Document:

Exhibit
10.2

    

    TEUCRIUM
COMMODITY TRUST

    MARKETING
AGENT AGREEMENT

    

    MARKETING
AGENT AGREEMENT (the “Agreement”) made as of January 8, 2010, by and among
Teucrium Commodity Trust, a Delaware statutory trust (the “Trust”), Teucrium
Trading, LLC (the “Sponsor”) and ALPS Distributors, Inc., a Colorado corporation
(the “Marketing Agent”).

    

    WITNESSETH:

    

    WHEREAS,
the Trust will be governed by an Amended and Restated Declaration of Trust and
Trust Agreement, which grants full management control to the Sponsor (“Trust
Agreement”);

    

    WHEREAS,
the Trust is organized as a series statutory trust pursuant to Section 3804(a)
and 3806(b)(2) of the Delaware Statutory Trust Act, and the Teucrium Corn Fund
(the “Fund”) is a series of the Trust;

    

    WHEREAS,
the Trust, on behalf of the Fund, has filed with the Securities and Exchange
Commission (the “Commission” or “SEC”) a registration statement on Form S-1
(Registration No. 333-162033) and amendments thereto, including as part thereof
a prospectus (the “Prospectus”), under the Securities Act of 1933, as amended
(the “1933 Act”), the forms of which have heretofore been delivered to the
Marketing Agent;

    

    WHEREAS,
as described in the Prospectus and the authorized purchaser agreements to be
entered into by the Sponsor and certain broker dealers from time to time in the
form attached hereto as Exhibit A (each such agreement, an “Authorized Purchaser
Agreement”), units of fractional undivided beneficial interest in the net assets
of the Fund (the “Units”) may be created or redeemed by an Authorized Purchaser
in aggregations of one hundred thousand (100,000) Units (each aggregation, a
“Creation Basket” or “Redemption Basket,” respectively; and collectively,
“Baskets”); and

    

    WHEREAS,
consistent with the Trust Agreement, the Sponsor wishes to retain the Marketing
Agent to provide certain assistance with respect to the marketing of the Units
and in connection with the creation or redemption of the Baskets;

    

    NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement,
the Sponsor, the Trust and the Marketing Agent hereby agree as
follows:

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    SECTION
1

    DEFINITIONS

    

    1.1       Definitions. In addition to
the other terms that are defined in this Agreement, the following terms shall
have the following meanings assigned to them. All other capitalized terms used
herein, but not otherwise defined herein, shall have the meanings assigned to
such terms in the Trust Agreement.

    

    “Authorized Purchaser” means the
broker-dealer who enters into an Authorized Purchaser Agreement with the General
Partner, including the initial Authorized Purchaser, which is expected to be
Merrill Lynch Professional Clearing Corp.

    

    “Business Day” means any day other than
a day on which the NYSE Arca, Inc., the Chicago Board of Trade, or the New York
Stock Exchange is closed for regular trading.

    

    “Control” means, with respect to any
Person, the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

    

    “Governmental Entity” means any
supranational, national, state, local, foreign, political subdivision, court,
administrative agency, commission or department or other governmental authority
or instrumentality.

    

    “Law” means any law, statute, treaty,
rule, directive, regulation or guideline or Order of any Governmental
Entity.

    

    “Orders” means judgments, writs,
decrees, compliance agreements, injunctions or orders of any Governmental Entity
or arbitrator.

    

    “Person” shall be construed broadly and
shall include an individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, an
unincorporated organization or another entity, including a Governmental Entity
(or any department, agency or political subdivision thereof).

    

    “Preliminary Prospectus” means the
preliminary prospectus relating to the Units and any other prospectus dated
prior to effectiveness of the Registration Statement relating to the Units that
is provided to prospective Fund investors.

    

    “Prospectus” means, except when
otherwise specified, the prospectus, in the form filed by the Trust on behalf of
the Fund with the Commission on or before the second business day after the date
thereof (or such
earlier time as may be required under the 1933 Act) or, if no such filing is
required, the form of final prospectus included in the Registration Statement at
the time it became effective.

    

    “Representative” means officers,
directors, employees, agents, attorneys, accountants and financial advisors of a
Person, as the case may be.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Registration Statement” means, except
when otherwise specified, the registration statement on Form S-1 (File No.
333-162033) filed by the Trust with the Commission as amended when it becomes
effective under the 1933 Act, including all documents filed as a part
thereof.

     

    SECTION
2

    

    REPRESENTATIONS
AND WARRANTIES

    OF THE
SPONSOR

    

    2.1      Representations and Warranties of the
Sponsor. The Sponsor, on its own behalf and in its capacity as Sponsor of
the Fund, represents and warrants to, and agrees with, the Marketing Agent as
follows.

    

    
      	
               
      

            	
              (a)

            	
              At
      the time of purchase of a Creation Basket by an Authorized Purchaser under
      the Authorized Purchaser Agreement, the Registration Statement shall have
      become effective and no stop order of the SEC with respect thereto has
      been issued and no proceedings for such purpose have been instituted or,
      to the Sponsor’s knowledge, is contemplated by the SEC; any Preliminary
      Prospectus provided to prospective investors, at the time of filing
      thereof, complied in all material respects with the requirements of the
      1933 Act; the Registration Statement will comply when it becomes effective
      and at the time of purchase of a Creation Basket by an Authorized
      Purchaser in all material respects with the requirements of the 1933 Act
      and the Prospectus will comply, as of its date and at the time of purchase
      of a Creation Basket by an Authorized Purchaser, 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 and will be so described or filed; the
      conditions to the use of Form S-1 have been satisfied; the Registration
      Statement will not when it becomes effective and at the time of purchase
      of a Creation Basket by an Authorized Purchaser 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 will not, as of its date and at the time of
      purchase of the Creation Baskets by the Authorized Purchaser, 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 Sponsor makes no warranty or representation
      with respect to any statement contained in any Preliminary Prospectus, the
      Registration Statement or any Prospectus in reliance upon and in
      conformity with information concerning the Marketing Agent and furnished
      in writing by or on behalf of the Marketing Agent to the Sponsor expressly
      for use in the Registration Statement or such Prospectus; and the Sponsor
      has not distributed nor will distribute, prior to the effective date of
      the Registration Statement or any subsequent registration statement for
      the registration of additional Units, any offering material in connection
      with the offering or creation of the Baskets by the Authorized Purchaser
      other than any Preliminary Prospectus unless such offering material and
      its distribution complies with Rule 433 under the 1933 Act or any other
      applicable SEC rule.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (b)

            	
              the
      statement of financial position as set forth in the section of the
      Registration Statement and the Prospectus entitled “Statement of Financial
      Condition of the Fund” accurately reflects the financial condition of the
      Fund as of the date specified in such statement of financial
      position;

            

    

    

    
      	
               
      

            	
              (c)

            	
              the
      Trust has been duly formed and is validly existing as a statutory trust
      under the laws of the State of Delaware and the Fund has been duly
      established as a series of the Trust, as described in the Registration
      Statement and the Prospectus;

            

    

    

    
      	
               
      

            	
              (d)

            	
              the
      Sponsor 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;

            

    

    

    
      	
               
      

            	
              (e)

            	
              each
      of the Trust and the Sponsor is duly qualified and is in good standing in
      each jurisdiction where the conduct of its business requires such
      qualification;

            

    

    

    
      	
               
      

            	
              (f)

            	
              at
      the time of purchase of a Creation Basket by an Authorized Purchaser, the
      Units in a Creation Basket will have been duly and validly authorized and,
      when issued and delivered against payment therefor, will be duly and
      validly issued, fully paid and non-assessable and free of statutory and
      contractual preemptive rights, rights of first refusal and similar
      rights;

            

    

    

    
      	
               
      

            	
              (g)

            	
              at
      the time of purchase of a Creation Basket by an Authorized Purchaser, the
      Units will conform in all material respects to the description thereof
      contained in the Registration Statement and the Prospectus and the holders
      of the Units will not be subject to personal liability by reason of being
      such holders, except as set forth in the Trust Agreement as in effect at
      that time;

            

    

    

    
      	
               
      

            	
              (h)

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

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      Sponsor 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) its respective constitutive documents, or any
      indenture, mortgage, deed of trust, bank loan or credit agreement or other
      evidence of indebtedness by which the Sponsor or any of its properties may
      be bound or affected, and the execution, delivery and performance of this
      Agreement, the issuance and sale of Units in Creation Baskets to the
      Authorized Purchaser and the consummation of the transactions contemplated
      hereby will 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 Sponsor, 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 Sponsor is a party or by which, respectively, the
      Sponsor 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
Sponsor;

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (j)

            	
              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 to be obtained by the Sponsor, the
      Trust or the Fund in connection with the issuance and sale of the Units
      other than registration of the Units under the 1933 Act, the registration
      of the Sponsor as a Commodity Pool Operator with the National Futures
      Association (the “NFA”) under the Commodities Exchange Act (the “CEA”),
      the filing of the Prospectus with the NFA and any necessary qualification
      under the securities or blue sky laws of the various jurisdictions in
      which the Units are being offered or any requirements for listing under
      the rules and regulations of the NYSE Arca, Inc. (“NYSE
      Arca”);

            

    

    

    
      	
               
      

            	
              (k)

            	
              except
      as set forth in the Registration Statement and the Prospectus (i) no
      Person has the right, contractual or otherwise, to cause the Trust to
      issue or sell to it any Units or other equity interests of the Fund, and
      (ii) no Person has the right to act as an underwriter to the Trust in
      connection with the offer and sale of the Units, 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 Units as
      contemplated thereby or otherwise; no Person has the right, contractual or
      otherwise, to cause the Trust to register under the 1933 Act any other
      equity interests of the Fund, or to include any such units 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 Units as contemplated thereby or
    otherwise;

            

    

    

    
      	
               
      

            	
              (l)

            	
              at
      the time of purchase of a Creation Basket by an Authorized Purchaser under
      an Authorized Purchaser Agreement, the Sponsor will have all necessary
      licenses, authorizations, consents and approvals and will have made all
      necessary filings required under any federal, state, local or foreign law,
      regulation or rule, and will have obtained all necessary authorizations,
      consents and approvals from other Persons, in order to conduct its
      respective business; the Sponsor will not be in violation of, or in
      default under, or have 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
  Sponsor;

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    
      	
            	
              (m)

            	
              at
      the time of purchase of a Creation Basket by an Authorized Purchaser under
      an Authorized Purchaser Agreement, 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 will have been so described or
      filed as required;

            

    

    

    
      	
               
      

            	
              (n)

            	
              except
      as set forth in the Registration Statement and the Prospectus, there are
      no actions, suits, claims, investigations or proceedings pending or
      threatened or, to the Sponsor’s knowledge after due inquiry, contemplated
      to which the Sponsor, or (to the extent that is or could be material in
      the context of the offering and sale of the Baskets to the Authorized
      Purchaser) any of the Sponsor’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;

            

    

    

