Document:

Exhibit 10.1 

 

FORM
OF

UNITED
STATES SHORT OIL FUND, LP

AUTHORIZED
PARTICIPANT AGREEMENT

 

This
United States Short Oil Fund, LP Authorized Participant Agreement (the “Agreement”), dated as of [ DATE], 2016, is
entered into by and among United States Short Oil Fund, LP (the “Fund”), United States Commodity Funds LLC, a Delaware
limited liability company and the general partner of the Fund (the “General Partner”), on behalf of itself and as
General Partner of United States Short Oil Fund, LP, and [Insert name of Authorized Participant and type of company (Corporation,
LLC, Inc., LLP)], a [state of incorporation/formation] (the “Authorized Participant”).

 

SUMMARY

 

The
General Partner serves in its capacity as General Partner of United States Short Oil Fund, LP (the “Fund”) pursuant
to the Limited Partnership Agreement dated as of the day the first Creation Basket is sold and the proceeds are invested (substantially
in the form attached hereto) between the General Partner and the Limited Partners of the Fund (the “Partnership Agreement”).
Brown Brothers Harriman Co. (the “Administrator” or “Custodian”) and ALPS Distributors (the “Marketing
Agent”) each serve as agents of the General Partner for all purposes of this Agreement, and all references to agreements,
obligations or duties of the Administrator, Custodian or Marketing Agent herein shall be deemed references to agreements, obligations
of duties of the General Partner acting through the relevant agent. As provided in the Partnership Agreement and described in
the Fund’s prospectus (the “Prospectus”), as supplemented and amended from time to time, Shares of fractional
undivided beneficial interest in and ownership of the limited partnership (the “Shares”) may be created or redeemed
through the Marketing Agent by the Authorized Participant in aggregations of fifty thousand (50,000) Shares (each aggregation,
a “Creation Basket” or “Redemption Basket,” respectively; collectively, “Baskets”). Creation
Baskets are offered only pursuant to the most recent registration statement of the Fund, as declared effective by the Securities
and Exchange Commission (the “SEC”) and as the same may be amended from time to time thereafter (collectively, the
“Registration Statement”). Authorized Participants are the only persons that may place orders to create and redeem
Creation Baskets or Redemption Baskets.

 

Capitalized
terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Prospectus. To the extent there
is a conflict between any provision of this Agreement other than the indemnities provided in Section 9 and the provisions of the
Prospectus, the provisions of the Prospectus shall control.

 

To
give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties
hereto agree as follows:

 

Section
1. Order Placement.

To
place an order for the creation or redemption of one or more Baskets, an Authorized Participant must follow the procedures for
creation and redemption referred to in Section 3 of this Agreement and attached to this Agreement as Exhibit A; provided, however,
that in the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets on the first day
the Baskets are to be offered and sold, the procedures for creation will be as attached to this Agreement as Exhibit A-1.

    	 

    	 

    

Section
2. Status and Obligations of Authorized Participant.

The
Authorized Participant represents and warrants and covenants the following:

 

(a)     The
Authorized Participant is a participant of the Depository Trust Company (“DTC”) (as such a participant, a “DTC
Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give prompt
notice to the General Partner of such event, and this Agreement shall terminate immediately as of the date the Authorized Participant
ceased to be a DTC Participant.

 

(b)     Unless
Section 2(c) applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and is a member in good standing of the Financial Industry Regulatory Authority
(“FINRA”), or (ii) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member
of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of
its business so requires. The Authorized Participant will maintain any such registrations, qualifications and membership in good
standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable
federal law, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, including,
but not limited to those applicable to securities and commodities transactions, and with the Constitution, By-Laws and Conduct
Rules of FINRA (if it is a FINRA member) to the extent the foregoing relate to the Authorized Participant’s transactions
in, and activities with respect to the Baskets. The Authorized Participant will not directly or indirectly offer or sell Shares
in or from any state or jurisdiction where they may not lawfully be offered or sold.

 

(c)     If
the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions
of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(b)
above, the Authorized Participant will (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is
made, (ii) comply with the full disclosure requirements of the Securities Act of 1933, as amended (the “1933 Act”)
and the Commodities Exchange Act (the “CEA”), and the rules and regulations promulgated thereunder, and (iii) conduct
its business in accordance with the spirit of the FINRA Conduct Rules, in each case to the extent the foregoing relate to the
Authorized Participant’s transactions in, and activities with respect to the Baskets.

 

(d)     The
Authorized Participant has written policies and procedures reasonably designed to comply with the money laundering and related
provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (the “PATRIOT Act”), and the regulations promulgated thereunder, if the Authorized Participant is subject
to the requirements of the PATRIOT Act.

 

(e)     The
Authorized Participant has the capability to send and receive communications via an authenticated telecommunication facility to
and from the General Partner and its agents, ALPS Distributors, Inc. and Brown Brothers Harriman & Co. The Authorized Participant
shall confirm such capability to the satisfaction of the General Partner and the Marketing Agent by the end of the Business Day
(as defined in Section 6) before placing its first order with the Marketing Agent (whether such order is to create or to redeem
Baskets). If required by the Marketing Agent, the Administrator or the Custodian with respect to authorized telecommunications
by telephonic facsimile, the Authorized Participant shall enter into a separate agreement with the Marketing Agent, the Administrator
or the Custodian, as the case may be, indemnifying such party with respect to its communications by telephonic facsimile.

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(f)     Because
new Baskets can be created and Shares therein issued on an ongoing basis, at any point during the life of the partnership, a “distribution,”
as such term is used in the 1933 Act, may be occurring with respect to resales of these Shares. The Authorized Participant is
cautioned that some of its activities may result in its being deemed a participant in a distribution in a manner that would render
it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized
Participant should review the “What is the Plan of Distribution?” portion of the Prospectus and consult with its own
counsel in connection with entering into this Agreement and placing an Order (as defined in Section 3). In addition to satisfying
the prospectus-delivery and disclosure requirements of the 1933 Act, the Authorized Participant and any other participant in the
distribution of the Shares purchased by the Authorized Participant also has the obligation to comply with applicable disclosure
delivery requirements under the CEA. To the extent the Authorized Participant has distributed a Preliminary Prospectus to prospective
investors, if the Authorized Participant has been notified by the General Partner of material changes made to that document as
compared to the final Prospectus, the Authorized Participant shall give notice to any prospective investor who received the Preliminary
Prospectus of such material change prior to consummating a sale.

 

Section
3. Orders.

(a)     All
orders to create or redeem Baskets shall be made in accordance with the terms of the Prospectus, this Agreement and the creation
and redemption procedures attached hereto as Exhibit A (the “Procedures”), except in the case of an Authorized Participant’s
initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold which will be governed
by the procedures set forth in Exhibit A-1. Each party will comply with such foregoing terms to the extent applicable to it. The
General Partner may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets
and the Authorized Participant will comply with such procedures. The General Partner and Authorized Participant hereby consent
to the use of recorded telephone lines.

 

(b)     The
Authorized Participant acknowledges and agrees it is acting for its own account or on behalf of another party (whether such party
is a customer or otherwise), and that each order to create a Basket (a “Purchase Order”) and each order to redeem
a Basket (a “Redemption Order,” and each Purchase Order and Redemption Order, an “Order”) may not be withdrawn
by the Authorized Participant. A form of Purchase/Redemption Order is attached hereto as Exhibit B.

 

Section
4. Fees.

In
connection with each Order by an Authorized Participant to create or redeem one or more Baskets, the General Partner shall charge,
and the Authorized Participant shall pay to the General Partner, the transaction fee (“Transaction Fee”) prescribed
in the Prospectus applicable to such creation or redemption. The initial Transaction Fee shall be one thousand dollars ($1,000).
The Transaction Fee may be adjusted from time to time as set forth in the Prospectus.

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Section
5. Authorized Persons. 

Concurrently
with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Participant shall
deliver to the General Partner and the Marketing Agent, notarized and duly certified as appropriate by its secretary or other
duly authorized official, a certificate in the form of Exhibit C setting forth the names and signatures of all persons authorized
to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of
the Authorized Participant (each, an “Authorized Person”). The General Partner or the Marketing Agent may accept and
rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in
full force and effect until the General Partner receives a superseding certificate bearing a subsequent date. Upon the termination
or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate
written notice of such fact to the General Partner and the Marketing Agent, and such notice shall be effective upon receipt by
the General Partner.

 

Section
6. Creation Procedures.

On
any Business Day, an Authorized Participant may place an order with the Marketing Agent to create one or more Creation Baskets
in accordance with this Agreement and the Procedures. For purposes of processing Purchase and Redemption Orders, a “Business
Day” means any day other than a day when any of the NYSE Arca, ICE Futures Exchange or the New York Stock Exchange is closed
for regular trading. Purchase orders must be placed by 12:00 PM New York time or the close of regular trading on NYSE Arca, whichever
is earlier, except in the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets on
the first day the Baskets are to be offered and sold, when such orders shall be placed by 9:00 AM New York time on the
day agreed to by the General Partner and the Authorized Participant. The day on which the Marketing Agent receives a valid Purchase
Order is the Purchase Order Date. By placing a Purchase Order, an Authorized Participant agrees to (1) deposit Treasuries, cash,
or a combination of Treasuries and cash with the Custodian of the Fund, and (2) if required by the General Partner in its sole
discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter
energy transaction (through itself or a designated acceptable broker) with the Fund for the purchase of a number and type of futures
contracts at the closing settlement price for such contracts on the Purchase Order Date, as specified in the Purchase Order Form
(see Exhibit B). Failure to consummate (1) and (2) above shall result in the cancellation of the order. The number and type of
contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund’s investment objective
and shall be purchased as a result of the Authorized Participant’s purchase of Shares.

 

Prior
to the delivery of Baskets for a Purchase Order, the Authorized Participant must also have wired to the Custodian the non-refundable
transaction fee due for the Purchase Order. “Treasuries” shall be any U.S. treasury security with two years or less
remaining to maturity with an aggregate market value, as determined in the sole discretion of the Administrator using the valuation
procedures set forth in Exhibit D that together with any cash amount, will equal the purchase price of the Creation Basket being
purchased.

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The
total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of Treasuries and/or cash
that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities)
on the date the order to purchase is accepted as the number of Shares to be created under the Purchase Order is in proportion
to the total number of Shares outstanding on the date the order is received.

 

The
General Partner determines, directly in its sole discretion, or in consultation with the Administrator, the requirements for Treasuries
and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries
and cash, that may be included in deposits to create Baskets. The Marketing Agent will publish such requirements at the beginning
of each business day. Unless otherwise determined by the General Partner, if Treasuries and cash are to be deposited, the amount
of the cash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included
in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit.

 

An
Authorized Participant who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian
the required amount of Treasuries and/or cash by the end of the third Business Day following the Purchase Order Date, except in
the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets on the first day the Baskets
are to be offered and sold when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order
was accepted by the Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number
of Baskets ordered to the Authorized Participant’s DTC account on the third Business Day following the Purchase Order Date,
except in the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets, when the Administrator
will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit
has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been
received by the Custodian on behalf of the Fund shall be borne solely by the Authorized Participant.

 

Section
7. Redemption Procedures. 

On
any Business Day, an Authorized Participant may place an order with the Marketing Agent to redeem one or more Redemption Baskets
in accordance with this Section 7 and the Procedures. Redemption Orders must be placed by 12:00 PM New York time or the close
of regular trading on NYSE Arca, whichever is earlier. A Redemption Order so received is effective on the date it is received
in satisfactory form by the Marketing Agent. The day on which the Marketing Agent receives a valid Redemption Order is the “Redemption
Order Date”. By placing a Redemption Order, an Authorized Participant agrees to (1) deliver the Redemption Basket to be
redeemed through DTC’s book-entry system to the Fund’s account with the Custodian not later than 3:00 PM New York
time on the third Business Day following the effective date of the Redemption Order (“Redemption Distribution Date”),
and (2) if required by the General Partner in its sole discretion, enter into or arrange for a block trade, an exchange for physical
or exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable broker) with
the Fund for the sale of a number and type of futures contracts at the closing settlement price for such contracts on the Redemption
Order Date, as specified in the Redemption Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result in
the cancellation of the order. The number and type of contracts specified shall be determined by the General Partner, in its sole
discretion, to meet the Fund’s investment objective and shall be sold as a result of the Authorized Participant’s
sale of Shares. Prior to the delivery of the redemption distribution for a Redemption Order, the Authorized Participant must also
have wired to the Fund’s account at the Custodian the non-refundable Transaction Fee due for the Redemption Order.

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The redemption
distribution from the Fund consists of a transfer to the redeeming Authorized Participant of an amount of Treasuries and/or cash
with a value that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses
and other liabilities) on the date the order to redeem is properly received as the number of Shares to be redeemed under the Redemption
Order is in proportion to the total number of Shares outstanding on the date the order is received. The General Partner, directly
or in consultation with the Administrator, will determine the requirements for Treasuries and/or the amount of cash, including
the maximum permitted remaining maturity of a Treasury, and the proportions of Treasuries and cash, that may be included in distributions
to redeem Baskets. The Marketing Agent will publish such requirements shortly after 4:00 p.m. New York time on the Redemption
Order Date.

 

The
redemption distribution due from the Fund is delivered to the Authorized Participant on the Redemption Distribution Date if, by
3:00 PM New York time on such Redemption Distribution Date, the Fund’s DTC account has been credited with the Baskets to
be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption
distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on
the next Business Day to the extent of remaining whole Baskets received if the Fund receives the fee applicable to the extension
of the Redemption Distribution Date which the General Partner may, from time to time, determine and the remaining Baskets to be
redeemed are credited to the Fund’s DTC account by 3:00 PM New York time on such next Business Day. Any further outstanding
amount of the Redemption Order may be cancelled at the election of the General Partner. Any further remaining amount of the redemption
order shall be cancelled and the Participant will indemnify the Partnership for any losses, if any, due to such cancellation,
including but not limited to the difference in the price of investments sold as a result of the redemption order and investments
made to reflect that such order has been cancelled. Pursuant to instruction from the General Partner, the Custodian may also deliver
the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by
3:00 PM New York time on the Redemption Distribution Date if the Authorized Participant has collateralized its obligation to deliver
the Baskets through DTC’s book entry system on such terms as the General Partner may from time to time determine.

