Document:

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                           SECOND AMENDED AND RESTATED
                         OFFICER'S EMPLOYMENT AGREEMENT

         This SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this
"Agreement"), effective as of August 1, 2002, between H Power Corp., a Delaware
corporation, having its principal place of business at 60 Montgomery Street,
Belleville, New Jersey 07109 (hereinafter referred to as the "Company"), and H.
Frank Gibbard, residing at 14 Plumer Road, Epping, New Hampshire 03042
(hereinafter referred to as "Executive"). (The Company and Executive are
collectively referred to as the "Parties.")

         WHEREAS, Executive and the Company entered into an Officer's Employment
Agreement, dated as of October 7, 1996, and an Amended and Restated Officer's
Employment Agreement, dated as of October 1, 1999 (the "Prior Agreement"); and

         WHEREAS, the Parties wish to amend and restate the provisions of the
Prior Agreement on the terms set forth herein.

         NOW, THEREFORE, in consideration of the mutual covenants set forth in
this Agreement and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

1. TERM OF EMPLOYMENT

         Subject to the provisions of this Agreement, the Company hereby agrees
to employ Executive, and Executive hereby agrees to be employed by the Company,
for a term commencing August 1, 2002 and ending July 31, 2003. This Agreement
will renew automatically in one year increments unless written notice is given
by either party of an intent to terminate the Agreement within six months of the
expiration date then in effect for the Agreement.

2. TITLES AND DUTIES

         Subject at all times to the supervision and direction of the Board of
Directors of the Company (the "Board"), Executive shall be employed as Chief
Executive Officer of the Company and shall have such duties, authority, rights
and obligations as are usually inherent in such position and as the Board may
reasonably require. In general, Executive shall use his very best efforts to
promote the business of the Company.

         In the event that Executive is elected or appointed as a Director or
the Company or as a Director or an Officer of the Company's affiliated or
subsidiary companies, whether now existing or hereafter acquired, Executive
consents to serve in such capacity or capacities as the Board may determine,
without additional compensation.

         Executive shall render his services at the Company's principal place of
business or at such other place or places as the Board shall designate.

                                  Page 1 of 11

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3. EXCLUSIVE EMPLOYMENT

         Executive shall devote substantially all his business time, ability and
attention to the business of the Company. Executive shall not directly or
indirectly render any services of a business, commercial, or professional
nature, to any other person or organization, whether for compensation or
otherwise, that is in competition directly or indirectly with the business of
the Company, except as set forth in paragraph (d) below.

         (a)   Executive shall refrain from any act which involves a conflict of
               interest between the exercise of his position in the Company and
               his personal interest.

         (b)   Executive shall refrain from exploiting any business opportunity
               of the Company for the achievement of an advantage for himself or
               for another.

         (c)   Executive shall disclose to the Company any information and
               deliver to it any document that pertains to its affairs and which
               came into his possession by virtue of his position with the
               Company.

         (d)   Executive is the founder and co-shareholder with Carolyn Gibbard,
               his wife, of Gibbard Research and Development Corporation, a
               Massachusetts corporation ("GRDC"), which is in the business of
               developing lithium ion batteries. The Company is aware that
               Executive intends to maintain his interest in GRDC and intends to
               devote some minimum time to the affairs of that enterprise. The
               Parties agree that, in the event the Company determines that it
               would be in its best interest to acquire GRDC, the Parties will
               negotiate in good faith to achieve that result.

4. COMPENSATION & BENEFITS

         For the full and faithful performance of his services as set forth
hereunder, Executive shall be entitled to the following:

         (a)   Base Salary. During the term of this Agreement, Executive shall
               be paid an annual salary of Two Hundred and Forty Thousand
               Dollars ($240,000), payable in bi-weekly installments, subject to
               all applicable withholding, social security and other payroll
               taxes.

         (b)   Salary Adjustments. The rate of salary shall be reviewed by the
               Board not less often than annually and may be increased (but not
               decreased) from time to time in such amounts as the Board in its
               discretion may provide; it being understood, however, that the
               Board shall have no obligation to increase said salary.

         (c)   Benefit Programs. Executive shall be entitled to participate in
               all employee benefit programs of the Company available to senior
               executives of the Company, as such programs may be in effect from
               time to time, including, without limitation: pension or other
               retirement plans; profit sharing plans; group life insurance;
               accidental death and dismemberment insurance; hospitalization,

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               surgical and major medical coverage; sick leave, vacation and
               holiday benefits; and other employee benefit programs sponsored
               by the Company; provided, however, that there is no obligation on
               the part of the Company to provide these benefits to senior
               executives. Such programs may be amended or terminated if done so
               for all or a material portion of the Company's executives.