    
      	
               
      

            	
              (o)

            	
              Rothstein
      Kass, whose report on the audited financial statements of the Fund is
      filed with the Commission as part of the Registration Statement and the
      Prospectus, are independent public accountants as required by the 1933
      Act;

            

    

    

    
      	
               
      

            	
              (p)

            	
              the
      audited financial statements of the Fund included in the Prospectus,
      together with the related notes and schedules, present fairly the
      financial position of the Fund as of the date indicated and have 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;

            

    

    

    
      	
               
      

            	
              (q)

            	
              to
      the reasonable belief of the Sponsor, the Fund is not and, after giving
      effect to the offering and sale of the Baskets, will not be an “investment
      company” or an entity “controlled” by an “investment company,” as such
      terms are defined in the Investment Company Act of 1940, as amended (the
      “Investment Company Act”);

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (r)

            	
              (i)
      except as set forth in the Registration Statement and the Prospectus, the
      Sponsor 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”); (ii) except as set forth in the
      Registration Statement and the Prospectus, to the knowledge of the Sponsor
      or the Trust, 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
      Sponsor or the Fund; (iii) to the knowledge of the Sponsor or the Trust,
      there is no infringement by third parties of any Intellectual Property
      owned by or licensed to the Sponsor or the Fund; (iv) to the knowledge of
      the Sponsor or the Trust, there is no pending or threatened action, suit,
      proceeding or claim by others challenging the Sponsor’s or the Fund’s
      rights in or to any Intellectual Property, and the Sponsor and the Trust
      are unaware of any facts which could form a reasonable basis for any such
      claim; (v) to the knowledge of the Sponsor or the Trust, there is no
      pending or threatened action, suit, proceeding or claim by others
      challenging the validity or scope of any Intellectual Property; (vi) to
      the knowledge of the Sponsor or the Trust, there is no pending or
      threatened action, suit, proceeding or claim by others that the Sponsor or
      the Fund infringes or otherwise violates any patent, trademark, copyright,
      trade secret or other proprietary rights of others, and the Sponsor and
      the Trust are unaware of any facts which could form a reasonable basis for
      any such claim; (vii) to the knowledge of the Sponsor or the Trust, there
      is no patent or patent application that contains claims that interfere
      with any issued or pending claims of any of the Intellectual Property
      owned or licensed to the Sponsor or the Fund; and (viii) to the knowledge
      of the Sponsor or the Fund, there is no prior art that may render any
      patent or patent application owned by or licensed to the Sponsor
      unpatentable, invalid or
unenforceable;

            

    

    

    
      	
               
      

            	
              (s)

            	
              all
      tax returns required to be filed by the Sponsor 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
      Sponsor 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 Sponsor
      or any other party to any such contract or
  agreement;

            

    

    

    
      	
               
      

            	
              (u)

            	
              at
      the time of purchase of a Creation Basket by an Authorized Purchaser under
      an Authorized Purchaser Agreement, the Sponsor, on behalf of the Fund,
      will have established and will maintain disclosure controls and procedures
      (as such term is defined in Rule 13a-14 and 15d-14 under the Exchange Act
      of 1934, as amended (the “Exchange Act”), giving effect to the rules and
      regulations, and SEC staff interpretations thereunder); such disclosure
      controls and procedures will be designed to ensure that material
      information relating to the Fund, is made known to the Sponsor, and such
      disclosure controls and procedures will be effective to perform the
      functions for which they were established; on behalf of the Fund, the
      Sponsor will have disclosed to the Fund’s auditors when and to the extent
      required: (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;

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (v)

            	
              any
      statistical and market-related data included in the Registration Statement
      and the Prospectus will be based on or derived from sources that the
      Sponsor believes to be reliable and accurate, and the Sponsor will have
      obtained the written consent to the use of such data from such sources to
      the extent required; and

            

    

    

    
      	
            	
              (w)

            	
              neither
      the Sponsor, nor any of the Sponsor’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 Units; and to the Sponsor’s
      knowledge after due inquiry, there are no affiliations or associations
      between any member of the NYSE Arca and any of the Sponsor’s officers,
      directors or 5% or greater securityholders, except as may be set forth in
      the Registration Statement and the
Prospectus.

            

    

    

    SECTION
3

    REPRESENTATIONS
OF THE MARKETING AGENT

    

    The
Marketing Agent represents and warrants and covenants the
following:

    

    3.1.     The
Marketing Agent (a) is either (i) registered as a broker-dealer under the
Exchange Act, and is a member in good standing of the Financial Industry
Regulatory Authority (“FINRA”), or (ii) 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; and (b) has all
other necessary licenses, authorizations, consents and approvals and has made
all necessary filings required under any federal, state, local or foreign law,
regulation or rule, and has obtained all necessary authorizations, consents and
approvals from other Persons, in order to conduct its activities as contemplated
by this Agreement. The Marketing Agent will maintain any such registrations,
qualifications and membership in good standing and in full force and effect
throughout the term of this Agreement. The Marketing Agent will comply with all
applicable federal laws, including but not limited to, federal securities and
commodities laws, the laws of the states or other jurisdictions concerned, and
the rules and regulations promulgated thereunder, and with the Constitution,
By-Laws and Conduct Rules of FINRA (if it is a FINRA member) and, to the extent
applicable, the rules and regulations of the NFA, and is solely responsible for
determining the application of any such laws or regulations in all cases at its
own expense.  The Marketing Agent will not directly or indirectly
offer, sell or deliver Baskets in or from any state or jurisdiction where they
may not lawfully be offered, sold and/or delivered;

    

    3.2.     If
the Marketing Agent is offering or selling Units in jurisdictions outside the
several states, territories and possessions of the United States, the Marketing
Agent 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 1933 Act, and the rules and regulations promulgated thereunder, and (iii) if
the Marketing Agent is not otherwise required to be registered, qualified or a
member of FINRA as set forth in Section 3.1 above, conduct its business in
accordance with the spirit of FINRA Conduct Rules;

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    3.3.     The
Marketing Agent is in compliance 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 Marketing Agent is
subject to the requirements of the PATRIOT Act;

    

    3.4.     The
Marketing Agent agrees to comply with the prospectus delivery and disclosure
requirements of the 1933 Act, as well as the disclosure delivery requirements
under the CEA;

    

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

    

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

    

    SECTION
4

    EXCLUSIVE
MARKETING AGENT AND STRUCTURE OF THE FUND

    

    4.1      Appointment. The Sponsor and
the Trust hereby appoints the Marketing Agent as the exclusive marketing agent
for Units on the terms and for the periods set forth in this Agreement, and as
set forth in the Authorized Purchaser Agreements as may be entered into from
time to time.  The Marketing Agent hereby accepts such appointment and
agrees to act in such capacity hereunder.

    

    4.2    
 Marketing Agent
Fee. The Marketing Agent shall be paid by the Fund for the services of
the Marketing Agent as marketing agent to the Fund hereunder, a fee for its
services hereunder, calculated daily and payable monthly, equal to the greater
of $100,000 per year or an annual rate of 0.10% of the Fund’s average daily net
assets (the “Fee”).

    

    The above
Fee does not include the following expenses, which will be billed separately to
the Fund: cost of placing Fund advertisements in various periodicals; printing,
production and mailing of various Fund marketing materials and regulatory
documents; or FINRA filing fees.  If there has been a change in
control of the Sponsor and this agreement is terminated by the Trust prior to
the expiration of its Term (as defined in Section 8 hereof) other than pursuant
to Section 8.2 or is renegotiated during such period so that Marketing
Agent will no longer provide active marketing services, the Fund shall, in lieu
of money damages, pay a lump sum fee equal to the monthly fees paid under the
contract over eighteen (18) months.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    4.3      Expenses. Except as otherwise
expressly provided in this Agreement or agreed to in writing by the parties,
each party hereto shall bear its own fees and expenses incurred in connection
with this Agreement and the transactions contemplated hereby and thereby
(including, without limitation, the legal, accounting and due diligence fees,
costs and expenses incurred by such party).

    

    4.4      Fee Payable by Fund Only. Any
payment obligation of the Fund hereunder shall be enforceable against the assets
of the Fund only, and not against the assets of the Trust generally or of any
other series of the Trust.

     

    SECTION
5

    COVENANTS
OF THE SPONSOR

    

    5.1      Certain Covenants of the
Sponsor. The Sponsor, on its own behalf and in its capacity as Sponsor of
the Fund, covenants and agrees:

    

    
      	
               
      

            	
              (a)

            	
              to
      furnish such information as may be required and otherwise to cooperate in
      qualifying the Units for offering and sale under any applicable securities
      or blue sky laws of such states and foreign jurisdictions as the Marketing
      Agent may reasonably designate and to maintain such qualifications in
      effect so long as the Marketing Agent may request during the term of this
      Agreement; provided that the Fund shall not be required to qualify as a
      foreign corporation or to consent to the service of process under the laws
      of any such jurisdiction (except service of process with respect to the
      offering and sale of the Units); and to promptly advise the Marketing
      Agent of the receipt by the Sponsor or the Fund of any notification with
      respect to the suspension of the qualification of the Units for sale in
      any jurisdiction or the initiation or threatening of any proceeding for
      such purpose;

            

    

    

    
      	
               
      

            	
              (b)

            	
              to
      take all necessary action to register the Units under the 1933 Act in
      order to sell the initial Creation Basket and take, from time to time,
      such steps, including payment of the related filing fees, as may be
      necessary to register additional Units under the 1933 Act to the end that
      all Units sold in additional Creation Baskets will be properly registered
      under the 1933 Act and to keep the Registration Statement effective and
      current during the term of this
Agreement;

            

    

    

    
      	
               
      

            	
              (c)

            	
              to
      make available to the Marketing Agent, as soon as practicable after the
      Registration Statement becomes effective, and thereafter from time to
      time, furnish to the Marketing Agent, as many copies of the Prospectus (or
      of the Prospectus as amended or supplemented if any amendments or
      supplements have been made thereto after the effective date of the
      Registration Statement) as the Marketing Agent may request for the
      purposes contemplated by the 1933
Act;

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (d)

            	
              to
      advise the Marketing Agent promptly and, if requested by the Marketing
      Agent, to  confirm such advice in writing when the Registration
      Statement and any post-effective amendment thereto has become effective,
      and upon receipt of request from the Marketing Agent therefore and to the
      extent legally permissible, to file a post-effective amendment removing
      any reference to the Marketing Agent
thereunder;

            

    

    

    
      	
               
      

            	
              (e)