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Section
8. Role of Authorized Participant.

(a)     The
Authorized Participant acknowledges that, for all purposes of this Agreement, the Authorized Participant is and shall be deemed
to be an independent contractor and has and shall have no authority to act as agent for the Fund, the Marketing Agent, the Administrator,
the Custodian or the General Partner in any matter or in any respect.

 

(b)     The
Authorized Participant will, to the extent reasonably practicable, make itself and its employees available, upon request, during
normal business hours to consult with the General Partner and the Marketing Agent concerning the performance of the Authorized
Participant’s responsibilities under this Agreement; provided that the Authorized Participant shall be under no obligation
to divulge or otherwise discuss any information that the Authorized Participant believes (i) is confidential or proprietary in
nature or (ii) the disclosure of which to third parties would be prohibited.

 

(c)     Notwithstanding
the provisions of Section 8(b), the Authorized Participant will maintain records of all sales of Creation Baskets made by or through
it and, upon reasonable request of the General Partner, except if prohibited by applicable law and subject to any privacy obligations
or other obligations arising under federal or state securities laws it may have to its customers, will furnish the General Partner
with the names and addresses of the Participants of such Creation Baskets and the number of Creation Baskets purchased if and
to the extent that the General Partner has been requested to provide such information to the Commodities Futures Trading Commission,
Securities Exchange Commission, Financial Industry Regulatory Authority, or Internal Revenue Service (“Fund Regulators”).
For the avoidance of doubt, all such information provided by the Authorized Participant shall be Confidential Information (as
defined in Section 18) and shall not be used for any purpose other than to satisfy requests of Fund Regulators.

 

(d)     The
Fund may from time to time be obligated to deliver prospectuses, proxy materials, annual or other reports of the Fund or other
similar information (“Fund Documents”) to its limited partners. The Authorized Participant agrees (i) subject to any
privacy obligations or other obligations arising under federal or state securities laws it may have to its customers, to reasonably
assist the General Partner in ascertaining certain information regarding sales of Creation Baskets made by or through the Authorized
Participant that is necessary for the Fund to comply with such obligations upon written request of the General Partner or (ii)
in lieu thereof, and at the option of the Authorized Participant, the Authorized Participant may undertake to deliver Fund Documents
to the Authorized Participant’s customers that custody Shares with the Authorized Participant, after receipt from the Fund
of sufficient quantities of such Fund Documents to allow mailing thereof to such customers. The expenses associated with such
transmissions shall be borne by the General Partner in accordance with usual custom and practice in respect of such communications.
The General Partner agrees that the names, addresses and other information concerning the Authorized Participant’s customers
are and shall remain the sole property of the Authorized Participant, and none of the General Partner, the Fund or any of their
respective affiliates shall use such names, addresses or other information for any purposes except in connection with the performance
of their duties and responsibilities hereunder and except to the extent necessary for the Fund to meet its regulatory requirements
as set forth in Section 8(b) and in this Section 8(c) of the Agreement.

 

Section
9. Indemnification. 

(a)     Indemnification
of Authorized Participant. The General Partner agrees to indemnify, defend and hold harmless the Authorized Participant, its partners,
stockholders, members, directors, officers, employees, affiliates, agents and any person who controls such persons 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
persons (each a “GP Indemnified Person”), from and against any loss, damage, expense, liability or claim (including
reasonable attorney fees and the reasonable cost of investigation) which the Authorized Participant or any such person may incur
under the 1933 Act, the Exchange Act, the CEA, the common law or otherwise, insofar as such loss, damage, expense, liability or
claim arises out of or is based upon:

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		(1)	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 for the purpose of this Section 9 being deemed to
include the Prospectus and the Prospectus as amended or supplemented) or 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 insofar as any 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 concerning the Authorized
Participant furnished in writing by or on behalf of the Authorized Participant to the General Partner expressly for use in such
Registration Statement;

 

		(2)	any
untrue statement or alleged untrue statement of a material fact or breach by the General Partner of any representation or warranty
contained in this Agreement;

 

		(3)	the
failure by the General Partner, the Fund or their respective agents to perform when and as required, any agreement, obligation,
duty or covenant contained herein;

 

		(4)	the
failure by the General Partner, the Fund or their respective agents to comply with applicable laws and the rules and regulations
of any governmental entity or any self-regulatory organization to the extent the foregoing relates to transactions in, and activities
with respect to Baskets; or

 

		(5)	the
Authorized Participant’s performance of its duties under this Agreement except in the case of this clause (5), for any loss,
damage, expense, liability or claim resulting from the gross negligence or willful misconduct of the Authorized Participant.

 

In
no case is the indemnity of the General Partner in favor of the Authorized Participant and such other persons as are specified
in this Section 9(a) to be deemed to protect the Authorized Participant and such persons against any liability to the General
Partner or the Fund to which the Authorized Participant 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 a GP Indemnified Person or any such person
in respect of which indemnity may be sought against the General Partner pursuant to the foregoing paragraph, such GP Indemnified
Person shall promptly notify the General Partner in writing of the institution of such Proceeding, provided, however, that the
omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have
to the GP Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not otherwise
learned of such Proceeding. The GP Indemnified Person shall have the right to employ its own counsel in any such case and the
fees and expenses of such counsel shall be borne by the General Partner and the Fund and paid as incurred (it being understood,
however, that the General Partner 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 GP Indemnified Persons
who are parties to such Proceeding) or for the expenses and fees incurred with respect to matters that are not indemnifiable in
accordance with the preceding paragraph. A GP Indemnified Person shall give the General Partner reasonable prior notice of settlement
of any Proceeding in respect of which indemnity may be sought against the General Partner pursuant to this Section 9(a), provided,
however that the omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability
which it may have to the GP Indemnified Person.

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(b)     The
Authorized Participant agrees to indemnify, defend and hold harmless each of the Fund, the General Partner and its partners, stockholders,
members, directors, officers, employees and any person who controls the General Partner 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 persons (each, an “AP
Indemnified Person”), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees
and the reasonable cost of investigation) which the AP Indemnified Person may incur as a result of or in connection with any untrue
statement or alleged untrue statement of a material fact contained in and in conformity with information furnished in writing
by or on behalf of the Authorized Participant to the General Partner 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
Authorized Participant will also indemnify each AP Indemnified Person from and against any loss, damage, expense, liability or
claim (including the reasonable cost of investigation) which such AP Indemnified Person may incur as a result of or in connection
with any actions of an AP Indemnified Person in accordance with any instructions by the Authorized Participant except in the case
of any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct of an AP Indemnified
Person. In no case is the indemnity of the Authorized Participant in favor of each AP Indemnified Person to be deemed to protect
the AP Indemnified Person and such persons against any liability to the Authorized Participant to which the AP Indemnified Person
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.

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If
any Proceeding is brought against an AP Indemnified Person, such AP Indemnified Person shall promptly notify the Authorized Participant
in writing of the institution of such Proceeding; provided, however, that the omission to so notify the Authorized Participant
shall not relieve the Authorized Participant from any liability which it may have to such AP Indemnified Person except to the
extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The AP Indemnified
Person or such person shall have the right to employ its own counsel and the fees and expenses of such counsel shall be borne
by the Authorized Participant and paid as incurred (it being understood, however, that the Authorized Participant 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 AP Indemnified Persons who are parties to such Proceeding) or for
the expenses and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph.
An AP Indemnified Person shall give the Authorized Participant reasonable prior notice of settlement of any Proceeding in respect
of which indemnity may be sought against the Authorized participant pursuant to this Section 9(b), provided, however that the
omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have
to the GP Indemnified Person.

 

(c)     The
indemnity agreements contained in this Section 9 and the covenants, warranties and representations of the General Partner contained
in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized
Participant, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder,
member, director, officer or employee of such person) who controls the Authorized Participant within the meaning of Section 15
of the 1933 Act or Section 20 of the Exchange Act, or by or on behalf of each of the General Partner, the Fund, their partners,
stockholders, members, directors, officers, employees or any person who controls the General Partner or the Fund within the meaning
of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the initial
issuance and delivery of the Shares. The General Partner and the Authorized Participant agree promptly to notify each other of
the commencement of any Proceeding against it and, in the case of the General Partner, against any of the General Partner’s
officers or directors in connection with the issuance and sale of the Shares, or in connection with the Registration Statement
or the Prospectus.

 

Section
10.

(a)     Limitation
of Liability.

None
of the General Partner, the Authorized Participant, the Marketing Agent, the Administrator, or the Custodian, shall be liable
to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for
any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided
to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications
used by them.

 

(b)     Tax
Liability.

The
Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value
added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant
to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent
the General Partner or the Fund is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly
indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon.

    	10

    	 

    

 

Section
11. Acknowledgment. 

The
Authorized Participant acknowledges receipt of a copy of the Prospectus and represents that it has reviewed and understands such
document.

 

Section
12. Effectiveness and Termination.

Upon
the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the date first
set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties
unless earlier terminated: (i) in accordance with Section 2(a); (ii) upon notice to the Authorized Participant by the General
Partner in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein;
or (iii) at such time as the Fund is terminated.

 

Section
13. Marketing Materials; Representations Regarding Baskets; Identification in Registration Statement. 

(a)     The
Authorized Participant represents, warrants and covenants that, (i) without the written consent of the General Partner, the Authorized
Participant will not make, or permit any of its representatives to make, in connection with any sale or solicitation of a sale
of Baskets any representations concerning the Shares or the General Partner, the Fund or any AP Indemnified Person other than
representations consistent with (A) the then-current Prospectus of the Fund, (B) printed information approved by the General Partner
as information supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized
Participant by the General Partner, and (ii) the Authorized Participant will not furnish or cause to be furnished to any person
or display or publish any information or material relating to the Baskets, any AP Indemnified Person or the Fund that is not consistent
with the Fund’s then current Prospectus. Copies of the then-current Prospectus of the Fund and any such printed supplemental
information will be supplied by the General Partner to the Authorized Participant in reasonable quantities upon request.

 

(b)     The
Authorized Participant agrees to comply with applicable prospectus and disclosure delivery requirements of the federal securities
and commodities laws. In connection therewith, the Authorized Participant will provide, to the extent required, each prospective
Participant, as required, with a copy of the Fund’s Prospectus.

 

(c)     The
Authorized Participant hereby agrees that for the term of this Agreement the General Partner or its agent, the Marketing Agent,
may deliver the then-current Prospectus, and any supplements or amendments thereto or recirculation thereof, to the Authorized
Participant in Portable Document Format (“PDF”) via electronic mail to [_________________________] in lieu of delivering
the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written
notice to the General Partner and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request
reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation thereof, in paper form from
the General Partner or its agent, the Marketing Agent. The Authorized Participant acknowledges that it has the capability to access,
view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus
in PDF instead of in paper form. The General Partner will, when requested by the Authorized Participant, make available at no
cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version
of the Prospectus.

    	11

    	 

    

(d)     For
as long as this Agreement is effective, the Authorized Participant agrees to be identified as an authorized Participant of the
Fund at the General Partner’s discretion (i) in the section of the Prospectus included within the Registration Statement
entitled “Creation and Redemption of Shares,” and in any other section as may be required by the SEC and (ii) on the
Fund’s website. Upon the termination of this Agreement, (i) during the period prior to when the General Partner qualifies
and elects to file on Form S-3, the General Partner will remove such identification from the Prospectus in the amendment of the
Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the
General Partner qualifies and elects to file on Form S-3, the General Partner will promptly file a current report on Form 8-K
indicating the withdrawal of the Authorized Participant as an authorized Participant of the Fund and (ii) the General Partner
will promptly update the Fund’s website to remove any identification of the Authorized Participant as an authorized Participant
of the Fund.

 

Section
14. Certain Covenants of the General Partner.

The
General Partner, on its own behalf and on behalf of the Fund, covenants and agrees:

 

(a)     to
notify the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require
the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which
they are made, not misleading, and, during such time, to prepare and deliver or otherwise make available, at the expense of the
Fund, to the Authorized Participant copies of such amendments or supplements to such Prospectus as may be necessary to reflect
any such change at such time and in such numbers as necessary to enable the Authorized Participant to comply with any obligation
it may have to deliver such revised, supplemented or amended Prospectus to customers.

 

(b)     to
notify the Authorized Participant when a revised, supplemented, or amended Prospectus is available and to deliver or otherwise
make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus at such time and in such
numbers as to enable the Authorized Participant to comply with any obligation it may have to deliver such revised, supplemented
or amended Prospectus to customers, provided that as a general matter the General Partner will make such revised, supplemented
or amended Prospectus available to the Authorized Participant on or before its effective date;

 

(c)     to
cause Spicer Jeffries, LLP, accountants to the Fund, to deliver, at each time (i) the Registration Statement or the Prospectus
is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register
additional Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated by reference
into the Registration Statement or the Prospectus, letters dated such dates and addressed to the Authorized Participant, containing
statements and information of the type ordinarily included in accountants’ letters to underwriters with respect to the financial
statements and other financial information contained in or incorporated by reference into the Registration Statement and the Prospectus;

    	12

    	 

    

(d)     to
deliver to the Authorized Participant, at each time (i) the Registration Statement or the Prospectus is amended or supplemented
by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance
on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement
or the Prospectus, a certification by a duly authorized officer of the General Partner in the form attached hereto as Exhibit
E. In addition, any certificate signed by any officer of the General Partner and delivered to the Authorized Participant or counsel
for the Authorized Participant pursuant hereto shall be deemed to be a representation and warranty by the General Partner as to
matters covered thereby to the Authorized Participant;

 

(e)     to
furnish directly or through the Marketing Agent to the Authorized Participant, at each time (i) the Registration Statement or
the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed
to register additional Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated
by reference into the Registration Statement or the Prospectus, such documents and certificates in the form as reasonably requested;
and

 

(f)     to
cause the Fund to file a supplement to the Registration Statement no less frequently than once per calendar quarter on or about
the same time that the Fund files a quarterly or annual report pursuant to Section 13 or 15(d) of the Exchange Act (including
the information contained in such report), until such time as the Fund’s reports filed pursuant to Section 13 or 15(d) of
the Exchange Act are incorporated by reference in the Registration Statement.

