Document:

Exhibit 10.2

FORM OF SPONSOR AGREEMENT

          THIS
SPONSOR AGREEMENT (the “Agreement”)
is dated as of ________________ between ETF Securities USA LLC, a Delaware
limited liability company (“Sponsor”),
and ETFS Physical Base Metals Trust, a statutory trust organized under the laws
of Delaware (the “Trust”), both for itself and on behalf of each of its series
set forth on Schedule A hereto (each, a “Fund”
and, collectively, the “Funds”).  

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 The Trust and the Funds. As of the date of
 this Agreement, neither the Trust nor any Fund is (i) an investment company
 under the Investment Company Act of 1940 (the “1940 Act”) and (ii) required to register as such thereunder.
 As of the date of this Agreement, the Sponsor is not registered as an
 investment adviser under the Investment Advisers Act of 1940 and is not
 required to register as such thereunder. 

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Appointment. Pursuant to the terms of the
 amended and restated trust agreement of the Trust (the “Trust Agreement”), the Trust appointed
 the Sponsor to serve as the sponsor, with full managerial control of the
 Trust, and the Sponsor accepted such appointment. The Sponsor hereby agrees
 to render managerial services to the Trust and the Funds on the terms and
 conditions set forth in this Agreement and the Trust Agreement. 

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Investment Direction. Sponsor will manage
 the Funds in accordance with Sponsor’s best judgment and consistent with the
 Funds’ investment objectives and investment strategies outlined in the Funds’
 then-current prospectus or prospectuses included as a part of a registration
 statement filed with the US Securities and Exchange Commission. 

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 Reporting; Record Keeping. Sponsor shall
 advise the Trust, at such times as the Trust may specify, of any Fund
 investments made and the reasons for making a particular investment. Sponsor
 will be available at reasonable times to discuss the management of the Funds
 with the Trust or its designee. Any written reports supplied by Sponsor to
 the Trust discussing Fund management are intended solely for the benefit of
 the Trust and the Funds, and the Trust agrees that it will not disseminate
 such reports to any other party (other than the Funds’ service providers)
 without the prior consent of Sponsor, except as may be required by applicable
 law. Sponsor shall make or cause to be made, and shall maintain or cause to
 be maintained, all records as are required to be made or maintained by it in
 its capacity as sponsor of the Trust. 

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 Other Accounts. The Trust understands and
 acknowledges that Sponsor may perform sponsor and managerial services for
 various persons other than the Funds. The Funds acknowledge that Sponsor may
 give advice and take action concerning such other persons that may be the
 same as, similar to or different

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 from the advice given, or the timing and nature of action taken,
 concerning the Funds. Except to the extent necessary to perform Sponsor’s
 obligations under this Agreement, nothing herein shall be deemed to limit or
 restrict the right of Sponsor, or any affiliate of Sponsor or any employee of
 Sponsor to engage in any other business or to devote time and attention to
 the management or other aspects of any other business, whether of a similar
 or dissimilar nature, or to render services of any kind to any other corporation,
 firm, individual or association.

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 Fees and Expenses. The Trust, on behalf of
 each Fund, shall pay Sponsor fees for its services as Sponsor hereunder, from
 time to time, all as set forth on Schedule A hereto and in the registration
 statements or reports of the Trust publicly available on the EDGAR system of
 the Securities and Exchange Commission (“EDGAR
 filings”). The Sponsor and the Trust, on behalf of each Fund,
 agree that material changes to the fee payment structure shall not become
 effective prior to 30 days after such changes are described in one or more
 EDGAR filings.

 
	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 Representations; Indemnification. The Trust,
 on behalf of itself and each Fund, represents and warrants that: (a) it has
 been duly organized and is validly existing under the law of the state of
 Delaware, (b) it is duly authorized to execute, deliver and perform this
 Agreement and has taken all action necessary to authorize its execution,
 delivery and performance, including the obtaining of any necessary governmental
 consents, (c) the execution, delivery and performance of this Agreement does
 not and will not conflict with or violate any provision of law, rule,
 regulation, governing document of the Trust, contract, deed of trust, or
 other instrument to which the Trust is a party or to which any of the Trust
 or any Fund’s property is subject, (d) this Agreement is a valid and binding
 obligation enforceable against the Trust and each Fund, as applicable, in
 accordance with its terms (subject to applicable insolvency or similar laws
 affecting creditors’ rights generally and subject, as to enforceability, to
 equitable principles of general application) and (e) each Fund will be
 comprised of assets that are owned by such Fund as principal, and will not be
 subject to either (i) the Employee Retirement Income Security Act of 1974,
 (ii) the 1940 Act, (iii) the Commodity Exchange Act, or (iv) any lien,
 security interest or other similar encumbrance. The Trust shall indemnify and
 hold the Sponsor harmless to the fullest extent permitted by law and in
 accordance with the Trust Agreement from any liabilities, damages or
 expenses, including attorney’s fees, incurred by Sponsor for any actions
 taken by Sponsor acting in reasonable reliance upon such representations. 