            	
              to
      prepare, at the expense of the Fund, such amendments or supplements to the
      Registration Statement or the Prospectus and to file such amendments or
      supplements with the Commission, when and as required, by the 1933 Act,
      the Exchange Act, and the rules and regulations of the Commission
      thereunder, including if requested by the Marketing Agent; to advise the
      Marketing Agent promptly of any proposal to amend or supplement the
      Registration Statement or the Prospectus and to provide the Marketing
      Agent and the Marketing Agent’s counsel with copies of any such documents
      for review and comment within a reasonable amount of time prior to any
      proposed filing and to file no such amendment or supplement to which the
      Marketing Agent or its counsel shall reasonably object in writing; and to
      advise the Marketing Agent promptly, confirming such advice in writing, of
      any request by the Commission for amendments or supplements to the
      Registration Statement or the Prospectus or for additional information
      with respect thereto, or of notice of institution of proceedings for, or
      the entry of a stop order suspending the effectiveness of the Registration
      Statement and, if the Commission should enter a stop order suspending the
      effectiveness of the Registration Statement, to use its best efforts to
      obtain the lifting or removal of such order as soon as
      possible;

            

    

    

    
      	
               
      

            	
              (f)

            	
              to
      file promptly all reports and any information statement required to be
      filed by the Fund with the Commission in order to comply with the Exchange
      Act and the CEA subsequent to the date of the Prospectus and for so long
      as the term of this Agreement;

            

    

    

    
      	
               
      

            	
              (g)

            	
              if
      necessary or appropriate, to file a registration statement pursuant to
      Rule 462(b) under the 1933 Act;

            

    

    

    
      	
               
      

            	
              (h)

            	
              to
      advise the Marketing Agent 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 such 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 furnish, at the expense of the Fund, to the Marketing
      Agent promptly such amendments or supplements to such Prospectus as may be
      necessary to reflect any such
change;

            

    

    

    
      	
               
      

            	
              (i)

            	
              to
      furnish to the holders of the Fund’s Units as soon as practicable after
      the end of each fiscal year an annual report (including a balance sheet
      and statements of income and cash flow of the Fund for such fiscal year,
      accompanied by a copy of the certificate or report thereon of nationally
      recognized independent certified public
  accountants);

            

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (j)

            	
              to
      furnish to the Marketing Agent a copy of the Registration Statement, as
      initially filed with the Commission, and of all amendments thereto
      (including all exhibits thereto);

            

    

    

    
      	
               
      

            	
              (k)

            	
              to
      (1) furnish to the Marketing Agent promptly during the term of this
      Agreement (i) copies of any reports, proxy statements, or other
      communications which are sent to the holders of the Fund’s Units or shall
      from time to time publish or publicly disseminate, (ii) copies of all
      annual, quarterly and current reports filed with the Commission on Forms
      10-K, 10-Q and 8-K, or such other similar forms as may be designated by
      the Commission, (iii) copies of documents or reports filed with the NYSE
      Arca, (iv) copies of documents or reports filed with the NFA and with the
      Commodity Futures Trading Commission, and (v) such other information as
      the Marketing Agent may reasonably request regarding the Fund; and (2)
      make available for inspection by the Marketing Agent, its attorneys,
      accountants and other advisors or agents, all financial and other records,
      pertinent corporate documents and properties, and cause the officers,
      directors and employees of the Sponsor and independent accountants to
      supply all information reasonably requested by the Marketing Agent, its
      attorneys, accountants and other advisors and
  agents;

            

    

    

    
      	
               
      

            	
              (l)

            	
              to
      use its best efforts to cause the Units to be listed on the NYSE
      Arca;

            

    

    

    
      	
            	
              (m)

            	
              to
      furnish to the Marketing Agent (i) at the time of the purchase of the
      initial Creation Basket by the Initial Authorized Purchaser and (ii) if
      requested by the Marketing Agent, at the time of the purchase of the first
      Creation Basket subsequent to the registration of additional Units, an
      opinion of Sutherland Asbill & Brennan LLP, counsel for the Sponsor,
      addressed to the Marketing Agent and substantially in the form attached
      hereto as Exhibit B;

            

    

    

    
      	
               
      

            	
              (n)

            	
              to
      cause Rothstein Kass to deliver to the Marketing Agent upon the request of
      the Marketing Agent (i) at the time of filing of any pre-effective or
      post-effective amendment to the Registration Statement or a new
      Registration Statement filed to register additional Units in reliance on
      Rule 429 or any amendment thereto, if in any such case the Registration
      Statement or amendment includes or incorporates by reference financial
      information not previously included or incorporated by reference in a
      Registration Statement or amendment, and (ii) at the time of effectiveness
      of any such Registration Statement or amendment, letters dated such dates
      and addressed to the Marketing Agent, 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;

            

    

    

    
      	
               
      

            	
              (o)

            	
              to
      deliver to the Marketing Agent (i) at the time of purchase of the initial
      Creation Basket by the Initial Authorized Purchaser, and (ii) if requested
      by the Marketing Agent, at the time of the purchase of the first Creation
      Basket subsequent to the registration of additional Units, an officer’s
      certificate substantially in the form attached as Exhibit D
      hereto;

            

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (p)

            	
              to
      furnish to the Marketing Agent (i) at the time of purchase of the initial
      Creation Basket by the Initial Authorized Purchaser, (ii) if requested by
      the Marketing Agent, at the time of the purchase of the first Creation
      Basket subsequent to the registration of additional Units, and (iii) at
      such other times as the Marketing Agent reasonably requests, such other
      documents and certificates as of such dates as the Marketing Agent may
      reasonably request; and

            

    

    

    
      	
               
      

            	
              (q)

            	
              to
      cause the Trust to file a supplement to the Registration Statement on or
      about the same time that the Trust 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 Trust’s
      reports filed pursuant to Section 13 or 15(d) of the Exchange Act are
      incorporated by reference in the Registration
  Statement.

            

    

    

    For the
purposes of this Section 5.1, the term “Registration Statement” shall mean the
Registration Statement as amended or supplemented from time to time up to and
including the date as of which the relevant covenant is fulfilled, and the term
“Prospectus” shall mean the Prospectus as amended or supplemented from time to
time to and including the date as of which the relevant covenant is
fulfilled.

    

    SECTION
6

    MARKETING
PLAN DEVELOPMENT

    AND
MARKETING AGENT COVENANTS

    

    6.1      Pre-Launch
Development.

    

    
      	
               
      

            	
              (a)

            	
              The
      Sponsor and the Marketing Agent will develop the Fund’s marketing plan
      prior to the effective date of the Registration Statement in accordance
      with the provisions of this Section 6.1 and the marketing strategy as
      described in Exhibit C.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      Sponsor and the Marketing Agent will use commercially reasonable efforts
      and commit sufficient resources to finalize the Registration Statement,
      the governing documents of the Trust and the Fund, and agreements with the
      Fund’s service providers, communicate with the Commission to obtain
      approval of the Registration Statement and communicate with the NYSE Arca
      to obtain approval of the listing of the Units on the NYSE
      Arca.

            

    

    

    6.2      Post-Launch
Activities.

    

    
      	
               
      

            	
              (a)

            	
              The
      Sponsor and the Marketing Agent will market the Fund and the Units on an
      ongoing basis after the Registration Statement is declared effective and
      the Units have been listed on the NYSE Arca in accordance with the
      provisions of this Section 6.2.

            

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (b)

            	
              Subject
      to necessary regulatory approvals and compliance with all applicable legal
      and regulatory requirements, the Marketing Agent shall, in good faith and
      subject to existing market conditions, use its best efforts to market the
      Fund; and

            

    

    

    
      	
               
      

            	
              (c)

            	
              The
      Marketing Agent shall provide the Sponsor with copies of all written
      marketing materials distributed by it connected with the
    Fund.

            

    

    

    
      	
               
      

            	
              (d)

            	
              The
      Marketing Agent shall process orders for Baskets as set forth in the
      Authorized Purchaser Agreement.

            

    

    

    6.3      Joint Reviews.

    

    
      	
               
      

            	
              (a)

            	
              In
      order to oversee the pre-launch development and post-launch performance of
      the Fund on a regular basis, the parties
shall:

            

    

    

    
      	
               
      

            	
              (i)

            	
              conduct
      at least once each calendar quarter in which the annual review described
      in clause (ii) below is not conducted, a review of the performance of the
      Fund, with such review to include the senior management of the Sponsor and
      the senior management of the Marketing Agent and to cover such topics as
      asset growth/decline, sales strategy, new business efforts, new product
      initiatives and stock exchange trading activity;
  and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              conduct
      at least once each calendar year, a review of the overall performance of
      the Fund, which will include a review of the most recent quarterly period,
      with such review to include the chief executive officer of the Sponsor and
      senior management of the Marketing Agent and to cover such topics as
      strategic direction and new business
  initiatives.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Prior
      to each of the quarterly and annual reviews which will take place pursuant
      to this Section 6.3, the Sponsor and the Marketing Agent will jointly
      prepare and circulate among the parties, a report covering the quarterly
      or annual period which is the subject of each review, with such report to
      cover such topics described above.

            

    

    

    6.4       Delivery of Prospectus. The
Marketing Agent shall deliver copies of the Prospectus to Authorized Purchasers
that purchase Units, except where such delivery is not required by applicable
law.  In addition, the Marketing Agent shall: (i) ensure that all
requests to the Marketing Agent for Prospectuses are fulfilled, and (ii) provide
NYSE Arca, Inc. (and any other national securities exchange on which the Units
may be listed) with copies of the Prospectus for delivery to purchasers in the
secondary market as may be required by applicable law.

    

    6.5       Marketing Materials. The
Marketing shall not distribute any material including the name of the Trust or
the Fund without the prior consent of the Sponsor (which shall not be
unreasonably withheld); provided, however, that the Sponsor hereby approves all
lawful uses of the names of the Trust and Fund in any required regulatory
filings of the Marketing Agent that merely refer in accurate terms to the
appointment of the Marketing Agent hereunder, or that are required by the SEC,
FINRA or any state regulatory authority.  In addition, appropriate
personnel of the Marketing Agent shall review all sales and marketing materials
and presentations relating to the Fund for compliance with applicable laws, file
such materials with FINRA to the extent necessary or appropriate, and seek FINRA
comment on such materials.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    6.6       Information Provided to Marketing
Agent. In performing its duties hereunder, the Marketing Agent shall be
entitled to rely on and shall not be responsible in any way for information
provided to it by the Sponsor and its service providers and shall not be liable
or responsible for the errors and omissions of such service providers, provided
that the foregoing shall not be construed to protect the Marketing Agent against
any liability to the Sponsor or the Fund to which the Marketing Agent would
otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of its reckless
disregard of its obligations and duties under this Agreement.