         (d)   Reimbursement of Expenses. Consistent with established policies
               of the Company as in effect from time to time for senior
               executives, consultants and members of the Board, the Company
               shall pay to or reimburse Executive for all reasonable and actual
               out-of-pocket expenses, including without limitation, travel,
               hotel, automobile, telephone and cellular telephone expenses,
               computer and data processing expenses and similar expenses,
               incurred by Executive in performing his obligations under this
               Agreement; provided that Executive timely submits reasonable
               documentation with respect to such expenses.

         (e)   Automobile. Executive shall be entitled to an automobile
               allowance of twelve thousand dollars ($12,000) per annum. The
               Company will continue to pay the expenses associated with
               Executive's existing automobile lease until October 1, 2002,
               after which the Company will make monthly payments to Executive
               in the amount of $1,000.

         (f)   Bonuses. In addition to all other compensation, Executive shall
               be entitled to receive such bonuses as the Board shall determine,
               in its sole discretion, from time to time; it being understood
               that the Board shall have no obligation to award such bonuses.

         (g)   Vacation. Executive will be entitled to three weeks vacation
               during the first five years of service, four weeks during the
               second five years of service and five weeks vacation for service
               in excess of 10 years.

         (h)   Travel Allowance. In the event that the primary work location at
               which Executive is based is changed to a location more than 300
               driving miles from his principal residence in Epping, New
               Hampshire, the Company will reimburse Executive for actual
               expenses incurred in non-business trips Executive makes to his
               New Hampshire home, up to the amount of $10,000 per contract
               year.

5. TERMINATION OF EMPLOYMENT

         (a)   For Cause. The Company shall have the right to terminate this
               Agreement immediately after written notification to Executive
               specifying the basis for the termination, upon the occurrence of
               any one of the following events which shall constitute "cause":
               (i) the willful failure by Executive to abide by the terms of
               this Agreement; or (ii) fraud, misappropriation, embezzlement,
               theft, dishonesty or similar actions by Executive; or (iii) the
               habitual or willful neglect by Executive of his employment
               duties; or (iv) the habitual or willful disregard of mandates of
               the Board; or (v) the willful performance of an unauthorized act
               outside the scope of his office; or (vi) an act of moral
               turpitude by Executive

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               which tends to reflect unfavorably on the Company. If the Company
               seeks to terminate this Agreement for "cause," it must serve
               written notice upon the Executive which specifically states the
               grounds and facts which it claims support its termination and
               provide Executive with a thirty-day period in which to
               substantially cure the conduct. The thirty-day cure period need
               not be provided if the "cause" event is such that it is
               impossible to cure under any circumstance.

                    In the event that the Company terminates Executive's
               employment for cause, Executive shall be entitled only to the
               unpaid bi-weekly installments of his Base Salary up to and
               including the date of termination and to his approved Business
               Expense Reimbursement not paid prior to termination.

         (b)   For Reasons Other Than Cause. The Company shall have the right to
               terminate this Agreement for reasons other than cause by
               providing thirty days (30) Notice to Executive. In the event the
               Executive is terminated for reasons other than cause, the Company
               will continue to provide benefits and pay the bi-weekly
               installments of Executive's Base Salary through the end of the
               term of employment.

         (c)   In the Event of Death. This Agreement shall terminate in the
               event of Executive's death, in which case Executive's estate
               shall be entitled to the bi-weekly installments of Executive's
               Base Salary for a period of six months following the date of
               death and Executive's Business Expense Reimbursement not paid
               prior to his death. In addition, the Board of Directors may, at
               its sole discretion, pay to Executive's estate a pro-rata portion
               of any bonus Executive would have received pursuant to Section
               4(f); it being understood that the Board shall have no obligation
               to award such bonus.

         (d)   In the Event of Disability. The Company shall have the right to
               terminate this Agreement in the event of Executive's inability to
               substantially perform the essential functions of his job duties
               hereunder for a period of three months out of any six month
               period during his employment, whether such inability results from
               illness, accident or otherwise.

