EX-10.7 LICENSE AGREEMENT



 






Exhibit 10.7




LICENSE AGREEMENT




     THIS LICENSE AGREEMENT (the “Agreement”) dated as of July 19, 2006 (the “Effective Date”), is
made and entered, into by and between REUTERS AMERICA LLC (“Licensor”), a Delaware limited
liability company having an office at Three Times Square, New York, NY 10036, and GreenHaven, LLC
(“Greenhaven”), a Georgia limited liability company having an office at 3340 Peachtree Road, Suite
1910, Atlanta, Georgia 30326 (“Licensee”).



     WHEREAS, Licensor compiles, calculates, maintains and owns rights in and to the Continuous
Commodity Index, also known as the CCI (as well as the subindices to that Index, and total return
and excess return values, as named in Exhibit C), and to the proprietary data contained therein;
and



     WHEREAS, Licensee wishes to use the Index value, Subindex values, Total Return values, and
Excess Return values as the basis of the product(s) described in Exhibit A hereto (the
“Product(s)”); and



     WHEREAS,
Licensee or its affiliates wishes to use the Index name (the “Marks”) in connection
with the issuance, marketing and/or promotion of the Product(s) under applicable law, rules and
regulations in order to indicate that Licensor is the source of the Index; and



     WHEREAS, Licensor wishes to license to Licensee the use of the Index and the Marks in
connection with the Product(s), all in accordance with the terms and conditions hereinafter set
forth;



     NOW, THEREFORE, the parties hereto agree as follows:


1. Grant and Scope of License.




     (a) Subject to the terms and conditions of this Agreement, Licensor hereby grants Licensee a
non-transferable, non-exclusive, limited license, with no right to sublicense (other than as
detailed below), (i) to use the calculated values for the Index, Subindex, Total Return, and
Excess Returns specified in Exhibit C as a component of the Product(s) described in Exhibit A to
be created, issued, offered, written and/or sold by Licensee and (ii) to use and refer to the
Marks in connection with the marketing and promotion of such Product(s), management.
administration, listing of the Products, and in connection with making such disclosure about the
Product(s) whichever is relevant as Licensee deems necessary or desirable under any applicable
law, rules or regulations, but, in each case, only to the extent necessary to indicate the
Products are based upon the Index and to indicate that Reuters is the source of the Index and
subject to Section 4. It is expressly agreed and understood by Licensee that no rights to use the
Index or the Marks are granted hereunder other than those specifically described and expressly
granted herein. Licensee may sublicense the right to use and refer to the Marks as detailed in
(ii) above to those who promote, market, maintain, manage and sell the Products on behalf of




 









 







Licensee for the sole purpose of enabling such entities to promote, market, maintain and sell the
Products, provided that no such sublicense shall be made except with respect to the Products and
then only to the extent of the rights expressly granted to Licensee pursuant to this Agreement.




     (b) The parties agree that this Agreement does not obligate Licensor to provide or deliver the Index
values and/or related data to Licensee and Licensee shall be required to obtain such Index values
and/or related data from an authorized distributor of such Index values and/or related data.


2.Term and Termination.




     (a) This Agreement shall commence on the Effective Date and shall continue
in effect for two (2) years (“Initial Term”);



     (b) After the Initial Term, this Agreement shall automatically renew for
successive one-year periods (each a “Renewal Term”) unless and until (i) Licensor or
Licensee terminates this Agreement at the expiration of the Initial Term or any Renewal
Term by giving at least one hundred eighty (180) days’ prior written notice to the other
parties, or (ii) terminated as set forth below.



     (c) Licensor shall have the right to terminate this Agreement in the event of any material
breach of this Agreement by Licensee, which breach is not cured within thirty (30) days following
Licensee’s receipt of written notice from Licensor of such breach;



     (d) Licensor shall have the right to terminate this Agreement one hundred eighty (180) days
following the date upon which Licensor provides written notice to Licensee that Licensor is
suspending offering the Index to licensees in general.