    

    6.7       Conditions to Marketing Agent’s
Obligations. The obligations of the Marketing Agent hereunder are subject
in the Marketing Agent’s discretion, to the condition that (i) all
representations and warranties and other statements of the Sponsor herein or
delivered pursuant hereto be true and correct (a) at and as of the date made,
(b) at the time of the purchase of the Baskets by the Authorized Purchaser, (c)
at each time the Registration Statement or the Prospectus is amended or
supplemented, (d) at each time the Fund files any report, statement or other
document pursuant to Section 13, 14 or 15(d) of the Exchange Act (excluding
filings under Rule 12b-25), (e) at each time the Fund issues any Baskets and (f)
at such other times the Marketing Agent reasonably requests, in each case as
though made at and as of such dates, and the Sponsor agrees that all such
representations, warranties and other statements are expressly made on and as of
such dates (except, in all cases, that such representations, warranties and
statements relating to the Registration Statement and the Prospectus shall be
deemed to relate to the Registration Statement and the Prospectus as amended and
supplemented to such date) and (ii) the Sponsor shall have performed all of its
covenants, agreements and obligations hereunder theretofore to be performed in
all respects. The respective indemnities, agreements, representations,
warranties and other statements by the Sponsor set forth in or made pursuant to
this Agreement shall remain in full force and effect regardless of any
investigation (or any statement as to the results thereof) made by or on behalf
of the Marketing Agent or any controlling Person of the Marketing Agent, or the
Sponsor, or any officer or director or any controlling Person thereof, and shall
survive the execution, delivery, performance and termination of this
Agreement.

     

    SECTION
7

    INDEMNIFICATION

    

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

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (a)

            	
              any
      untrue statement or alleged untrue statement of a material fact contained
      in the Registration Statement (or in the Registration Statement as amended
      or supplement) or in a Prospectus (the term Prospectus for the purpose of
      this Section 7 being deemed to include the Prospectus and the Prospectus
      as amended or supplemented), or arises out of or is based upon any
      omission or alleged omission to state a material fact required to be
      stated in either such Registration Statement or such Prospectus or
      necessary to make the statements made therein not misleading, except
      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 Marketing Agent furnished in writing by or on behalf of the Marketing
      Agent to the Sponsor expressly for use in such Registration Statement or
      such Prospectus;

            

    

    

    
      	
               
      

            	
              (b)

            	
              any
      untrue statement or alleged untrue statement of a material fact or breach
      by the Sponsor of any representation or warranty contained in Section 2
      hereof or in any certificate delivered by the Sponsor pursuant to
      paragraph (o) of Section 5.1
hereof;

            

    

    

    
      	
               
      

            	
              (c)

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

            

    

    

    
      	
               
      

            	
              (d)

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

            

    

    

    
      	
               
      

            	
              (e)

            	
              the
      Marketing Agent’s performance of its duties under this Agreement except in
      the case of this clause (e), for any loss, damage, expense, liability or
      claim resulting from the gross negligence or willful misconduct of the
      Marketing Agent; provided, however, that the indemnity agreement contained
      in clause (a) above with respect to any amended Preliminary Prospectus
      shall not inure to the benefit of the Marketing Agent (or to the benefit
      of any Person controlling the Marketing Agent) if the Prospectus corrected
      any such alleged untrue statement or omission in any case where the
      Marketing Agent was required to send or give a copy of the Prospectus to
      such Person by the 1933 Act, the Sponsor had notified the Marketing Agent
      of the amendment or supplement prior to the sending of the written
      confirmation of sale and the Marketing Agent failed to send or give a copy
      of the Prospectus to such Person, unless the failure is the result of
      noncompliance by the Sponsor with paragraph (c) of Section 5.1
      hereof.

            

    

    

    In no
case is the indemnity of the Sponsor in favor of the Marketing Agent and such
other Persons as are specified in this Section 7.1 to be deemed to protect the
Marketing Agent and such Persons against any liability to the Sponsor or the
Fund to which the Marketing Agent would otherwise be subject by reason of
willful misfeasance, bad faith or gross negligence in the performance of its
duties or by reason of its reckless disregard of its obligations and duties
under this Agreement.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    If any
action, suit or proceeding (each, a “Proceeding”) is brought against the
Marketing Agent or any such Person in respect of which indemnity may be sought
against the Sponsor pursuant to the foregoing paragraphs, the Marketing Agent or
such Person shall promptly notify the Sponsor in writing of the institution of
such Proceeding and the Sponsor shall have the right, by providing notice to the
Marketing Agent or such Person within twenty (20) Business Days thereafter, to
assume the defense of such Proceeding, including the employment of counsel
reasonably satisfactory to such indemnified party and payment of all fees and
expenses; provided, however, that the omission to so notify the Sponsor shall
not relieve the Sponsor from any liability which it may have to the Marketing
Agent or any such Person except to the extent that it has been materially
prejudiced by such failure and has not otherwise learned of such Proceeding. If
the Sponsor assumes the defense of the Proceeding, the Marketing Agent or such
Person shall have the right to employ its or their own counsel in any such case,
but the fees and expenses of such counsel shall be at the expense of the
Marketing Agent or of such Person unless the employment of such counsel shall
have been authorized in writing by the Sponsor in connection with the defense of
such Proceeding or the Sponsor shall not have, within a reasonable period of
time in light of the circumstances, employed counsel to have charge of the
defense of such Proceeding or such indemnified party or parties shall have
reasonably concluded that there may be defenses available to it or them which
are different from, additional to or in conflict with those available to the
Sponsor (in which case the Sponsor shall not have the right to direct the
defense of such Proceeding on behalf of the indemnified party or parties), in
any of which events such fees and expenses shall be borne by the Sponsor and
paid as incurred (it being understood, however, that the Sponsor shall not be
liable for the expenses of more than one separate counsel (in addition to any
local counsel) in any one Proceeding or series of related Proceedings in the
same jurisdiction representing the indemnified parties who are parties to such
Proceeding).

    

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

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    7.2       The
Marketing Agent agrees to indemnify, defend and hold harmless each of the Trust,
the Fund, the Sponsor, their partners, members, directors, officers and
employees, holders of Units, and any Person who controls the Sponsor 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, from and against any
loss, damage, expense, liability or claim (including the reasonable cost of
investigation) which the Sponsor any such Person may incur under the 1933 Act,
the Exchange Act, the common law or otherwise, insofar as such loss, damage,
expense, liability or claim arises out of or is based upon any untrue statement
or alleged untrue statement of a material fact contained in and in conformity
with information furnished in writing by or on behalf of the Marketing Agent to
the Sponsor expressly for use in the Registration Statement (or in the
Registration Statement as amended or supplemented by any post-effective
amendment thereof) or in a Prospectus, or arises out of or is based upon any
omission or alleged omission to state a material fact in connection with such
information required to be stated in such Registration Statement or such
Prospectus or necessary to make such information not misleading.

    

    The
Marketing Agent will also indemnify the Sponsor as stated above insofar as such
loss, damage, expense, liability or claim arises out of or is based upon the
Marketing Agent’s performance of its duties under this Agreement, except in the
case of any loss, damage, expense, liability or claim resulting from the gross
negligence or willful misconduct of the Sponsor.  In no case is the
indemnity of the Marketing Agent in favor of the Sponsor to be deemed to protect
the Sponsor and such Persons against any liability to the Marketing Agent to
which the Sponsor 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
Proceeding is brought against the Sponsor or any Person referred to in the
preceding paragraphs in respect of which indemnity may be sought against the
Marketing Agent pursuant to the foregoing paragraph, the Sponsor or such Person
shall promptly notify the Marketing Agent in writing of the institution of such
Proceeding and the Marketing Agent shall have the right, by providing notice to
the Sponsor or such Person within twenty (20) Business Days thereafter, to
assume the defense of such Proceeding, including the employment of counsel
reasonably satisfactory to such indemnified party and payment of all fees and
expenses; provided, however, that the omission to so notify the Marketing Agent
shall not relieve the Marketing Agent from any liability which it may have to
the Sponsor or any such Person except to the extent that it has been materially
prejudiced by such failure and has not otherwise learned of such
Proceeding.  If the Marketing Agent assumes the defense of such
Proceeding, the Sponsor or such Person shall have the right to employ their own
counsel in any such case, but the fees and expenses of such counsel shall be at
the expense of the Sponsor or such Person unless the employment of such counsel
shall have been authorized in writing by the Marketing Agent in connection with
the defense of such Proceeding or the Marketing Agent shall not have, within a
reasonable period of time in light of the circumstances, employed counsel to
defend such Proceeding or such indemnified party or parties shall have
reasonably concluded that there may be defenses available to it or them which
are different from or additional to or in conflict with those available to the
Marketing Agent (in which case the Marketing Agent shall not have the right to
direct the defense of such Proceeding on behalf of the indemnified party or
parties, but the Marketing Agent may employ counsel and participate in the
defense thereof but the fees and expenses of such counsel shall be at the
expense of the Marketing Agent), in any of which events such fees and expenses
shall be borne by the Marketing Agent and paid as incurred (it being understood,
however, that the Marketing Agent shall not be liable for the expenses of more
than one separate counsel (in addition to any local counsel) in any one
Proceeding or series of related Proceedings in the same jurisdiction
representing the indemnified parties who are parties to such
Proceeding).

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

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

    

    7.3       The
indemnity agreements contained in this Section 7 and the covenants, warranties
and representations of the Sponsor contained in this Agreement shall remain in
full force and effect regardless of any investigation made by or on behalf of
the Marketing Agent, 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 Marketing Agent
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 Sponsor, the Trust, the Fund, their
partners, stockholders, members, directors, officers, employees or any Person
who controls the Sponsor, the Trust 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 Units.
The Sponsor and the Marketing Agent agree promptly to notify each other of the
commencement of any Proceeding against it and, in the case of the Sponsor,
against any of the Sponsor’s officers or directors in connection with the
issuance and sale of the Units, or in connection with the Registration Statement
or the Prospectus.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    SECTION
8

    DURATION

    

    8.1       This
Agreement shall become effective on the date hereof and continue for an initial
term of two (2) years from the date of this Agreement or the earlier termination
of this Agreement in accordance with its terms (the “Term”).  Upon and
after the completion of the such Term, either the Marketing Agent, on the one
hand, or the Sponsor, on the other hand, may elect to terminate this Agreement
at any time upon 90 days’ notice thereof to the other party.

    

    8.2       Notwithstanding
the foregoing, this Agreement may be terminated by any party upon written notice
to the other parties if (a) the Fund is terminated, (b) any other party becomes
insolvent or bankrupt or files a voluntary petition, or is subject to an
involuntary petition, in bankruptcy or attempts to or makes an assignment for
the benefit of its creditors or consents to the appointment of a trustee or
receiver, provided that the Sponsor may not terminate this Agreement pursuant to
this provision if the event relates to the Sponsor or the Fund or (c) any other
party willfully and materially breaches its obligations under this Agreement and
such breach has not been cured to the reasonable satisfaction of the
non-breaching party prior to the expiration of ninety (90) days after notice by
the non-breaching party to the breaching party of such breach.

    

    SECTION
9

    CONFIDENTIALITY

    

    
      	
              9.1 

            	
              Confidentiality.

            

    

    

    
      
        	
                
                

              	
                (a)

              	
                The
      Sponsor and the Marketing Agent shall during the Term and for one (1) year
      thereafter 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 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 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.