                    In the event that the Company terminates Executive's
               employment during the term of this Agreement as a result of
               Executive's Disability, Executive shall be entitled to the
               bi-weekly installments of his Base Salary for a period of six
               months following the date of termination, Executive's Business
               Expense Reimbursement not paid prior to termination, and the
               continuation of Executive's health and welfare benefits through
               the end of the terms of this Agreement. In addition, the Board of
               Directors may, at its sole discretion, pay to Executive a
               pro-rata portion of any bonus Executive would have received
               pursuant to Section 4(f); it being understood that the Board
               shall have no obligation to award such bonus.

         (e)   Change in Control. (i) In the event that Executive's employment
               is terminated by the Company within one year following a Change
               in Control (as defined below)

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               for any reason other than cause, death or disability, or the
               Company does not renew the Agreement within the one-year period
               following a Change of Control, then the Company shall pay
               Executive twice his annual Base Salary at his then current rate
               and twice the latest annual incentive compensation payment
               calculated by taking the highest of the latest two incentive
               payments earned and paid multiplied by two, such payment to be
               made in one lump sum payment at the time of termination, provided
               that Executive has executed and provided to the Company a general
               release in favor of the Company and its affiliates. Such payments
               shall be in lieu of any and all other payments due and owing to
               Executive under the terms of this Agreement except that the
               Company shall continue to pay Executive the automobile allowance
               for the balance of the term of the Agreement. The Company shall
               also provide to the Executive health insurance for a period of
               one year following termination of Executive's employment.
               Executive shall not be required to seek other employment or to
               otherwise mitigate the effects of such termination, and such
               payments shall not be reduced by any income received from other
               sources (all compensation and other benefits described above and
               the terms thereof shall hereinafter be referred to collectively
               as the "Severance Package"). Executive acknowledges that the
               Severance Package is specific consideration for the general
               release and Executive's obligations under Section 7.

                     (ii)  Executive may terminate his employment hereunder
               within one year following a Change of Control for Good Reason;
               provided that, (x) the Company has been given notice setting
               forth in reasonable detail the nature of the Good Reason and (y)
               a period of at least thirty (30) days in which the Company may
               remedy the circumstances giving rise to such Good Reason has
               expired, and the Company fails to so remedy such circumstances.
               For purposes of this Agreement, "Good Reason" shall mean:

                           (A) the assignment to Executive of any duties
                     materially inconsistent with Executive's position, duties
                     and responsibilities as set forth in Section 2 of this
                     Agreement or any action by the Company which results in a
                     material change or diminution in Executive's position,
                     authority, duties or responsibilities, excluding for this
                     purpose any isolated or inadvertent action by the Company
                     which is remedied by the Company promptly after receipt of
                     notice thereof from the Executive; or

                           (B) any failure by the Company to comply in all
                     material respects with the provisions of Section 4 of this
                     Agreement regarding Executive's compensation, benefits,
                     vacation, and expenses other than an isolated or
                     inadvertent action by the Company which is remedied by the
                     Company promptly after receipt of notice thereof from the
                     Executive.

               In the event that Executive terminates his employment for Good
               Reason following a Change in Control, then the Company shall pay
               Executive the Severance Package.

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                    For purposes of this provision, a "Change in Control" shall
               be deemed to have occurred if (1) any "person" (as such term is
               used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange
               Act of 1934, as amended (the "Exchange Act")), excluding
               Executive, who is not a shareholder of the Company as of the date
               hereof, shall have become the beneficial owner, directly or
               indirectly, of Common Stock representing thirty-three and
               one-third percent (33 1/3%) or more of the combined voting power
               of the Company's then outstanding securities, unless
               three-quarters of the Board of Directors, as constituted
               immediately prior to the date of the Change in Control, decide in
               their reasonable discretion that no Change in Control has
               occurred, Executive not being allowed to vote on such matter if
               he is then a Director; provided, however, that if any such person
               other than Executive (whether or not a stockholder of the Company
               as of the date hereof) shall become the beneficial owner,
               directly or indirectly, of Common Stock representing fifty
               percent (50%) or more of the Company's then outstanding
               securities, a Change in Control shall ipso facto have occurred;
               or (2) if there is a Change in Control of a nature that, in the
               opinion of counsel for the Company, would be required to be
               reported in response to Item 6(e) of schedule 14A under the
               Exchange Act, unless three-quarters of the Board of Directors, as
               constituted immediately prior to the date of the Change in
               Control, decide in their reasonable discretion that no Change in
               Control has occurred, Executive not being allowed to vote on such
               matter if he is then a Director; or (3) in the event of a merger
               in which the Company is a party after which merger the
               stockholders of the Company do not retain directly or indirectly
               at least a majority of the beneficial interest in the voting
               stock of the surviving company; or (4) in the event of the sale,
               exchange, or transfer of all or substantially all of the
               Company's assets. If the provisions of this Section are in any
               way involved in litigation or arbitration and Executive incurs
               legal fees and expenses or must make a contribution to a judgment
               or settlement of the matter, the Company agrees to reimburse him
               for any and all expenditures.

