Document:

MARKETING
SERVICES AGREEMENT

 

THIS
AGREEMENT is made and entered into as of this 11th day of January 2018 on behalf of GraniteShares Platium Trust
(the “Trust”) by and between GraniteShares, LLC, a Delaware limited liability company with its principal office and
place of business at 30 Vesey Street 9th Floor, New York, New York 10007, as agent of the Trust (the “Client”)
and Foreside Fund Services, LLC, a Delaware limited liability company (“Foreside,” and together with the Client, each,
a “Party,” and collectively, the “Parties”). Capitalized terms used but not defined in this Agreement
shall have the meaning ascribed thereto in the Trust’s Prospectus included its Registration Statement on Form S-1 (Registration
No. 333-221325), as it may be amended from time-to-time.

 

WHEREAS,
the establishment, operation and administration of the Trust will be governed in accordance with the terms of a certain Depository
Trust Agreement (the “Trust Agreement”); and

 

WHEREAS,
the Client, as sponsor of the Trust and on behalf of the Trust, has filed with Securities and Exchange Commission (the “Commission”
or “SEC”) a registration statement on Form S-1 (333-221325) (together as applicable with amendments thereto), including
as part thereof a prospectus (the “Prospectus”), under the Securities Act of 1933 (the “1933 Act”), the
forms of which have heretofore been delivered to the Marketing Agent; and

 

WHEREAS,
the Trust Agreement provides that the Client, as sponsor of the Trust, shall be responsible for the marketing expenses of the
Trust; and

 

WHEREAS,
the Trust and the Client wish to employ Foreside to provide certain services for the Trust and the Client on the terms and conditions
hereinafter set forth and additional services as may be agreed from time-to-time; and

 

WHEREAS,
Foreside is registered as a broker-dealer under the Securities Exchange Act of 1934 (the “1934 Act”), and is a member
of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

 

NOW
THEREFORE, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

 

1.
Services.

 

A.
Foreside agrees to provide the services listed in Exhibit A.

 

B.
Pursuant to a certain Securities Activities and Services Agreement, Foreside will hold the FINRA registration of certain employees
of an affiliate of the Client who will market the Trust.

 

    	1

     

    

 

C.
Foreside shall perform all duties set forth herein in compliance with all applicable laws and any exemptions thereof (including
state and federal securities laws) as well as the laws, rules, and/or regulations of the securities exchanges and all other governmental,
regulatory and self-regulatory authorities and organizations having jurisdiction over them.

 

D.
The services furnished by Foreside hereunder are not to be deemed exclusive and Foreside shall be free to furnish similar services
to others so long as its services under this Agreement are not impaired thereby.

 

2.
Delivery of Documents. Contemporaneous with the effective date of this Agreement, the Client shall deliver to Foreside copies
of the following documents:

 

	 	●	the
    then current Prospectus for the Trust;
	 	●	any
    relevant policies and procedures adopted by the Client or the Trust or its service providers that are applicable to the services
    provided by Foreside; and
	 	●	any
    other documents, materials or information that Foreside shall reasonably request to enable it to perform its duties pursuant
    to this Agreement.

 

The
Client shall thereafter deliver to Foreside as soon as is reasonably practical any and all amendments to the documents required
to be delivered under this Section.

 

3.
Representations, Warranties and Covenants of the Client.

 

A.
The Client hereby represents and warrants to Foreside, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

 

	 	(i)
    	it
    is duly organized and in good standing under the laws of its jurisdiction of organization;
	 	 	 
	 	(ii)	this
    Agreement has been duly authorized, executed and delivered by the Client and, when executed and delivered, will constitute
    a valid and legally binding obligation of the Client, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
    reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured
    parties;
	 	 	 
	 	(iii)	it
    is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
    federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted;
	 	 	 
	 	(iv)	the
    Prospectus has been prepared in conformity with the requirements of the 1933 Act; and
	 	 	 
	 	(v)	it
    not required to be registered as an investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”).