            

    

    

    
      	
               
      

            	
              (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:

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (i)

            	
              is
      known to such party at the time of disclosure other than as the result of
      a breach of this Section 9 by such
party;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              has
      been or becomes publicly known, other than as the result of a breach of
      this Section 9 by such party, or has been or is publicly disclosed by the
      other party;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              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

            

    

    

    
      	
               
      

            	
              (iv)

            	
              is
      required to be disclosed by Law or similar compulsion or in connection
      with any legal proceeding, 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 and, except to the extent
      prohibited by Law, such party shall reasonably cooperate with the other
      party (at the expense of the other party) in seeking a protective order or
      other suitable confidentiality
protections.

            

    

    

    
      	
               
      

            	
              (c)

            	
              The
      parties recognize and acknowledge that a breach or threatened breach by a
      party of the provisions of this Section 9 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
9.

            

    

    

    
      	
               
      

            	
              (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 which may come to such party’s
      attention.

            

    

    

    
      	
               
      

            	
              (e)

            	
              Upon
      the termination of this Agreement, if requested in writing by a party, the
      other party shall, at such party’s option, promptly destroy or return to
      the 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.

            

    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    SECTION
10

    MISCELLANEOUS

    

    10.1   
 No Third Party
Beneficiaries. This Agreement shall not confer any rights or remedies
upon any Person other than the parties hereto, the indemnities referred to in
this Agreement and their respective successors and assigns.

    

    10.2     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.

    

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

    

    10.4     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.

    

    10.5     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.

    

    10.6     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.

    

    10.7     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):

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    
      	  	
              (a) 

            	
              if
      to Sponsor or the Trust, to:

            

    

    

    Teucrium Trading LLC

    232 Hidden Lake Road

    Building A

    Brattleboro, Vermont 05301

    

    
      	  	
              (b) 

            	
              if
      to the Marketing Agent, to:

            

    

    

    ALPS Distributors, Inc.

    1290 Broadway, Suite 1100

    Denver, CO 80203

    Attention: General Counsel

    

    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.

    

    10.8    Governing Law;
Jurisdiction.

    

    
      	
               
      

            	
              (a)

            	
              All
      questions concerning the construction, interpretation and validity of this
      Agreement 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.

            

    

    

    
      	
               
      

            	
              (b)

            	
              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 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 and 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 the
      transactions contemplated hereby or thereby which is instituted in any
      court of the State of New York.

            

    

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    The
provisions of this Section 10.8 shall survive any termination of this Agreement,
in whole or in part.

    

    10.9     No Partnership. Nothing in
this Agreement is intended to, or will be construed to constitute the Sponsor or
the Fund, on the one hand, and the Marketing Agent, 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.

    

    10.10   Force Majeure. Neither party
will be liable to any other party for any delay or failure to perform its
obligations under this Agreement if such delay or failure arises from or is due
to any cause or causes beyond the reasonable control of the party affected which
impedes, delays or aggravates any obligation under this Agreement, including,
without limitation, acts of God, acts of any Governmental Entity, labor
disturbances, act of terrorism or act of public enemy due to war, the outbreak
or escalation of hostilities, riot, fire, flood, civil commotion, insurrection,
severe or adverse weather conditions, power failure or computer or
communications line failure.

    

    10.11   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.

    

    10.12   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.

    

    10.13   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.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

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

    

    TEUCRIUM
TRADING LLC

     For
itself as Sponsor and on behalf of Teucrium Commodity Trust

    

    
      
        
          	
                  By:

                	
                  /s/ Dale Riker

                
	
                  Name:
      Dale Riker

                
	
                  Title:
      Treasurer and Secretary

                

        

      

    

    

    ALPS
DISTRIBUTORS, INC.

    

    
      
        
          	
                  By:

                	
                  /s/ Thomas A. Carter

                
	
                  Name:  Thomas
      A. Carter

                
	
                  Title: President

                

        

      

    

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

     

    FORM
OF

    TEUCRIUM
COMMODITY TRUST

    AUTHORIZED
PURCHASER AGREEMENT

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

    FORM
OF SUTHERLAND ASBILL & BRENNAN LLP OPINION

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
C

    MARKETING
STRATEGY OF

    ALPS
DISTRIBUTORS, INC. (“ALPS”)

    

    ALPS
agrees to carry out the following duties.

    

    
      	
               
      

            	
              (a)

            	
              ALPS
      senior management will:

            

    

    

    
      	
               
      

            	
              ·

            	
              Develop
      an overall strategic sales and marketing plan with the National Accounts
      Manager of ALPS, the Fund and the specialist
  firm.

            

    

    
      	
               
      

            	
              ·

            	
              Supervise
      sales related activities.

            

    

    
      	
               
      

            	
              ·

            	
              Participate
      in field sales activities.

            

    

    

    
      	
               
      

            	
              (b)

            	
              ALPS
      will provide a shared National Accounts Manager who
  will:

            

    

    

    
      	
               
      

            	
              ·

            	
              Implement
      a tactical sales strategy.

            

    

    
      	
               
      

            	
              ·

            	
              Establish
      home office contacts with targeted
  broker/dealers.

            

    

    
      	
               
      

            	
              ·

            	
              Develop
      product education presentations.

            

    

    
      	
               
      

            	
              ·

            	
              Conduct
      product education presentations with fee based financial
      advisors.

            

    

    
      	
               
      

            	
              ·

            	
              Attend
      major fee based advisor
conferences.

            

    

    

    
      	  	
              (c) 

            	
              ALPS
      will provide ten shared External Wholesalers who
  will:

            

    

    

    
      	
               
      

            	
              ·

            	
              Assist
      the National Accounts Manager in implementing the tactical sales
      strategy.

            

    

    
      	
               
      

            	
              ·

            	
              Establish
      regional relationships with wire houses and fee based
      advisors.

            

    

    
      	
               
      

            	
              ·

            	
              Deliver
      product education presentations.

            

    

    
      	
               
      

            	
              ·

            	
              Conduct
      product education presentations with wire house brokers and fee based
      financial advisors.

            

    

    
      	
               
      

            	
              ·

            	
              Attend
      major fee based advisor
conferences.

            

    

    

    
      	  	
              (d) 

            	
              ALPS
      will provide five shared Internal Wholesalers who
  will:

            

    

    

    
      	
               
      

            	
              ·

            	
              Support
      the National Accounts Manager’s and Wholesaler’s field
      activities.

            

    

    
      	
               
      

            	
              ·

            	
              Telemarket
      to independent financial planners.

            

    

    
      	
               
      

            	
              ·

            	
              Coordinate
      conference participation.

            

    

    
      	
               
      

            	
              ·

            	
              Attend
      various conferences.

            

    

    

    
      
        	  	
                  (e)

              	
                      ALPS
      will provide resources from its call center
to:

              

      

    

    

    
      	
               
      

            	
              ·

            	
              Place
      outbound follow-up calls on 100% of phone and internet requests for
      information.

            

    

    
      	
               
      

            	
              ·

            	
              Receive
      creation/redemption calls and communicate with authorized purchasers,
      advisors and the custodian.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              ·

            	
              Transfer
      “hot” advisor leads to Internal
Wholesaler.

            

    

    
      	
               
      

            	
              ·

            	
              Support
      a dedicated Fund toll-free line for
advisors.

            

    

    

    
      	
               
      

            	
              (f)

            	
              ALPS
      will provide appropriate staff to:

            

    

    

    
      	
               
      

            	
              ·

            	
              Write,
      design and produce sales and marketing
  materials.

            

    

    
      	
               
      

            	
              ·

            	
              Create
      seminars and product presentations.

            

    

    
      	
               
      

            	
              ·

            	
              Coordinate
      advisor specific advertising with the advertising
  agency.

            

    

    
      	
               
      

            	
              ·

            	
              Manage
      marketing budget.

            

    

    
      	
               
      

            	
              ·

            	
              Create
      and maintain Sponsor and Fund
websites.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
D

    

    TEUCRIUM
TRADING LLC

    OFFICER’S
CERTIFICATE

    

    The
undersigned, a duly authorized officer of Teucrium Trading, LLC a Delaware
limited liability company (the “Sponsor”), and pursuant to Section 13(d) of the
Teucrium Commodity Trust Marketing Agent Agreement (the “Agreement”), dated as
of January __, 2010 by and among the Sponsor, Teucrium Commodity Trust (the
“Trust”) and ALPS Distributors, Inc. (“Marketing Agent”) hereby certifies
that:

    

    1.   Each
of the following representations and warranties of the Sponsor 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 Sponsor 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 Purchaser and
furnished in writing by or on behalf of the Authorized Purchaser to the Sponsor
expressly for use in the Registration Statement or such Prospectus; and neither
the Sponsor nor any Person known to the Sponsor acting on behalf of the Fund has
distributed nor will distribute any offering material other than the
Registration Statement or the Prospectus;

    

    (b)  the
Trust has been duly formed and is validly existing as a statutory trust under
the laws of the State of Delaware and the Fund has been duly established as a
series of the Trust, as described in the Registration Statement and the
Prospectus, and is authorized to issue and deliver, or to instruct the Marketing
Agent to issue and deliver, the Baskets to the Authorized Purchaser as described
in the Prospectus;

    

    (c)  the
Sponsor 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;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

    

    (g)  the
Sponsor 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) its
constitutive documents, or any indenture, mortgage, deed of trust, bank loan or
credit agreement or other evidence of indebtedness to which the Sponsor is a
party or by which the Sponsor or any of its properties may be bound or affected,
and the execution, delivery and performance of the Agreement, the issuance and
sale of Units to the Authorized Purchaser hereunder and the consummation of the
transactions contemplated hereby do 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 Sponsor, 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 Sponsor
is a party or by which, respectively, the Sponsor 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 Sponsor;

    

    (h)  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 to be obtained by the Sponsor, the Trust or the Fund in
connection with the issuance and sale of Baskets to the Authorized Purchaser
hereunder or the consummation by the Sponsor or the Fund of the transactions
contemplated hereunder other than registration of the Units under the 1933 Act,
and any necessary qualification under the securities or blue sky laws of the
various jurisdictions in which the Units are being offered;

    

    (i) 
 except as set forth in the Registration Statement and the Prospectus (i)
no Person has the right, contractual or otherwise, to cause the Trust to issue
or sell to it any Units or other equity interests of the Fund, and (ii) no
Person has the right to act as an underwriter to the Trust in connection with
the offer and sale of the Units, 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 Units as contemplated thereby or
otherwise; no Person has the right, contractual or otherwise, to cause the Trust
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 Units as
contemplated thereby or otherwise;

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (j) 
each of the Sponsor 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 Sponsor 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 Sponsor;

    

    (k)  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;

    

    (l) 
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 Sponsor or the Trust, or (to the extent that is or
could be material in the context of the offering and sale of the Baskets to the
Authorized Purchaser) any of the Sponsor’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;

    

    (m)  Rothstein
Kass, 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;

    

    (n)  the
audited financial statement(s) of the Fund 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;

    

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

    

    
      	
               
      

            	
              (p)

            	
              (i)
      except as set forth in the Registration Statement and the Prospectus, the
      Sponsor 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”);

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (ii)
except as set forth in the Registration Statement and the Prospectus, to the
knowledge of the Sponsor or the Trust, 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 Sponsor or the Fund;

    

    (iii) to
the knowledge of the Sponsor or the Trust, there is no infringement by third
parties of any Intellectual Property owned or licensed to the Sponsor or the
Fund;

    

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

    

    (v) to
the knowledge of the Sponsor or the Trust, there is no pending or threatened
action, suit, proceeding or claim by others challenging the validity or scope of
any Intellectual Property;

    

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

    

    (vii) to
the knowledge of the Sponsor or the Trust, there is no patent or patent
application that contains claims that interfere with the issued or pending
claims of any of the Intellectual Property owned or licensed to the Sponsor or
the Fund; and

    

    (viii)  to
the knowledge of the Sponsor or the Trust, there is no prior art that may render
any patent or patent application owned by or licensed to the Sponsor
unpatentable, invalid or unenforceable.