6. UNAUTHORIZED DISCLOSURE

         During the period of his employment and for a period of five (5) years
thereafter, Executive shall not, without the prior written consent of the Board,
disclose to any person other than as required by law or court order (10 days'
prior written notice having been given to the Company in order to formulate a
response), or other than to an employee of the Company, or to a person to whom
disclosure is necessary or appropriate in connection with the performance by
Executive of his duties as an executive of the Company, any confidential
information obtained by him while in the employ of the Company with respect to
any of the Company's products, services, customers, suppliers, marketing
techniques, patents, proprietary technologies, trade secrets, methods, or future
plans, the disclosure of which will be damaging to the Company; provided,
however, that confidential information shall not include any information known
generally to the public (other than as a result of unauthorized disclosure by
Executive).

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7. RESTRICTIVE COVENANT

         During the period of his employment and for a period of two (2) years
thereafter, Executive shall not enter into competition with the Company or any
affiliate of the Company without the prior consent of the Board. For purpose of
this paragraph 7, competition shall mean the association of Executive with a
company, corporation, firm or partnership, whether as an employee, consultant,
partner, principal, agent, representative or shareholder, directly or indirectly
(except as a holder, directly or indirectly, of less than five (5%) percent of
the outstanding securities of any corporation whose stock is listed for trading
on any securities exchange or is traded in the over-the-counter market) which
competes, directly or indirectly, with the Company in any business in which the
Company is presently engaged or will be engaged as of the termination of
Executive's employment, unless such association shall be for purposes and shall
impose duties upon Executive that do not directly relate to the Company's
business activities. If a court of competent jurisdiction should determine that
the period, scope, or geographical area of the restrictions set forth in this
paragraph 7 are unreasonable under the circumstances then existing, the Parties
agree that the period, scope, or geographical area that is reasonable under such
circumstances shall be substituted for the stated period, scope, or geographical
area.

         During the term of his employment and for a period of two (2) years
thereafter, Executive shall neither solicit, induce and/or suggest to any of the
employees, consultants to, or other persons having a substantial contractual
relation with, the Company to leave such employ, cease counseling or terminate
such contractual relationship with the Company nor to join Executive as a
partner, co-venturer, employee, investor, or otherwise, in any substantial
business activity whatsoever.

         Executive shall at no time take any action or make any statement that
could discredit the reputation of the Company or its personnel, products or
services.

8. INVENTIONS OR DISCOVERIES

         Executive shall fully and promptly disclose to the Company any and all
improvements, discoveries, and inventions made or conceived by him, whether or
not patentable, whether or not during the working hours of his employment or
with the use of the Company's facilities, materials or personnel, and whether
solely or jointly with others, during his employment by the Company, which
result from or relate to the business of the Company in any way.

         Any and all such improvements, discoveries, and inventions are and
shall remain the sole and exclusive property of the Company without royalty or
payment of any further consideration to Executive, on his own behalf and on the
behalf of his heirs, assigns, executors, administrators, and any other legal
representative except those inventions relating to lithium ion batteries
developed by Executive for GRDC. Inventions relating to lithium ion batteries
developed by Executive for GRDC shall be and remain the property of GRDC.
Executive hereby assigns and transfers all of his right, title and interest in
and to all such improvements, discoveries, and inventions (except as heretofore
noted) to the Company, including, but not limited to, any applications for
United States and/or foreign letter patents and any United States and/or foreign

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patents that shall be granted. Executive shall apply, at the Company's request
and expense, for United States and foreign letters patent, whether in his name
or otherwise as the Company shall desire, and shall execute and deliver to the
Company without charge to the Company, but at its expense, such written
instruments and shall do such other acts as may be necessary or appropriate in
the opinion of the Company to obtain and maintain United States and/or foreign
letters patent or other proprietary rights and shall vest the entire right
entitled thereto in the Company.