 

    	2

     

    

 

	 	(vi)	all
    necessary approvals, authorizations, consents or orders of or filings with any federal, state, local or foreign governmental
    or regulatory commission, board, body, authority or agency have been or will be obtained by the Trust in connection with the
    issuance and sale of the Shares, including registration of the Shares under the 1933 Act, and any necessary qualification
    under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered.

 

B.
The Client shall fully cooperate in the efforts of Foreside in the provision of the services. In addition, the Client shall keep
Foreside fully informed of its affairs as they relate to the provision by Foreside of the services under this Agreement and shall
provide to Foreside from time to time copies of all information that Foreside may reasonably request for use in connection with
the provision of the Services.

 

4.
Representations, Warranties and Covenants of Foreside.

 

A.
Foreside hereby represents and warrants to the Client, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

 

	 	(i)	it
    is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
    as now conducted, to enter into this Agreement and to perform its obligations hereunder;
	 	 	 
	 	(ii)	this
    Agreement has been duly authorized, executed and delivered by Foreside and, when executed and delivered, will constitute a
    valid and legally binding obligation of Foreside, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
    reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured
    parties;
	 	 	 
	 	(iii)	it
    is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
    federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; and
	 	 	 
	 	(iv)	it
    is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

 

B.
In connection with all matters relating to this Agreement, Foreside will comply with the applicable requirements of the 1933 Act,
the 1934 Act, the regulations of FINRA and any other applicable self-regulatory organization, and all other applicable federal
or state laws and regulations.

 

5.
Compensation. As compensation for the services performed and the expenses assumed by Foreside under this Agreement, Foreside
shall be entitled to the fees and expenses set forth in Exhibit B.

 

    	3

     

    

 

6.
Indemnification.

 

A.
The Client shall indemnify, defend and hold Foreside, its affiliates and each of their respective members, managers, directors,
officers, employees, representatives and any person who controls or previously controlled Foreside within the meaning of Section
15 of the 1933 Act (collectively, the “Foreside Indemnitees”), free and harmless from and against any and all losses,
claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims,
demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, “Losses”)
that any Foreside Indemnitee may incur under the 1933 Act, the 1934 Act, any other statute (including Blue Sky laws) or any rule
or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Client’s breach of any
of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Client’s failure to comply
with any applicable securities laws or regulations; or (iii) any claim that the Prospectus, sales
literature and advertising materials or other information filed or made public by the Client (as from time to time amended)
include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law, or
any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Trust are sold, provided, however, that the Client’s
obligation to indemnify any of the Foreside Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement
or alleged untrue statement or omission or alleged omission made in the Prospectus or any such advertising materials or sales
literature in reliance upon and in conformity with information relating to Foreside and furnished to the Client or its counsel
by Foreside in writing and acknowledging the purpose of its use. In no event shall anything contained herein be so construed as
to protect Foreside against any liability to the Client to which Foreside would otherwise be subject by reason of willful misfeasance,
bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of
its obligations under this Agreement.

 

The
Client’s agreement to indemnify the Foreside Indemnitees with respect to any action is expressly conditioned upon the Client
being notified of such action or claim of loss brought against any Foreside Indemnitee, within a reasonable time after the summons
or other first legal process giving information of the nature of the claim shall have been served upon such Foreside Indemnitee,
unless the failure to give notice does not prejudice the Client.

 

B.
The Client shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any
suit brought to enforce any such Losses, but if the Client elects to assume the defense, such defense shall be conducted by counsel
chosen by the Client and approved by Foreside, which approval shall not be unreasonably withheld. In the event the Client elects
to assume the defense of any such suit and retain such counsel, the Foreside Indemnitee(s) in such suit shall bear the fees and
expenses of any additional counsel retained by them. If the Client does not elect to assume the defense of any such suit, or in
case Foreside does not, in the exercise of reasonable judgment, approve of counsel chosen by the Client or, if under prevailing
law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Client and the Foreside
Indemnitee(s), the Client will reimburse the Foreside Indemnitee(s) in such suit, for the fees and expenses of any counsel retained
by Foreside and them.

