to comply with a request of the Managing Owner to make the necessary
amount of funds available to the Fund within two trading days of such request. The Trading Advisor shall not be liable for the
consequences of any decision by the Managing Owner to override instructions of the Trading Advisor, except to the extent that such
consequences result from a material breach of this Agreement by the Trading Advisor or the Trading Advisor fails to comply with
the Managing Owner’s decision to override an instruction. Notwithstanding anything to the contrary contained in this Agreement,
the Fund shall have the right to instruct the Trading Advisor to liquidate any or all positions at any time.


 






    	3



    	 



    
 


 


(b)              
The Trading Advisor shall:


 


(i)                
Exercise good faith and due care in trading futures interests for the account of the Fund in accordance with the prohibitions
and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Disclosure Document,
with such changes and additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates
into its trading approach for accounts the size of the Fund.


 


(ii)              
Provide the Managing Owner, within 45 days of the end of a calendar quarter, and within 45 days of a separate request which
the Managing Owner may make from time to time, with information comparing the performance of the Fund’s account and the performance
of all other client accounts (“Other Accounts”) directed by the Trading Advisor using the trading systems used by the
Trading Advisor on behalf of the Fund over a specified period of time for the purpose of confirming that the Fund has been treated
equitably compared to such Other Accounts. In providing such information, the Trading Advisor may take such steps as are necessary
to assure the confidentiality of the Trading Advisor’s clients’ identities. The Trading Advisor shall, upon the Managing
Owner’s request, consult with the Managing Owner concerning any discrepancies between the performance of such Other Accounts
and the Fund’s account. The Trading Advisor shall promptly inform the Managing Owner in writing of any material discrepancies
of which the Trading Advisor is aware. The Managing Owner acknowledges that the following differences in accounts may cause divergent
trading results: different trading strategies, methods or degrees of leverage, different trading policies, accounts experiencing
differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times and accounts
which have different portfolios or different fiscal years.


 






    	4



    	 



    
 


 


(iii)            
Inform the Managing Owner when the Trading Advisor’s open positions maintained by the Trading Advisor exceed the Trading
Advisor’s applicable speculative position limits.


 


(iv)            
Upon request of the Managing Owner, promptly provide the Managing Owner with all information concerning the Trading Advisor
and its activities reasonably requested by the Managing Owner (including, without limitation, information relating to changes in
control, key personnel, trading approach, or financial condition). Additionally, the Trading Advisor agrees to furnish R.J. O’Brien
& Associates, LLC (“RJOB”) by telephone, facsimile or electronic data transmission (i) a final report of all trades
at the end of each business day and (ii) a report of any trade made involving a position with a required initial margin equal to
10% or more of the Assets within 30 minutes of the Trading Advisor’s receipt of confirmation, verbal or otherwise, from the
executing broker that such a trade has been executed. The Trading Advisor further acknowledges and agrees that the timely provision
of all such information is of the essence in order to enable the Fund, its designated entities, and RJOB to monitor and comply
with mandatory risk control algorithms imposed upon the operation of the Fund.


 


(c)               
All purchases and sales of futures interests pursuant to this Agreement shall be for the account, and at the risk, of the
Fund and not for the account, or at the risk of the Trading Advisor or any of its affiliates or each of their principals, stockholders,
directors, officers, or employees, or any other person, if any, who controls the Trading Advisor. All brokerage commissions and
related transaction fees arising from such trading by the Trading Advisor shall be for the account of the Fund.


 


(d)              
Subject to Section 8(a) hereof, *.
The Trading Advisor shall have an affirmative obligation to promptly notify the Managing Owner upon discovery of its own errors
with respect to the account, and the Trading Advisor shall use its best efforts to identify and promptly notify the Managing Owner
of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to any
Commodity Broker or such other commodity broker utilized to execute orders for the Fund.


 


(e)               
Prior to the commencement of trading by the Fund, the Managing Owner, on behalf of the Fund, shall deliver to the Trading
Advisor a trading authorization appointing the Trading Advisor the Fund’s attorney-in-fact for such purpose (a form of which
is attached hereto as Exhibit B).


 


(f)               
In performing services to the Fund, the Trading Advisor shall utilize its Liberty Wealth Protection Strategy (2X) (the “Trading
Program”), as described in the Disclosure Document, and as modified from time to time. The Trading Advisor shall give the
Managing Owner prior written notice of any change in the Trading Program that the Trading Advisor considers to be material (and
shall not effect such change on behalf of the Fund without the Managing Owner’s consent), including any additional futures
interests to be traded by the Trading Advisor not already listed on Exhibit C. Changes in the futures interests traded, provided
that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading Program.


 


 


_________________________


*
Confidential material redacted and filed separately with the Commission.


 






    	5



    	 



    
 


 


		3.	Trading Advisor as an Independent Contractor.



 


For all purposes of this
Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein
or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund. Nothing
contained herein shall be deemed to require the Fund to take any action contrary to its governing documents as from time to time
in effect, or any applicable law or rule or regulation of any regulatory or self-regulatory body, exchange, or board. Nothing herein
contained shall constitute the Trading Advisor or the Managing Owner as members of any partnership, joint venture, association,
syndicate or other entity, or be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation
or liability on behalf of any other. It is expressly agreed that the Trading Advisor is neither a promoter, sponsor, or issuer
with respect to the Fund, nor does the Trading Advisor have any authority or responsibility with respect to the offer, sale or
issuance of Units.


 


		4.	Commodity Broker.



 


The Trading Advisor shall
effect all transactions in futures interests for the Fund through the Fund’s separate account of the Fund to be traded exclusively
by the Trading Advisor (the “Account”) maintained with RJOB or such commodity broker or brokers as the Managing Owner
shall direct and appoint from time to time (the “Commodity Brokers”).


 


Notwithstanding the foregoing,
the Trading Advisor may execute trades through floor brokers other than those employed by RJOB and its affiliates so long as arrangements
(including executed give-up agreements) are made for such floor brokers to “give-up” or transfer the positions to RJOB
in conformity with the Trading Policies set forth in Exhibit A attached hereto.