 
	
  

 	
  

 	
  

 
	
  

 	
 8.

 	
 Liability. Sponsor will be liable for losses
 to any Fund that are the direct result of Sponsor’s bad faith, gross
 negligence, willful or reckless misconduct or breach of the express terms of
 this Agreement. Except as set forth in the foregoing sentence, neither Sponsor
 nor its officers, employees or agents shall be liable hereunder for any act
 or omission or for any error of judgment in managing the Funds. Sponsor shall
 not be responsible for any special, indirect or consequential damages, or any
 loss incurred by reason of any act or omission, by the Funds or any broker,
 dealer, counterparty or custodian used hereunder or any authorized
 representative of the foregoing. Notwithstanding the foregoing, nothing
 herein 

 

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 shall in any way constitute a waiver or limitation of any rights that
 the Trust or the Funds may have under the federal securities laws or other
 applicable law.

 
	
  

 	
  

 	
  

 
	
  

 	
 9.

 	
 Instructions. Sponsor shall comply with, and
 be entitled to act on, any instructions reasonably believed to be from an
 authorized representative of the Trust. Sponsor and its employees and agents
 shall be fully protected from all liability in acting upon such instructions,
 without being required to determine the authenticity of the authorization or
 authority of the persons providing such instructions. 

 
	
  

 	
  

 	
  

 
	
  

 	
 10.

 	
 Tax Filings. Except as described in EDGAR
 filings, Sponsor will not be responsible for making any tax credit or similar
 claim or any legal filing on the Trust’s or any Fund’s behalf. 

 
	
  

 	
  

 	
  

 
	
  

 	
 11.

 	
 Governing Law/Disputes. This Agreement shall
 be governed by and construed in accordance with the law of the State of New
 York (excluding the law thereof which required the application of or
 reference to the law of any other jurisdiction). Any action or proceeding
 arising directly, indirectly, or otherwise in connection with, out of,
 related to, or from this Agreement, any breach hereof, or any transaction
 covered hereby, shall be resolved by arbitration, within the City of New York
 and State of New York. In any such action or proceeding, the prevailing party
 shall be entitled to recovery of all reasonable attorneys’ fees incurred with
 respect thereto. Each party agrees that in the event that any dispute arising
 from or relating to this Agreement becomes subject to any judicial proceeding,
 such party waives any right it may otherwise have to (a) seek punitive
 damages, or (b) request a jury trial. 

 
	
  

 	
  

 	
  

 
	
  

 	
 12.

 	
 Termination. This Agreement may be
 terminated at any time by the Trust or the Sponsor upon 30 days’ prior
 written notice to the other party. Any obligation or liability of either
 party resulting from actions or inactions occurring prior to termination
 shall not be affected by termination of this Agreement. 

 
	
  

 	
  

 	
  

 
	
  

 	
 13.

 	
 Assignment. Neither the Trust nor the
 Sponsor shall assign this Agreement without the written consent of the other
 party. 

 
	
  

 	
  

 	
  

 
	
  

 	
 14.

 	
 License to Use Marks. For so long as the
 Sponsor is the sponsor of the Trust, the Sponsor grants the Trust a no-fee
 license to use all service marks or trademarks which the Sponsor or its affiliates
 have or may register for use in connection with financial services. 

 
	
  

 	
  

 	
  

 
	
  

 	
 15.

 	
 Notices. All notices and other
 communications under this Agreement shall be in writing and shall be
 addressed to the parties at their respective addresses. 

 

If
to the Trust: 

	
  

 	
  

 
	
  

 	
 ETFS
 Physical Base Metals Trust

 
	
  

 	
 c/o ETF
 Securities USA LLC 

 
	
  

 	
 48 Wall
 Street 

 
	
  

 	
 New York,
 New York 10005

 
	
  

 	
 Attn:
 Sponsor

 

3

If
to the Sponsor: 

	
  

 	
  

 
	
  

 	
  

 
	
  

 	
 ETF
 Securities USA LLC

 
	
  

 	
 Ordnance
 House, 31 Pier Road

 
	
  

 	
 St. Helier,
 Jersey JE48PW

 
	
  

 	
 Channel
 Islands
Attn: President

 

	
  

 	
  

 
	
 16.

 	
 Severability. In the event any provision of
 this Agreement is adjudicated to be void, illegal, invalid or unenforceable,
 the remaining terms and provisions of this Agreement shall not be affected
 thereby, and each of such remaining terms and provisions shall be valid and
 enforceable to the fullest extent permitted by law. 