3. License Fees and Reporting.




     (a) As consideration for the license granted under the Agreement, Licensee shall pay to
Licensor the fees (“License Fees”) calculated as set forth on Exhibit B hereto. Licensee
shall pay the License Fees within thirty (30) business days after the end of the calendar quarter
of Licensee’s receipt of Licensor’s invoice to which the License Fees relate. All amounts shall be paid in cash and
shall be non-refundable. All amounts stated are net of any withholding taxes, such that the
amounts due and payable to Licensor under this Agreement, after any applicable deduction or
withholding for or on account of any present or future taxes, levies, imposts, duties, fees,
assessments or other charges of whatever nature now or hereafter imposed, will not be less than
the amounts set forth on Exhibit B.



     (b) Licensee shall deliver to Licensor, within ten (10) business days after each calendar
quarter during the Term, a written report, upon which Licensor’s invoice



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referenced in Section 3(a) will be based, detailing (i) maximum daily total assets, (ii) minimum
daily total assets, and (iii) average daily official closing amount of total assets, invested in
the Products during the preceding calendar quarter, based upon business days during which any of
the trading venues upon which the Products may be traded having been open for trading.




     (c) Licensor shall have the right to audit on a confidential basis the relevant
books and records of Licensee to confirm the accuracy of any one or more calculations of
License Fees. Licensor shall bear its own costs of any such audit unless it is determined
that Licensor has been underpaid by 5% or more with respect to the payments being
audited, in which, case Licensor’s costs of such audit shall be paid by Licensee.



     (d) Licensee shall be responsible for all costs associated with the receipt of the
Index.


4. Informational Materials Review.




     (a) Licensee shall use its best efforts to protect the goodwill and reputation of the Index
and of the Marks in connection with its use of the Marks under this Agreement.



     (b) Licensee shall submit to Licensor for its review and approval all prospectuses,
registration statements, advertisements, brochures and promotional and any other similar
informational materials (including documents required to be filed with governmental or regulatory
agencies) relating to the Product(s) and that in any way use or refer to Licensor or the Index (the
“Informational Materials”). Licensor will use reasonable endeavors to provide approval or
comments within 5 business days. In any event, approval by Licensor hereunder shall not be
unreasonably withheld or delayed. Once Informational Materials have been approved by Licensor,
subsequent Informational Materials that do not alter the use or description of Licensor and the
index need not be submitted for review and approval by Licensor.



     (c) In each item of Informational Material, Licensee shall use only the full
name of the Index, and shall not use any abbreviation therefor.


5.  Proprietary Rights.




     (a) Licensee acknowledges that the Index is selected, coordinated, arranged and prepared by
Licensor through the application of methods and standards of judgment used and developed through
the expenditure of considerable work, time and money by Licensor. Licensee also acknowledges that,
as between Licensee and Licensor, the Marks are the exclusive property of Licensor, that Licensor
has and retains all proprietary rights therein (including, but not limited to, trademarks and
copyrights) and that the Index and its compilation and composition and changes therein are in the
control and sole discretion of Licensor.



     (b) Licensor reserves all rights with respect to the Index and the Marks except those
expressly licensed to Licensee hereunder.



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     (c) The following notice will appear at the foot of any list or table which reproduces in
whole or substantial part the Index: “Copyright 200[ ]. Reuters America LLC.
Used with permission.”


6. Warranties; Disclaimers; Indemnification.




     (a) Licensee agrees expressly to be bound itself by and furthermore to include all of the
following disclaimers and limitations in its Informational Materials and any contract(s) relating
to the Product(s) and upon request to furnish a copy (copies) thereof to Licensor:



     “THE
PRODUCT(S) IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY REUTERS AMERICA LLC
(“REUTERS”), OR ANY OF ITS SUBSIDIARIES OR AFFILIATES (COLLECTIVELY THE “LICENSOR”), LICENSOR
MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF
THE PRODUCT(S) OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES OR COMMODITIES
GENERALLY OR IN THE PRODUCT(S) PARTICULARLY OR THE ABILITY OF THE INDEX TO TRACK GENERAL
COMMODITY MARKET PERFORMANCE. LICENSOR’S ONLY RELATIONSHIP TO [LICENSEE NAME] (“LICENSEE”) IS THE
LICENSING OF THE INDEX, WHICH IS DETERMINED, COMPOSED AND CALCULATED BY LICENSOR WITHOUT REGARD TO
THE LICENSEE OR THE PRODUCT(S). LICENSOR HAS NO OBLIGATION TO TAKE THE NEEDS OF THE LICENSEE OR
THE OWNERS OF THE PRODUCT(S) INTO CONSIDERATION IN DETERMINING,
COMPOSING OR CALCULATING THE INDEX.
LICENSOR IS NOT RESPONSIBLE FOR AND HAVE NOT PARTICIPATED IN THE DETERMINATION OF THE TIMING OF,
PRICES AT, OR QUANTITIES OF THE PRODUCT(S) TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF
THE EQUATION BY WHICH THE PRODUCT(S) IS TO BE CONVERTED INTO CASH. LICENSOR HAS NO OBLIGATION OR
LIABILITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR TRADING OF THE PRODUCT(S).