 


		5.	Fees.



 


(a)               
For the services to be rendered to the Fund by the Trading Advisor under this Agreement:


 


(i)                
The Fund shall pay the Trading Advisor a monthly management fee equal to 1/12 of *%
(a *% annual rate) of the Assets allocated
to it (as defined in Section 2(a) hereof) as of the last day of each month (the “Management Fee”). The Management Fee
is payable in arrears within 20 Business Days of the end of the month for which it was calculated. For purposes of this
Agreement, “Business Day” shall mean any day which the securities markets are open in the United States.


 


(ii)              
The Fund shall pay the Trading Advisor an incentive fee equal to 20% of the New Trading Profit (as defined in Section 5(d)
hereof) that shall accrue monthly but is not payable until the end of each calendar quarter (the “Incentive Fee”).
The initial incentive period will commence on the date the Trading Advisor commences trading the Account and shall end on the last
day of the calendar quarter after such date. The Incentive Fee is payable within 20 Business Days of the end of the calendar quarter
for which it was calculated.


 


 


  


___________________________


*
Confidential material redacted and filed separately with the Commission.


 






    	6



    	 



    
 


 


(b)              
If this Agreement is terminated on a date other than the last day of a calendar quarter, the Incentive Fee shall be determined
as if such date were the end of a calendar quarter. If this Agreement is terminated on a date other than the end of a month, the
Management Fee described above shall be determined as if such date were the end of a month, but such fee shall be prorated based
on the ratio of the number of trading days in the month through the date of termination to the total number of trading days in
the month. If, during any month after the Trading Advisor commences trading operations on behalf of the Account (including the
month in which the Trading Advisor commences such operations), the Fund does not conduct business operations, or suspends trading
for the Account, or, as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the
trading advice of the Trading Advisor on any of the trading days of that month for any reason, the Management Fee shall be prorated
based on the ratio of the number of trading days in the month which the Account engaged in trading operations or utilizes the trading
advice of the Trading Advisor to the total number of trading days in the month. The Management Fee payable to the Trading Advisor
for the month in which the Fund begins to receive trading advice from the Trading Advisor pursuant to this Agreement shall be prorated
based on the ratio of the number of trading days in the month from the day the Fund begins to receive such trading advice to the
total number of trading days in the month. In the event that there is an increase or decrease in the Assets as of any day other
than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the
Assets for such month.


 


(c)               
The term “Allocated Net Assets” shall mean the total assets of the Fund allocated to the Account (including,
but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market
value (marked-to-market) of all open futures interest positions and other assets of the Account) less all liabilities of the Fund
determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting.
Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract traded on a
United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall
be traded by the Trading Advisor on behalf of the Account with respect to which the Net Assets are being determined; provided,
however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the
exchange on which that contract shall be traded or otherwise, the settlement price on the first subsequent day on which the contract
could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day
due to the exchange being closed for an exchange holiday, the settlement price on the most recent preceding day on which the contract
could have been liquidated shall be the market value of such contract for such day. The market value of a forward contract or a
futures or option contract traded on a foreign exchange or market shall mean its market value as determined by the Managing Owner
on a basis consistently applied for each different variety of contract.


 






    	7



    	 



    
 


 


(d)              
The term “New Trading Profit” shall mean net futures interest trading profits (realized
and unrealized) on the Assets, decreased proportionally by the Trading Advisor’s monthly Management Fees and brokerage
commissions and NFA fees applicable to the Account.  Interest income is not included in New Trading Profit. Extraordinary
expenses do not reduce New Trading Profit.  Extraordinary expenses do not reduce New Trading Profit. Such trading profits
and items of decrease shall be determined from the end of the last calendar quarter in respect of which an Incentive Fee was earned
by the Trading Advisor or, if no Incentive Fee has been earned previously by the Trading Advisor, from the date that the Trading
Advisor commenced managing the Assets, to the end of the calendar quarter as of which such Incentive Fee calculation is being made.
New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so that the Trading Advisor does not
have to earn back Incentive Fees.


 


(e)               
If any payment of Incentive Fees is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor
and the Trading Advisor thereafter fails to earn New Trading Profit or experiences losses for any subsequent incentive period,
the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect
of such New Trading Profit. No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New
Trading Profit; provided, however, that if the Assets are reduced because of redemptions that occur at the end of,
and/or subsequent to, a calendar quarter in which the Trading Advisor experiences a futures interest trading loss for the Fund,
the trading loss that must be recovered before the Trading Advisor will be deemed to experience New Trading Profit in a subsequent
calendar quarter will be equal to the amount determined by (x) dividing the Assets after such decrease by the Assets
in immediately before such decrease and (y) multiplying that fraction by the amount of the unrecovered futures interest trading
loss prior to such decrease. In the event that the Trading Advisor experiences a trading loss in more than one calendar quarter
without the Trading Company paying an intervening Incentive Fee and Assets are reduced in more than one such calendar quarter
because of redemptions, then the trading loss for each such calendar quarter shall be adjusted in accordance with the formula described
above and such reduced amount of futures interest trading loss shall be carried forward and used to offset subsequent futures interest
trading profits. No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit.


 


		6.	Designation of Additional Trading Advisors and Reallocation of Net Assets



 


(a) If the Managing Owner at any time deems it to
be in the best interests of the Fund, the Managing Owner may designate one or more additional trading advisors for the Fund and
may apportion to such additional trading advisor(s) the management of such amounts of the Fund’s assets as the Managing Owner
shall determine in its absolute discretion. The designation of an additional trading advisor or advisors and the apportionment
of the Fund’s assets to such trading advisor(s) pursuant to this Section 6 shall neither terminate this Agreement nor modify
in any regard the respective rights and obligations of the Fund, the Managing Owner and the Trading Advisor hereunder. In the event
that assets are reallocated from the Trading Advisor, the Trading Advisor shall thereafter receive management and incentive fees
based, respectively, on Assets, as reduced pursuant to this Section 6(a) and the Trading Profits attributable to such reduced Assets.