 
	
  

 	
  

 
	
 17.

 	
 Integration; Amendment. This Agreement
 together with the Trust Agreement contain the entire agreement between the
 parties with respect to the transactions contemplated hereby and supersede
 all previous oral or written negotiations, commitments and understandings
 related thereto. This Agreement may not be amended or modified in any
 respect, nor may any provision be waived, without the written agreement of
 the Sponsor and the Trust. No waiver by the Sponsor or the Trust of any
 obligation of the other hereunder shall be considered a waiver of any other
 obligation of such party. 

 
	
  

 	
  

 
	
 18.

 	
 Further Assurances. Each of the Sponsor and
 the Trust shall execute and deliver such other documents or agreements as may
 be necessary or desirable for the implementation of this Agreement and the
 consummation of the transactions contemplated hereby. 

 
	
  

 	
  

 
	
 19.

 	
 Headings. The headings of paragraphs herein
 are included solely for convenience and shall have no effect on the meaning
 of this Agreement. 

 
	
  

 	
  

 
	
 20.

 	
 Counterparts. This Agreement may be executed
 in one or more counterparts, each of which shall be deemed to be an original
 and all of which taken together shall be deemed to be one and the same
 instrument. 

 
	
  

 	
  

 
	
 21.

 	
 Limitations on Liability. 

 
	
  

 	
  

 
	
  

 	
 (a) The debts, liabilities, obligations, expenses, costs, charges,
 indemnities and reserves incurred, contracted for, attributable to or otherwise
 existing with respect to a particular Series shall be enforceable against the
 assets of such Series only, and not against the assets of the Trust generally
 or of any other Series and, unless otherwise provided by the Sponsor, none of
 the debts, liabilities, obligations, expenses, costs, charges, indemnities
 and reserves incurred, contracted for, attributable to or otherwise existing
 with respect to the Trust generally or any other Series shall be enforceable
 against the assets of such Series. Any general 

 

4

	
  

 	
  

 
	
  

 	
 liabilities, expenses, costs, charges, indemnities or reserves of the
 Trust which are not readily identifiable as being held with respect to any
 particular Series shall be allocated and charged by the Sponsor to and among
 any one or more of the Series in such manner and on such basis as the Sponsor
 in its sole discretion deems fair and equitable. Pursuant to the Delaware
 Statutory Trust Act and the Amended and Restated Trust Agreement of the
 Trust, any party extending credit to, contracting with or having any claim
 against any Series of the Trust may look only to the assets of such Series to
 satisfy or enforce any debt with respect to that Series.

 
	
  

 	
  

 
	
  

 	
 (b) This Agreement has been entered into by the Trust and was
 executed and delivered by an officer of its Sponsor, on behalf of the Trust,
 which officer was acting solely in his capacity as an officer of the Sponsor
 and not in his individual capacity and which Sponsor was acting solely in its
 capacity as sponsor of the Trust and not in its individual capacity. The
 obligations of this Agreement are not binding on such officer, the Sponsor or
 any shareholder of the series of the Trust individually. The obligations of
 this Agreement are binding only upon the assets and property of the Trust or
 belonging or attributable to a Series thereof.

 

[Signature Page Follows]

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

	
  

 	
  

 
	
  

 	
 ETFS PHYSICAL BASE METALS TRUST 

 
	
  

 	
 

 
	
  

 	
 [ ______________ ]
 

 
	
  

 	
  

 
	
  

 	
 ETF SECURITIES USA LLC 

 
	
  

 	
  

 
	
  

 	
 [ ______________ ]

 
	
  

 	
 Chief
 Executive Officer 

 

SCHEDULE A

SPONSOR’S FEES

          Each
Fund pays to the Sponsor a Sponsor’s Fee, monthly in arrears, in an amount
equal to the per annum rates set out below. 

	
  

 	
  

 	
  

 
	
 Fund Name 

 	
  

 	
 Sponsor’s Fee 

 
	

 

 	
  

 	

 

 
	
 ETFS
 Physical Aluminum

 	
  

 	
 [  ] bps

 
	
 ETFS
 Physical Copper

 	
  

 	
 [  ] bps

 
	
 ETFS
 Physical Lead

 	
  

 	
 [  ] bps

 
	
 ETFS
 Physical Nickel

 	
  

 	
 [  ] bps

 
	
 ETFS
 Physical Tin

 	
  

 	
 [  ] bps

 
	
 ETFS
 Physical Zinc

 	
  

 	
 [  ] bps

 
	
 ETFS
 Physical IM Basket

 	
  

 	
 [  ] bpsExhibit 10.4

ETFS PHYSICAL BASE METALS TRUST

FORM OF MARKETING AGENT AGREEMENT

MARKETING AGENT AGREEMENT
(the “Agreement”) made as of ___________, 2011, on behalf of ETFS Physical Base
Metals Trust, a Delaware statutory trust (the “Fund” or the “Trust”), by and
among ETFS Marketing, LLC, a Delaware limited liability company, as agent of
the Fund (“ETFS Marketing”) and ALPS Distributors, Inc., a Colorado corporation
(the “Marketing Agent”). 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. 333-168277), as it may be amended from time-to-time.