     LICENSOR AND ITS AFFILIATES AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS
MAY BUY OR SELL SECURITIES OR COMMODITIES MENTIONED OR CONTEMPLATED HEREIN AS AGENT OR AS
PRINCIPAL FOR THEIR OWN ACCOUNTS AND MAY HAVE POSITIONS OR ENGAGE IN TRANSACTIONS BASED ON OR
INDEXED TO THE INDEX. IT IS POSSIBLE THAT LICENSOR’S TRADING ACTIVITY WILL AFFECT THE VALUE OF THE
INDEX. LICENSOR MAY OPERATE AND MARKET OTHER INDICES THAT MAY COMPETE WITH THE INDEX.



     LICENSOR DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR
ANY DATA INCLUDED THEREIN. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO




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RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM
THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER
OR FOR ANY OTHER USE. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY
DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT
TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL
LICENSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL
DAMAGES (INCLUDING, WITHOUT LIMITATION, LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH
DAMAGES.”




     Any changes in the foregoing disclaimers and limitations must be approved in advance in
writing by an authorized officer of Licensor.



     (c) Licensee represents and warrants to Licensor, and Licensor represents and warrants to
Licensee, that it has the authority to enter into this Agreement according to its terms.



     (d) Licensee represents and warrants to Licensor that the Product(s) shall at all times comply
with the relevant descriptions in Exhibit A and shall not violate any of the restrictions set forth
therein.



     (e) Licensee represents and warrants to Licensor that the Product(s) shall not violate any
applicable law, including but not limited to banking, commodities and securities laws.



     (f) LICENSOR, ITS AFFILIATES, EMPLOYEES AND AGENTS, SHALL HAVE NO LIABILITY, CONTINGENT OR
OTHERWISE, TO LICENSEE OR TO THIRD PARTIES, FOR THE ACCURACY, COMPLETENESS OR CURRENCY OF THE
INDEX OR FOR DELAYS OR OMISSIONS THEREIN, OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDEX. IN NO
EVENT WILL LICENSOR BE LIABLE FOR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL
DAMAGES (INCLUDING, WITHOUT LIMITATION, LOST PROFITS) WHICH MAY BE INCURRED OR EXPERIENCED ON
ACCOUNT OF LICENSEE ENTERING INTO OR RELYING ON THIS AGREEMENT, EVEN IF LICENSOR HAVE BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. WITHOUT DIMINISHING THE DISCLAIMERS AND LIMITATIONS
SET FORTH IN THIS SECTION 6, IN NO EVENT SHALL THE CUMULATIVE LIABILITY OF LICENSOR TO LICENSEE
UNDER THIS AGREEMENT EXCEED THE LICENSE FEES ACTUALLY PAID TO LICENSOR HEREUNDER FOR THE FULL
CALENDAR YEAR IMMEDIATELY PRECEDING THE FINDING OF SUCH LIABILITY.



     (g) Licensee shall indemnify, protect, and hold harmless Licensor, its affiliates.



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employees and agents from and against any and all losses, liabilities, judgments, suits, actions,
proceedings, claims, damages, costs (including reasonable attorneys’ fees and disbursements)
resulting from or arising out of failure to fulfill its obligations under this Agreement, the use
by Licensee of the Index, the Product(s) or otherwise arising out of
this Agreement.