 

Section
15. Third Party Beneficiaries. 

Each
AP Indemnified Person, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may
proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its
own name) to enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such
AP Indemnified Person. Each GP Indemnified Person, to the extent it is not a party to this Agreement, is a third-party beneficiary
of this Agreement and may proceed directly against the General Partner, the Fund or their respective agents (including by bringing
proceedings against the General Partner, the Fund or their respective agents in its own name) to enforce any obligation of the
General Partner, the Fund or their agents under this Agreement which directly or indirectly benefits such GP Indemnified Person.

 

Section
16. Force Majeure.

No
party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations
under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any
breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer
facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental
or supra national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or
organization for any reason, to perform its obligations.

    	13

    	 

    

Section
17. Miscellaneous.

(a)     Entire
Agreement. This Agreement (including any schedules and exhibits attached hereto and thereto) contains all of the agreements among
the parties hereto (and thereto) with respect to the transactions contemplated hereby (and thereby) and supersedes all prior agreements
or understandings, whether written or oral, among the parties with respect thereto.

 

(b)     Amendment
and Modification. This Agreement may be amended, modified or supplemented only by a written instrument executed by all the parties.

 

(c)     Successors
and Assigns; Assignment. All the terms and provisions of this Agreement shall be binding upon and inure to the benefit of the
parties and their respective successors and permitted assigns. This Agreement shall not be assigned by any party without the prior
written consent of the other parties and any assignment without such consent shall be null and void. Notwithstanding the foregoing,
in the event that Authorized Participant files for protection under the United States Bankruptcy Code, the trustee of Authorized
Participant’s bankruptcy estate may assume this Agreement or any of its rights, duties and/or obligations hereunder or thereunder
upon written notice to the Fund and the General Partner hereby consent to such assumption. In addition, Authorized Participant
may assign the Agreement or any of its rights, duties and/or obligations hereunder or thereunder upon written notice to the Fund
and the General Partner to (a) any Authorized Participant Affiliate; (b) in the case of any merger or sale of its stock
or assets, to the successor in a merger of Authorized Participant or to any entity that acquires all or a substantial portion
of its stock or assets, or (c) any service provider contracted by Authorized Participant to perform data processing, facilities
management or other outsourced services on Authorized Participant’s behalf.

 

(d)     Waiver
of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation,
covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument
signed by the party granting such waiver, but any such waiver, or the failure to insist upon strict compliance with any obligation,
covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other
failure or breach.

 

(e)     Severability.
The parties hereto desire that the provisions of this Agreement be enforced to the fullest extent permissible under the law and
public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this
Agreement would be held in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such
jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity
or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more
narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be
so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability
of such provision in any other jurisdiction.

 

(f)     Notices.
All notices, waivers, or other communications pursuant to this Agreement shall be in writing and shall be deemed to be sufficient
if delivered personally, by facsimile (and, if sent by facsimile, followed by delivery by nationally-recognized express courier),
sent by nationally-recognized express courier or mailed by registered or certified mail (return receipt requested), postage prepaid,
to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

    	14

    	 

    

	 	(1)	if
    to General Partner, to:
	 	 	 
	 	 	United States
    Commodity Funds LLC 

c/o John Love

1999 Harrison Street 

Suite 1530 

Oakland, CA 94612
	 	 	 
	 	(2)	if to the Authorized
    Participant, to:
	 	 	 
	 	 	[AUTHORIZED PARTICIPANT
    CONTACT AND ADDRESS]

 

All
such notices and other communications shall be deemed to have been delivered and received (i) in the case of personal delivery
or delivery by facsimile or e-mail, on the date of such delivery if delivered during business hours on a Business Day or, if not
delivered during business hours on a Business Day, the first Business Day thereafter, (ii) in the case of delivery by nationally-recognized
express courier, on the first Business Day following dispatch, and (iii) in the case of mailing, on the third Business Day following
such mailing.

 

(g)     Governing
Law; Jurisdiction.

 

		(1)	All
questions concerning the construction, interpretation and validity of this Agreement and all transactions hereunder shall be governed
by and construed and enforced in accordance with the domestic laws of the State of New York, without giving effect to any choice
or conflict of law provision or rule (whether in the State of New York or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of New York. In furtherance of the foregoing, the internal law of the State
of New York will control the interpretation and construction of this Agreement, even if under such jurisdiction’s choice
of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily or necessarily apply.

 

		(2)	Each
party irrevocably consents and agrees, for the benefit of the other parties, that any legal action, suit or proceeding against
it with respect to its obligations, liabilities or any other matter arising out of or in connection with this Agreement or any
related agreement may be brought in the courts of the State of New York and hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for
itself and in respect of its properties, assets and revenues. Each party irrevocably waives any immunity to jurisdiction to which
it may otherwise be entitled or become entitled (including sovereign immunity, immunity to pre-judgment attachment and execution)
in any legal suit, action or proceeding against it arising out of or based on this Agreement or any related agreement or the transactions
contemplated hereby or thereby which is instituted in any court of the State of New York.

    	15

    	 

    

The
provisions of this Section 17(g) shall survive any termination of this Agreement, in whole or in part.

 

(h)     No
Partnership. Nothing in this Agreement is intended to, or will be construed to constitute the General Partner or the Fund, on
the one hand, and the Authorized Participant or any of its Affiliates, on the other hand, as partners or joint venturers; it being
intended that the relationship between them will at all times be that of independent contractors.

 

(i)     Interpretation.
The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement
of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

 

(j)     No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rule of strict construction will be applied against any party.

 

(k)     Counterparts; Facsimile Signatures. This Agreement 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. Facsimile counterpart signatures to this Agreement
shall be acceptable and binding.

 

(l)     Other
Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental
agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority
or instrumentality; and (ii) “including” means “including, but not limited to.”

 

Section
18. Confidentiality.

(a)     The
General Partner, the Fund and the Authorized Participant shall maintain in confidence, use only for the purposes provided for
in this Agreement, and not disclose to any third party, without first obtaining the other party’s consent in writing, any
and all Confidential Information (as defined below) such party receives from the other party; provided, however, that either party
may disclose Confidential Information received from the other party to those of its internal and external representatives as may
be necessary for such party to carry out its obligations under this Agreement.

 

“Confidential
Information” shall mean all information or data of a party or its customers that is disclosed to or received by the other
party, whether orally, visually or in writing, in any form, including, without limitation, information or data which relates to
such party’s business or operations, research and development, marketing plans or activities, or actual or potential products.

    	16

    	 

    
(b)          Notwithstanding
the provisions of this Agreement to the contrary, a party shall have no liability to the other party for the disclosure or use
of any Confidential Information of the other party if the Confidential Information:

 

		(1)	is known to such party at
the time of disclosure other than as the result of a breach of this Section 18 by such party;

 

		(2)	has been or becomes publicly
known, other than as the result of a breach of this Section 18 by such party, or has been or is publicly disclosed by the other
party;

 

		(3)	is received by such party
after the date of this Agreement from a third party (unless such third party breaches an obligation of confidentiality to the
other party); or

 

		(4)	is required to be disclosed
by law or similar compulsion or in connection with any legal proceeding or request for information on behalf of a governmental
authority or self-regulatory organization, provided that such party shall promptly inform the other party in writing of such requirement
and that such disclosure shall be limited to the extent so required.

 

(c)          The
parties recognize and acknowledge that a breach or threatened breach by a party of the provisions of this Section 18 may cause
irreparable and material loss and damage to the other party which cannot be adequately remedied at law and that, accordingly,
in addition to, and not in lieu of, any damages or other remedy to which the non-breaching party may be entitled, the issuance
of an injunction or other equitable remedy (without the requirement that a bond or other security be posted) is an appropriate
remedy for the non-breaching party for any breach or threatened breach of the obligations set forth in this Section 18.

 

(d)          Each
party agrees that it will use the same degree of care, but no less than a reasonable degree of care, in safeguarding the Confidential
Information of the other party as it uses for its own Confidential Information of a similar nature. Each party shall promptly
notify the other party in writing of any misuse, misappropriation or unauthorized disclosure of the Confidential Information of
the other party that may come to such party’s attention.

 

(e)          Upon
the termination of this Agreement, if requested in writing by the other party, each party shall, at such party’s option,
promptly destroy or return to the other party all Confidential Information received from the other party, all copies and extracts
of such Confidential Information and all documents or other media containing any such Confidential Information.

    	17

    	 

    

IN WITNESS WHEREOF, the Authorized Participant and the General Partner have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above.

 

	UNITED STATES COMMODITY FUNDS LLC	 
	 	 	 
	By: 	 	 	 
	 	Name:
    John Love	 
	 	Title:
    President     and Chief Executive Officer	 
	 	Address:
    1999 Harrison Street, Suite 1530, Oakland CA 94612	 
	 	Telephone:
    510-522-9600	 
	 	Facsimile:
    510-522-9604	 

 

	UNITED
    STATES SHORT OIL FUND, LP	 
	By:
    United States Commodity Funds LLC, as General Partner	 
	 	 	 
	By: 	 	 	 
	 	Name:
    John Love	 
	 	Title:
    President and Chief Executive Officer, USCF LLC	 
	 	Address:
    1999 Harrison Street, Suite 1530, Oakland CA 94612	 
	 	Telephone:
    510-522-9600	 
	 	Facsimile:
    510-522-9604	 

 

	AUTHORIZED
    PARTICIPANT	 
	 	 	 
	By: 	 	 	 
	 	Name:	 
	 	Title:	 
	 	Address:	 
	 	Telephone:	 
	 	Facsimile:	 

    	18

    	 

    

EXHIBIT
A

 

UNITED
STATES SHORT OIL FUND, LP

PROCEDURES
FOR PROCESSING

PURCHASE
ORDERS AND REDEMPTION ORDERS

 

United
States Short Oil Fund, LP. This Exhibit A to the Authorized Participant Agreement (the “Agreement”) supplements
the Prospectus with respect to the procedures to be used by (i) the Transfer Agent and Marketing Agent in processing Purchase
Orders and (ii) the Transfer Agent in processing Redemption Orders and, together with Purchase Orders, “Orders”. Capitalized
terms, unless otherwise defined in this Annex II, have the meanings attributed to them in the Authorized Participant Agreement
or the Prospectus.

 

An
Authorized Participant is required to have signed the Authorized Participant Agreement. Upon acceptance of the Agreement and execution
thereof by the Company and in connection with the initial Purchase Order submitted by the Authorized Participant, the Distributor
will assign a unique PIN Number to each Authorized Person authorized to act for an Authorized Participant. This will allow an
Authorized Participant through its Authorized Person(s) to place a Purchase Order or Redemption Order with respect to the purchase
or redemption of Creation Units of Shares of the Fund.

 

		TO
    PLACE AN ORDER FOR PURCHASE OR REDEMPTION OF CREATION UNITS 
	 	 
	1.                   
	Placing
    an Order.
	 	 
	                
     	a.   General.
    To the extent possible, Orders shall be submitted through the Internet (“Web Order Site” or “Electronic
    Interface”) as described in section 1.b. below.  If the Electronic Interface is not available, Orders may
    be placed by telephone, as described in section 1.c. If a Purchase Order is not complete prior to the Order Cut-Off Time (as
    defined below), the Order will not be processed.  Redemption Orders that are not completed prior to the Order Cut-Off
    Time will be processed on the next Business Day.
	 	 
	                
     	b.   Using
    the Electronic Interface to Initiate the Order. An Authorized Person for the Authorized Participant will log in to the
    Electronic Interface prior to the cut-off time for placing Orders with the Fund (the “Order Cut-Off Time”) set
    forth in the particular Fund’s order form (“Order Form”) and enter the terms of the Order. An Order is not
    complete until it has been approved by both the Authorized Participant and the Marketing Agent under the terms of the Prospectus
    and the Agreement, in accordance with the procedures outlined below.
	 	 
	 	Orders
    submitted through the Electronic Interface must be in accordance with the terms of this Agreement, the Prospectus, the Web
    Order Site, the Electronic Interface User Agreement (the “Electronic Interface Agreement,” which must be separately
    entered into by the Authorized Participant) and the applicable Electronic Interface User Guide (or any successor documents).
    To the extent that any provision of this Agreement (including this Annex) is inconsistent with any provision of any Electronic
    Interface Agreement, the Electronic Interface Agreement shall control with respect to Distributor’s provision of the
    Web Order Site; provided, however, it is not the intention of the parties to otherwise modify the rights, duties and obligations
    of the parties under the Agreement, which shall remain in full force and effect until otherwise expressly modified or terminated
    in accordance with its terms. Notwithstanding  the forgoing, the  Authorized Participant acknowledges
    that references to the applicable Electronic Interface User Guide (or any successor documents) contained herein are for instructional
    purposes only, and such Electronic Interface User Guide (or any successor documents) does not contain any additional representations,
    warranties or obligations by the Fund, the Transfer Agent, the Marketing Agent or their respective agents.

    	19

    	 

    

	 	 
	                   
     	c.   Calling to Initiate the Order. In the event the Electronic
    Interface service is unavailable, an Authorized Person for the Authorized Participant may call the Marketing Agent’s
    telephone representative at the number listed on the Order Form prior to the Order Cut-Off Time to receive an Order Number,
    as described further below. The telephone call must be answered and concluded, and the Order must be complete, prior to the
    Order Cut-Off Time. Non-standard Orders generally must be arranged with the Fund in advance of Order placement. The Order
    Form (as may be revised from time to time) is incorporated into and made a part of this Agreement.
	 	 