W I T N E S S E T H:

WHEREAS, ETF Securities USA LLC, as sponsor of the
Trust (the “Sponsor”), on behalf of the Fund, has filed with the Securities and
Exchange Commission (the “Commission” or “SEC”) a registration statement on
Form S-1 (Registration No. 333-168277)
and amendments thereto, including as part thereof a prospectus (the “Prospectus”),
under the Securities Act of 1933, as amended (the “1933 Act”), the forms of
which have heretofore been delivered to the Marketing Agent; and

WHEREAS, ETFS Marketing has been engaged to provide
marketing services in the United States; and

WHEREAS, the Trust and ETFS
Marketing wish to employ the Marketing Agent in connection with the performance
of the services listed in Schedule A and additional services as may be
agreed from time-to-time; 

NOW, THEREFORE, in consideration
of the mutual promises and undertakings herein contained, the parties agree as
follows:

1. Registration — ETFS Marketing
has furnished or will furnish, upon request, the Marketing Agent with copies of
the Trust’s trust agreement, custodian agreements, transfer agency agreement, current
prospectus, and all forms relating to any plan, program or service offered by
the Trust. ETFS Marketing shall furnish, within a reasonable time period, to
the Marketing Agent a copy of any amendment or supplement to any of the
above-mentioned documents. Upon request, ETFS Marketing shall furnish promptly
to the Marketing Agent any additional documents necessary or advisable to
perform its functions hereunder. As used in this Agreement the terms
“registration statement,” “prospectus” shall mean any registration statement
and prospectus filed by the Trust with the SEC and any amendments and
supplements thereto that are filed with the SEC.

2. Representations and
Warranties of ETFS Marketing – ETFS Marketing represents and warrants and
covenants the following: 

(a) ETFS Marketing has been duly organized and is
validly existing as a limited liability company in good standing under the laws
of the State of Delaware, with full power and authority to conduct its business
as described in the Registration Statement and the Prospectus, and has all
requisite power and authority to execute and deliver this Agreement;

(b) the Fund and ETFS Marketing are duly qualified and
are in good standing in each jurisdiction where the conduct of its business
requires such qualification; and 

(d) this Agreement has been duly authorized, executed
and delivered by ETFS Marketing and constitutes the valid and binding
obligations of ETFS Marketing, enforceable against ETFS Marketing in accordance
with its terms.

3. Representations and Warranties of the Marketing
Agent - The
Marketing Agent represents and warrants and covenants the following: 

(a) The Marketing
Agent is registered as a broker-dealer under the Exchange Act, and is a member
in good standing of the Financial Industry Regulatory Authority (“FINRA”) and
is qualified to act as a broker or dealer in the states or other jurisdictions
where the nature of its business so requires; and has all other
necessary licenses, authorizations, consents and approvals and has made all
necessary filings required under any federal, state, local or foreign law,
regulation or rule, and has obtained all necessary authorizations, consents and
approvals from other Persons, in order to conduct its activities as
contemplated by this Agreement. The Marketing Agent will maintain any such registrations,
qualifications and membership in good standing and in full force and effect
throughout the term of this Agreement. The Marketing Agent will comply with all
applicable federal laws, including but not limited to, federal securities and
commodities laws, the laws of the states or other jurisdictions concerned, and
the rules and regulations promulgated thereunder, and with the Constitution,
By-Laws and Conduct Rules of FINRA; 

(b) The Marketing Agent (i) has been duly organized
and is validly existing as a corporation in good standing under the laws of the
State of Colorado, with full power and authority to conduct its business and
has all requisite power and authority to execute and deliver this Agreement and
(ii) is duly qualified and is in good standing in each jurisdiction where the
conduct of its business requires such qualification; and

(c) This Agreement has been duly authorized, executed
and delivered by the Marketing Agent and constitutes the valid and binding
obligations of the Marketing Agent, enforceable against the Marketing Agent in
accordance with its terms.