 

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C.
Foreside shall indemnify, defend and hold the Client, its affiliates, and each of their respective directors, officers, employees,
representatives, and any person who controls or previously controlled the Client within the meaning of Section 15 of the 1933
Act (collectively, the “Client Indemnitees”), free and harmless from and against any and all Losses that any Client
Indemnitee may incur under the 1933 Act, the 1934 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder,
or under common law or otherwise, arising out of or based upon (i) Foreside’s breach of any of its obligations, representations,
warranties or covenants contained in this Agreement; (ii) Foreside’s failure to comply with any applicable securities laws
or regulations or applicable rules and regulations of any self-regulatory organization, including, without limitation, FINRA;
or (iii) any claim that the Prospectus, sales literature and advertising materials or
other information filed or made public by the Client (as from time to time amended) include or included an untrue statement of
a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished
to the Client by Foreside in writing. In no event shall anything contained herein be so construed as to protect the Client against
any liability to Foreside to which the Client would otherwise be subject by reason of willful misfeasance, bad faith, or gross
negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under
this Agreement.

 

Foreside’s
agreement to indemnify the Client Indemnitees is expressly conditioned upon Foreside being notified of any action or claim of
loss brought against a Client Indemnitee, such notification to be given by letter addressed to Foreside’s Legal Department,
within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have
been served upon the Client Indemnitee, unless the failure to give notice does not prejudice Foreside.

 

D.
Foreside shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any
suit brought to enforce any such Losses, but if Foreside elects to assume the defense, such defense shall be conducted by counsel
chosen by Foreside and approved by the Client Indemnitee, which approval shall not be unreasonably withheld. In the event Foreside
elects to assume the defense of any such suit and retain such counsel, the Client Indemnitee(s) in such suit shall bear the fees
and expenses of any additional counsel retained by them. If Foreside does not elect to assume the defense of any such suit, or
in case the Client does not, in the exercise of reasonable judgment, approve of counsel chosen by Foreside or, if under prevailing
law or legal codes of ethics, the same counsel cannot effectively represent the interests of both Foreside and the Client Indemnitee(s),
Foreside will reimburse the Client Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by the Client
and them.

 

E.
No person shall be obligated to provide indemnification under this Section 6 if such indemnification would be impermissible under
the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under
this Section 6 to the maximum extent so permissible.

 

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7.
Limitations on Damages. Neither Party shall be liable for any consequential, special or indirect losses or damages suffered
by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

 

8.
Force Majeure. Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly
or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including
fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts
of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption,
loss or malfunction of utilities, transportation, computer or communications capabilities that are beyond the control of the Party,
and the other Party shall have no right to terminate this Agreement in such circumstances.

 

9.
Duration and Termination.

 

A.
This Agreement shall become effective as of the date first set forth above. Unless sooner terminated as provided herein, this
Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue
automatically in effect for successive one-year periods.

 

B.
Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, upon no less than 60 days’
written notice, by either the Client or by Foreside.

 

10.
Privacy. In accordance with Regulation S-P, Foreside will not disclose any non-public personal information, as defined in
Regulation S-P, received from the Client or the Trust regarding any Trust shareholder; provided, however, that Foreside may disclose
such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information
was disclosed to Foreside. Foreside shall have in place and maintain physical, electronic and procedural safeguards reasonably
designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and
information relating to consumers and customers of the Trust.