	 	Upon
    verifying the authenticity of the caller (as determined by the use of the appropriate PIN Number) and the terms of the Order,
    the telephone representative will issue a unique order number (the “Order Number”) and record the terms of the
    Order in an electronic mail version of the Order Form. All Orders with respect to the purchase or redemption of Creation Units
    are required to be in writing (by email or, as provided below, by facsimile) and accompanied by the designated Order Number.
    During or following the call, the telephone representative will transmit the written Order Form to the Authorized Participant
    by electronic mail, indicating the approval of the Marketing Agent of the written Order Form.
	 	 
	 	To
    complete an Order, the Authorized Participant must respond to the telephone representative with its approval of the written
    Order Form by electronic mail prior to the Order Cut-Off Time. If the Authorized Participant detects an error or mistake in
    the written Order Form, it must return a corrected written Order Form to the telephone representative by electronic mail prior
    to the Order Cut-Off Time, indicating its approval of the corrected written Order Form. The telephone representative will
    review the corrected written Order Form and notify the Authorized Participant of the approval or rejection thereof by the
    Marketing Agent. The Order will be complete upon approval in writing by both the Authorized Participant and the Marketing
    Agent. If an Order is not complete prior to the Order Cut-Off Time, the Order will be invalid and will not be processed.
	 	 
	 	If
    the Authorized Participant is unable to send or receive electronic mail, it must inform the telephone representative when
    submitting the terms of its Order or as soon as such inability arises. Communication by facsimile may then be substituted
    for electronic mail in the steps described above, provided that each transmission is clearly marked with the time of transmission.

    	20

    	 

    

	 	 
	 	INCOMING
    TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, DO NOT HANG UP AND REDIAL. CALLS
    MUST BE CONCLUDED PRIOR TO THE ORDER CUT-OFF TIME. CALLS THAT ARE IN PROGRESS OR ARE UNANSWERED IN THE QUEUE AT OR
    AFTER THE ORDER CUT-OFF TIME WILL BE VERBALLY DENIED. INCOMING CALLS THAT ARE RECEIVED
    AFTER THE ORDER CUT-OFF TIME WILL NOT BE ANSWERED BY THE TELEPHONE REPRESENTATIVE. ALL TELEPHONE CALLS WILL BE RECORDED BY
    THE TELEPHONE REPRESENTATIVE.
	 	 
	 	NOTE
    THAT THE TELEPHONE CALL IN WHICH THE ORDER NUMBER IS ISSUED INITIATES THE ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE
    ORDER. AN ORDER IS ONLY COMPLETED AND PROCESSED UPON WRITTEN APPROVAL BY BOTH THE AUTHORIZED PARTICIPANT AND THE MARKETING
    AGENT.
	 	 
	            
     	d.   Settlement.
	 	 
	                  
 	 (i)	 CNS Clearing Process. In general, the cash and or treasuries
(collectively “cash”) as allowable pursuant to the Fund’s registration statement making up a Creation Unit must
be delivered through the NSCC to a DTC account maintained at the Fund’s custodian on or before the Contractual Settlement
Date (defined below). The “Contractual Settlement Date” is the earlier of: (i) the date upon which the Cash is delivered
to the Fund; and (ii) trade date plus three (T +3) business days.  Creation Units will be issued through the NSCC in
accordance with the terms and conditions of the NSCC systems from time to time adopted and communicated to NSCC participants.
	 	 
	 	 	Any settlement outside the CNS Clearing Process may be subject to additional
requirements and fees as discussed in the Prospectus.
	 	 	 
	               
 	(ii) 	Outside the CNS Clearing Process.
	 	 
		(a)	 	In general, the Cash making up a Creation Unit must be delivered to an
account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below).  The
“International Contractual Settlement Date” will be the earlier of: (i) the date upon which the Cash is delivered
to the Fund; and (ii) the trade date plus three (T +3) business days.
	 	 
	 	 	 	Except as provided in the next two paragraphs, a Creation Unit will not
be issued outside of the CNS Clearing Process until the transfer of good title to the Fund of the Cash and applicable fees have
been completed. When the Subcustodian confirms to the Fund’s Custodian that the Cash has been delivered to the account of
the relevant Subcustodian, the Custodian shall cause the delivery of the Creation Unit.

    	21

    	 

    

	 	 	 
	              
 	(b)	 	Cash redeems shall be settled outside the CNS process.
	 	 	 
	2. 	Further
Information Regarding the Placement of Orders by the Internet.
	 	 
	.                   
 	a.   Certain Acknowledgements. The Authorized Participant
    acknowledges and agrees (i) that the Fund, the General Partner, the Marketing Agent and their respective agents will review
    any Order placed through the Web Order Site manually before it is executed and that such manual review may result in a delay
    in execution of such Order; (ii) that during periods of heavy market activity or other times, it may be difficult to place
    Orders via the Web Order Site and the Authorized Participant may place Orders as otherwise set forth in Exhibit B; and (iii)
    that any transaction information, content, or data downloaded or otherwise obtained through the use of the Web Order Site
    are done at the Authorized Participant’s own discretion and risk.
	 	 
	 	EXCEPT
    AS OTHERWISE SPECIFICALLY PROVIDED IN THE ELECTRONIC INTERFACE AGREEMENT AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE
    AUTHORIZED PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE WEB ORDER SITE IS PROVIDED “AS IS,” “AS AVAILABLE”
    WITH ALL FAULTS AND WITHOUT ANY WARRANTY OF ANY KIND. SPECIFICALLY, WITHOUT LIMITING THE FOREGOING, ALL WARRANTIES, CONDITIONS,
    OTHER CONTRACTUAL TERMS, REPRESENTATIONS, INDEMNITIES AND GUARANTEES WITH RESPECT TO THE WEB ORDER SITE, WHETHER EXPRESS,
    IMPLIED OR STATUTORY, ARISING BY LAW, CUSTOM, PRIOR ORAL OR WRITTEN STATEMENTS BY THE FUND, THE GENERAL PARTNER, THE MARKETING
    AGENT OR THEIR RESPECTIVE AGENTS, AFFILIATES, LICENSORS OR OTHERWISE (INCLUDING, BUT NOT LIMITED TO AS TO TITLE, SATISFACTORY
    QUALITY, ACCURACY, COMPLETENESS, UNINTERRUPTED USE, NON-INFRINGEMENT, TIMELINESS, TRUTHFULNESS, SEQUENCE, COMPLETENESS, MERCHANTABILITY
    OR FITNESS FOR PARTICULAR PURPOSE AND ANY IMPLIED WARRANTIES, CONDITIONS AND OTHER CONTRACTUAL TERMS ARISING FROM TRADE USAGE,
    COURSE OF DEALING OR COURSE OF PERFORMANCE) ARE HEREBY OVERRIDDEN, EXCLUDED AND DISCLAIMED.
	 	 
		b.       Election to Terminate Placing Orders by Internet. The
    Authorized Participant may elect at any time to discontinue placing Orders through the Web Order Site without providing notice
    under the Agreement.
	 	 
	3.                   
     	 Acknowledgment Regarding Telephone and Internet Transactions.
    During periods of heavy market activity or other times, the Authorized Participant acknowledges it may be difficult to
    reach the Fund by telephone or to transact business over the Internet via the Web Order Site. Technological irregularities
    may also make the use of the Internet and Web Order Site slow or unavailable at times. The Fund may terminate the receipt
    of redemption or exchange Orders by telephone or the Internet at any time, in which case the Authorized Participant may redeem
    or exchange Shares by communication through facsimile. All Orders must be complete, including written approval by the Authorized
    Participant and the Marketing Agent, prior to the Order Cut-Off Time.

    	22

    	 

    

EXHIBIT
B

United
States Short Oil Fund, LP

Purchase/Redemption Order Form

ALL ITEMS IN PART I MUST BE COMPLETED BY PARTICIPANT. THE MARKETING
AGENT, THE TRANSFER AGENT, AND/OR THE GENERAL PARTNER, IN THEIR DISCRETION, MAY REJECT ANY ORDER NOT SUBMITTED IN COMPLETE FORM
OR CONTAINING AMBIGUOUS INSTRUCTIONS. DEFINED TERMS SET FORTH BELOW SHALL HAVE THE MEANING AS SET FORTH IN THE PARTICIPANT AGREEMENT.

 

CONTACT
INFORMATION FOR ORDER EXECUTION:

Telephone:   1-844-ETF-ALPS     Fax:   303-824-3320

 

	CUT-OFF
                                         TIME FOR STANDARD ORDERS IS 12:00:00 ET (12:00 PM)

 

Part
I: To Be Completed by Authorized Participant

 

Order
Date:________ Time:_________(ET)      Trade Date:________       Settlement Date:__________

Firm
Name: ___________________________      Your Name: __________________________________

NSCC
Participant Number: _______________      DTC Participant Number: _______________________

Telephone
Number:______________________  Fax Number:_________________________________

 

	☐
    United States Short Oil Fund, LP (Ticker)       	 	~CREATION
    	~REDEMPTION
	 	 	 	 
	Settlement	Trade
    Type
	☐
    T+1	☐
    Block     Order
	☐
    T+2	☐
    No     Block Order
	☐
    T+3	 

 

The
Participant represents and warrants that it will not redeem a Creation Basket unless it, or the party for which it is acting,
as the case may be, first owns the requisite number of Shares to be redeemed as a Creation Basket.

 

THIS
TRANSACTION SHALL BE EFFECTED IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE GENERAL PARTNER’S CURRENT PROSPECTUS AND
THE PARTICIPANT AGREEMENT

 

	#
    of Creation Units (CU) Transacted:	Number:
    _______________
	(One
    CU = 50,000 Shares)	Number
    written out: ___________________

 

Order
Number: ________________ Authorized Participant’s Signature:________________________

 

Part
II: To Be Completed by Marketing Agent

This
Certifies that the above order has been:

☐     
 Accepted by the Marketing Agent 

☐     
 Declined-Reason _____________________________________________________________

 

Marketing
Agent’s Signature:_____________________________ Time:_________(ET) Date:___________

 

	PLEASE
                                         NOTE THAT YOU MAY PLACE ORDERS ON AVA Xchange-trade Platform Interface https://ava.alpsinc.com/ETFServices/OrderEntry.aspx

    	23

    	 

    

EXHIBIT
C

 

UNITED
STATES SHORT OIL FUND, LP

FORM
OF CERTIFIED AUTHORIZED PERSONS

OF
AUTHORIZED PARTICIPANT

 

The
following are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions
relating to any activity contemplated by the United States Short Oil Fund, LP Authorized Participant Agreement or any other notice,
request or instruction on behalf of the Authorized Participant pursuant to the aforementioned agreement.

 

Authorized
Participant: _______________________  DTC Number:________

 

	Name:		 
	Title:		 
	Signature:		 
	Email:		 
	Telephone:   		 
	 	 	 
	 	 	 
	Name:		 
	Title:		 
	Signature:		 
	Email:		 
	Telephone:		 
	 	 	 
	 	 	 
	Name:		 
	Title:		 
	Signature:		 
	Email:		 
	Telephone:		 

 

The
undersigned, ______________________ of [           ], does hereby certify
that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such
offices, that they have been duly authorized to act as Authorized Persons pursuant to the Authorized Participant Agreement and
that their signatures set forth above are their own true and genuine signatures.

 

	Signature:		

Name:

    	24

    	 

    

EXHIBIT
D

 

BBH
Pricing Policies

Futures,
Forwards, Swaps, Options and Treasuries

 

The pricing
policies stated below are used for all BBH clients, including Mutual Fund Registered Investment Companies. These policies have
been audited by numerous accounting firms during annual fund audits. 

 

Futures

Futures
traded on exchanges are valued using the closing settlement prices quoted on the relevant exchange and obtained from pricing sources,
typically Bloomberg or Reuters.

 

Forward
Currency Contracts

BBH
obtains the WM Reuters London Close closing spot rates and the WM Reuters London Close forward point rates on a daily basis. The
currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates
its present value. The forward is valued at the net of the present value and the spot rate.

 

Swaps

Swaps
and other similar derivative or contractual type instruments are valued at a price provided by a single broker or dealer, typically
the counterparty. If no such price is available, the contract is valued at a price at which the counterparty to such contract
would repurchase the instrument or terminate the contract.

 

Options

Option contracts
on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at the last sale price
on the exchange or market that is the Primary Market. If a contract did not trade on the Primary Market, it shall be valued at
the last sale price on another exchange or market where it did trade. If there is no such sale price, the value shall be the most
recent bid quotation.

 

Sale prices
and bid quotations indicated above shall be supplied by a Pricing Service (Reuters, Bloomberg, IDC, etc.). If a Pricing Service
is not able to provide such sale prices or bid quotations, the value shall be determined by taking the mean between the bid and
the asked quotations provided by a single broker or dealer, unless the broker or dealer can only provide a bid quotation, in which
case the value shall be such bid quotation.

 

Except as
provided below, OTC currency options are valued by uploading the applicable implied volatility rates from Reuters or Bloomberg.
Other inputs are either uploaded (interest rates, spots) or are specified when the ticker symbols are set up (expiration date,
strike). OTC currency options are then priced by using the Garman-Kohlhagen modified Black-Scholes formula, which adjusts for
a constant yield versus a fixed dividend.

 

Except as
provided below, OTC equity/index options are priced according to the contract specifications (days to expiration, current spot
index level, interest rates, dividends, strike price) using the Black-Scholes pricing model, modified for dividends. The volatility
input assumption is interpolated from the previous day’s price.

 

US Treasuries

BBH uses
an evaluated bid supplied by IDC for treasury prices.