4. Fees and Trust Expenses
— (a) In consideration of the services to be performed by the Marketing Agent
hereunder as set forth on Schedule A attached hereto and as it may be
amended from time-to-time, ETFS Marketing will pay the Marketing Agent
an annual fee in the amount of $______ per annum to be paid in 1/12 equal
monthly installments commencing on launch date of the Trust, subject to any limitation
imposed by any law, rule or regulation applicable to any of the parties hereto.
The maximum compensation Marketing Agent may receive under this Agreement, as a
result of the Trust’s offering, is estimated to be $______, which includes
$______ (fees) and $______ (expenses). The Trust is not responsible for the
payment of any amounts to the Marketing Agent. The maximum compensation that
will be paid for wholesaling salaries, as a result of this offering, is
estimated to be $________, which is solely the responsibility of ETFS
Marketing.

(b) ETFS Marketing shall
reimburse the Marketing Agent for any reasonable fees or disbursements
incurred by the Marketing Agent in connection with the performance by the
Marketing Agent of its duties under and pursuant to this Agreement including,
but not limited to, the items identified as Out of Pocket Expenses in Schedule
B of this agreement. These fees shall not exceed $55,635 for the three-year
period beginning from the date of this agreement. Further, unless otherwise agreed to by the parties hereto
in writing, the Marketing Agent shall not be responsible for fees and expenses
in connection with (a) filing of any registration statement, printing and the
distribution of any prospectus under the 1933 Act and amendments prepared for
use in connection with the offering of shares for sale to the public,
preparing, setting in type, printing and mailing the prospectus, and any
supplements thereto sent to shareholders of the Trust, (b) preparing, setting
in type, printing and mailing any report (including annual and semi-

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annual reports) or other
communication to shareholders of the Trust, and (c) the Blue Sky registration
and qualification of shares of the Trust for sale in the various states in
which the officers of the Trust shall determine it advisable to qualify such
shares of the Trust for sale (including registering the Trust as a broker or
dealer or any officer of the Trust or any Trust as agent or salesman in any
state). 

5. Use of the Marketing
Agent’s Name — Neither the Trust nor ETFS Marketing, or any of their
affiliates, shall use the name of the Marketing Agent, or any of its
affiliates, in any prospectus, sales literature, and other material relating to
the Trust in any manner without the prior written consent of the Marketing
Agent (which shall not be unreasonably withheld); provided, however,
that the Marketing Agent hereby approves all lawful uses of the names of the
Marketing Agent and its affiliates in the prospectus of the Trust and in all
other materials which merely refer to accurate terms to their appointment
hereunder or which are required by the SEC, FINRA, OCC or any state securities
authority.

6. Use of the Trust’s Name
— Neither the Marketing Agent nor any of its affiliates shall use the name of
the Trust in any publicly disseminated materials, including sales literature in
any manner without the prior consent of ETFS Marketing (which shall not be
unreasonably withheld); provided, however, that ETFS Marketing
hereby approves all lawful uses of its or the Trust’s names in any required
regulatory filings of the Marketing Agent which merely refer in accurate terms
to the appointment of the Marketing Agent hereunder, or which are required by
the SEC, FINRA, or any state securities authority.

7. Indemnification of Marketing Agent
- ETFS Marketing agrees to indemnify, defend and hold harmless the Marketing
Agent, its partners, stockholders, members, directors, officers and employees
of the foregoing, and the successors and assigns of all of the foregoing, from
and against any loss, damage, expense, liability or claim (including the
reasonable cost of investigation) which the Marketing Agent or any such person
may incur under the 1933 Act, the Securities Exchange Act of 1934 (the
“Exchange Act”), the common law or otherwise, insofar as such loss, damage,
expense, liability or claim arises out of or is based upon:

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 any untrue statement or alleged untrue statement of
 a material fact contained in the Registration Statement (or in the
 Registration Statement as amended or supplemented) or in a Prospectus (the
 term Prospectus being deemed to include the Prospectus and the Prospectus as
 amended or supplemented), or arises out of or is based upon any omission or
 alleged omission to state a material fact required to be stated in either
 such Registration Statement or such Prospectus or necessary to make the
 statements made therein not misleading, except for any statements provided in
 writing, directly or indirectly through ETFS Marketing, by the Marketing Agent
 to the Sponsor for inclusion in such Registration Statement or such
 prospectus or any material omissions therefrom; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 any untrue statement or alleged untrue statement of
 a material fact or breach by ETFS Marketing of any representation or warranty
 contained in this Agreement;

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 the failure by ETFS Marketing to perform when and as
 required any agreement or covenant contained herein;

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 any untrue statement of any material fact contained
 in any audio or visual materials provided by ETFS Marketing or based upon
 written information furnished by or on behalf of ETFS Marketing including,
 without limitation, slides, videos, films or tape recordings used in
 connection with the marketing of the Trust;

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 the Marketing Agent’s performance of its duties
 under this Agreement except in the case of this clause (e), for any loss,
 damage, expense, liability or claim resulting from the gross 

 