 






    	8



    	 



    
 


 


(b) The Managing Owner may at any time and from time
to time upon three business days' prior notice reallocate Assets to any other trading advisor or advisors of the Fund or allocate
additional Assets upon three business days' prior notice to the Trading Advisor from such other trading advisor or advisors; provided
that any such addition to or withdrawal from Assets will only take place on the last day of a month unless the Managing Owner determines
that the best interests of the Fund require otherwise. The Trading Advisor shall have the right to refuse any additional allocations
to be made pursuant to this Section 6(b).


 


(c) The Managing Owner shall not, without the consent
of the Trading Advisor, allocate to the Trading Advisor "notional" assets of the Fund.


 


		7.	Term



 


(a)               
This Agreement shall continue in effect for a period of one year from the date the Agreement was entered into unless otherwise
terminated as set forth in this Section 7. The Trading Advisor may terminate this Agreement at the end of such one-year period
by providing prior written notice of termination to the Fund at least sixty days prior to the expiration of such one-year period.
If the Agreement is not terminated upon the expiration of such one-year period, this Agreement shall automatically renew for an
additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated,
as provided for herein. This Agreement shall automatically terminate if the Fund is dissolved.


 


(b)              
The Fund and Managing Owner each shall have the right to terminate this Agreement in its discretion (i) at any month end
upon five days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading
Advisor upon the occurrence of any of the following events: (A) if any person described as a “principal” of the Trading
Advisor in the Prospectus ceases for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading
Advisor becomes bankrupt or insolvent; (C) if the Trading Advisor is unable to use its trading systems or methods as in effect
on the date hereof and as modified in the future for the benefit of the Fund; (D) if the registration, as a commodity trading advisor,
of the Trading Advisor with the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited
or qualified in any respect; (E) except as provided in Section 12 hereof, if the Trading Advisor merges or consolidates with, or
sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interest
trading systems or methods, or its goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor violates any
Trading Policy or administrative policy, except with the prior express written consent of the Managing Owner; or (G) if the Trading
Advisor fails in a material manner to perform any of its obligations under this Agreement.


 


(c)               
The Trading Advisor may terminate this Agreement at any time, upon thirty days’ prior written notice to the Fund and
Managing Owner, in the event: (A) that the Managing Owner imposes additional trading limitation(s) in the form of one or more Trading
Policies or administrative policies that the Trading Advisor does not consent to, such consent not to be unreasonably withheld;
(B) the Managing Owner objects to the Trading Advisor implementing a proposed material change to the Trading Program and the Trading
Advisor certifies to the Managing Owner in writing that it believes such change is in the best interests of the Fund; (C) the Managing
Owner or the Fund materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice
of such breach from the Trading Advisor; (D) the Assets fall below $*
(after adding back trading losses) at any time; (E) the Fund becomes bankrupt or insolvent, or (F) the registration of the Managing
Owner with the CFTC as a commodity pool operator or its membership in the NFA is revoked, suspended, terminated or not renewed,
or limited or qualified in any respect. If the Managing Owner or Fund merges, consolidates or sells a substantial portion of its
assets pursuant to Section 12 of this Agreement, the Trading Advisor may terminate this Agreement upon prior written notice to
the Managing Owner and Fund.


 


  


__________________________


*
Confidential material redacted and filed separately with the Commission.


 






    	9



    	 



    
 


 


(d)              
Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 7 shall
be without penalty or liability to any party, on account of such termination.


 


(e)               
The indemnities set forth in Section 8 hereof shall survive any termination of this Agreement.


 


		8.	Standard of Liability: Indemnifications.



 


(a)               
Limitation of Trading Advisor Liability. In respect of the Trading Advisor’s role in the futures interests
trading of the Fund, the Trading Advisor shall not be liable to the Fund or the Managing Owner or their partners, directors, officers,
principals, managers, members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor
shall be liable for acts or omissions that constitute a breach of this Agreement or a representation, warranty or covenant herein,
misconduct or negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief
that such actions or omissions were in, or not opposed to, the best interests of the Fund.


 


(b)              
Trading Advisor Indemnity in Respect of Management Activities. The Trading Advisor shall indemnify, defend and hold
harmless the Fund and the Managing Owner, their controlling persons, their affiliates and their respective directors, officers,
principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages,
liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses
incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely
in the case of a settlement, the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit,
action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating
to this Agreement (except as covered by paragraph (d) below); provided that a court of competent jurisdiction upon entry of a final
judgment (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Fund and the Trading Advisor,
such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the
subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence, misconduct, or a breach of this Agreement
or a representation, warranty or covenant of the Fund or the Managing Owner, their controlling persons, their affiliates and their
respective directors, officers, shareholders, employees, and controlling persons and was done in good faith.


 






    	10



    	 



    
 


 


(c)               
Fund Indemnity in Respect of Management Activities. The Fund shall indemnify, defend and hold harmless the Trading
Advisor, its controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders,
employees and controlling persons, from and against any and all losses, claims, damages, liabilities (joint and several), costs
and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any
amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Fund
shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as
a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph
(e) below); provided that a court of competent jurisdiction upon entry of a final judgment finds (or, if no final judgment is entered,
by an opinion rendered by counsel who is approved by the Fund and the Trading Advisor, such approval not to be unreasonably withheld)
to the effect that the action or inaction of such indemnified party that was the subject of the demand, claim, lawsuit, action,
or proceeding did not constitute negligence, misconduct, or a breach of this Agreement or a representation, warranty or covenant
of the Trading Advisor, its controlling persons, its affiliates and directors, officers, shareholders, employees, and controlling
persons and was done in good faith.


 


(d)              
Trading Advisor Indemnity in Respect of Sale of Units. The Trading Advisor shall indemnify, defend and hold harmless
the Fund, the Managing Owner, any selling agent, their controlling persons and their affiliates and their respective directors,
officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims,
damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject (including any
reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation
or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved
such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of Units, insofar as such
losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arise out of, or are based upon: (i) a
breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement;
or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals,
or their operations, trading systems, methods or performance, which was made in the Prospectus or any amendment or supplement thereto
or any other sales literature and furnished by the Trading Advisor for inclusion therein.