    	

    	 

    

EXHIBIT
E

 

UNITED
STATES SHORT OIL FUND, LP

OFFICER’S
CERTIFICATE

 

The
undersigned, a duly authorized officer of United States Commodity Funds LLC, a Delaware limited liability company (the “General
Partner”), and pursuant to Section 13(d) of the United States Short Oil Fund, LP Authorized Participant Agreement (the “Agreement”),
dated as of [_____________] by and between the General Partner and [          ] (“the Authorized Participant”), hereby
certifies that:

 

1.     Each
of the following representations and warranties of the General Partner is true and correct in all material respects as of the
date hereof:

 

(a)            the
Prospectus does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; the Registration
Statement complies in all material respects with the requirements of the 1933 Act and the Prospectus complies in all material
respects with the requirements of the 1933 Act and any statutes, regulations, contracts or other documents that are required to
be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been
so described or filed; the conditions to the use of Form S-1 or S-3, if applicable, have been satisfied; the Registration Statement
does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading and the Prospectus does not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; provided, however, that the General Partner makes no warranty or representation with
respect to any statement contained in the Registration Statement or any Prospectus in reliance upon and in conformity with information
concerning the Authorized Participant and furnished in writing by or on behalf of the Authorized Participant to the General Partner
expressly for use in the Registration Statement or such Prospectus; and neither the General Partner nor any person known to the
General Partner acting on behalf of the Fund has distributed nor will distribute any offering material other than the Registration
Statement or the Prospectus;

 

(b)            the
Fund has been duly formed and is validly existing as an investment fund under the laws of the State of Delaware, as described
in the Registration Statement and the Prospectus, and as described in the Prospectus, the Marketing Agent is authorized to issue
and deliver the Baskets to the Authorized Participant;

 

(c)            the
General Partner 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;

    	2

    	 

    

(d)            the
General Partner is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such
qualification; and the Fund is not required to so qualify in any jurisdiction;

 

(e)            the
outstanding Shares have been duly and validly issued and are fully paid and non-assessable and free of statutory and contractual
preemptive rights, rights of first refusal and similar rights;

 

(f)            the
Shares conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus
and the holders of the Shares will not be subject to personal liability by reason of being such holders;

 

(g)            this
Agreement has been duly authorized, executed and delivered by the General Partner and constitutes the valid and binding obligations
of the General Partner, enforceable against the General Partner in accordance with its terms;

 

(h)            the
General Partner is not in breach or violation of or in default under (nor has any event occurred which with notice, lapse of time
or both would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person
acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness
under) its constitutive documents, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence
of indebtedness, or any license, lease, contract or other agreement or instrument to which the General Partner is a party or by
which any of them or any of their properties may be bound or affected, and the execution, delivery and performance of this Agreement,
the issuance and sale of Shares to the Authorized Participant hereunder and the consummation of the transactions contemplated
hereby does not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which
with notice, lapse of time or both would result in any breach or violation of or constitute a default under), respectively, the
amended and restated limited liability company agreement of the General Partner, or any indenture, mortgage, deed of trust, bank
loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to
which the General Partner is a party or by which, respectively, the General Partner or any of its properties may be bound or affected,
or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the General Partner
or the Fund;

 

(i)            no approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory
commission, board, body, authority or agency is required in connection with the issuance and sale of Creation Baskets to the Authorized
Participant hereunder or the consummation by the General Partner or the Fund of the transactions contemplated hereunder other
than registration of the Shares under the 1933 Act and the filing of the Prospectus with the National Futures Association, which
has been effected, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered or under the rules and regulations of NYSE Arca, Inc. (“NYSE Arca”);

    	3

    	 

    

(j)            except
as set forth in the Registration Statement and the Prospectus (i) no person has the right, contractual or otherwise, to cause
the Fund to issue or sell to it any Shares or other equity interests of the Fund, and (ii) no person has the right to act as an
underwriter or as a financial advisor to the Fund in connection with the offer and sale of the Shares, in the case of each of
the foregoing clauses (i), and (ii), whether as a result of the filing or effectiveness of the Registration Statement or the sale
of the Shares as contemplated thereby or otherwise; no person has the right, contractual or otherwise, to cause the General Partner
on behalf of the Fund or the Fund to register under the 1933 Act any other equity interests of the Fund, or to include any such
shares or interests in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness
of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise;

 

(k)            each
of the General Partner and the Fund has all 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 respective business; the General Partner is not in violation
of, or in default under, or has not received notice of any proceedings relating to revocation or modification of, any such license,
authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment
applicable to the General Partner;

 

(l)            all
legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases
or documents of a character required to be described in the Registration Statement or the Prospectus or to be filed as exhibits
to the Registration Statement have been so described or filed as required;

 

(m)            except
as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings
pending or threatened or contemplated to which the General Partner or the Fund, or any of the General Partner’s directors
or officers, is or would be a party or of which any of their respective properties are or would be subject at law or in equity,
before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency;

 

(n)            Spicer
Jeffries LLP, whose report on the audited financial statements of the Fund is filed with the SEC as part of the Registration Statement
and the Prospectus, are independent public accountants as required by the 1933 Act;

 

(o)            the
audited financial statement(s) included in the Prospectus, together with the related notes and schedules, presents fairly the
financial position of the Fund as of the date indicated and has been prepared in compliance with the requirements of the 1933
Act and in conformity with generally accepted accounting principles; there are no financial statements (historical or pro forma)
that are required to be included in the Registration Statement and the Prospectus that are not included as required; and the Fund
does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not
disclosed in the Registration Statement and the Prospectus;

    	4

    	 

    

(p)            subsequent
to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been
(i) any material adverse change, (ii) any transaction which is material to the General Partner or the Fund taken as a whole, (iii)
any obligation, direct or contingent (including any off-balance sheet obligations), incurred by the General Partner or the Fund,
which is material to the Fund, (iv) any change in the Shares purchased by the Authorized Participant or outstanding indebtedness
of the General Partner or the Fund or (v) any dividend or distribution of any kind declared, paid or made on such Shares;

 

(q)            the
Fund is not and, after giving effect to the offering and sale of the Shares, will not be an “investment company” or
an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company
Act;

 

(r)            except
as set forth in the Registration Statement and the Prospectus, the General Partner and the Fund own, or have obtained valid and
enforceable licenses for, or other rights to use, the inventions, patent applications, patents, trademarks (both registered and
unregistered), tradenames, copyrights, trade secrets and other proprietary information described in the Registration Statement
and the Prospectus as being owned or licensed by them or which are necessary for the conduct of their respective businesses, (collectively,
“Intellectual Property”);

 

(i) to the knowledge of the General Partner or the Fund, there are no third parties who have or will be able to establish rights to
any Intellectual Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the
General Partner or the Fund;

 

(ii) to the knowledge of the General Partner or the Fund, there is no infringement by third parties of any Intellectual Property;

 

(iii) there is no pending or, to the knowledge of the General Partner or the Fund, threatened action, suit, proceeding or claim by others
challenging the General Partner or the Fund’s rights in or to any Intellectual Property, and the General Partner and the
Fund are unaware of any facts which could form a reasonable basis for any such claim;

 

(iv) there is no pending or, to the knowledge of the General Partner or the Fund, threatened action, suit, proceeding or claim by others
challenging the validity or scope of any Intellectual Property as to which the General Partner and the Fund have no knowledge
of any such pending or threatened claims, and the General Partner and the Fund are unaware of any facts which could form a reasonable
basis for any such claim;

 

(v) there is no pending or, to the knowledge of the General Partner or the Fund, threatened action, suit, proceeding or claim by others
that the General Partner or the Fund infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary
rights of others, and the General Partner and the Fund are unaware of any facts which could form a reasonable basis for any such
claim; and

 

(vi) to the knowledge of the General Partner or the Fund, there is no patent or patent application that contains claims that interfere
with the issued or pending claims of any of the Intellectual Property; and

    	5

    	 

    

(s)            all
tax returns required to be filed by the General Partner have been filed, and all taxes and other assessments of a similar nature
(whether imposed directly or through withholding) including any interest, additions to tax or penalties applicable thereto due
or claimed to be due from such entities have been paid; and no tax returns or tax payments are due with respect to the Fund as
of the date of this Agreement;

 

(t)            the
General Partner has not sent or received any communication regarding termination of, or intent not to renew, any of the contracts
or agreements referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal
has been threatened by the General Partner or any other party to any such contract or agreement;

 

(u)            on
behalf of the Fund, the General Partner has established and maintains disclosure controls and procedures (as such term is defined
in Rule 13a-14 and 15d-14 under the Exchange Act, giving effect to the rules and regulations, and SEC staff interpretations (whether
or not public), thereunder)); such disclosure controls and procedures are designed to ensure that material information relating
to the Fund, is made known to the General Partner, and such disclosure controls and procedures are effective to perform the functions
for which they were established; on behalf of the Fund, the General Partner has been advised of: (i) any significant deficiencies
in the design or operation of internal controls which could adversely affect the Fund’s ability to record, process, summarize,
and report financial data; and (ii) any fraud, whether or not material, that involves management or other employees who have a
role in the Fund’s internal controls; any material weaknesses in internal controls have been identified for the Fund’s
auditors;

 

(w)            any
statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources
that the General Partner believes to be reliable and accurate, and the General Partner has obtained the written consent to the
use of such data from such sources to the extent required; and

 

(x)            neither
the General Partner, nor any of the General Partner’s directors, members, officers, affiliates or controlling persons has
taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause or result
in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security or asset of the Fund to
facilitate the sale or resale of the Shares.

 

For
purposes hereof, the term “Registration Statement” shall mean the Registration Statement as amended or supplemented
from time to time to the date hereof, the term “Preliminary Prospectus” shall mean the preliminary prospectus dated
______________, relating to the Shares and any other prospectus dated prior to effectiveness of the Registration Statement relating
to the Shares, and the term “Prospectus” shall mean the Prospectus as amended or supplemented from time to time to
the date hereof.

 

2.            Each
of the obligations of the General Partner to be performed by it on or before the date hereof pursuant to the terms of the Agreement,
and each of the provisions thereof to be complied with by the General Partner on or before the date hereof, has been duly performed
and complied with in all material respects. Capitalized terms used, but not defined herein shall have the meanings assigned to
such terms in the Agreement.

    	6

    	 

    

IN
WITNESS WHEREOF, I have hereunto, on behalf of the General Partner, subscribed my name this ____ day of _____________________.

   

	 	By:		 
	 	Name:
	 	Title:

 

I,
[___________________], in my capacity as Secretary, hereby certify that [________________] is the duly elected President of the
General Partner, and that the signature set forth immediately above is his genuine signature.

 

IN
WITNESS WHEREOF, I have hereunto set my hand as of the date first set forth above.

 

	 	By:		 
	 	Name:
	 	Title:Secretary

    	7

    	 

    

EXHIBIT
F

 

ORDER
ENTRY SYSTEM TERMS AND CONDITIONS

 

This
Exhibit shall govern use by Authorized Participant of the electronic order entry system for placing Orders for Creation Baskets
(the “System”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms
in the Authorized Participant Agreement (the “AP Agreement”). In the event of any conflict between the terms of this
Exhibit F and the main body of the AP Agreement with respect to the placing of Orders, the terms of this Exhibit F shall control.

 

1.          (a)
Authorized Participant shall provide to the Marketing Agent a duly executed authorization letter, in a form satisfactory to Marketing
Agent, identifying those Authorized Persons who will access the System. Authorized Participant shall notify the Marketing Agent
in writing in the event that any person’s status as an Authorized Person is revoked or terminated as soon as possible, in
order to give the Marketing Agent a reasonable opportunity to terminate such Authorized Person’s access to the System.

(b)
It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for
the purpose of the AP Agreement. Upon termination of the AP Agreement, the Authorized Participant’s and each Authorized
Person’s access rights with respect to System shall be immediately revoked.

2.          Marketing
Agent grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the purpose
of transmitting Orders and otherwise communicating with Marketing Agent in connection with the same. Authorized Participant shall
use the System solely for its own internal and proper business purposes. Except as set forth herein, no license or right of any
kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that Marketing Agent
and its suppliers retain and have title and exclusive proprietary rights to the System. Authorized Participant further acknowledges
that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by Marketing Agent
or its suppliers. Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing
acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or
any portion thereof to any other person or entity without Marketing Agent’s prior written consent. Authorized Participant
may not remove any statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any
such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon
Marketing Agent’s request.

    	8

    	 

    

3.          (a)
Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively,
the “Material”), which is delivered or made available to Authorized Participant regarding the System is the exclusive
and confidential property of Marketing Agent. Authorized Participant shall keep the Material confidential by using the same care
and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event
less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably necessary for Authorized
Participant to use the System and shall reproduce Marketing Agent’s proprietary markings on any such copy. The foregoing
shall not in any way be deemed to affect the copyright status of any of the Material which may be copyrighted and shall apply
to all Material whether or not copyrighted. MARKETING AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING
THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE.

             (b)
Upon termination of the Agreement for any reason, Authorized Participant shall return to Marketing Agent all copies of the Material
which is in Authorized Participant’s possession or under its control.

4.          Authorized
Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords
and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of Marketing
Agent. Marketing Agent shall be entitled to rely on the information received by it from the Authorized Participant and Marketing
Agent may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was
actually transmitted.

5.          Marketing
Agent shall have no liability in connection with the use of the System, the access granted to the Authorized Participant and its
Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder,
except for damages incurred by the Authorized Participant as a direct result of Marketing Agent’s gross negligence or willful
misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL MARKETING AGENT OR ANY
MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL
DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT,
OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED
BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF MARKETING AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES, NOR SHALL MARKETING AGENT OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER
BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR
DISSIMILAR CAUSE BEYOND SUCH PERSON’S REASONABLE CONTROL.

6.          Marketing
Agent reserves the right to revoke Authorized Participant’s access to the System immediately and without notice upon any
breach by the Authorized Participant of the terms and conditions of this Exhibit F.

7.          Marketing
Agent shall acknowledge through the System its receipt of each Order communicated through the System, and in the absence of such
acknowledgment Marketing Agent shall not be liable for any failure to act in accordance with such orders and Authorized Participant
may not claim that such Order was received by Marketing Agent. Marketing Agent may in its discretion decline to act upon any instructions
or communications that are insufficient or incomplete or are not received by Marketing Agent in sufficient time for Marketing
Agent to act upon, or in accordance with such instructions or communications.

8.          Authorized
Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file which contains
any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or
attempt to interfere with the proper working of the Systems.