3

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 negligence or willful misconduct of the Marketing
 Agent. In no case is the indemnity of ETFS Marketing in favor of the
 Marketing Agent deemed to protect the Marketing Agent against any liability
 to ETFS Marketing to which the Marketing Agent would otherwise be subject by
 reason of willful misfeasance, bad faith or gross negligence in the performance
 of its duties or by reason of its reckless disregard of its obligations and
 duties under this Agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If any action, suit or proceeding (each, a
 “Proceeding”) is brought against the Marketing Agent in respect of which
 indemnity may be sought against ETFS Marketing pursuant to the foregoing
 paragraph, the Marketing Agent shall promptly notify ETFS Marketing in
 writing of the institution of such Proceeding and ETFS Marketing shall assume
 the defense of such Proceeding, including the employment of counsel
 reasonably satisfactory to such indemnified party and payment of all fees and
 expenses; provided, however, that the omission to so notify ETFS Marketing
 shall not relieve ETFS Marketing from any liability which it may have to the
 Marketing Agent hereunder except to the extent that it has been materially
 prejudiced by such failure. The Marketing Agent shall have the right to
 employ its or their own counsel in any such case, but the fees and expenses
 of such counsel shall be at the expense of the Marketing Agent unless the
 employment of such counsel shall have been authorized in writing by ETFS
 Marketing in connection with the defense of such Proceeding or ETFS Marketing
 shall not have, within a reasonable period of time in light of the
 circumstances, employed counsel to have charge of the defense of such
 Proceeding or such indemnified party or parties shall have reasonably
 concluded that there may be defenses available to it or them which are
 different from, additional to or in conflict with those available to ETFS
 Marketing (in which case ETFS Marketing shall not have the right to direct
 the defense of such Proceeding on behalf of the indemnified party or
 parties), in any of which events such fees and expenses shall be borne by
 ETFS Marketing and paid as incurred (it being understood, however, that ETFS
 Marketing shall not be liable for the expenses of more than one separate
 counsel (in addition to any local counsel) in any one Proceeding or series of
 related Proceedings in the same jurisdiction representing the indemnified
 parties who are parties to such Proceeding).

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ETFS Marketing shall not be liable for any
 settlement of any Proceeding effected without ETFS Marketing’s written
 consent, but if settled with ETFS Marketing’s written consent, ETFS Marketing
 agrees to indemnify and hold harmless the Marketing Agent from and against
 any loss or liability by reason of such settlement. Notwithstanding the
 foregoing sentence, if at any time an indemnified party shall have requested
 an indemnifying party to reimburse the indemnified party for fees and
 expenses of counsel as contemplated by the second sentence of the foregoing
 paragraph, then the indemnifying party agrees that it shall be liable for any
 settlement of any Proceeding effected without its written consent if (i) such
 settlement is entered into more than 60 Business Days after receipt by such
 indemnifying party of the aforesaid request, (ii) such indemnifying party
 shall not have fully reimbursed the indemnified party in accordance with such
 request prior to the date of such settlement and (iii) such indemnified party
 shall have given the indemnifying party at least 30 Business Days’ prior
 notice of its intention to settle. No indemnifying party shall, without the
 prior written consent of the indemnified party, effect any settlement of any
 pending or threatened Proceeding in respect of which any indemnified party is
 or could have been a party and indemnity could have been sought hereunder by
 such indemnified party, unless such settlement includes an unconditional
 release of such indemnified party from all liability on claims that are the
 subject matter of such Proceeding and does not include an admission of fault,
 culpability or a failure to act, by or on behalf of such indemnified party.

 

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8. Indemnification
of ETFS Marketing and the Trust - The Marketing Agent agrees to indemnify, defend and hold
harmless ETFS Marketing and the Trust, their partners, shareholders, members,
directors, officers and employees of the foregoing, and the controlling persons
of all of the foregoing, within the meaning of Section 15 of the 1933 Act or
Section 20 of the Exchange Act, and the successors and assigns of all of the
foregoing, from and against any loss, damage, expense, liability or claim
(including the reasonable cost of investigation) which ETFS Marketing may incur
under the 1933 Act, the Exchange Act, the common law or otherwise, insofar as
such loss, damage, expense, liability or claim arises out of or is based upon
any untrue statement or alleged untrue statement of a material fact contained
in and in conformity with information furnished in writing, directly or
indirectly through ETFS Marketing, by or on behalf of the Marketing Agent to
the Sponsor expressly for use in the Registration Statement (or in the
Registration Statement as amended or supplemented by any post-effective
amendment thereof) or in a Prospectus, or arises out of or is based upon any
omission or alleged omission to state a material fact in connection with such
information required to be stated in such Registration Statement or such
Prospectus or necessary to make such information not misleading.