7. Confidentiality.




     Each of Licensor and Licensee acknowledges that it or its employees may in the course of
performing their responsibilities under this Agreement, he exposed to or acquire information which
is proprietary to or confidential to the other party or its affiliates or clients or to third
parties to whom the other party owes a duty of confidentiality. Any and all non-public information
of any form obtained by one party or its employees regarding the other party, including without
limitation information related to the calculation of the Index, shall be deemed to be confidential
and proprietary information. The recipient of such confidential and proprietary information agrees
to hold such information in confidence and not to use or disclose such information for any purpose
whatsoever other than as contemplated by this Agreement and to advise each of its employees who
may be exposed to such proprietary and confidential information of their obligations hereunder.


8. No Promotion.




     Except as specifically provided herein, Licensee agrees that it will not, without the prior
written consent of Licensor in each instance, (i) use in advertising, publicity, or otherwise the
name of Licensor, or any affiliate of Licensor, or any employee of Licensor, nor any trade name,
trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation
thereof owned by Licensor or its affiliates, or (ii) represent, directly or indirectly, that any
product or any service provided by Licensee has been approved or endorsed by Licensor.


9. Force Majeure.




     No party shall be liable or deemed to be in default for any delay or failure to perform under
this Agreement or for interruption of the services resulting directly or indirectly from any cause
beyond such party’s reasonable control.


10. General.




     (a) Licensee acknowledges that it has not been induced to enter into this Agreement by any
representation or warranty not set forth in this Agreement. This Agreement contains the entire
agreement of the parties with respect to its subject matter and supersedes all existing and all
other oral, written or other communications between them concerning this subject matter. This
Agreement shall not be modified in any way except by a writing signed by all parties.



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     (b) This Agreement may not be assigned by Licensee without the prior written consent of
Licensor. This Agreement shall be binding upon and shall inure to the benefit of the parties and
their respective successors and permitted assigns.



     (d) If any provision of the Agreement (or any portion thereof) shall be invalid, illegal or
unenforceable, the validity, legality or enforceability of the remainder of this Agreement shall
not in any way be affected or impaired thereby.



     (e) All notices and other communications under this Agreement shall be (i) in writing, (ii)
delivered by hand, by registered or certified mail, return receipt requested, by overnight delivery
service, or by facsimile transmission to the address set forth below or such address as a party
shall specify by a written notice to the other parties and (iii) deemed given upon receipt.



	 	 	 	 	 
	 

	 	Notice to Reuters:
	 	Reuters America LLC
	 

	 	 	 	3 Times Square
	 

	 	 	 	New York, New York 10036
	 

	 	 	 	Attn: Thomas Gros, EVP, Global Head of
	 

	 	 	 	New Markets and Commodities & Energy
	 

	 	 	 	FAX: 646-223-7740
	 
	 	 	 	 
	 

	 	 	 	With a copy to:
	 
	 	 	 	 
	 

	 	 	 	Reuters America LLC
	 

	 	 	 	3 Times Square
	 

	 	 	 	New York, New York 10036
	 

	 	 	 	ATTN: General Counsel
	 
	 	 	 	 
	 

	 	Notice to Licensee:
	 	GreenHaven, LLC
	 

	 	 	 	3340 Peachtree Road, Suite 1910
	 

	 	 	 	Atlanta, Georgia 30326
	 

	 	 	 	ATTN: Ashmead Pringle, Manager
	 

	 	 	 	FAX: 404-261-5468
	 
	 	 	 	 
	 

	 	 	 	With a copy to:
	 
	 	 	 	 
	 

	 	 	 	Taylor, Busch, Slipakoff & Duma, LLP
	 

	 	 	 	1600 Parkwood Circle, Suite 200
	 

	 	 	 	Atlanta, Georgia 30339
	 

	 	 	 	ATTN: George C. Gaskin, Esq.
	 

	 	 	 	FAX: 770-434-7376






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     (f) The headings in this Agreement are intended for convenience of reference and shall not
affect its interpretation.



     (g) Each of Licensor and Licensee acknowledges that a breach of any provision of Section 7 of
this Agreement will cause the applicable party irreparable injury and damage and therefore may be
enjoined through injunctive proceedings in addition to any other rights and remedies which may be
available to the applicable party at law or in equity. Licensee consents to jurisdiction in the
State or Federal courts located in New York County, State of New York, for enforcement of this
provision.