 

The
Client represents to Foreside that it has adopted a Statement of its privacy policies and practices as required by Securities
and Exchange Commission Regulation S-P and agrees to provide to Foreside a copy of that statement annually. Foreside agrees to
use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

 

    	6

     

    

 

11.
Confidentiality. During the term of this Agreement, Foreside and the Client may have access to confidential information relating
to such matters as either party’s business, trade secrets, systems, procedures, manuals, products, contracts, personnel,
and clients. As used in this Agreement, “Confidential Information” means information belonging to Foreside or the
Client which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either
party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market
or sales information or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information
does not include: (i) information that was known to the receiving Party before receipt thereof from or on behalf of the disclosing
party (“Disclosing Party”); (ii) information that is disclosed to the receiving party (“Receiving Party”)
by a third person who has a right to make such disclosure without any obligation of confidentiality to the Party seeking to enforce
its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement
by the Receiving Party; or (iv) information that is independently developed by the Receiving Party or its employees or affiliates
without reference to the Disclosing Party’s information.

 

Each
party will protect the other’s Confidential Information with at least the same degree of care it uses with respect to its
own Confidential Information, and will not use the other party’s Confidential Information other than in connection with
its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other’s Confidential Information if (i)
required by law, regulation or legal process or if requested by any applicable governmental agency or self-regulatory organization;
(ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other
Party; provided that in the event of (i) or (ii) the Disclosing Party shall give the other Party reasonable prior notice of such
disclosure to the extent reasonably practicable and cooperate with the other Party (at such other Party’s expense) in any
efforts to prevent such disclosure.

 

12.
Notices. Any notice required or permitted to be given by any Party to the others shall be in writing and shall be deemed to
have been given on the date delivered personally or by courier service or 3 days after sent by registered or certified mail, postage
prepaid, return receipt requested or on the date sent and confirmed received by facsimile transmission to the other Party’s
address as set forth below:

 

Notices
to Foreside shall be sent to:

 

Foreside
Fund Services, LLC

Attn:
Legal Department

Three
Canal Plaza, Suite 100

Portland,
ME 04101

(207)
553-7110

Fax:
(207) 553-7151

 

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Notices
to the Client shall be sent to:

 

GraniteShares,
LLC

Attn:
Benoit Autier

30
Vesey Street, 9th Floor

New
York, NY 10007

Phone:
917-338-0565

 

Email:
benoit.autier@graniteshares.com

 

13.
Modifications. The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever
except by a written instrument signed by Foreside and the Client.

 

14.
Governing Law. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the
conflicts of law principles thereof.

 

15.
Assignment. This Agreement may not be assigned by either Party without the prior written consent of the other Party. This
Agreement shall be binding upon and inure to the benefit of the Parties’ representatives, successors, heirs, and permitted
assigns, as applicable. A change in control shall not be construed to be an assignment.

 

16.
Entire Agreement. This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications,
understandings and agreements relating to the subject matter hereof, whether oral or written.

 

17.
Survival. The provisions of Sections 6, 7, 10, and 11 of this Agreement shall survive any termination of this Agreement.

 

18.
Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined
by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors.

 

19.
Counterparts. This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts
taken together shall be deemed to constitute one and the same document.

 

    	8

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts
as of the date first above written.

 

	 	FORESIDE FUND SERVICES, LLC
	 	 	 
	 	By:	/s/
    Mark     Fairbanks 
	 	 	Mark
    Fairbanks
	 	 	Vice
President
	 	 	 
	 	GRANITESHARES, LLC
	 	 	 
	 	By:	/s/
    William     Rhind

 

    	9

     

    

 

EXHIBIT
A

 

Services:

 

	 	1.	Review
    all proposed advertising materials and sales literature for compliance with applicable laws and regulations; file with appropriate
    regulators those advertising materials and sales literature as required; furnish to the Client any comments provided by regulators
    with respect to such materials and use its best efforts to obtain approval of such advertising materials by such regulators
    and sales literature when required.
	 	 	 
	 	2.	Prepare
    and provide compliance policies and procedures for complying with applicable laws, rules and regulations under the 1933 Act,
    including, without limitation, Rules 134, 135 and 433 under the Securities Act, and the rules and regulations of any applicable
    self-regulatory organizations, including the Financial Regulatory Authority (“FINRA”).
	 	 	 