9.          Authorized
Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all
data. Authorized Participant agrees that Marketing Agent may deactivate any encryption features at any time, without notice or
liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

    	9Exhibit 4.5

DIANA CONTAINERSHIPS INC.

 2015 EQUITY INCENTIVE PLAN

ARTICLE I.

 General

	1.1.	Purpose

The Diana Containerships Inc. 2015 Equity Incentive Plan (the "Plan") is designed to provide certain Key Persons (as defined below), whose initiative and efforts are deemed to be important to the successful conduct of the business of Diana Containerships Inc. (the "Company"), with incentives to (a) enter into and remain in the service of the Company or its Subsidiaries or Affiliates (as such terms are defined below), (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company.

	1.2.	Administration

(a)            Administration.  The Plan shall be administered by the Compensation Committee (the "Compensation Committee") of the Company's Board of Directors (the "Board"), or such other committee of the Board as may be designated by the Board to administer the Plan (the Compensation Committee or such other committee, as applicable, the "Administrator"); provided that (i) in the event the Company is subject to Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the "1934 Act"), the Administrator shall be composed of two or more directors, each of whom is a "Non‐Employee Director" (a "Non‐Employee Director") under Rule 16b-3 (as promulgated and interpreted by the Securities and Exchange Commission (the "SEC") under the 1934 Act, or any successor rule or regulation thereto as in effect from time to time ("Rule 16b-3")), and (ii) the Administrator shall be composed solely of two or more directors who are "independent directors" under the rules of any stock exchange on which the Company's Common Stock (as defined below) is traded; provided further, however, that, (A) the requirement in the preceding clause (i) shall apply only when required to exempt an Award (as defined below) intended to qualify for an exemption under the applicable provisions referenced therein, (B) the requirement in the preceding clause (ii) shall apply only when required pursuant to the applicable rules of the applicable stock exchange and (C) if at any time the Administrator is not so composed as required by the preceding provisions of this sentence, that fact will not invalidate any grant made, or action taken, by the Administrator hereunder that otherwise satisfies the terms of the Plan.  Subject to the terms of the Plan, applicable law and the applicable rules and regulations of any stock exchange on which the Common Stock is listed for trading, and in addition to other express powers and authorizations conferred on the Administrator by the Plan, the Administrator shall have the full power and authority to: (1) designate the Key Persons to receive Awards under the Plan; (2) determine the types of Awards granted to a participant under the Plan; (3) determine the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards; (4) determine the terms and conditions of any Awards; (5) determine whether, and to what extent, and under what circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards or other property, or cancelled, forfeited or suspended, and the methods by which Awards may be settled, exercised, cancelled, forfeited or suspended; (6) determine whether, to what extent, and under what circumstances cash, shares, other securities, other Awards, other property and other amounts payable with respect to an Award shall be deferred, either automatically or at the election of the holder thereof or the Administrator; (7) construe, interpret and implement the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules and regulations relating to the Plan, including rules governing its operation, and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (9) correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award Agreement; and (10) make any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan.  Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall be final, conclusive and binding upon all Persons (as defined below).

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(b)            General Right of Delegation.  Except to the extent prohibited by applicable law, the applicable rules of a stock exchange or any charter, by-laws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities to any Person or Persons selected by it; provided, however, that in no event shall an officer of the Company be delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (i) individuals who are subject to Section 16 of the 1934 Act, to the extent applicable, or (ii) officers of the Company to whom authority to grant or amend Awards has been delegated hereunder or directors of the Company; provided, further, that any delegation of administrative authority shall only be permitted to the extent it is permissible under applicable securities laws (including, without limitation, Rule 16b-3, to the extent applicable) and the rules of any applicable stock exchange.  Any delegation hereunder shall be subject to the restrictions and limits that the Administrator specifies at the time of such delegation, and the Administrator may at any time rescind the authority so delegated or appoint a new delegatee.  At all times, the delegatee appointed under this Section 1.2(b) shall serve in such capacity at the pleasure of the Administrator.

(c)            Indemnification.  No member of the Board, the Administrator or any officer or employee of the Company or any Subsidiary or Affiliate or any of their agents (each such Person, a "Covered Person") shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder.  Each Covered Person shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability or expense (including attorneys' fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person, with the Company's approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company's choice.  The foregoing right of indemnification shall not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person's bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company's Articles of Incorporation or Bylaws (in each case, as amended and/or restated).  The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company's Articles of Incorporation or Bylaws (in each case, as amended and/or restated), as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Persons or hold them harmless.

(d)            Delegation of Authority to Senior Officers.  The Administrator may, in accordance with and subject to the terms of Section 1.2(b), delegate, on such terms and conditions as it determines, to one or more senior officers of the Company the authority to make grants of Awards to Key Persons who are employees of the Company and its Subsidiaries (as defined below) (including any such prospective employee) or consultants or service providers to (including Persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its Subsidiaries.

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(e)            Awards to Non-Employee Directors.  Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards.  In any such case, the Board shall have all the authority and responsibility granted to the Administrator herein with respect to such Awards.

	1.3.	Persons Eligible for Awards

The Persons eligible to receive Awards under the Plan are those directors, officers and employees (including any prospective officer or employee) of the Company and its Subsidiaries and Affiliates and consultants and service providers to (including Persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its Subsidiaries and Affiliates (collectively, "Key Persons") as the Administrator shall select.

	1.4.	Types of Awards

Awards may be made under the Plan in the form of (a) non-qualified stock options (i.e., stock options that are not "incentive stock options" for purposes of Sections 421 and 422 of the Code (as defined below)), (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) unrestricted stock, (f) other equity-based or equity-related awards and (g) dividend equivalents, all as more fully set forth in the Plan.  The term "Award" means any of the foregoing that are granted under the Plan.

	1.5.	Shares Available for Awards; Adjustments for Changes in Capitalization

(a)            Maximum Number.  Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of common stock of the Company, par value $0.01 ("Common Stock"), with respect to which Awards may at any time be granted under the Plan shall be 5,000,000.  The following shares of Common Stock shall again become available for Awards under the Plan: (i) any shares that are subject to an Award under the Plan and that remain unissued upon the cancellation or termination of such Award for any reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; provided that any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited; and (iii) any shares in respect of which an Award is settled for cash without the delivery of shares to the grantee.  Any shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any Award shall again become available to be delivered pursuant to Awards under the Plan.

(b)            Source of Shares.  Shares issued pursuant to the Plan may be authorized but unissued Common Stock or treasury shares.  The Administrator may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to such shares.

(c)            Adjustments.  (i)  In the event that any dividend or other distribution (whether in the form of cash, Company shares, other securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase or exchange of Company shares or other securities of the Company, issuance of warrants or other rights to purchase Company shares or other securities of the Company, or other similar corporate transaction or event, other than an Equity Restructuring (as defined below), affects the Company shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, then the Administrator shall, in such manner as it may deem equitable, adjust any or all of the number of shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted under the Plan.

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(ii)            The Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control (as defined below), other than an Equity Restructuring) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles or law, whenever the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, including providing for (A) adjustment to (1) the number of shares or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect to any Award and (B) a substitution or assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or accelerating the termination of Awards by providing for a period of time for exercise prior to the occurrence of such event, or, if deemed appropriate or desirable, providing for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award (it being understood that, in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in excess of, the Fair Market Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor); provided, however, that with respect to options and stock appreciation rights, unless otherwise determined by the Administrator, such adjustment shall be made in accordance with the provisions of Section 424(h) of the Code.

(iii)            In the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company's assets or (C) a merger, reorganization or consolidation involving the Company or one of its Subsidiaries, the Administrator shall have the power to:

(1)  provide that outstanding options, stock appreciation rights, restricted stock units (including any related dividend equivalent right) and/or other Awards granted under the Plan shall either continue in effect, be assumed or an equivalent award shall be substituted therefor by the successor entity or a parent entity or subsidiary entity;

(2)  cancel, effective immediately prior to the occurrence of such event, options, stock appreciation rights, restricted stock units (including each dividend equivalent right related thereto) and/or other Awards granted under the Plan outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Administrator) of the shares subject to such Award (or the value of such Award, as determined by the Administrator, if not based on the Fair Market Value of shares) over the aggregate Exercise Price of such Award (or the grant price of such Award, if any, if applicable) (it being understood that, in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor); or

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(3)  notify the holder of an option or stock appreciation right in writing or electronically that each option and stock appreciation right shall be fully vested and exercisable for a period of 30 days from the date of such notice, or such shorter period as the Administrator may determine to be reasonable, and the option or stock appreciation right shall terminate upon the expiration of such period (which period shall expire no later than immediately prior to the consummation of the corporate transaction).

(iv)            In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 1.5(c):

(A)            The number and type of securities or other property subject to each outstanding Award and the Exercise Price or grant price thereof, if applicable, shall be equitably adjusted; and

(B)            The Administrator shall make such equitable adjustments, if any, as the Administrator may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustment of the limitation set forth in Section 1.5(a)).  The adjustments provided under this Section 1.5(c)(iv) shall be nondiscretionary and shall be final and binding on the affected participant and the Company.

	1.6.	Definitions of Certain Terms

(a)            "Affiliate" shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Administrator.

(b)            Unless otherwise specifically set forth in the applicable Award Agreement, in connection with a termination of employment or consultancy/service relationship or a dismissal from Board membership, for purposes of the Plan, the term "for Cause" shall be defined as follows:

(i)            if there is an employment, severance, consulting, service, change in control or other agreement governing the relationship between the grantee, on the one hand, and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of "cause" (or similar phrase), for purposes of the Plan, the term "for Cause" shall mean those acts or omissions that would constitute "cause" under such agreement; or

(ii)            if the preceding clause (i) is not applicable to the grantee, for purposes of the Plan, the term "for Cause" shall mean any of the following:

(A)            any failure by the grantee substantially to perform the grantee's employment or consulting/service or Board membership duties;

(B)            any excessive unauthorized absenteeism by the grantee;

(C)            any refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee reports;

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(D)            any act or omission by the grantee that is or may be injurious to the Company or any Subsidiary or Affiliate, whether monetarily, reputationally or otherwise;

(E)            any act by the grantee that is inconsistent with the best interests of the Company or any Subsidiary or Affiliate;

(F)            the grantee's gross negligence that is injurious to the Company or any Subsidiary or Affiliate, whether monetarily, reputationally or otherwise;

(G)            the grantee's material violation of any of the policies of the Company or any Subsidiary or Affiliate, as applicable, including, without limitation, those policies relating to discrimination or sexual harassment;

(H)            the grantee's material breach of his or her employment or service contract with the Company or any Subsidiary or Affiliate;

(I)            the grantee's unauthorized (1) removal from the premises of the Company or any Subsidiary or Affiliate of any document (in any medium or form) relating to the Company or any Subsidiary or Affiliate or the customers or clients of the Company or any Subsidiary or Affiliate or (2) disclosure to any Person of any of the Company's, or any Subsidiary's or Affiliate's, confidential or proprietary information;

(J)            the grantee's being convicted of, or entering a plea of guilty or nolo contendere to, any crime that constitutes a felony or involves moral turpitude; and

(K)            the grantee's commission of any act involving dishonesty or fraud.

Any rights the Company or any Subsidiary or Affiliate may have under the Plan in respect of the events giving rise to a termination or dismissal "for Cause" shall be in addition to any other rights the Company or any Subsidiary or Affiliate may have under any other agreement with a grantee or at law or in equity.  Any determination of whether a grantee's employment or consultancy/service relationship is (or is deemed to have been) terminated "for Cause" shall be made by the Administrator.  If, subsequent to a grantee's voluntary termination of employment or consultancy/service relationship or involuntary termination of employment or consultancy/service relationship without Cause, it is discovered that the grantee's employment or consultancy/service relationship could have been terminated "for Cause", the Administrator may deem such grantee's employment or consultancy/service relationship to have been terminated "for Cause" upon such discovery and determination by the Administrator.

(c)            "Code" shall mean the Internal Revenue Code of 1986, as amended.

(d)            Unless otherwise specifically set forth in the applicable Award Agreement, "Disability" shall mean the grantee's being unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or the grantee's, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the grantee's employer.  The existence of a Disability shall be determined by the Administrator.

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(e)            "Equity Restructuring" shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per share value of the shares underlying outstanding Awards.

(f)            "Exercise Price" shall mean (i) in the case of options, the price specified in the applicable Award Agreement as the price-per-share at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price specified in the applicable Award Agreement as the reference price-per-share used to calculate the amount payable to the grantee.

(g)            The "Fair Market Value" of a share of Common Stock on any day shall be the closing price on the Nasdaq Stock Exchange, or such other primary stock exchange upon which such shares are then listed, as reported for such day in The Wall Street Journal (or, if not reported in The Wall Street Journal, such other reliable source as the Administrator may determine), or, if no such price is reported for such day, the average of the high bid and low asked price of Common Stock as reported for such day.  If no quotation is made for the applicable day, the Fair Market Value of a share of Common Stock on such day shall be determined in the manner set forth in the preceding sentence for the next preceding trading day.  Notwithstanding the foregoing, if there is no reported closing price or high bid/low asked price that satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the Administrator, the Fair Market Value of a share of Common Stock on any day shall be determined by such methods and procedures as shall be established from time to time by the Administrator.  The "Fair Market Value" of any property other than Common Stock shall be the fair market value of such property determined by such methods and procedures as shall be established from time to time by the Administrator.

(h)            "Person" shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated association, joint venture, joint stock company, governmental body or other entity of any kind.

(i)            "Repricing" shall mean (i) lowering the Exercise Price of an option or a stock appreciation right after it has been granted, (ii) the cancellation of an option or a stock appreciation right in exchange for cash or another Award when the Exercise Price exceeds the Fair Market Value of the underlying shares subject to the Award and (iii) any other action with respect to an option or a stock appreciation right that is treated as a repricing under (A) generally accepted accounting principles or (B) any applicable stock exchange rules.

(j)            "Subsidiary" shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.

ARTICLE II.