     (h) This Agreement and all matters relating to or arising under this Agreement shall be
governed in all respects by the laws of the State of New York, without giving effect to principles
of conflicts of law, and any litigation arising out of or connected in any way with this
Agreement shall take place in a State or Federal court of competent jurisdiction in New York
County, State of New York.



     (i) The following Sections shall survive termination of this Agreement: 5, 6, 7, 8 and 10.



          (j) Where a Product is traded in a currency other than U.S. dollars, the U.S. dollar
equivalent, for purposes of Section 1(b), Section 3 and Exhibit B hereunder, will be calculated
using the fixing rate of exchange displayed on the BCE’s screen on the valuation date which, for
the avoidance of doubt, can be found at http://www.ecb.int/stats/exchange/eurofxref/html/index.en.html.




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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written.




	 	 	 	 	 
	REUTERS AMERICA LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ [ILLEGIBLE]
 

	 	 
	Name
	 	 	 	 
	Title
	 	 	 	 
	Date

	 	7/21/06	 	 
	 
	 
	 	 	 	 
	LICENSEE	 	 
	 
	 	 	 	 
	GREENHAVEN, LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Ashmead Pringle
 

	 	 
	Name

	 	Ashmead Pringle	 	 
	Title

	 	President - Managing Member	 	 
	Date

	 	7/20/06	 	 







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EXHIBIT A 




PRODUCTS




     “Products” means an exchange traded fund (“ETF”) that has both of the following
characteristics:



     (a) it is available for trade on the following venue(s):




Any U.S. or Canadian stock exchange, including but not limited to the New York Stock
Exchange, the American Stock Exchange, and the Toronto Stock Exchange.




and



     (b) it is launched no later than:




One
year from the date of this Agreement.




For the avoidance of doubt, Products are strictly limited in nature to ETFs and may not
include options contracts, futures contracts, exchange-traded notes, over-the-counter
instruments, or any other type of security.



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EXHIBIT B




LICENSE FEES




A. Base License Fee





	 	(i)	 	$37,500 per annum, the first annual payment of which is to be paid on
the date on which the Product listed on an exchange or ninety (90) days from execution
by the Licensee, whichever is earlier.





B. Variable License Fee





	 	(i)	 	0.060% (6 basis points) per annum of the first $100,000,000 US, or
foreign currency equivalent, invested in the Products based upon the average daily
official closing amount of invested assets as specified in Section 3(b)(iii).
	 
	 	(ii)	 	0.05% (5 basis points) per annum of each additional US Dollar, or
foreign currency equivalent, invested in the Products, in excess of $100,000,000 US
based upon the average daily official closing amount of invested assets as specified
in Section 3(b)(iii).





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EXHIBIT C




INDEX, SUBINDICES, and TOTAL and EXCESS RETURNS




Index




Continuous Commodity Index (CCI)




Subindices




CCI Energy Sub-index,

CCI Grains and Oilseeds Sub-index

CCI Industrials Sub-index

CCI Livestock Sub-index

CCI Precious Metals Sub-index

CCI Softs Sub-index




Total Returns




Continuous Commodity Index Total Return (RIC: <CCITR>)



Should Licensor commence the calculation, and publication of, total return values for certain
CCI Subindices, Licensee may use such Subindex total return values subject to the terms of this
Agreement.




Excess Returns




Continuous Commodity Index Excess Return (RIC: <CI>).



Should Licensor commence the calculation, and publication of, excess return values for certain CCI
Subindices, Licensee may use such Subindex excess return values subject to the terms of this
Agreement.





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ADDENDUM TO LICENSE AGREEMENT



This addendum (“Addendum”) is entered into this 11th day of October, 2006 by and between Reuters
America LLC (hereinafter “Reuters”) and GreenHaven, LLC (“Greenhaven”),. This Addendum is entered
into to modify the License Agreement between Reuters and Greenhaven dated July 19th, 2006
(“Agreement”).





	1.	 	For the period beginning with the date of the agreement through October 18, 2008, Reuters
agrees not to license to any entity the right to use the “CCI” or “Continuous Commodity Index”
for an exchange traded fund (ETF) to be traded on a US equity exchange. The parties agree that
the Initial Term shall end on October 12, 2008.
	 