    

    (r)  all
tax returns required to be filed by the Sponsor 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
Certificate;

    

    (s)  the
Sponsor 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 Sponsor or any other party
to any such contract or agreement;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (t) 
 on behalf of the Fund, the Sponsor 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 Sponsor, and such disclosure controls
and procedures are effective to perform the functions for which they were
established; on behalf of the Fund, the Sponsor has disclosed to the Fund’s
auditors when and to the extent required: (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;

    

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

    

    (v)  neither
the Sponsor, nor any of the Sponsor’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 Units.

    

    For
purposes hereof, the term “Registration Statement” shall mean the Registration
Statement as amended or supplemented from time to time up to the date hereof,
the term “Preliminary Prospectus” shall mean the preliminary prospectus dated
______, 2010 relating to the Units and any other prospectus dated prior to
effectiveness of the Registration Statement relating to the Units that is
distributed to prospective Fund investors, and the term “Prospectus” shall mean
the Prospectus as amended or supplemented from time to time up to the date
hereof.

    

    2.   Each
of the obligations of the Sponsor 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 Sponsor 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.

    

    IN
WITNESS WHEREOF, I have hereunto, on behalf of the Sponsor, subscribed my name
this ___ day of _________________.

    

    
      
        
          
            
              	
                      By:

                    	 
      	 
       
	 
      	
                      Name:

                    	 
	 
      	
                      Title:

                    	 

            

          

        

      

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    I,
_______________, in my capacity as [title], hereby certify that _______________
is the duly elected [title] of the Sponsor, and that the signature set forth
immediately above is [his/her] genuine signature.

    

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

    

    
      
        
          
            
              	
                      By:

                    	 
      	 
       
	 
      	
                      Name:

                    	 
	 
      	
                      Title:

                    	 

            

          

        

      

    

     

    
      
        
        

      

      
        6Exhibit
10.3

    

    GLOBAL
CUSTODY AGREEMENT

    (Unregistered
Investment Companies)

    

    AGREEMENT, dated as of January __, 2010
between Teucrium Commodity Trust (the “Trust”), on its own behalf and on behalf
of each of its series listed in Exhibit A attached hereto (each a "Customer"),
and The Bank of New York Mellon, a New York state chartered bank subject to
regulation by the Board of Governors of the Federal Reserve System and the New
York State Banking Department ("Custodian").

    

    ARTICLE
I

    DEFINITIONS

    

    Whenever used in this Agreement, the
following words shall have the meanings set forth below:

    

    1.           "Authorized Person" shall be
any person, whether or not an officer or employee of the Trust, duly authorized
by the Trust to give Oral and/or Written Instructions with respect to one or
more Accounts, such persons to be designated in a Certificate of Authorized
Persons which contains a specimen signature of such person.

    

    2.           "BNY Affiliate" shall mean any
office, branch or subsidiary of The Bank of New York Mellon
Corporation.

    

    3.           "Book-Entry System" shall mean
the Federal Reserve/Treasury book-entry system for receiving and delivering
securities, its successors and nominees.

    

    4.           "Business Day" shall mean any
day on which Custodian, Book-Entry System and relevant Depositories are open for
business.

    

    5.           "Depository" shall include the
Book-Entry System, the Depository Trust Company, Euroclear, Clearstream Banking
S.A. and any other securities depository, book-entry system or clearing agency
(and their respective successors and nominees) authorized to act as a securities
depository, book-entry system or clearing agency pursuant to applicable law and
identified to Customer from time to time.

    

    6.           “Hedge Fund Investments” shall
mean investments by Customer in hedge funds, mutual funds and other investment
or collective investment vehicles.

    

    7.           "Oral Instructions" shall mean
instructions received verbally by Custodian.

    

    8.           "Securities" shall include,
without limitation, any common stock and other equity securities, including
Hedge Fund Investments, bonds, debentures and other debt securities, notes,
mortgages or other obligations, and any instruments representing rights to
receive, purchase, or subscribe for the same, or representing any other rights
or interests therein (whether represented by a certificate or held in a
Depository, with a Subcustodian or on the books of the issuer).

    

    9.           "Subcustodian" shall mean a
bank or other financial institution (other than a Depository) which is utilized
by Custodian in connection with the purchase, sale or custody of Securities
hereunder and identified to Customer from time to time.

    

    10.         "Written
Instructions"
shall mean written communications actually received by Custodian by
S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or
system specified by Custodian as available for use in connection with the
services hereunder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 2 -

     

    ARTICLE
II

    APPOINTMENT
OF CUSTODIAN; ACCOUNTS;

    REPRESENTATIONS
AND WARRANTIES

    

    1.           The
Trust, on behalf of each Customer, hereby appoints Custodian as custodian of all
Securities and cash at any time delivered to Custodian during the term of this
Agreement, and authorizes Custodian to hold Securities in registered form in its
name or the name of its nominees.  Custodian hereby accepts such
appointment and agrees to establish and maintain one or more securities accounts
and cash accounts (each such account being separate and distinct with respect to
each Customer) in which Custodian will hold Securities and cash as provided
herein.  Such accounts (each, an "Account"; collectively, the
"Accounts") shall be in the name of Customer.

    

    2.           The
Trust, on its own behalf and on behalf of each Customer, hereby represents,
warrants and covenants, which shall be continuing and shall be deemed to be
reaffirmed upon each Oral or Written Instruction given by Customer,
that:

    

    (a)      
   The Trust is duly organized and existing under the laws of the
jurisdiction of its organization, with full power to carry on its business as
now conducted, to enter into this Agreement and to perform its obligations
hereunder;

    

    (b)         This
Agreement has been duly authorized, executed and delivered by the Trust, on its
own behalf and on behalf of each Customer, constitutes a valid and legally
binding obligation of the Trust, on its own behalf and on behalf of each
Customer, enforceable in accordance with its terms, and no statute, regulation,
rule, order, judgment or contract binding on the Trust, on its own behalf and on
behalf of each Customer, prohibits the execution or performance of this
Agreement; and

    

    (c)          (i)
Either the Trust, on behalf of a Customer, owns the Securities in the Accounts
free and clear of all liens, claims, security interests and encumbrances (except
those granted herein) or, if the Securities in an Account are owned beneficially
by others, the Trust, on behalf of a Customer, has the right to pledge such
Securities to the extent necessary to secure Customer's obligations hereunder,
free of any right of redemption or prior claim by the beneficial
owner.  Custodian's security interest pursuant to Article V hereof
shall be a first lien and security interest subject to no setoffs, counterclaims
or other liens prior to or on a parity with it in favor of any other party
(other than specific liens granted preferred status by statute), and the Trust,
on behalf of each Customer, shall take any and all additional steps which are
required to assure Custodian of such priority and status, including notifying
third parties or obtaining their consent to, Custodian's security
interest.

    

     
(ii) The Trust shall take no action to transfer any interest in a Hedge Fund
Investment from the nominee name in which such investment is registered without
the express written consent of Custodian, or take any other action that would
cause Custodian’s first lien and security interest hereunder to be adversely
affected.

    

    (d)        
Any agreement the Trust enters into with a broker-dealer or another
person (an “Authorized Purchaser”) for the purchase and redemption of Customer
shares in creation basket aggregations shall require such person to establish
and maintain policies and procedures requiring it to obtain and verify
information about the identity of its customers purchasing Customer shares from
such Authorized Purchaser and which are reasonably designed to ensure that it is
not being used as a conduit for money laundering or other illicit purposes;
and

    

    (e)         
The Trust
shall promptly notify Custodian in writing if any of the foregoing
representations and warranties are no longer true.

    

    ARTICLE
III

    CUSTODY
AND RELATED SERVICES

    

    1.           (a)           Subject
to the terms hereof, the Trust, on behalf of each Customer, hereby authorizes
Custodian to hold any Securities received by it from time to time for the
applicable Customer's account.  Custodian shall be entitled to utilize
Depositories and Subcustodians to the extent possible in connection with its
performance hereunder.  Securities and cash deposited by Custodian in
a Depository will be held subject to the rules, terms and conditions of such
Depository.  Securities and cash held through Subcustodians shall be
held subject to the terms and conditions of Custodian's agreements with such
Subcustodians.  Subcustodians may be authorized to hold Securities in
central securities depositories or clearing agencies in which such Subcustodians
participate.  Unless otherwise required by local law or practice or a
particular subcustodian agreement, Securities deposited with Subcustodians will
be held in a commingled account in the name of Custodian as custodian or trustee
for its customers.  Custodian shall identify on its books and records
the Securities and cash belonging to Customer, whether held directly or
indirectly through Depositories or Subcustodians, and shall maintain separate
and distinct books and records for each Customer.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 3 -

     

    (b)         Unless
applicable law otherwise requires, Custodian shall hold Securities indirectly
through a Subcustodian only if (i) the Securities are not subject to any right,
charge, security interest, lien or claim of any kind in favor of such
Subcustodian or its creditors, including a receiver or trustee in bankruptcy or
similar authority, except for a claim of payment for the safe custody or
administration of Securities or for funds advanced on behalf of Customer by such
Subcustodian, and (ii) beneficial ownership of the Securities is freely
transferable without the payment of money or value other than for safe custody
or administration.

    

    2.           Custodian
shall furnish the Trust for each Customer with an advice of daily transactions
and a monthly summary of all transfers to or from the Accounts.  The
Trust, on behalf of each Customer, may elect to receive advices, confirmations,
reports or statements electronically through the Internet to an email address
specified by it for such purpose.  By electing to use the Internet for
this purpose, the Trust acknowledges that such transmissions are not encrypted
and therefore are insecure.  The Trust further acknowledges that there
are other risks inherent in communicating through the Internet such as the
possibility of virus contamination and disruptions in service, and agrees that
Custodian shall not be responsible for any loss, damage or expense suffered or
incurred by the Trust or any Customer or any person claiming by or through the
Trust or any Customer as a result of the use of such methods.