9. EQUITABLE RELIEF

         Executive hereby represents that the services to be performed by him
are of a special, unique, unusual, extraordinary and intellectual character
which gives them a peculiar value, the loss of which cannot be reasonably or
adequately compensated in damages in an action at law and that any violation of
this Agreement will cause the Company immediate and irreparable harm. Executive
therefore expressly agrees that, in addition to any other rights or remedies
which the Company may possess, the Company shall be entitled to injunctive and
other equitable relief to prevent a breach of this contract by the Company.

10. INDEMNIFICATION

         Executive shall indemnify and save harmless the Company from all
liability from loss, damage or injury to persons or property resulting from the
gross negligence or willful misconduct of Executive.

11. ASSIGNABILITY

         No rights or obligations under this Agreement may be assigned or
transferred by Executive except:

         (a)   Executive's rights to compensation and benefits to be paid
               hereunder in the event of death shall, in the event of death,
               pass to his estate, or to his designated beneficiary and may be
               transferred by will or operation of law; and

         (b)   Executive's rights under the Company's plans, programs and
               policies may be assigned or transferred in accordance with the
               terms of such plans, programs and policies.

         The rights and obligations of the Company under this Agreement shall
inure to the benefit of and shall be binding upon the successors and assigns of
the Company. The Company shall have the right to assign this Agreement to a
successor in the event of a merger, consolidation, sale of a substantial portion
of its assets or a similar transaction, or to a wholly-owned subsidiary.

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12. GOVERNING LAW

         This Agreement shall be governed by the laws of the State of New Jersey
without reference to the principles of conflict of laws.

13. ENTIRE AGREEMENT

         Except as otherwise specifically provided herein, this Agreement
contains all the legally binding understandings and representations between the
Company and Executive pertaining to the subject matter hereof and supersedes all
undertakings and agreements, if any, whether oral or in writing, previously
entered into by the Company and Executive with respect to such subject matter
including, without limitation, the Prior Agreement, which is hereby expressly
cancelled.

14. AMENDMENT OR MODIFICATION; WAIVER

         No provision of this Agreement may be amended or waived unless such
amendment or waiver is approved by the Board and is signed by Executive and by a
duly authorized officer of the Company. Except as otherwise specifically
provided in this Agreement, no waiver by the Company or Executive of any breach
by the other of any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of a similar or dissimilar provision
or condition at the same or any prior or subsequent time.

15. NOTICES

         Any notice required or permitted to be given under this Agreement shall
be in writing and shall be deemed to have been given when delivered personally
or sent by certified or registered mail, postage prepaid, return receipt
requested, duly addressed to the party concerned at the address indicated below
or to such changed address as such party may subsequently give notice of:

                   If to H Power:     H Power Corp.
                                      60 Montgomery Street
                                      Belleville, New Jersey  07109
                                      Attn.:  Secretary

                  With a copy to:     Fulbright & Jaworski L.L.P.
                                      666 Fifth Avenue
                                      New York, NY 10103
                                      Attention: Merrill M. Kraines, Esq.

                  If to Executive:    H. Frank Gibbard
                                      14 Plumer Road
                                      Epping, New Hampshire 03042

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16. SEVERABILITY

         In the event that any provision or portion of this Agreement shall be
determined to be invalid or unenforceable for any reason, the remaining
provisions or portions of this Agreement shall be unaffected thereby and shall
remain in full force and effect to the fullest extent permitted by law.

17. SURVIVORSHIP

         To the extent contemplated by this Agreement, the respective rights and
obligations of the Parties hereunder shall survive any termination of this
Agreement to the extent necessary to the intended preservation of such rights
and obligations.

18. REPRESENTATIONS

         (a)   By the Executive. Executive represents and warrants that the
               performance of his duties under this Agreement will not violate
               any agreement between him and any other person, firm or
               organization.

         (b)   By the Company. The Company represents and warrants that it is
               fully authorized and empowered to enter into this Agreement.

19. REFERENCES

         In the event of Executive's death or a judicial determination of his
incompetence, reference in this Agreement to Executive will be deemed, where
appropriate, to refer to his legal representative or, where appropriate, to his
beneficiary or beneficiaries.

         Headings to the sections in this agreement are intended solely for
convenience and no provision of this Agreement shall be construed by reference
to any heading.

20. MUTUAL INTENT

         The language used in this Agreement is the language chosen by the
Parties to express their mutual intent. The Parties agree that in the event that
any language, section, clause, phrase or word used in this Agreement is
determined to be ambiguous, no presumption shall arise against or in favor of
either party and that no rule of strict construction shall be applied against
either party.