 


(e)               
 Fund Indemnity in Respect of Sale of Units. The Fund shall indemnify, defend and hold harmless the Trading Advisor
its controlling persons, their affiliates and their respective directors, officers, principals, managers, members shareholders,
employees and controlling persons from and against any loss claim, damage, liability, cost, and expense, joint and several, to
which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred
in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the
case of a settlement, the Fund shall have approved such settlement, and in connection with any administrative proceedings), in
respect of the offer or sale of Units, unless such loss, claim, damage, liability, cost, or expense (or action in respect thereof)
arises out of, or is based upon (i) a breach by the Trading Advisor of any applicable laws or regulations or any representation,
warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading
Advisor, or any of its principals or their operations, trading systems, methods or performance that was made in the Prospectus
or in any other sales literature and furnished by the Trading Advisor for inclusion therein.


 






    	11



    	 



    
 


 


(f)               
Subject to Section 8(a) hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit
or restrict, any other remedies which may be available to an indemnified person.


 


(g)              
Promptly after receipt by an indemnified person of notice of the commencement of any action, claim, or proceeding to which
any of the indemnities may apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof
if a claim in respect thereof is to be made against the indemnifying party hereunder; but the omission so to notify the indemnifying
party will not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person
hereunder, except where such omission has materially prejudiced the indemnifying party. In case any action, claim, or proceeding
is brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof
as provided above, the indemnifying party will be entitled to participate therein and, to the extent that the indemnifying party
desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the
indemnified person. After notice from the indemnifying party to the indemnified person of the indemnifying party’s election
so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the
indemnity provisions hereof for any legal and other expenses subsequently incurred by the indemnified person in connection with
the defense thereof, other than reasonable costs of investigation.


 


Notwithstanding the preceding
paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available hereunder, an indemnified
person reasonably determines that its interests are or may be adverse, in whole or in part, to the indemnifying party’s interests
or that there may be legal defenses available to the indemnified person that are different from, in addition to, or inconsistent
with the defenses available to the indemnifying party, the indemnified person may retain its own counsel in connection with such
action, claim, or proceeding and will be indemnified (provided the indemnified person is so entitled) by the indemnifying party
for any legal and other expenses reasonably incurred in connection with investigating or defending such action, claim, or proceeding.


 


In no event will the
indemnifying party be liable for the fees and expenses of more than one counsel for all indemnified persons in connection with
any one action; claim, or proceeding or in connection with separate but similar or related actions, claims, or proceedings in the
same jurisdiction arising out of the same general allegations. The indemnifying party will not be liable for any settlement of
any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim,
or proceeding, is settled with the indemnifying party’s express written consent, the indemnifying party will indemnify, defend,
and hold harmless an indemnified person as provided in this Section 8.


 






    	12



    	 



    
 


 


		9.	Right to Advise Others and Uniformity of Acts and Practices.



 


(a)               
The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests. During
the term of this Agreement, the Trading Advisor, its principals and affiliates, will be advising other clients (including affiliates
and the stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading
for their own accounts. The Trading Advisor will use its best efforts to implement a fair and consistent allocation policy that
seeks to ensure that all clients are treated equitably and positions allocated as nearly as possible in proportion to the assets
available for trading of the accounts managed or controlled by the Trading Advisor. Upon written request, the Managing Owner may
request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across accounts. Such procedures
shall be provided to the Managing Owner within 30 days of such request by the Managing Owner. Except as otherwise set forth
herein, the Trading Advisor and its principals and affiliates agree to treat the Fund in a fiduciary capacity to the extent recognized
by applicable law, but subject to that standard. Under no circumstances shall the Trading Advisor by any act or omission knowingly
or intentionally favor any account advised or managed by the Trading Advisor over the account of the Fund in any way or manner.
Nothing contained in this Section 9(a) shall preclude the Trading Advisor from charging different management and/or incentive fees
to its clients. Subject to the Trading Advisor’s obligations under applicable law, the Trading Advisor or any of its principals
or affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same
trading systems, methods, or strategies employed by the Trading Advisor for the account of the Fund, or trading systems, methods,
or strategies that are entirely independent of, or materially different from, those employed for the account of the Fund, and shall
be free to compete for the same futures interests as the Fund or to take positions opposite to the Fund, where such actions do
not knowingly or intentionally prefer any of such accounts over the account of the Fund on an overall basis.


 


(b)              
The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading
Advisor acts as a trading advisor for the Fund, neither the Trading Advisor nor any of its principals or affiliates shall knowingly
hold any position or control any other account that would cause the Fund, the Trading Advisor, or the principals or affiliates
of the Trading Advisor to be in violation of the CEAct or any regulations promulgated thereunder, any other applicable law, or
any applicable rule or regulation of the CFTC or any other regulatory or self regulatory body, exchange, or board; and (ii) neither
the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any other individual
or entity or otherwise engage in activity that shall knowingly cause positions in futures interests to be attributed to the Trading
Advisor under the rules or regulations of the CFTC or any other regulatory or self regulatory body, exchange, or board so as to
require the significant modification of positions taken or intended for the account of the Fund; provided that the Trading Advisor
may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts. If applicable
speculative position limits are exceeded by the Trading Advisor in the opinion of (i) independent counsel (who shall be other than
counsel to the Fund), (ii) the CFTC, or (iii) any other regulatory or self regulatory body, exchange, or board, the Trading Advisor
and its principals and affiliates shall promptly liquidate positions in all of their accounts, including the Fund’s account,
as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the accounts′
respective amounts available for trading (taking into account different degrees of leverage and “notional” equity)
to the extent necessary to comply with the applicable position limits.