	 	3.	Consult
    with Trust’s legal counsel when requested in connection with the services provided pursuant to the Agreement.
	 	 	 
	 	4.	Prepare,
    maintain and reproduce when requested all applicable books and records related to the services provided pursuant to the Agreement.
    

 

    	10

     

    

 

EXHIBIT
B

 

Compensation

 

    	11AMENDMENT

TO

LICENSE
AGREEMENT

 

This
Amendment (the “Amendment”) is made as of November 3, 2017 by and between GRANITESHARES LLC (“Licensee”)
and THE BANK OF NEW YORK MELLON (“Licensor”).

 

BACKGROUND:

 

A.
WHEREAS, Licensee and Licensor are parties to a License Agreement dated as of July 3, 2017 (the “Agreement”);

 

B.
WHEREAS, Licensee and Licensor desire to amend the Agreement with respect to the foregoing;

 

TERMS:

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

 

1.
The WHEREAS clauses are hereby deleted in their entirety and replaced with the following:

 

1.1
“WHEREAS, Licensor and Licensee have entered into a fee letter agreement (the “Fee Letter Agreement”) regarding
the establishment and maintenance of certain precious metals investment products as set forth on Exhibit A hereto (each a “Trust”
and collectively, the “Trusts”).”

 

1.2
“WHEREAS, in connection with the Trusts, Licensee wishes to obtain a license under certain of Licensor’s patent rights,
and Licensor wishes to grant such license subject to the terms and conditions of this Agreement.”

 

2.
The following defined term description are hereby deleted in their entirety and replaced with the following:

 

2.1
““Licensed Product” means any precious metals investment product that is sold, sponsored or issued by Licensee
in the Territory that is covered by or encompasses a claim contained in Licensor Patent Rights, including, but not limited to
the Trusts.”

 

2.2
““Trustee” means any entity designated to act in the capacity of any or all of the following, as the context
requires: trustee, custodian, issuing agent, registrar, agent, administrator or the like for and on behalf of (i) the sponsor,
issuer or other entity offering shares in a precious metals product and/or (ii) any participant of the Trusts.”

 

    	1

     

    

 

3.
Section 3, Covenant to Licensor, is hereby deleted in its entirety and replaced with the following:

 

“Licensee
hereby covenants and agrees that it will not, directly or indirectly, initiate or participate in any action of any kind against
Licensor, its successors and Affiliates, for their use of any Licensee Improvements in connection with establishing, operating
or marketing precious metals investment products in the Territory based, in whole or in part, on the securitization of any commodity,
including currency. This covenant is perpetual, personal, royalty-free and non-exclusive. This covenant shall survive termination
or expiration of this Agreement for any reason except termination for Licensor’s breach of this Agreement.”

 

4.
Exhibit A is hereby added to the Agreement as attached hereto.

 

5.
Miscellaneous.

 

	 	(a)	As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall control with respect to the matters described herein.
	 	 	 
	 	(b)	This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The facsimile signature of any party to this Amendment shall constitute the valid and binding execution hereof by such party.
	 	 	 
	 	(c)	If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

 

(Signature
page follows.)

 

    	2

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated
below on the date and year first above written.

 

	GRANITESHARES LLC	 
	 	 	 
	By:	/s/
    William     Rhind	 
	Name:	William
    Rhind	 
	Title:	Managing
    Member	 
	 	 	 
	THE BANK OF NEW YORK MELLON	 
	 	 	 
	By:	/s/
    Elizabeth Stubenrauch	 
	Name:	Elizabeth
    Stubenrauch	 
	Title:	Vice
    President	 
	 	 	 
	Date:	November
    3, 2017	 

 

    	3

     

    

 

EXHIBIT
A

 

Trust
Name

 

GraniteShares
Gold Trust

GraniteShares
Silver Trust

GraniteShares
Platinum Trust

GraniteShares
Palladium Trust

 

    	4

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