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         This Agreement may be signed in any number of counterparts, each of
which taken together shall constitute but one and the same agreement.

         IN WITNESS WHEREOF, Executive and the Company have caused this
Agreement to be executed as of the day and year first above written.

EXECUTIVE                             H POWER CORP.

/s/ H. FRANK GIBBARD                  By: /s/ WILLIAM L. ZANG
-------------------------------          ------------------------------
H. Frank Gibbard                         William L. Zang
                                         Chief Financial Officer

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                                                 EXHIBIT NO. 10.01(a)
                                                 Cargill Investor Services, Inc.
                                                                      [CIS LOGO]

                           FUTURES ACCOUNT AGREEMENT
                          INSTITUTIONAL INTERNATIONAL

---------------------------------------            -----------------------------
Customer Name                                      Customer Account Number

In consideration of the agreement of Cargill Investor Services, Inc. ("CIS") to
act as broker for the Customer in the purchase or sale of futures (which term
shall include contracts relating to immediate or future delivery of commodities,
financial futures and options) Customer agrees, in respect to all futures
accounts which the Customer now has or may at any future time have with CIS, or
its successors, including accounts closed and then reopened, as follows:

1.       AUTHORIZATION. Orders for the purchase or sale of futures shall be
         received and executed with the express intent that actual delivery is
         contemplated. All transactions shall be subject to the constitution,
         by-laws, rules, regulations, customs and usages of the exchange or
         market where executed (and of its clearing house if any) and to any
         applicable law, rule and regulation, including but not limited to, the
         provisions of the Commodity Exchange Act, as amended, and the rules and
         regulations thereunder, and CIS shall have no liability to the Customer
         as a result of any action taken by CIS to comply with the foregoing.
         The foregoing provision is intended solely for the protection and
         benefit of CIS and any failure by CIS to comply with exchange rules,
         regulations, customs and usages shall not relieve the Customer of any
         obligations under this agreement nor be construed to create rights
         hereunder in favor of the Customer. CIS reserves the right to refuse to
         accept any order.

2.       BROKER'S LIEN. To secure any indebtedness or other obligation owed by
         the Customer to CIS, CIS is hereby granted a lien on all of the
         Customer's property at any time held by CIS.

3.       TRANSFER OF FUNDS. CIS may without notice transfer any money or other
         property interchangeably between any accounts of the Customer. In the
         event that at any time the Customer has an account in futures or
         options which comes under the regulation of the Commodity Futures
         Trading Commission ("CFTC") and also an account in non-CFTC regulated
         futures or options, the Customer hereby authorizes CIS, without prior
         notice to the Customer to transfer from the Customer's regulated
         Futures Account to its non-regulated account such amount of excess
         funds as in CIS' judgment may be reasonably required to avoid the
         calling of margins for such other account.

4.       MARGINS. The Customer recognizes that margin deposits are due and must
         be paid immediately upon entering into positions on futures exchanges
         and from time to time as market conditions dictate and agrees to make
         such deposits immediately on demand. CIS shall have the right to set
         and revise margin requirements. Customer acknowledges CIS' right to
         limit, with notices to Customer, the number of open positions which
         Customer may maintain or acquire through CIS.

5.       CUSTOMER'S OBLIGATIONS. The Customer agrees to pay promptly on demand
         any and all sums due to CIS for monies advanced, with interest thereon
         at 1% over the prime rate. The Customer agrees to pay when due, CIS'
         charges for commissions at rates established between CIS and the
         Customer.

6.       LIQUIDATION OF POSITIONS. CIS shall have the right, in the event the
         Customer fails to timely discharge its obligations to CIS, or in the
         event that a petition in bankruptcy or for the appointment of a
         receiver is filed by or against the Customer, to sell any or all
         futures, or other property in any account of the Customer and to buy
         any or all futures which may be short in any account of the Customer,
         and to close out and liquidate any and all outstanding contracts of the
         Customer, and any such sales or purchases may be made at CIS'
         discretion on any exchange or other market where such business is then
         usually transacted; it being understood that a prior demand, or call,
         or prior notice of the time and place of such sale or purchase, if any
         be given, shall not be considered a waiver of CIS' right to sell or to
         buy without demand or notice as herein provided. The Customer shall at
         all times be liable to CIS for the payment of any debit balance owing
         in the accounts of the Customer with CIS, and shall be liable for any
         deficiency remaining in any such account in the event of the
         liquidation thereof in whole or in part, and shall be liable for any
         reasonable costs of collection including attorney's fees.