 






    	13



    	 



    
 


 


		10.	Representations, Warranties, and Covenants of the Trading Advisor.



 


(a)               
Representations and Warranties of the Trading Advisor. The Trading Advisor represents and warrants to and agrees
with the Managing Owner and the Fund as follows:


 


(i)                
It will exercise good faith and due care in implementing the Trading Program on behalf of the Fund as described in the Disclosure
Document (as modified from time to time) or any other trading programs agreed to by the Managing Owner and the Trading Advisor.


 


(ii)              
The Trading Advisor shall follow and comply with, at all times, the Trading Policies.


 


(iii)            
The Trading Advisor shall trade the Assets pursuant to the same trading programs described in the Disclosure Document unless
the Managing Owner and the Trading Advisor agree otherwise.


 


(iv)            
The Trading Advisor is duly organized, validly existing and in good standing under the laws of the state of its organization
and is qualified to do business as a foreign corporation or and is in good standing in each other jurisdiction in which the nature
or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Trading
Advisor’s ability to perform its duties under this Agreement. The Trading Advisor has full power and authority to perform
its obligations under this Agreement. The only principals of the Trading Advisor are those set forth in the Prospectus and Disclosure
Document (the “Trading Advisor Principals”).


 


(v)              
The Disclosure Document contains all statements and information required to be included therein under the CEAct and other
applicable laws, and such information is accurate and complete in all material respects.


 


(vi)            
All references to the Trading Advisor and the Trading Advisor Principals and trading systems, methods and performance in
the Prospectus are accurate and complete in all material respects. With respect to the Trading Advisor, the Trading Advisor Principals,
and its trading systems, methods and performance: (i) the Prospectus contains all statements and information required to be included
therein under the CEAct and the rules and regulations thereunder, and (ii) the Prospectus does not contain, and will not during
the term of this Agreement contain, any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein, in the light of the circumstances under which such statements were made, not misleading. Except
as otherwise disclosed in the Prospectus, the actual performance of each discretionary account directed by the Trading Advisor
or any principal or affiliate of the Trading Advisor over the past five years and year-to-date is disclosed in the Prospectus on
either a composite or a stand alone basis. The information regarding the actual performance of such accounts set forth in the Prospectus
have been calculated and presented in accordance with the descriptions therein and is complete and accurate in all material respects.


 






    	14



    	 



    
 


 


(vii)          
This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and is a valid
and binding agreement of the Trading Advisor enforceable in accordance with its terms.


 


(viii)        
Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental, regulatory
and exchange licenses and approvals and has effected all filings and registrations with federal, state and foreign governmental
and regulatory agencies required to conduct its business and to act as described in the Prospectus or required to perform its or
his obligations under this Agreement. The Trading Advisor is registered as a commodity trading advisor under the CEAct and is a
member of the NFA in such capacity.


 


(ix)            
The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation of the
transactions contemplated herein and in the Prospectus and the payment of the fees hereunder will not violate, or constitute a
breach of, or default under, the certificate of incorporation or bylaws (or any other organizational documents) of the Trading
Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court
or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over it.


 


(x)              
Since the respective dates as of which information is given in the Disclosure Document, and except as may otherwise be stated
in or contemplated by the Disclosure Document, there has not been any material adverse change in the condition, financial or otherwise,
business or prospects of the Trading Advisor or any Trading Advisor Principal.


 


(xi)            
Except as set forth in the Disclosure Document there have not been and there is not pending, or to the best of the Trading
Advisor’s knowledge after due inquiry, threatened, any action, suit or proceeding before or by any court or other governmental
body to which the Trading Advisor or any Trading Advisor Principal is or was a party, or to which any of the assets of the Trading
Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the
condition, financial or otherwise, business or prospects of the Trading Advisor. None of the Trading Advisor or any Trading Advisor
Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether
United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEAct
or any other applicable law.


 






    	15



    	 



    
 


 


(xii)          
Neither the Trading Advisor nor any Trading Advisor Principal has received, or is entitled to receive, directly or indirectly,
any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of
the Fund.


 


(xiii)        
Participation by the Trading Advisor in accordance with the terms hereof and as described in the Prospectus will not violate
any provisions of the Investment Advisers Act of 1940, as amended.


 


(xiv)        
Neither the Trading Advisor nor any Trading Advisor Principal will use or distribute the Prospectus or any selling literature
or engage in any selling activities whatsoever in connection with the offering of the Units.


 


(xv)          
The information in the Prospectus about the Trading Advisor does not contain any misleading or untrue statements of a material
fact or omit to state a material fact required to be stated therein to make the statements not misleading.





 


(xvi) The foregoing representations
and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make
any of the foregoing representations or warranties inaccurate, the Trading Advisor shall promptly notify the Managing Owner and
the Fund of the nature of such event.


 


(b)              
Covenants of the Trading Advisor. The Trading Advisor covenants and agrees that:


 


(i)                
The Trading Advisor shall maintain all registrations and memberships necessary for the Trading Advisor to continue to act
as described herein and to at all times comply in all respects with all applicable laws, rules, and regulations, to the extent
that the failure to so comply would have a materially adverse effect on the Trading Advisor’s ability to act as described
herein.


 


(ii)              
The Trading Advisor shall inform the Managing Owner immediately as soon as the Trading Advisor or any Trading Advisor Principal
becomes the subject of any investigation, claim or proceeding of any regulatory authority having jurisdiction over such person
or becomes a named party to any litigation materially affecting (or which may, with the passage of time, materially affect) the
business of the Trading Advisor. The Trading Advisor shall also inform the Managing Owner immediately if the Trading Advisor or
any of its officers becomes aware of any breach of this Agreement by the Trading Advisor.


 


(iii)            
The Trading Advisor agrees to cooperate by providing information regarding itself and its performance in the preparation
of any amendments or supplements to the Prospectus (subject to the limitation set forth in Section 1 hereof).