 Awards Under The Plan

	2.1.	Agreements Evidencing Awards

Each Award granted under the Plan shall be evidenced by a written certificate ("Award Agreement"), which shall contain such provisions as the Administrator may deem necessary or desirable and which may, but need not, require execution or acknowledgment by a grantee.  The Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement.

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	2.2.	Grant of Stock Options and Stock Appreciation Rights

(a)            Stock Option Grants.  The Administrator may grant non-qualified stock options ("options") to purchase shares of Common Stock from the Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.  No option will be treated as an "incentive stock option" for purposes of the Code.  It shall be the intent of the Administrator to not grant an Award in the form of stock options to any Key Person who is then subject to the requirements of Section 409A of the Code with respect to such Award if the Common Stock underlying such Award does not then qualify as "service recipient stock" for purposes of Section 409A.  Furthermore, it shall be the intent of the Administrator, in granting options to Key Persons who are subject to Section 409A and/or Section 457A of the Code, to structure such options so as to comply with the requirements of Section 409A and/or Section 457A of the Code, as applicable.

(b)            Stock Appreciation Right Grants; Types of Stock Appreciation Rights.  The Administrator may grant stock appreciation rights to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.  The terms of a stock appreciation right may provide that it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not be otherwise exercisable.  Stock appreciation rights may be granted in connection with all or any part of, or independently of, any option granted under the Plan.  It shall be the intent of the Administrator to not grant an Award in the form of stock appreciation rights to any Key Person (i) who is then subject to the requirements of Section 409A of the Code with respect to such Award if the Common Stock underlying such Award does not then qualify as "service recipient stock" for purposes of Section 409A or (ii) if such Award would create adverse tax consequences for such Key Person under Section 457A of the Code.  Furthermore, it shall be the intent of the Administrator, in granting stock appreciation rights to Key Persons who are subject to Section 409A and/or Section 457A of the Code, to structure such stock appreciation rights so as to comply with the requirements of Section 409A and/or Section 457A of the Code, to the extent applicable.

(c)            Nature of Stock Appreciation Rights.  The grantee of a stock appreciation right shall have the right, subject to the terms of the Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of the stock appreciation right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is exercised.  Each Award Agreement with respect to a stock appreciation right shall set forth the Exercise Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of (A) the Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock.  Payment upon exercise of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall determine.  Repricing of stock appreciation rights granted under the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee under Section 409A or Section 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be obtained by the Company pursuant to the applicable rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of a stock appreciation right shall be deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.  Upon the exercise of a stock appreciation right granted in connection with an option, the number of shares subject to the option shall be reduced by the number of shares with respect to which the stock appreciation right is exercised.  Upon the exercise of an option in connection with which a stock appreciation right has been granted, the number of shares subject to the stock appreciation right shall be reduced by the number of shares with respect to which the option is exercised.

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(d)            Option Exercise Price.  Each Award Agreement with respect to an option shall set forth the Exercise Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of (i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common Stock.  Repricing of options granted under the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee under Section 409A or Section 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be obtained by the Company pursuant to the applicable rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of an option shall be deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.

	2.3.	Exercise of Options and Stock Appreciation Rights

Subject to the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be exercisable as follows:

(a)            Timing and Extent of Exercise.  Options and stock appreciation rights shall be exercisable at such times and under such conditions as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such Award be exercisable subsequent to the tenth anniversary of the date on which such Award was granted.  Unless the applicable Award Agreement otherwise specifically provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares as to which such Award is then exercisable.

(b)            Notice of Exercise.  An option or stock appreciation right shall be exercised by the filing of a written notice with the Company or the Company's designated exchange agent (the "Exchange Agent"), on such form and in such manner as the Administrator shall prescribe.

(c)            Payment of Exercise Price.  Any written notice of exercise of an option shall be accompanied by payment for the shares being purchased.  Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the Administrator, which consent shall be given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value (determined as of the exercise date) equal to all or part of the option Exercise Price and a certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the sole discretion of the Administrator and to the extent permitted by law, by such other provision, consistent with the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange Agent), or by any combination of the foregoing payment methods.

(d)            Delivery of Certificates Upon Exercise.  Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving payment of the full option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines payment will be made partly or entirely in shares, the Company or its Exchange Agent shall (i) deliver to the grantee, or to such other Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award has been exercised or, in the case of stock appreciation rights, for which the Administrator determines will be made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form.  If the method of payment employed upon an option exercise so requires, and if applicable law permits, an optionee may direct the Company or its Exchange Agent, as the case may be, to deliver the stock certificate(s) to the optionee's stockbroker.

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(e)            No Stockholder Rights.  No grantee of an option or stock appreciation right (or other Person having the right to exercise such Award) shall have any of the rights of a stockholder of the Company with respect to shares subject to such Award until the issuance of a stock certificate to such Person for such shares or an account in the name of the grantee evidences ownership of stock in uncertificated form.  Except as otherwise provided in Section 1.5(c), no adjustment shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate is issued or the date an account evidencing ownership of the stock in uncertificated form notes receipt of such stock.

	2.4.	Termination of Employment/Service; Death Subsequent to a Termination of Employment/Service

(a)            General Rule.  Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this Section 2.4 or Section 3.5(b)(iii), a grantee who incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates may exercise any outstanding option or stock appreciation right on the following terms and conditions: (i) exercise may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service relationship, as applicable; and (ii) exercise must occur within three months after termination of employment or consultancy/service relationship but in no event after the original expiration date of the Award; it being understood that then outstanding options and stock appreciation rights shall not be affected by a change of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director, officer or employee of, or a consultant or service provider to (or a Person employed by or providing services to any entity that that is itself a consultant or service provider to), the Company or any Subsidiary or Affiliate.

(b)            Dismissal "for Cause".  If a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates "for Cause", all options and stock appreciation rights not theretofore exercised shall immediately terminate upon such termination of employment or consultancy/service relationship.

(c)            Retirement.  If a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates as the result of his or her retirement (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such retirement, remain exercisable for a period of three years after such retirement; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.  For this purpose, unless otherwise specifically set forth in the applicable Award Agreement, "retirement" shall mean a grantee's resignation of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates, with the Company's or its applicable Subsidiary's or Affiliate's prior consent, on or after (i) his or her 65th birthday, (ii) the date on which he or she has attained age 60 and completed at least five years of service with the Company or one or more of its Subsidiaries or Affiliates (using any method of calculation the Administrator deems appropriate) or (iii) if approved by the Administrator, on or after his or her having completed at least 20 years of service with the Company or one or more of its Subsidiaries or Affiliates (using any method of calculation the Administrator deems appropriate).

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(d)            Disability.  If a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates by reason of a Disability, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such termination, remain exercisable for a period of one year after such termination; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.

		(e)	Death.

(i)            Termination of Employment/Service as a Result of Grantee's Death.  If a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates as the result of his or her death, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such death, remain exercisable for a period of one year after such death; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.

(ii)                Restrictions on Exercise Following Death.  Any such exercise of an Award following a grantee's death shall be made only by the grantee's executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless the grantee's will specifically disposes of such Award, in which case such exercise shall be made only by the recipient of such specific disposition.  If a grantee's personal representative or the recipient of a specific disposition under the grantee's will shall be entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient shall be bound by all the terms and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee.

(f)            Administrator Discretion.  The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.4.

	2.5.	Transferability of Options and Stock Appreciation Rights

Except as otherwise specifically provided in this Plan or the applicable Award Agreement evidencing an option or stock appreciation right, during the lifetime of a grantee, each such Award granted to a grantee shall be exercisable only by the grantee, and no such Award may be sold, assigned, transferred, pledged or otherwise encumbered or disposed of other than by will or by the laws of descent and distribution.  The Administrator may, in any applicable Award Agreement evidencing an option or stock appreciation right, permit a grantee to transfer all or some of the options or stock appreciation rights to (a) the grantee's spouse, children or grandchildren ("Immediate Family Members"), (b) a trust or trusts for the exclusive benefit of such Immediate Family Members or (c) other parties approved by the Administrator.  Following any such transfer, any transferred options and stock appreciation rights shall continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer.

	2.6.	Grant of Restricted Stock

(a)            Restricted Stock Grants.  The Administrator may grant restricted shares of Common Stock to such Key Persons, in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine, subject to the provisions of the Plan.  A grantee of a restricted stock Award shall have no rights with respect to such Award unless such grantee accepts the Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement in such form as the Administrator shall determine.

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(b)            Issuance of Stock Certificate.  Promptly after a grantee accepts a restricted stock Award in accordance with Section 2.6(a), subject to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates for the shares of Common Stock covered by the Award or shall establish an account evidencing ownership of the stock in uncertificated form.  Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a stockholder with respect to the restricted stock, subject to: (i) the nontransferability restrictions and forfeiture provisions described in the Plan (including paragraphs (d) and (e) of this Section 2.6); (ii) in the Administrator's sole discretion, a requirement, as set forth in the Award Agreement, that any dividends paid on such shares shall be held in escrow and, unless otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed; and (iii) any other restrictions and conditions contained in the applicable Award Agreement.

(c)            Custody of Stock Certificate.  Unless the Administrator shall otherwise determine, any stock certificates issued evidencing shares of restricted stock shall remain in the possession of the Company (or such other custodian as may be designated by the Administrator) until such shares are free of any restrictions specified in the applicable Award Agreement.  The Administrator may direct that such stock certificates bear a legend setting forth the applicable restrictions on transferability.

(d)            Nontransferability.  Shares of restricted stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of prior to the lapsing of all restrictions thereon, except as otherwise specifically provided in this Plan or the applicable Award Agreement.  The Administrator at the time of grant shall specify the date or dates (which may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse.

(e)            Consequence of Termination of Employment/Service.  Unless otherwise specifically set forth in the applicable Award Agreement, (i) a grantee's termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates for any reason other than death or Disability shall cause the immediate forfeiture of all shares of restricted stock that have not yet vested as of the date of such termination of employment or consultancy/service relationship and (ii) if a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates as the result of his or her death or Disability, all shares of restricted stock that have not yet vested as of the date of such termination shall immediately vest as of such date; it being understood that then outstanding restricted stock Awards shall not be affected by a change of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director, officer or employee of, or a consultant or service provider to (or a Person employed by or providing services to any entity that that is itself a consultant or service provider to), the Company or any Subsidiary or Affiliate.  Unless otherwise determined by the Administrator, all dividends paid on shares forfeited under this Section 2.6(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which such dividends are held or otherwise.  The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.6(e).

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	2.7.	Grant of Restricted Stock Units

(a)            Restricted Stock Unit Grants.  The Administrator may grant restricted stock units to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.  A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from the Company, conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the Award Agreement, the number of such grantee's restricted stock units that vest upon the occurrence of such vesting event multiplied by the Fair Market Value of a share of Common Stock on the date of vesting.  Payment upon vesting of a restricted stock unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of vesting) or both, all as the Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement, which the Administrator shall intend to be (i) if Section 409A of the Code is applicable to the grantee, within the period required by Section 409A such that it qualifies as a "short-term deferral" pursuant to Section 409A and the Treasury Regulations issued thereunder, unless the Administrator shall provide for deferral of the Award intended to comply with Section 409A, (ii) if Section 457A of the Code is applicable to the grantee, within the period required by Section 457A(d)(3)(B) such that it qualifies for the exemption thereunder, or (iii) if Sections 409A and 457A of the Code are not applicable to the grantee, at such time as determined by the Administrator.

(b)            Dividend Equivalents.  The Administrator may include in any Award Agreement with respect to a restricted stock unit a dividend equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is outstanding and unvested, and/or, if payment of the vested Award is deferred, during the period of such deferral following such vesting event, on the shares of Common Stock underlying such Award if such shares were then outstanding.  In the event such a provision is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid to the holder of the Award, as specified in the Award Agreement, either (A) at the same time as the underlying dividends are paid, regardless of the fact that the restricted stock unit has not theretofore vested, (B) at the time at which the Award's vesting event occurs, conditioned upon the occurrence of the vesting event, (C) once the Award has vested, at the same time as the underlying dividends are paid, regardless of the fact that payment of the vested restricted stock unit has been deferred, and/or (D) at the time at which the corresponding vested restricted stock units are paid, (ii) made in cash, shares of Common Stock or other property and (iii) subject to such other vesting and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall be set forth in the Award Agreement.

(c)            No Stockholder Rights.  No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company with respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award or an account in the name of the grantee evidences ownership of stock in uncertificated form (it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the form of cash or Company shares or both), which issuance shall be subject to Sections 3.2, 3.4 and 3.13.  Except as otherwise provided in Section 1.5(c), no adjustment to any restricted stock unit shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate, if any, is issued or the date an account evidencing ownership of the stock in uncertificated form notes receipt of such stock.

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(d)            Nontransferability.  No restricted stock unit granted under the Plan may be sold, assigned, transferred, pledged or otherwise encumbered or disposed of, except as otherwise specifically provided in this Plan or the applicable Award Agreement.

(e)            Consequence of Termination of Employment/Service.  Unless otherwise specifically set forth in the applicable Award Agreement, (i) a grantee's termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates for any reason other than death or Disability shall cause the immediate forfeiture of all restricted stock units that have not yet vested as of the date of such termination of employment or consultancy/service relationship and (ii) if a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates as the result of his or her death or Disability, all restricted stock units that have not yet vested as of the date of such termination shall immediately vest as of such date; it being understood that then outstanding restricted stock units shall not be affected by a change of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director, officer or employee of, or a consultant or service provider to (or a Person employed by or providing services to any entity that that is itself a consultant or service provider to), the Company or any Subsidiary or Affiliate.  Unless otherwise determined by the Administrator, any dividend equivalent rights on any restricted stock units forfeited under this Section 2.7(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which such dividends are held or otherwise.  The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.7(e).

	2.8.	Grant of Unrestricted Stock

The Administrator may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the Plan to such Key Persons and in such amounts and subject to such forfeiture provisions as the Administrator shall determine.  Shares may be thus granted or sold in respect of past services or other valid consideration.