<PAGE>
                                                                      [CIS LOGO]

7.       NOTICES. Any notices and other communications may be transmitted to
         the Customer at the address, or telephone number given herein, or at
         such other address or telephone number as the Customer hereafter shall
         notify CIS in writing. All notices or communications shall be deemed
         transmitted when telephoned or deposited in the mail, sent via
         facsimile or computer by CIS. Confirmations, purchase and sale
         statements and account statements shall be deemed accurate unless
         written objection is delivered within 10 business days from the date
         of such notice to CIS, Sears Tower, Suite 2300, 233 S. Wacker Drive,
         Chicago, Illinois 60606, Facsimile No. (312) 460-4015, Attention:
         Compliance Officer.

8.       COMMUNICATION DELAYS. CIS will not be responsible for delays or
         failure in the transmission of orders caused by a breakdown of
         communication facilities or by any other cause beyond CIS' reasonable
         control.

9.       ACKNOWLEDGMENT. The Customer acknowledges that CIS is a wholly-owned
         subsidiary of Cargill, Incorporated and that the market
         recommendations of CIS may or may not be consistent with the market
         position or intentions of Cargill, Incorporated, its subsidiaries and
         affiliates. The market recommendations of CIS are based upon
         information believed to be reliable, but CIS cannot and does not
         guarantee the accuracy or completeness thereof or represent that
         following such recommendations will eliminate or reduce the risks
         inherent in trading futures.

10.      NOTIFICATION OF RECORDING. CIS is hereby granted permission to record
         telephone conversations between its employees and the Customer.

11.      INDEPENDENT AGENTS. If Customer's account is carried by CIS only as
         the clearing broker, Customer acknowledges that CIS has no
         responsibility for the actions of the introducing broker or executing
         broker. Customer agrees to indemnify and hold CIS harmless, for any
         actions or omissions of such introducing broker or executing broker.

12.      LIMITATION OF ACTIONS. Any action against CIS must be instituted
         within two years of the action/or inaction giving rise to the alleged
         claim.

13.      BINDING EFFECT. This agreement shall be irrevocable as long as the
         Customer shall have any account with CIS; it shall be binding upon the
         Customer and upon the Customer's administrators, and assigns; it can
         be amended only in writing duly signed by the Customer and an officer
         of CIS.

14.      CUSTOMER REPRESENTATION. Customer represents and warrants that
         Customer is under no legal disability which would prevent it from
         trading in futures or entering into this Agreement and that all
         information contained in the New Account Customer Fact Sheet is true,
         complete, and correct as of the date hereof. Customer will promptly
         notify CIS in writing of any changes in such information or any change
         in circumstances which would affect the representations and
         information given CIS or which would in any way affect Customer's
         ability to make any transactions contemplated by this Agreement.

15.      EXPIRATION PROCEDURES. At least two business days prior to the first
         notice day in the case of long positions in futures or forward
         contracts, and at least two business days prior to the last trading day
         in the case of short positions in futures or forward contracts or long
         and short positions in options, Customer agrees to either give CIS
         instructions to liquidate or make or take delivery under such futures
         or forward contracts, or to liquidate, exercise or allow the
         expirations of such options, and will deliver to CIS sufficient funds
         and/or documents required in connection with exercise or delivery. If
         such instructions or such funds and/or documents, with regard to option
         transactions, are not received by CIS prior to the expiration of the
         option, CIS may allow such option to expire.