The Marketing Agent will also indemnify ETFS Marketing
and the Trust as stated above insofar as such loss, damage, expense, liability
or claim arises out of or is based upon the Marketing Agent’s performance of
its duties under this Agreement, except in the case of any loss, damage,
expense, liability or claim resulting from the gross negligence or willful
misconduct of ETFS Marketing or the Trust. In no case is the indemnity of the
Marketing Agent in favor of ETFS Marketing and the Trust to be deemed to
protect ETFS Marketing and the Trust against any liability to the Marketing
Agent to which ETFS Marketing or the Trust would otherwise be subject by reason
of willful misfeasance, bad faith or gross negligence in the performance of its
duties or by reason of its reckless disregard of ETFS Marketing’s obligations
and duties under this Agreement.

If any Proceeding is brought against ETFS Marketing or
the Trust in respect of which indemnity may be sought against the Marketing
Agent pursuant to the first paragraph of this Section 8, ETFS Marketing shall
promptly notify the Marketing Agent in writing of the institution of such
Proceeding and the Marketing Agent shall assume the defense of such Proceeding,
including the employment of counsel reasonably satisfactory to such indemnified
party and payment of all fees and expenses; provided, however, that the
omission to so notify the Marketing Agent shall not relieve the Marketing Agent
from any liability hereunder which it may have to ETFS Marketing except to the
extent that it has been materially prejudiced by such failure. ETFS Marketing
and the Trust shall have the right to employ their own counsel in any such
case, but the fees and expenses of such counsel shall be at the expense of ETFS
Marketing unless the employment of such counsel shall have been authorized in
writing by the Marketing Agent in connection with the defense of such
Proceeding or the Marketing Agent shall not have, within a reasonable period of
time in light of the circumstances, employed counsel to defend such Proceeding
or such indemnified party or parties shall have reasonably concluded that there
may be defenses available to it or them which are different from or additional
to or in conflict with those available to the Marketing Agent (in which case
the Marketing Agent shall not have the right to direct the defense of such
Proceeding on behalf of the indemnified party or parties, but the Marketing
Agent may employ counsel and participate in the defense thereof but the fees
and expenses of such counsel shall be at the expense of the Marketing Agent),
in any of which events such fees and expenses shall be borne by the Marketing
Agent and paid as incurred (it being understood, however, that the Marketing
Agent shall not be liable for the expenses of more than one separate counsel
(in addition to any local counsel) in any one Proceeding or series of related
Proceedings in the same jurisdiction representing the indemnified parties who
are parties to such Proceeding). 

The Marketing Agent shall not be liable for any
settlement of any such Proceeding effected without the written consent of the
Marketing Agent but if settled with the written consent of the Marketing Agent,
the Marketing Agent agrees to indemnify and hold harmless ETFS Marketing and
the Trust from and against any loss or liability by reason of such settlement.
Notwithstanding the foregoing sentence, if at any time 

5

an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel as contemplated by the second sentence of the foregoing paragraph, then
the indemnifying party agrees that it shall be liable for any settlement of any
Proceeding effected without its written consent if (i) such settlement is
entered into more than 60 Business Days after receipt by such indemnifying
party of the aforesaid request, (ii) such indemnifying party shall not have
reimbursed the indemnified party in accordance with such request prior to the
date of such settlement and (iii) such indemnified party shall have given the
indemnifying party at least 30 Business Days’ prior notice of its intention to
settle. No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement of any pending or threatened
Proceeding in respect of which any indemnified party is or could have been a
party and indemnity could have been sought hereunder by such indemnified party,
unless such settlement includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such
Proceeding.

9. Term — This Agreement
shall become effective as of _______, 2011, and shall continue until two years
from such date and thereafter shall continue automatically for successive
annual periods, provided that such continuance is specifically approved at
least annually by ETFS Marketing. This Agreement is terminable without penalty
on sixty (60) days’ written notice by ETFS Marketing or by the Marketing Agent.
This Agreement shall automatically terminate in the event of its assignment.

Upon the termination of this
Agreement, the Marketing Agent, at ETFS Marketing’s expense and direction,
shall transfer to such successor, as ETFS Marketing shall specify, all relevant
books, records and other data established or maintained by the Marketing Agent
under this Agreement.