    

    3.          With
respect to all Securities held hereunder, Custodian shall, unless otherwise
instructed to the contrary:

    

    (a)         Receive
all income and other payments and advise the Trust, on behalf of the relevant
Customer, as promptly as practicable of any such amounts due but not
paid;

    

    (b)         Present
for payment and receive the amount paid upon all Securities which may mature and
advise the Trust, on behalf of  the relevant Customer, as promptly as
practicable of any such amounts due but not paid;

    

    (c)         Forward
to the Trust, on behalf of the relevant Customer, all information or documents
that it may receive from an issuer of Securities which, in the opinion of
Custodian, are intended for the beneficial owner of Securities;

    

    (d)         Execute,
as custodian, any certificates of ownership, affidavits, declarations or other
certificates under any tax laws now or hereafter in effect in connection with
the collection of bond and note coupons;

    

    (e)         Hold
directly or through a Depository or Subcustodian all rights and similar
Securities issued with respect to any Securities credited to an Account
hereunder; and

    

    (f)          Endorse
for collection checks, drafts or other negotiable instruments.

    

    4.           (a)           Custodian
shall notify the Trust, on behalf of the relevant Customer, of such rights or
discretionary actions or of the date or dates by when such rights must be
exercised or such action must be taken provided that Custodian has received,
from the issuer or the relevant Depository (with respect to Securities issued in
the United States) or from the relevant Subcustodian, Depository or a nationally
or internationally recognized bond or corporate action service to which
Custodian subscribes, timely notice of such rights or discretionary corporate
action or of the date or dates such rights must be exercised or such action must
be taken.  Absent actual receipt of such notice, Custodian shall have
no liability for failing to so notify Customer.

    

    (b)         Whenever
Securities (including, but not limited to, warrants, options, tenders, options
to tender or non-mandatory puts or calls) confer optional rights on Customer or
provide for discretionary action or alternative courses of action by Customer,
Customer shall be responsible for making any decisions relating thereto and for
directing Custodian to act.  In order for Custodian to act, it must
receive Customer's Written Instructions at Custodian's offices, addressed as
Custodian may from time to time request, not later than noon at least two (2)
Business Days prior to the last scheduled date to act with respect to such
Securities (or such earlier date or time as Custodian may notify
Customer).  Absent Custodian's timely receipt of such Written
Instructions, Custodian shall not be liable for failure to take any action
relating to or to exercise any rights conferred by such Securities.

    

    5.           Custodian
will make available to Customer proxy voting services upon the request of, and
for the jurisdictions selected by, Customer in accordance with terms and
conditions to be mutually agreed upon by Custodian and Customer.

    

    6.           Custodian
shall promptly advise the Trust, on behalf of the applicable Customer, upon its
notification of the partial redemption, partial payment or other action
affecting less than all Securities of the relevant class.  If
Custodian, any Subcustodian or Depository holds any such Securities in which a
Customer has an interest as part of a fungible mass, Custodian, such
Subcustodian or Depository may select the Securities to participate in such
partial redemption, partial payment or other action in any non-discriminatory
manner that it customarily uses to make such selection.

    

    7.           Custodian
shall not under any circumstances accept bearer interest coupons which have been
stripped from United States federal, state or local government or agency
securities unless explicitly agreed to by Custodian in writing.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 4 -

     

    8.           Each
Customer shall be liable for all taxes, assessments, duties and other
governmental charges, including any interest or penalty with respect thereto
("Taxes"), with respect to any cash or Securities held on behalf of Customer or
any transaction related thereto.  Each Customer shall indemnify
Custodian and each Subcustodian for the amount of any Tax that Custodian, any
such Subcustodian or any other withholding agent is required under applicable
laws (whether by assessment or otherwise) to pay on behalf of, or in respect of
income earned by or payments or distributions made to or for the account of
Customer (including any payment of Tax required by reason of an earlier failure
to withhold).  Custodian shall, or shall instruct the applicable
Subcustodian or other withholding agent to, withhold the amount of any Tax which
is required to be withheld under applicable law upon collection of any dividend,
interest or other distribution made with respect to any Security and any
proceeds or income from the sale, loan or other transfer of any
Security.  In the event that Custodian or any Subcustodian is required
under applicable law to pay any Tax on behalf of a Customer, Custodian is hereby
authorized to withdraw cash from any cash account for that particular Customer
only, in the amount required to pay such Tax and to use such cash, or to remit
such cash to the appropriate Subcustodian, for the timely payment of such Tax in
the manner required by applicable law.  If the aggregate amount of
cash in all cash accounts is not sufficient to pay such Tax, Custodian shall
promptly notify the Trust of the additional amount of cash (in the appropriate
currency) required, and the Trust, on behalf of the applicable Customer, shall
directly deposit such additional amount in the appropriate cash account promptly
after receipt of such notice, for use by Custodian as specified
herein.  In the event that Custodian reasonably believes that a
Customer is eligible, pursuant to applicable law or to the provisions of any tax
treaty, for a reduced rate of, or exemption from, any Tax which is otherwise
required to be withheld or paid on behalf of a Customer under any applicable
law, Custodian shall, or shall instruct the applicable Subcustodian or
withholding agent to, either withhold or pay such Tax at such reduced rate or
refrain from withholding or paying such Tax, as appropriate; provided that
Custodian shall have received from the Trust, on behalf of the appropriate
Customer, all documentary evidence of residence or other qualification for such
reduced rate or exemption required to be received under such applicable law or
treaty.  In the event that Custodian reasonably believes that a
reduced rate of, or exemption from, any Tax is obtainable only by means of an
application for refund, Custodian and the applicable Subcustodian shall have no
responsibility for the accuracy or validity of any forms or documentation
provided by the Trust to Custodian hereunder.  The Trust, on behalf of
each Customer, hereby agrees to indemnify and hold harmless Custodian and each
Subcustodian in respect of any liability arising from any underwithholding or
underpayment of any Tax which results from the inaccuracy or invalidity of any
such forms or other documentation, and such obligation to indemnify shall be a
continuing obligation of the applicable Customer, its successors and assigns,
notwithstanding the termination of this Agreement.

    

    9.           (a)           For
the purpose of settling Securities and foreign exchange transactions, each
Customer shall provide Custodian with sufficient immediately available funds for
all transactions by such time and date as conditions in the relevant market
dictate.  As used herein, "sufficient immediately available funds"
shall mean either (i) sufficient cash denominated in the currency of Customer's
home jurisdiction to purchase the necessary foreign currency, or (ii) sufficient
applicable foreign currency to settle the transaction.  Custodian
shall provide the Trust, on behalf of each Customer, with immediately available
funds each day which result from the actual settlement of all sale transactions,
based upon advices received by Custodian from its Subcustodians and
Depositories.  Such funds shall be in the currency of Customer's home
jurisdiction or such other currency as the Trust, on behalf of the Customer, may
specify to Custodian.

    

    (b)      
  Any foreign exchange transaction effected by Custodian in connection
with this Agreement may be entered with Custodian or a BNY Affiliate acting as
principal or otherwise through customary banking channels.  The Trust,
on behalf of each Customer, may issue standing Written Instructions with respect
to foreign exchange transactions but Custodian may establish rules or
limitations concerning any foreign exchange facility made available to a
Customer.  Each Customer shall bear all risks of investing in
Securities or holding cash denominated in a foreign currency.  Without
limiting the foregoing, each Customer shall bear the risks that rules or
procedures imposed by Depositories, exchange controls, asset freezes or other
laws, rules, regulations or orders shall prohibit or impose burdens or costs on
the transfer to, by or for the account of a Customer of Securities or cash held
outside Customer's jurisdiction or denominated in a currency other than its home
jurisdiction or the conversion of cash from one currency into another
currency.  Custodian shall not be obligated to substitute another
currency for a currency whose transferability, convertibility or availability
has been affected by such law, regulation, rule or procedure.  Neither
Custodian nor any Subcustodian shall be liable to Customer for any loss
resulting from any such event.

    

    10.         To
the extent that Custodian has agreed to provide pricing or other information
services in connection with this Agreement, Custodian is authorized to utilize
any vendor (including brokers and dealers of Securities) reasonably believed by
Custodian to be reliable to provide such information.  The Trust, on
behalf of each Customer, understands that certain pricing information with
respect to complex financial instruments (e.g., derivatives)
may be based on calculated amounts rather than actual market transactions and
may not reflect actual market values, and that the variance between such
calculated amounts and actual market values may or may not be
material.  Where vendors do not provide information for particular
Securities or other property, an Authorized Person may advise Custodian
regarding the fair market value of, or provide other information with respect
to, such Securities or property as determined by it in good
faith.  Provided Custodian has complied with the first sentence of
this paragraph, Custodian shall not be liable for any loss, damage or expense
incurred as a result of errors or omissions with respect to any pricing or other
information utilized by Custodian hereunder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 5 -

     

    11.         As
an accommodation to each Customer, Custodian shall provide consolidated
recordkeeping services pursuant to which Custodian reflects on Account
statements Securities or other assets not held in Custodian’s vault or for which
Custodian or its nominee is not the registered owner ("Non-Custody
Assets").  Non-Custody Assets shall be designated on Custodian's books
as "shares not held" or by other similar characterization.  The Trust,
on its own behalf and on behalf of each Customer, acknowledges and agrees that
it shall have no security entitlement against Custodian with respect to
Non-Custody Assets, that Custodian shall be entitled to rely, without
independent verification, on information provided by Customer regarding
Non-Custody Assets (including but not limited to positions and market
valuations) and that, provided Custodian has discharged its duties as
related to the consolidated recordkeeping services in accordance with its
standard of care as contemplated herein, Custodian shall have no responsibility
whatsoever with respect to the accuracy of any information maintained on
Custodian's books or set forth on account statements concerning Non-Custody
Assets.

    

    12.         From
time to time Custodian may make available to each Customer or its agent(s)
certain computer programs, products, services, reports or information,
including, without limitation, information obtained by Custodian from third
parties and information reflecting Custodian’s input, evaluation and
interpretation (collectively, “Tools”).  Tools may allow Customer or
its agent(s) to perform certain analytic, accounting, compliance, reconciliation
and other functions with respect to the Account.  By way of example,
Tools may assist Customer or its agent(s) in analyzing the performance of
investment managers appointed by Customer, determining on a post-trade basis
whether transactions for the Account comply with Customer’s investment
guidelines, evaluating assets at risk, and performing account
reconciliations.  Tools may be used only for Customer’s internal
purposes, and may not be resold, redistributed or otherwise made available to
third parties.  Tools are the sole and exclusive property of Custodian
and its suppliers.  Customer may not reverse engineer or decompile any
computer programs provided by the Custodian comprising, or provided as a part
of, any Tools.  Information supplied by third parties may be incorrect
or incomplete, and any information, reports, analytics or other services
supplied by Custodian that rely on information from third parties may also be
incorrect or incomplete.  All Tools are provided “AS IS”, whether or
not they are modified to meet specific needs of Customer and regardless of
whether Custodian is compensated by Customer for providing such
Tools.  CUSTODIAN DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR
IMPLIED, WITH RESPECT TO THE TOOLS, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY, TITLE, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR
PURPOSE.  ANYTHING IN THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING,
CUSTODIAN AND ITS SUPPLIERS SHALL NOT BE LIABLE FOR ANY LOSS, COST, EXPENSE,
DAMAGE, LIABILITY OR CLAIM SUFFERED OR INCURRED BY CUSTOMER, ITS AGENT(S) OR ANY
OTHER PERSON AS A RESULT OF USE OF, INABILITY TO USE, OR RELIANCE UPON ANY
TOOLS, EXCEPT FOR DIRECT DAMAGES RESULTING FROM THE WILLFUL MISCONDUCT OF
CUSTODIAN.