 






    	16



    	 



    



 


		11.	Representations and Warranties of the Fund and the Managing Owner; Covenants of the Managing
Owner.



 


(a)               
The Fund and the Managing Owner represent and warrant to the Trading Advisor, as follows:


 


(i)                
The Fund is a Delaware statutory trust formed pursuant to its organizational documents and Delaware law and is validly existing
and in good standing under the laws of the State of Delaware with full power and authority to engage in the trading of futures
interests and to engage in its other contemplated activities as described in the Prospectus; the Fund is qualified to do business
in each jurisdiction in which the nature or conduct of its business requires such qualification and where failure to be so qualified
could materially adversely affect the Fund’s ability to perform its obligations hereunder.


 


(ii)              
The Managing Owner is duly organized and validly existing and in good standing as a limited liability company under the
laws of the State of Delaware and is qualified to do business and is in good standing as a foreign corporation in each jurisdiction
in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could materially
adversely affect the Managing Owner’s ability to perform its obligations hereunder.


 


(iii)            
The Fund and the Managing Owner have full power and authority under applicable law to conduct their business and to perform
their respective obligations under this Agreement and as described in the Prospectus.


 


(iv)            
As of the date hereof, the Prospectus contains all statements and information required to be included therein by the CEAct
and the rules and regulations of the SEC or other applicable law and at all times subsequent thereto up to and including each closing,
the Prospectus will comply in all material respects with the requirements of the rules of the NFA, the CEAct or other applicable
laws. The Prospectus as of the date on which the Trading Advisor begins trading operations on behalf of the Account, and at each
closing will not contain any misleading or untrue statements of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading. Any supplemental sales literature, when read in conjunction
with the Prospectus, will not contain any untrue statements of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which such statements were made, not misleading. This representation
and warranty shall not, however, apply to any statement or omission in the Prospectus or supplemental sales literature made in
reliance upon information furnished by and relating to the Trading Advisor, its trading methods or its trading performance.


 


(v)              
Since the respective dates as of which information is given in the Prospectus, there have not been any material adverse
change in the condition, financial or otherwise, or business of the Managing Owner or the Fund, whether or not arising in the ordinary
course of business.


 






    	17



    	 



    
 


 


(vi)            
This Agreement has been duly and validly authorized, executed and delivered by the Managing Owner on behalf of the Fund
and constitutes a valid, binding and enforceable agreement of the Fund and the Managing Owner in accordance with its terms.


 


(vii)          
The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of
the transactions contemplated herein and in the Prospectus will not violate, or constitute a breach of, or default under, the Managing
Owner’s organizational documents, or the Fund’s organizational documents, or any material agreement or instrument by
which either the Managing Owner or the Fund, as the case may be, is bound or any material order, rule, law or regulation applicable
to the Managing Owner or the Fund of any court or any governmental body or administrative agency or panel or self-regulatory organization
having jurisdiction over the Managing Owner or the Fund.


 


(viii)        
Except as set forth in the Prospectus, there have not been in the five years preceding the date of the Prospectus and there
is not pending or, to the Managing Owner’s knowledge, threatened, any action, suit or proceeding at law or in equity before
or by any court or by any federal, state, municipal or other governmental body or any administrative, self-regulatory or commodity
exchange organization to which the Managing Owner or the Fund is or was a party, or to which any of the assets of the Managing
Owner or the Fund is or was subject; and neither the Managing Owner nor any of the principals of the Managing Owner (“Managing
Owner Principals”) has received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory
organization regarding non-compliance by the Managing Owner or the Managing Owner Principals or the Fund with the CEAct, the Securities
Act of 1933, as amended, or any applicable laws which are material to an investor’s decision to invest in the Fund.


 


(ix)            
The Managing Owner and the Managing Owner Principals have all federal, state and foreign governmental, regulatory and exchange
approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required
to conduct their business and to act as described in the Prospectus or required to perform their obligations under this Agreement
(including, without limitation, registration as a commodity pool operator under the CEAct and membership in the NFA as a commodity
pool operator) and will maintain all such required approvals, licenses, filings and registrations for the term of this Agreement.
The Managing Owner’s principals identified in the Prospectus are all of the Managing Owner Principals.


 


(x)              
The Fund is and shall remain in material compliance in all respects with all laws, rules, regulations and orders of any
government, governmental agency or self-regulatory organization applicable to its business as described in the Prospectus and this
Agreement.


 


(xi)            
The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any
event shall occur which could make any of the foregoing representations or warranties inaccurate, the Managing Owner shall promptly
notify the Trading Advisor of the nature of such event.


 






    	18



    	 



    
 


 


(b)              
Covenants of the Managing Owner. The Managing Owner covenants and agrees that:


 


(i)                
The Managing Owner shall maintain all registrations and memberships necessary for the Managing Owner to continue to act
as described herein and in the Prospectus and to all times comply in all respects with all applicable laws, rules, and regulations,
to the extent that the failure to so comply would have a materially adverse effect on the Managing Owner’s ability to act
as described herein and in the Prospectus.


 


(ii)              
The Managing Owner shall inform the Trading Advisor immediately as soon as the Managing Owner, the Fund or any of their
principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction
over such person or becomes a named party to any litigation materially affecting the business of the Managing Owner or the Fund.
The Managing Owner shall also inform the Trading Advisor immediately if the Managing Owner or the Fund or any of their officers
become aware of any material breach of this Agreement by the Managing Owner or the Fund.


 


(iii)            
The Fund will furnish to the Trading Advisor copies of the Prospectus, and all amendments and supplements thereto, in each
case as soon as available and will ensure that the Fund does not use any such amendments or supplements as to which the Trading
Advisor in writing has reasonably objected.


 


		12.	Merger or Transfer of Assets.



 


The Managing Owner, Fund
or the Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion
of its assets, to any entity upon written notice to the other parties.


 


		13.	Complete Agreement.



 


This Agreement constitutes
the entire agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise,
shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought.


 


		14.	Assignment.



 


Subject to Section 12,
hereof, this Agreement may not be assigned, transferred by operation of law, change in control or otherwise, by any party hereto
without the express prior written consent of the other parties hereto.


 






    	19



    	 



    
 


 


		15.	Amendment.



 


This Agreement may not
be amended except by the written consent of the parties hereto. No waiver of any provision of this Agreement shall be implied from
any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series
of occasions.