	2.	 	In consideration of the agreement above, Greenhaven agrees to pay Reuters an additional sum
of $250,000 payable in the following manner: $50,000 shall be due upon execution of this
Addendum and $200,000 shall be due on June 29, 2007. In the event Greenhaven does not achieve
regulatory clearance to list the ETF on a US Exchange from the Securities and Exchange
Commission; the (S-1) filing deemed effective by June 29, 2007, Greenhaven shall not be
required to pay the fee of $200,000 and Section 1 above shall be null and void as of June 29,
2007, and .Reuters shall be entitled to retain the $50,000 payment.
	 
	3.	 	Except as expressly modified by this Addendum, the terms of the Agreement, and any appendices
or addenda thereto, shall remain in full force and effect. In the event of any
inconsistencies between the terms of the Agreement or any prior addenda, and this Addendum,
the terms of this Addendum shall prevail and control.




IN WITNESS WHEREOF, the parties hereto have executed or caused to be executed this Addendum as of
the date set forth below.








	 	 	 	 	 	 	 	 	 	 	 
	Accepted by:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Reuters America LLC	 	 	 	GreenHaven, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	/s/ Thomas D. Gros 	 	 	 	By:	 	/s/ Ashmead Pringle, III	 	 
	 
	 	 
	 	 	 	 	 	 
	 	 
	Name:
	 	Thomas D. Gros 	 	 	 	Name:	 	Ashmead Pringle	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:
	 	Executive Vice President New Markets 	 	 	 	Title:	 	Manager 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:
	 	October 20, 2006	 	 	 	Date:	 	October 18, 2006	 	 
	 
	 	 
	 	 	 	 	 	 	 	 









 









 





SECOND ADDENDUM TO LICENSE AGREEMENT



This second addendum (“Second Addendum”) is entered into this 18th day of September, 2007 by and
between Reuters America LLC (hereinafter “Reuters”) and GreenHaven, LLC (“Greenhaven”) and
GreenHaven Commodity Services, LLC (“GCS”). This Second Addendum is entered into to modify the
License Agreement between Reuters and Greenhaven dated July 19th, 2006 with addendum dated October
11, 2006 (“First Addendum”) (collectively the “Agreement”).





	1.	 	Greenhaven hereby assigns all of its rights and obligations under the Agreement to GCS. GCS
hereby accepts such assignment and Reuters hereby consents to such assignment.
	 
	2.	 	The second sentence of Section 2 of the First Addendum is hereby deleted.
	 
	3.	 	Reuters acknowledges receipt of $50,000 toward the $250,000 exclusive fee specified in the
Addendum. The parties hereby agree to the following modified payment structure for the
remaining $200,000. All future payments are non-refundable and are due in $50,000 payments due
not later than October 1st, 2007, January 1, 2008, March 1, 2008, and June 1, 2008. These
payments are over and above the non-exclusive fees due under the Agreement. In the event GCS
notifies Reuters that GCS failed to receive regulatory approval from the SEC for its ETF,
Reuters agrees to waive any payments which were not yet due as of the date of the notice. Any
payments already made shall be non-refundable and any payments which are past due shall be
paid immediately. In the event GCS is late in making any payments or notifies Reuters of a
rejection from the SEC, all exclusivity under this license arrangement shall immediately
lapse.
	 
	4.	 	Except as expressly modified by this Second Addendum, the terms of the Agreement, and any
appendices or addenda thereto, shall remain in full force and effect. In the event of any
inconsistencies between the terms of the Agreement or any prior addenda, and this Second
Addendum, the terms of this Addendum shall prevail and control.





 









 




IN WITNESS WHEREOF, the parties hereto have executed or caused to be executed this Addendum as of
the date set forth below.








	 	 	 	 	 	 	 	 	 	 	 
	Accepted by:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Reuters America LLC	 	 	 	GreenHaven, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Christina Carlson	 	 	 	By:	 	/s/ Ashmead Pringle, III	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	Name:

	 	Christina Carlson	 	 	 	Name:	 	Ashmead Pringle, III	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Contracts Manager	 	 	 	Title:	 	Manager	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:

	 	10/19/07	 	 	 	Date:	 	9/21/2007	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	GreenHaven Commodity Services, LLC	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	/s/ Ashmead Pringle, III	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:
	 	Ashmead Pringle, III	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:
	 	Manager	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:
	 	9/21/2007