16.      SECURITIES. THIS STATEMENT IS FURNISHED TO YOU BECAUSE RULE 190.10(c)
         OF THE COMMODITY FUTURES TRADING COMMISSION REQUIRES IT FOR REASONS OF
         FAIR NOTICE UNRELATED TO THIS COMPANY'S CURRENT FINANCIAL CONDITION:
         (1) YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANY'S
         BANKRUPTCY, PROPERTY, INCLUDING PROPERTY SPECIFICALLY TRACEABLE TO
         YOU, WILL BE RETURNED, TRANSFERRED OR DISTRIBUTED TO YOU, OR ON YOUR
         BEHALF, ONLY TO THE EXTENT OF YOUR PRO RATA SHARE OF ALL PROPERTY
         AVAILABLE FOR DISTRIBUTION TO CUSTOMERS. (2) NOTICE CONCERNING THE
         TERMS FOR THE RETURN OF SPECIFICALLY IDENTIFIABLE PROPERTY WILL BE BY
         PUBLICATION IN A NEWSPAPER OF GENERAL CIRCULATION. (3) THE
         COMMISSION'S REGULATION CONCERNING BANKRUPTCY OF COMMODITY BROKERS CAN
         BE FOUND AT 17 CODE OF FEDERAL REGULATIONS PART 190.
<PAGE>
17.      JURISDICTION. The Customer understands that this contract will not be
         binding on CIS until accepted and approved by one of its authorized
         officers at its headquarters in Chicago, Illinois, U.S.A. ACCORDINGLY,
         THE CUSTOMER HEREBY ACKNOWLEDGES AND AGREES THAT THE FORMATION OF THIS
         CONTRACT CONSTITUTES THE MAKING OF A CONTRACT WITHIN THE STATE OF
         ILLINOIS, FURTHER AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF
         THE STATE OF ILLINOIS WITH RESPECT TO ALL DISPUTES ARISING OUT OF THIS
         CONTRACT, WAIVES ANY AND ALL OBJECTIONS TO PERSONAL JURISDICTION WITHIN
         THE STATE OF ILLINOIS, AND AGREES THAT PROCESS MAY BE SERVED ON THE
         CUSTOMER IN ANY SUCH PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF
         THE LAWS OF ILLINOIS WITH RESPECT TO SERVICE OF PROCESS OF
         NON-RESIDENTS. THIS AGREEMENT IS MADE UNDER AND SHALL BE GOVERNED BY
         THE LAWS OF THE STATE OF ILLINOIS, U.S.A., IN ALL RESPECTS, INCLUDING
         CONSTRUCTION AND PERFORMANCE THE UNDERSIGNED UNDERSTANDS AND ACCEPTS
         THAT AS A U.S. COMPANY, CIS IS SUBJECT TO THE JURISDICTION AND POWERS
         (INCLUDING COMPULSORY DISCLOSURE OF DOCUMENTS SUCH AS BUT NOT LIMITED
         TO, CUSTOMER ACCOUNT RECORDS) OF U.S. COURTS AND GOVERNMENT AGENCIES.

18.      RESPONSIBILITY OF AGENTS. If applicable, the CIS agents and
         representatives who are not domiciled in the U.S. shall be in no manner
         held responsible for the performance by CIS of its obligations under
         this Agreement.

19.      REGULATION 15.05. Pursuant to regulation 15.05 of the Commodity Futures
         Trading Commission, CIS is deemed to be agent of the Customer for
         purposes of accepting delivery and service of any communication issued
         by or on behalf of the Commission to the Customer with respect to any
         futures contracts which are or have been maintained in any accounts
         with CIS. If the Customer is a foreign broker CIS shall also be deemed
         the agent of its Customers for the above purpose. CIS shall transmit
         any such communications promptly to the Customer. This section shall
         not apply if the Customer has furnished CIS with a copy of a written
         agency agreement in compliance with regulation 15.05(D).

20.      REGULATION 21.03. The Customer has read and understood the provisions
         of regulation 21.03 of the Commodity Futures Trading Commission as
         provided in this document package.

21.      GIVE-UP PROCEDURES. The executing brokers shown on the list delivered
         to CIS will execute orders for Customer as transmitted by Customer or
         its Agent to the executing broker, and will report a fill to Customer
         in a timely fashion. CIS, if it has given prior written notice to the
         executing broker, may place limits on the positions it will accept for
         give-up for the Customer's account. Executing broker will bill
         commissions for executing trades to CIS, in the amount agreed from time
         to time, on a monthly basis. CIS shall be responsible for verifying
         billing and making payment. CIS shall charge the commissions to
         Customer's Account.

22.      LONDON METALS EXCHANGE TRADING. The London Metals Exchange Limited
         ("LME") is a principal-to-principal market. Cargill Investor Services
         Limited ("CISL"), is a dealing member of the LME and has appointed CIS
         as its agent for the purpose of issuing LME Client Contracts and for
         buying, selling and trading, and all actions consequent to trading in
         LME contracts on CISL's behalf. The Customer's contractual counterparty
         is CISL. Any issues or questions relating to LME Client Contracts
         should be addressed to CIS who will forward them to CISL.

23.      INTERPRETATION. The section headings are for convenience of reference
         only and shall not affect the meaning or construction of any provision
         of this agreement.

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