 


		16.	Severability.



 


The invalidity or unenforceability
of any provision of this Agreement or any covenant herein contained shall not affect the validity or enforceability of any other
provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable.


 


		17.	Closing Certificates.



 


(a)               
The Trading Advisor shall, at the initial closing and at the request of the Managing Owner at any monthly closing (as described
in the Prospectus), provide the following:


 


(i)                
To the Managing Owner and the Fund, a certificate, dated the date of any such closing and in form and substance satisfactory
to such parties, to the effect that;


 


(A)            
the representations and warranties by the Trading Advisor in this Agreement are true, accurate, and complete on and as of
the date of the closing, as if made on the date of the closing; and


 


(B)             
the Trading Advisor has performed all of its obligations and satisfied all of the conditions on its part to be performed
or satisfied under this Agreement, at or prior to the date of such closing.


 


(ii)              
To the Managing Owner and the Fund, a report as of the closing date which shall present, for the period from the date after
the last day covered by the historical performance records in the Prospectus to the latest practicable day before closing, figures
which shall be a continuation of such historical performance records and which shall certify that such figures are, to the best
of such Trading Advisor’s knowledge, accurate in all material respects.


 


(b)              
Upon the reasonable request of the Managing Owner, the Trading Advisor shall provide a legal opinion of the Trading Advisor’s
counsel in a form acceptable to the Managing Owner.


 


(c)               
The Managing Owner shall, at the initial closing and at the request of the Trading Advisor at any closing (as described
in the Prospectus), provide the following:


 


(i)                
To the Trading Advisor, a certificate, dated the date of such closing and in form and substance satisfactory to the Trading
Advisor, to the effect that:


 






    	20



    	 



    
 


 


(A)            
the representations and warranties by the Fund and the Managing Owner in this Agreement are true, accurate, and complete
on and as of the date of the closing as if made on the date of the closing;


 


(B)             
no order preventing or suspending the use of the Prospectus has been issued by the CFTC, the SEC, any state securities commission,
or the NFA or other self-regulatory organization and no proceedings for that purpose shall have been instituted or are pending
or, to the knowledge of the Managing Owner, are contemplated or threatened under the CEAct; and


 


(C)             
The Fund and the Managing Owner have performed all of their obligations and satisfied all of the conditions on their part
to be performed or satisfied under this Agreement at or prior to the date of the closing.


 


		18.	Inconsistent Filings.



 


If the Trading Advisor
intends to file, to participate in the filing of, or to publish any description of the Trading Advisor, or of its respective principals
or trading approaches that is materially inconsistent with those in the Disclosure Document, the Trading Advisor shall inform the
Managing Owner of such intention and shall furnish copies of all such filings or publications at least ten Business Days prior
to the date of filing or publication.


 


		19.	Disclosure Documents.



 


(a)               
During the term of this Agreement, the Trading Advisor shall furnish to the Managing Owner promptly copies of all disclosure-documents
as filed in final form with the CFTC, NFA or other self-regulatory organization by the Trading Advisor. The Managing Owner and
Fund each acknowledge receipt of the Trading Advisor’s disclosure document (the “Disclosure Document”).


 


(b)              
The Managing Owner and the Fund will not distribute or supplement any promotional material relating to the Trading Advisor
unless the Trading Advisor has approved reasonable prior notice of and a copy of such promotional material and has received such
material in writing.


 


20.             
Track Record. The track record and other performance information of the Fund shall be the property of the Managing
Owner and not the Trading Advisor.


 


		21.	Use of Name.



 


Upon termination of
this Agreement, the Fund, at its expense, as promptly as practicable: (i) shall take all necessary action to cause the Prospectus
and organizational documents of the Fund to be amended in order to eliminate any reference to “Liberty Funds Group”
(except to the extent required by law, regulation or rule); and (ii) shall cease to use in any other manner, including, but not
limited to, use in any sales literature or promotional material, the name “Liberty Funds Group” or any name, mark or
logo type derived from it or similar to it (except to the extent required by law, regulation or rule).


 






    	21



    	 



    
 


 


		22.	Notices.



 


All notices required
to be delivered under this Agreement shall be in writing and shall be effective when delivered personally on the day delivered,
by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified mail,
postage prepaid, return receipt requested, on the second business day following the day on which it is so mailed, addressed as
follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):


 


	
         

         
	if to the Fund:
	 	
        RJO Global Trust

        c/o R. J. O’Brien Fund Management,
        LLC

        222 S. Riverside Plaza

        Suite 9

        Chicago, Illinois 60606

        Attn: Annette A. Cazenave

        Facsimile: 312-373-4831

        Email: acazenave@rjobrien.com

	 	 
	 	if to the Managing Owner:
	 	 
	 	
        R. J. O’Brien Fund Management, LLC

        222 S. Riverside Plaza

        Suite 9

        Chicago, Illinois 60606

        Attn: Annette A. Cazenave

        Facsimile: 312-373-4831

        Email: acazenave@rjobrien.com

	 	 
	 	With a copy to:
	 	 
	 	
        Alston & Bird LLP

        90 Park Avenue

        New York, NY 10016

        Attn: Timothy P. Selby

        Facsimile: (212) 210-9444

        Email: timothy.selby@alston.com

         

	 	
        if to the Trading Advisor:

         

	 	
        Liberty Funds Group, Inc.

        53 W Jackson, #835

        Chicago, IL 60604

        Attn: Craig L. Caudle

        Email: ccaudle@libfungrp.com

        Phone: 312-212-1735

        Fax: 312-212-1718

         



 






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		23.	Continuing Nature of Representations Warranties and Covenants: Survival.



 


All representations,
warranties and covenants contained in this Agreement shall be continuing during the term of this Agreement and the provisions of
this Agreement shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect.
Each party hereby agrees that as of the date of this Agreement it is, and during its term shall be, in compliance with its representations,
warranties and covenants herein contained. In addition, if at any time any event occurs which would make any of such representations,
warranties or covenants not true, the affected party will use its best efforts to promptly notify the other parties of such fact.