10. Notice — Any notice
required or permitted to be given by any party to the other shall be deemed
sufficient if sent by (i) telecopier (fax) or (ii) registered or certified
mail, postage prepaid, addressed by the party giving notice to the other party
at the last address furnished by the other party to the party giving notice:

	
  

 	
  

 
	
  

 	
 if to the Trust or ETFS
 Marketing, at:

 
	
  

 	
  

 
	
  

 	
 ETFS Marketing LLC

 
	
  

 	
 555 California Street, Suite
 2900

 
	
  

 	
 San Francisco, CA 94104

 
	
  

 	
 Attn: Fred Jheon

 
	
  

 	
  

 
	
  

 	
 with a copy to

 
	
  

 	
  

 
	
  

 	
 ETFS Physical Base Metals
 Trust

 
	
  

 	
 c/o ETF Securities
 Representative Office

 
	
  

 	
 6th Floor

 
	
  

 	
 2 London Wall Buildings

 
	
  

 	
 London, EC2M 5UU

 
	
  

 	
 Telephone: 011 44 207 448-4330

 
	
  

 	
 Attention: President

 
	
  

 	
  

 
	
  

 	
 if to the Marketing Agent at:

 
	
  

 	
  

 
	
  

 	
 ALPS Distributors, Inc.

 
	
  

 	
 1290 Broadway, Suite 1100 

 
	
  

 	
 Denver, Colorado, 80203 

 
	
  

 	
 Attn: General Counsel

 

6

or such other telecopier (fax)
number or address as may be furnished by one party to the other.

11. Confidential Information
— The Marketing Agent, its officers, directors, employees and agents will treat
confidentially and as proprietary information of the Trust, all records and
other information relative to the Trust. If the Marketing Agent is requested or
required by, but not limited to, depositions, interrogatories, requests for
information or documents, subpoena, civil investigation, demand or other
action, proceeding or process or as otherwise required by law, statute,
regulation, writ, decree or the like to disclose such information, the
Marketing Agent will provide ETFS Marketing with prompt written notice of any
such request or requirement so that ETFS Marketing may seek an appropriate
protective order or other appropriate remedy and/or waive compliance with this
provision. If such order or other remedy is not sought, or obtained, or waiver
not received within a reasonable period following such notice, then the
Marketing Agent may without liability hereunder, disclose to the person, entity
or agency requesting or requiring the information, that portion of the
information that is legally required in the reasonable opinion of the Marketing
Agent’s counsel.

12. Miscellaneous — Each
party agrees to perform such further acts and execute such further documents as
are necessary to effectuate the purposes hereof. The Agreement shall be
construed, interpreted, and enforced in accordance with and governed by the
laws of the State of Colorado. 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. This
Agreement may not be changed, waived, discharged or amended except by written
instrument that shall make specific reference to this Agreement and which shall
be signed by the party against which enforcement of such change, waiver,
discharge or amendment is sought. This Agreement may be executed simultaneously
in two or more counterparts, each of which taken together shall constitute one
and the same instrument.

ETFS Marketing shall provide all
information to the Marketing Agent necessary for the Marketing Agent to perform
its obligations under applicable securities laws and regulations as they relate
to the transactions contemplated in this agreement; and agrees that its
employees registered with and supervised by the Marketing Agent will comply
with the Written Supervisory Procedures of the Marketing Agent, which may be
amended from time to time.

 [Signature
Page to Follow]

7

IN WITNESS WHEREOF, each of the undersigned has executed this instrument in its name and
behalf as of the date and year first above written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ETFS
 MARKETING, LLC

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 	
 Fred Jheon

 
	
  

 	
 Title:

 	
 President & Chief
 Executive Officer

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ALPS
 DISTRIBUTORS, INC.

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 	
 Thomas A. Carter

 
	
  

 	
 Title:

 	
 President

 

8

Schedule A

Marketing
Agent Services

	
  

 	
  

 
	
 §

 	
 Review marketing related legal documents and
 contracts.

 
	
  

 	
  

 
	
 §

 	
 Consult with ETFS Marketing’s marketing staff and on
 development of FINRA compliant marketing campaigns.

 
	
  

 	
  

 
	
 §

 	
 Consult with Trust’s legal counsel on marketing
 materials that are deemed to qualify as a free-writing prospectus materials and
 appropriate disclosure associated with all marketing materials.

 
	
  

 	
  

 
	
 §

 	
 Review and file applicable marketing materials with
 FINRA that don’t otherwise qualify as free-writing prospectus materials.

 
	
  

 	
  

 
	
 §

 	
 Register and oversee supervisory activities of unlimited
 number of FINRA licensed registered representatives.

 
	
  

 	
  

 
	
 §

 	
 Maintain, reproduction and storage of applicable
 books and records related to the services provided under this Agreement.

 

9

Schedule
B

Out-of-pocket expense

	
  

 	
  

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 
	

 

 	

 

 

In addition to the services described above, ALPS will
help facilitate the authorized participant process by assisting the Trustee to
coordinate the AP agreements.

ALPS will coordinate with ETFS Marketing and the Trust’s legal counsel
on marketing materials to ensure compliance with applicable FINRA and SEC
rules, and submit the required marketing materials to FINRA for review, to the
extent required.

10

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