	2.9.	Other Stock-Based Awards

Subject to the provisions of the Plan (including, without limitation, Section 3.16), the Administrator shall have the sole and complete authority to grant to Key Persons other equity-based or equity-related Awards in such amounts and subject to such terms and conditions as the Administrator shall determine; provided that any such Awards must comply with applicable law and, to the extent deemed desirable by the Administrator, Rule 16b-3.

	2.10.	Dividend Equivalents

Subject to the provisions of the Plan (including, without limitation, Section 3.16), in the discretion of the Administrator, an Award, other than an option or stock appreciation right, may provide the Award recipient with dividends or dividend equivalents, payable in cash, shares, other securities, other Awards or other property, on a current or deferred basis, on such terms and conditions as may be determined by the Administrator, including, without limitation, payment directly to the Award recipient, withholding of such amounts by the Company subject to vesting of the Award, or reinvestment in additional shares, restricted shares or other Awards.

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ARTICLE III.

 Miscellaneous

	3.1.	Amendment of the Plan; Modification of Awards

(a)            Amendment of the Plan.  The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever, except that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made under the Plan without the consent of the grantee (or, upon the grantee's death, the Person having the rights to the Award).  For purposes of this Section 3.1, any action of the Board or the Administrator that in any way alters or affects the tax treatment of any Award shall not be considered to materially impair any rights of any grantee.

(b)            Stockholder Approval Requirement.  If required by applicable rules or regulations of a national securities exchange or the SEC, the Company shall obtain stockholder approval with respect to any amendment to the Plan that (i) expands the types of Awards available under the Plan, (ii) materially increases the aggregate number of shares which may be issued under the Plan, except as permitted pursuant to Section 1.5(c), (iii) materially increases the benefits to participants under the Plan, including any material change to (A) permit, or that has the effect of, a Repricing of any outstanding Award, (B) reduce the price at which shares or options to purchase shares may be offered or (C) extend the duration of the Plan, or (iv) materially expands the class of Persons eligible to receive Awards under the Plan.

(c)            Modification of Awards.  The Administrator may cancel any Award under the Plan.  The Administrator also may amend any outstanding Award Agreement, including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals, restrictions or conditions set forth in the Award Agreement; or (iii) waive or amend the operation of Section 2.4, Section 2.6(e) or Section 2.7(c) with respect to the termination of the Award upon termination of employment or consultancy/service relationship or dismissal from the Board; provided, however, that no such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Award.  However, any such cancellation or amendment (other than an amendment pursuant to Section 1.5, Section 3.5 or Section 3.16) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award shall be made only with the consent of the grantee (or, upon the grantee's death, the Person having the rights to the Award).  In making any modification to an Award (e.g., an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver or modification under Section 2.4(f), Section 2.6(e) or Section 2.7(c)), the Administrator may consider the implications, if any, of such modification under the Code with respect to Sections 409A and 457A of the Code in respect of Awards granted under the Plan to individuals subject to such provisions of the Code.

	3.2.	Consent Requirement

(a)            No Plan Action Without Required Consent.  If the Administrator shall at any time determine that any Consent (as defined below) is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase of shares or other rights thereunder, or the taking of any other action thereunder (each such action being hereinafter referred to as a "Plan Action"), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have been effected or obtained to the full satisfaction of the Administrator.

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(b)            Consent Defined.  The term "Consent" as used herein with respect to any Plan Action means (i) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law, rule or regulation, (ii) any and all written agreements and representations by the grantee with respect to the disposition of shares, or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made and (iii) any and all consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory bodies or any other Person.

	3.3.	Nonassignability

Except as provided in Section 2.4(e), Section 2.5, Section 2.6(d) or Section 2.7(d), (a) no Award or right granted to any Person under the Plan or under any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and distribution and (b) all rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or the grantee's legal representative or the grantee's permissible successors or assigns (as authorized and determined by the Administrator).  All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any permitted successors or assigns.

	3.4.	Taxes

(a)            Withholding.  A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and the Company and its Subsidiaries and Affiliates shall have the right and are hereby authorized to withhold from any Award, from any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to such grantee or other Award holder, the amount of any applicable withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an Award or under the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for payment of such taxes.  Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax required to be withheld.  Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld is determined.  Fractional share amounts shall be settled in cash.  Such a withholding election may be made with respect to all or any portion of the shares to be delivered pursuant to an Award as may be approved by the Administrator in its sole discretion.

(b)            Liability for Taxes.  Grantees and holders of Awards are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards (including, without limitation, any taxes arising under Sections 409A and 457A of the Code) and the Company shall not have any obligation to indemnify or otherwise hold any such Person harmless from any or all of such taxes.  The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and to grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to unilaterally modify any Award in a manner that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable), (ii) voids any participant election to the extent it would violate Section 409A or Section 457A of the Code (to the extent applicable) and (iii) for any distribution event or election that could be expected to violate Section 409A of the Code, make the distribution only upon the earliest of the first to occur of a "permissible distribution event" within the meaning of Section 409A of the Code or a distribution event that the participant elects in accordance with Section 409A of the Code.  The Administrator shall have the sole discretion to interpret the requirements of the Code, including, without limitation, Sections 409A and 457A, for purposes of the Plan and all Awards.

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	3.5.	Change in Control

(a)            Change in Control Defined.  Unless otherwise specifically set forth in the applicable Award Agreement, for purposes of the Plan, "Change in Control" shall mean the occurrence of any of the following:

(i)            any "person" (as defined in Section 13(d)(3) of the 1934 Act), company or other entity acquires "beneficial ownership" (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company; provided, however, that no Change in Control shall have occurred in the event of such an acquisition by (A) the Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary or Affiliate, (C) any company or other entity owned, directly or indirectly, by the holders of the voting stock ordinarily entitled to elect directors of the Company in substantially the same proportions as their ownership of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such acquisition, or (D) Diana Shipping Inc. or any entity which Diana Shipping Inc. directly or indirectly "controls" (as defined in Rule 12b-2 under the 1934 Act);

(ii)            the sale of all or substantially all the Company's assets in one or more related transactions to any "person" (as defined in Section 13(d)(3) of the 1934 Act), company or other entity; provided, however, that no Change in Control shall have occurred in the event of such a sale to (A) a Subsidiary which does not involve a material change in the equity holdings of the Company, (B) an entity (the "Acquiring Entity") which has acquired all or substantially all the Company's assets if, immediately following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially owned by the holders of the voting stock ordinarily entitled to elect directors of the Company immediately prior to such sale in substantially the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such sale, or (C) Diana Shipping Inc. or any entity which Diana Shipping Inc. directly or indirectly "controls" (as defined in Rule 12b-2 under the 1934 Act);

(iii)            any merger, consolidation, reorganization or similar event of the Company or any Subsidiary; provided, however, that no Change in Control shall have occurred in the event 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity) is beneficially owned by the holders of the voting stock ordinarily entitled to elect directors of the Company immediately prior to such event in substantially the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such event;

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(iv)            the approval by the Company's stockholders of a plan of complete liquidation or dissolution of the Company; or

(v)            during any period of 12 consecutive calendar months, individuals:

		(A)	who were directors of the Company on the first day of such period, or

		(B)	whose election or nomination for election to the Board was recommended or approved by at least a majority of the directors then still in office who were directors of the Company on the first day of such period, or whose election or nomination for election were so approved,

shall cease to constitute a majority of the Board.

Notwithstanding the foregoing, unless otherwise specifically set forth in the applicable Award Agreement, for each Award subject to Section 409A of the Code, a Change in Control shall be deemed to have occurred under this Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code, provided that such limitation shall apply to such Award only to the extent necessary to avoid adverse tax effects under Section 409A of the Code.

(b)            Effect of a Change in Control.  Unless the Administrator provides otherwise specifically in an Award Agreement, upon the occurrence of a Change in Control:

(i)    notwithstanding any other provision of this Plan, any Award then outstanding shall become fully vested and any forfeiture provisions thereon imposed pursuant to the Plan and the applicable Award Agreement shall lapse and any Award in the form of an option or stock appreciation right shall be immediately exercisable;

(ii)            to the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in such manner as it deems appropriate;

(iii)            a grantee who incurs a termination of employment or consultancy/service relationship for any reason, other than a termination or dismissal "for Cause", concurrent with or within one year following the Change in Control may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was entitled to exercise the Award on the date of his or her termination of employment or consultancy/service relationship, until the earlier of (A) the original expiration date of the Award and (B) the later of (x) the date provided for under the terms of Section 2.4 without reference to this Section 3.5(b)(iii) and (y) the first anniversary of the grantee's termination of employment or consultancy/service relationship.

(c)            Miscellaneous.  Whenever deemed appropriate by the Administrator, any action referred to in paragraph (b)(ii) of this Section 3.5 may be made conditional upon the consummation of the applicable Change in Control transaction.

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	3.6.	Operation and Conduct of Business

Nothing in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any Subsidiary or Affiliate from taking any action with respect to the operation and conduct of its business that it deems appropriate or in its best interests, including any or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any Subsidiary or Affiliate, any merger or consolidation of the Company or any Subsidiary or Affiliate, any issuance of Company shares or other securities or subscription rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other securities or rights thereof, any dissolution or liquidation of the Company or any Subsidiary or Affiliate, any sale or transfer of all or any part of the assets or business of the Company or any Subsidiary or Affiliate, or any other corporate act or proceeding, whether of a similar character or otherwise.

	3.7.	No Rights to Awards

No Key Person or other Person shall have any claim to be granted any Award under the Plan.

	3.8.	Right of Discharge Reserved

Nothing in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any Subsidiary or Affiliate, his or her consultancy/service relationship with the Company or any Subsidiary or Affiliate, or his or her position as a director of the Company or any Subsidiary or Affiliate, or affect any right that the Company or any Subsidiary or Affiliate may have to terminate such employment or consultancy/service relationship or service as a director.

	3.9.	Non-Uniform Determinations

The Administrator's determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be uniform and may be made and determined by the Administrator selectively among Persons who receive, or who are eligible to receive, Awards under the Plan (whether or not such Persons are similarly situated).  Without limiting the generality of the foregoing, the Administrator shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the Persons to receive Awards under the Plan, (b) the types of Awards granted under the Plan, (c) the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards and (d) the terms and conditions of Awards.

	3.10.	Other Payments or Awards

Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person under any other plan, arrangement or understanding, whether now existing or hereafter in effect.

	3.11.	Headings

Any section, subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended to expand, limit or otherwise define the contents of such section, subsection, paragraph or subdivision.

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	3.12.	Effective Date and Term of Plan

(a)            Adoption; Stockholder Approval.  The Plan was adopted by the Board on May 5, 2015.  The Board may, but need not, make the granting of any Awards under the Plan subject to the approval of the Company's stockholders.

(b)            Termination of Plan.  The Board may terminate the Plan at any time.  All Awards made under the Plan prior to its termination shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements.  No Awards may be granted under the Plan following the tenth anniversary of the date on which the Plan was adopted by the Board.

	3.13.	Restriction on Issuance of Stock Pursuant to Awards

The Company shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common Stock are fully paid and non-assessable under applicable law.  Notwithstanding anything to the contrary in the Plan or any Award Agreement, at the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of shares of Common Stock in exchange for, or in cancellation of, any Award, or at the time of grant of any unrestricted shares under the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable for any reason, require the holder of an Award (a) to represent in writing to the Company that it is the Award holder's then-intention to acquire the shares with respect to which the Award is granted for investment and not with a view to the distribution thereof or (b) to postpone the date of exercise until such time as the Company has available for delivery to the Award holder a prospectus meeting the requirements of all applicable securities laws; and no shares shall be issued or transferred in connection with any Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company and the Administrator.  The Company and the Administrator shall have the right to condition any issuance of shares to any Award holder hereunder on such Person's undertaking in writing to comply with such restrictions on the subsequent transfer of such shares as the Company or the Administrator shall deem necessary or advisable as a result of any applicable law, regulation or official interpretation thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Company or the Administrator may deem advisable under the Plan, the applicable Award Agreement or the rules, regulations and other requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable securities or other laws, and certificates representing such shares may contain a legend to reflect any such restrictions.  The Administrator may refuse to issue or transfer any shares or other consideration under an Award if it determines that the issuance or transfer of such shares or other consideration might violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any payment tendered to the Company by a grantee or other Award holder in connection with the exercise of such Award shall be promptly refunded to the relevant grantee or other Award holder.  Without limiting the generality of the foregoing, no Award granted under the Plan shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the Administrator has determined that any such offer, if made, would be in compliance with all applicable requirements of any applicable securities laws.

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	3.14.	Requirement of Notification of Election Under Section 83(b) of the Code

If an Award recipient, in connection with the acquisition of Company shares under the Plan, makes an election under Section 83(b) of the Code (to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing notice of the election with the U.S. Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code.

	3.15.	Severability

If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

	3.16.	Sections 409A and 457A

To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder.  Notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, in the event that the Administrator determines that any Award may be subject to Section 409A or Section 457A of the Code, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the Plan and Award from Sections 409A and 457A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of Sections 409A and 457A of the Code and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Sections 409A and 457A of the Code.

	3.17.	Forfeiture; Clawback

The Administrator may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or stock appreciation rights and any realized value with respect to other Awards shall be subject to forfeiture or clawback, in the event of (a) a grantee's breach of any non-competition, non-solicitation, confidentiality or other restrictive covenants with respect to the Company or any Subsidiary or Affiliate, (b) a grantee's breach of any employment or consulting agreement with the Company or any Subsidiary or Affiliate, (c) a grantee's termination for Cause or (d) a financial restatement that reduces the amount of compensation under the Plan previously awarded to a grantee that would have been earned had results been properly reported.

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	3.18.	No Trust or Fund Created

Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Subsidiary or Affiliate and an Award recipient or any other Person.  To the extent that any Person acquires a right to receive payments from the Company or any Subsidiary or Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or its Subsidiary or Affiliate.

	3.19.	No Fractional Shares

No fractional shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares or whether such fractional shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.

	3.20.	Governing Law

The Plan will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws.

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