 


		24.	Third-Party Beneficiaries.



 


This Agreement is not
intended and shall not convey any rights to a party to this Agreement.


 


		25.	Governing Law.



 


This Agreement and any
amendment hereto shall be governed by, and construed in accordance with, the laws of the State of Illinois, United States of America
(excluding the law thereof which requires the application of, or reference to, the law of any other jurisdiction). Each party hereto
expressly and irrevocably agrees (a) that it waives any objection, and specifically consents, to venue in the United States federal
or state courts located in the City of Chicago, State of Illinois, United States of America, so that any action at law or in equity
may be brought and maintained in any such court, and (b) that service of process in any such action may be effected against such
party by certified or registered mail or in any other manner permitted by applicable United States Federal Rules of Civil Procedure
or rules of the Courts of the State of Illinois. In addition each party hereto expressly and irrevocably waives, in respect of
any action brought in any United States federal or state court located in the City of Chicago, State of Illinois or any resulting
judgment, any objection, and hereby specifically consents, to the jurisdiction of any such court and agrees not to seek to change
the situs of such action or to assert that any other court in any other jurisdiction is a more suitable forum for the hearing and
adjudication of any claim or dispute raised in such action.


 


		26.	Remedies.



 


In any action or proceeding
arising out of any of the provisions of this Agreement, the Trading Advisor agrees not to seek any prejudgment equitable or ancillary
relief. The Trading Advisor agrees that its sole remedy in any such action or proceeding shall be to seek actual monetary damages
for any breach of this Agreement, except that Trading Advisor may seek a declaratory judgment with respect to the indemnification
provisions of this Agreement.


 






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		27.	Headings.



 


Headings to sections
herein are for the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation
of this Agreement.


 


		28.	Successors.



 


This Agreement including
the representations, warranties and covenants contained herein shall be binding upon and inure to the benefit of the parties hereto,
their successors and permitted assigns, and no other person shall have any right or obligation under this Agreement.


 


		29.	Counterparts.



 


This Agreement may be
executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
instrument.


 


		30.	Waiver of Breach.



 


The waiver by any party
of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach or of a breach
by any other party. The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute
a waiver or thereafter deprive such party of the right to insist upon strict adherence.


 






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IN WITNESS WHEREOF, this
Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.


 


	 	
        RJO GLOBAL TRUST

        by R.J. O’Brien Fund Management, LLC

        Managing Owner

         

         

         

	 	By: /s/ Annette A. Cazenave

Name: Annette A. Cazenave

Title: Executive Vice President
	 	 
	 	
        R.J.
        O’Brien Fund Management, LLC 

         

         

         

	 	By:  /s/ Gerald Corcoran

Name: Gerald Corcoran

Title: Chief Executive Officer
	 	 
	 	
        LIBERTY FUNDS GROUP

         

         

         

        By: /s/ Craig L. Caudle

        Name: Craig L. Caudle

        Title: CEO

         




 






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First Amendment 


 


To Advisory Agreement 


 


THIS FIRST AMENDMENT TO ADVISORY AGREEMENT ( this “Amendment”)
dated as of June 28, 2012, is by and among RJO Global Trust, a Delaware statutory business trust (the “Fund”), R.J.
O’Brien Fund Management, LLC, a Delaware limited liability company (the “Managing Owner”), and Liberty Funds
Group, Inc., a Texas Corporation (the “Commodity Trading Advisor”).


 


WITNESSETH


 


WHEREAS, the Fund, the Managing Owner, and the Commodity Trading
Advisor entered into that certain Advisory Agreement dated March 22, 2012 (the “Original Agreement”) whereby the Fund
and the Managing Owner engaged the Trading Advisor to act as the trading advisor for the Fund in accordance with the terms and
conditions contained in the Original Agreement;


 


WHEREAS, in accordance with Section 15 of the Original Agreement,
the Original Agreement may be amended with written consent of the parties thereto; and


 


WHEREAS, the Fund, the Managing Owner, the Trading Advisor,
comprising all of the parties of the Original Agreement, wish to amend the Original Agreement as set forth in this Amendment.


 


NOW THEREFORE, in consideration of the mutual promises and agreements
contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is
agreed by and between the parties hereto as follows:


 


		1)	Part 2 (f) shall be amended to reflect that the Advisor will trade for the Fund using its Wealth Protection Strategy as defined
in its CTA Disclosure Document. The Advisor will target an annualized volatility target for the Fund’s account of 13%-15%.
This will require the Fund to invest notional funds in the amount of 60% of the Advisor’s cash allocation from the Fund.
The Advisor then, will trade an overall allocation from the Fund based on 1.6 times its cash allocation. Should the amount of notional
funding needed for the Advisor to achieve the account’s desired volatility target change, the Advisor will provide notice
to the Managing Owner at least 5 business days prior to any month end.



 


		2)	Part 5 (a) (i) shall be amended to reflect a change in management fees paid to the Advisor. The Advisor will be paid 1/12 of
*% of total traded assets allocated to
it from the Fund (including notional assets) on a monthly basis in place of the *%
management fee stated in the Original Agreement.



 


[Remainder of page intentionally left
blank]


 


 


_________________________


* Confidential material redacted and
filed separately with the Commission. 


  






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IN WITNESS WHEREOF, this Amendment has been
executed for and behalf of the undersigned as of the day and year above first written.


 





	 	RJO GLOBAL TRUST
	 	By R.J. O’Brien Fund Management, LLC
	 	Managing Owner
	 	 
	 	 
	 	By: /s/ Annette A. Cazenave
	 	Annette A. Cazenave
	 	Title: Sr. V.P.
	 	R.J. O’Brien Fund Management, LLC
	 	 
	 	 
	 	R.J. O’Brien Fund Management, LLC
	 	 
	 	By: /s/ Gerald Corcoran 
	 	Gerald F. Corcoran
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	Liberty Funds Group, Inc.
	 	 
	 	By: /s/ Craig L. Caudle
	 	Name:  Craig L. Caudle
	 	Title: Chief Executive Officer







 






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