    

    13.        
With respect to Securities issued in the United States, the Shareholders
Communications Act of 1985 (the "Act") requires Custodian to disclose to the
issuers, upon their request, the name, address and securities position of its
customers who are (a) the "beneficial owners" (as defined in the Act) of the
issuer’s Securities, if the beneficial owner does not object to such disclosure,
or (b) acting as a "respondent bank" (as defined in the Act) with respect to the
Securities.  (Under the Act, "respondent banks" do not have the option
of objecting to such disclosure upon the issuers' request.)  The Act
defines a "beneficial owner" as any person who has, or shares, the power to vote
a security (pursuant to an agreement or otherwise), or who directs the voting of
a security.  The Act defines a "respondent bank" as any bank,
association or other entity that exercises fiduciary powers which holds
securities on behalf of beneficial owners and deposits such securities for
safekeeping with a bank, such as Custodian.  Under the Act, Customer
is either the "beneficial owner" or a "respondent bank."

    

    
      	
              x

            	
              Customer
      is the "beneficial owner," as defined in the Act, of the Securities to be
      held by Custodian hereunder.

            

    

    
      	
               ̈

            	
              Customer
      is not the beneficial owner of the Securities to be held by Custodian, but
      is acting as a “respondent bank,” as defined
      in the Act, with respect to the Securities to be held by Custodian
      hereunder.

            

    

    IF NO BOX
IS CHECKED, CUSTODIAN SHALL ASSUME THAT CUSTOMER IS THE BENEFICIAL OWNER OF THE
SECURITIES.

    

    For beneficial owners of the
Securities only:

    

    
      	
               ̈

            	
              Customer
      objects

            

    

    
      	
              x

            	
              Customer
      does not object

            

    

    

    to the
disclosure of its name, address and securities position to any issuer which
requests such information pursuant to the Act for the specific purpose of direct
communications between such issuer and Customer.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 6
- 

     

    IF NO BOX
IS CHECKED, CUSTODIAN SHALL RELEASE SUCH
INFORMATION UNTIL IT RECEIVES A CONTRARY WRITTEN INSTRUCTION FROM
CUSTOMER.

    

    With
respect to Securities issued outside of the United States, information shall be
released to issuers only if required by law or regulation of the particular
country in which the Securities are located.

    

    ARTICLE
IV

    PURCHASE,
SALE AND REDEMPTION OF SECURITIES;

    CREDITS
TO ACCOUNT

    

    1.           (a)           Promptly
after each purchase or sale of Securities by Customer, an Authorized Person
shall deliver to Custodian Written Instructions specifying all information
necessary for Custodian to settle such purchase or sale.  Custodian
shall account for all purchases and sales of Securities on the actual settlement
date unless otherwise agreed by Custodian.

    

    (b)         With
respect to purchases and redemptions of Hedge Fund Investments, upon the Written
Instructions of an Authorized Person Custodian (or its nominee) will as agent
for Customer subscribe for and redeem shares, units or other interests and
complete, execute and submit all relevant subscription and redemption
documentation required by the relevant issuer; provided that any Written
Instructions given to Custodian hereunder shall be in accordance with
Custodian’s procedures notified to Customer from time to time; and provided
further, that Customer’s delivery to Custodian of any such Written Instructions
to purchase Hedge Fund Investments shall constitute the Trust’s representation
and warranty that the Trust has reviewed and understands the terms of the
relevant offering memorandum or subscription agreement (or similar document) and
other document(s) related thereto and agreement to be bound by the terms and
conditions thereof (including all representations and warranties to which the
Trust or a Customer will be bound as beneficial owner of such Hedge Fund
Investment).

    

    2.           The
Trust, on behalf of each Customer, understands that when Custodian is instructed
to deliver Securities against payment, delivery of such Securities and receipt
of payment therefor may not be completed simultaneously.  The Trust,
on behalf of each Customer, assumes full responsibility for all credit risks
involved in connection with Custodian's delivery of Securities pursuant to
instructions of Customer, provided Custodian has followed commercially
reasonable practices with respect to such delivery.

    

    3.           Custodian
may, as a matter of bookkeeping convenience or by separate agreement with the
Trust, on behalf of eacg Customer, credit the Account with the proceeds from the
sale, redemption or other disposition of Securities or interest, dividends or
other distributions payable on Securities prior to its actual receipt of final
payment therefor.  All such credits shall be conditional until
Custodian's actual receipt of final payment and may be reversed by Custodian to
the extent that final payment is not received.  Payment with respect
to a transaction will not be "final" until Custodian shall have received
immediately available funds which under applicable local law, rule and/or
practice are irreversible and not subject to any security interest, levy or
other encumbrance, and which are specifically applicable to such
transaction.

    

    ARTICLE
V

    OVERDRAFTS
OR INDEBTEDNESS

    

    1.           If
Custodian in its sole discretion advances funds in any currency hereunder or
there shall arise for whatever reason an overdraft in an Account (including,
without limitation, overdrafts incurred in connection with the settlement of
securities transactions, funds transfers or foreign exchange transactions) or if
Customer is for any other reason indebted to Custodian, Customer agrees to repay
Custodian on demand the amount of the advance, overdraft or indebtedness plus
accrued interest at a rate ordinarily charged by Custodian to its institutional
custody customers in the relevant currency.

    

    2.           In
order to secure repayment of Customer's obligations to Custodian hereunder, the
Trust, on behalf of each such Customer, hereby pledges and grants to Custodian a
continuing lien and security interest in, and right of set-off against, all of
Customer's right, title and interest in and to the Accounts and the Securities,
money and other property now or hereafter held in the Accounts (including
proceeds thereof), and any other property at any time held by it for the account
of each respective Customer and not any other series of the Trust.  In
this regard, Custodian shall be entitled to all the rights and remedies of a
pledgee and secured creditor under applicable laws, rules or regulations as then
in effect.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 7 -

     

    ARTICLE
VI

    CONCERNING
CUSTODIAN

    

    1.           (a)           Except
as otherwise expressly provided herein, Custodian shall not be liable for any
costs, expenses, damages, liabilities or claims, including attorneys' and
accountants' fees (collectively, "Losses"), incurred by or asserted against the
Trust or a Customer, except those Losses arising out of the negligence or
willful misconduct of Custodian.  Custodian shall have no liability
whatsoever for the action or inaction of any Depository or issuer of
Securities.  Subject to Section 1(b) below, Custodian's responsibility
with respect to any Securities or cash held by a Subcustodian is limited to the
failure on the part of Custodian to exercise reasonable care in the selection or
retention of such Subcustodian in light of prevailing settlement and securities
handling practices, procedures and controls in the relevant
market.  With respect to any Losses incurred by the Trust or a
Customer as a result of the acts or the failure to act by any Subcustodian
(other than a BNY Affiliate), Custodian shall take appropriate action to recover
such Losses from such Subcustodian; and, provided that Custodian has exercised
reasonable care in the selection and retention of such Subcustodian as provided
for in the preceding sentence, Custodian's sole responsibility and liability to
Customer shall be limited to amounts so received from such Subcustodian
(exclusive of costs and expenses incurred by Custodian).  In no event
shall Custodian be liable to Customer or any third party for special, indirect
or consequential damages, or lost profits or loss of business, arising in
connection with this Agreement.

    

    (b)         Custodian
may enter into subcontracts, agreements and understandings with any BNY
Affiliate, whenever and on such terms and conditions as it deems necessary or
appropriate to perform its services hereunder.  No such subcontract,
agreement or understanding shall discharge Custodian from its obligations
hereunder.

    

    (c)      
   The Trust on behalf of each Customer agrees to indemnify
Custodian and hold Custodian harmless from and against any and all Losses
sustained or incurred by or asserted against Custodian by reason of or as a
result of any action or inaction, or arising out of Custodian's performance
hereunder, including reasonable fees and expenses of counsel incurred by
Custodian in a successful defense of claims by Customer; provided however, that
the Trust or a Customer shall not indemnify Custodian for those Losses arising
out of Custodian's negligence or willful misconduct.  This indemnity
shall be a continuing obligation of the Trust on behalf of each Customer, its
successors and assigns, notwithstanding the termination of this
Agreement.

    

    (d)         Custodian
shall indemnify and hold harmless the Trust and each Customer from and against
any and all reasonable attorneys’ fees related to claims, where such claims
result in liability to the Trust or a Customer and such liability has been
finally determined by an arbiter of competent jurisdiction to be directly caused
by Custodian’s failure to discharge its duties in accordance with its standard
of care as set forth hereunder.  This indemnity shall be a continuing
obligation of Custodian, its successors and assigns, notwithstanding the
termination of this Agreement.

    

    (e)        
 If any action, suit or proceeding (each, a “Proceeding”) is brought
against either party to this Agreement (an “Indemnified Party”) in respect of
which indemnity may be sought against the other party (the “Indemnifying Party”)
pursuant to the foregoing paragraphs, the Indemnified Party shall promptly
notify the Indemnifying Party in writing of the institution of such Proceeding
and the Indemnifying Party shall have the right, by providing notice to the
Indemnified Party within twenty (20) Business Days thereafter, to assume the
defense of such Proceeding, including the employment of counsel reasonably
satisfactory to the Indemnified Party and payment of all fees and expenses;
provided, however, that the omission to so notify the Indemnifying Party shall
not relieve the Indemnifying Party from any liability which it may have to the
Indemnified Party except to the extent that it has been materially prejudiced by
such failure and has not otherwise learned of such Proceeding.  If the
Indemnifying Party assumes the defense of the Proceeding, the Indemnified Party
shall have the right to employ its own counsel in any such case, but the fees
and expenses of such counsel shall be at the expense of the Indemnified Party
unless the employment of such counsel shall have been authorized in writing by
the Indemnifying Party in connection with the defense of such Proceeding or the
Indemnifying Party shall not have, within a reasonable period of time in light
of the circumstances, employed counsel to have charge of the defense of such
Proceeding or the Indemnified Party shall have reasonably concluded that there
may be defenses available to it or them which are different from, additional to
or in conflict with those available to the Indemnifying Party (in which case the
Indemnifying Party shall not have the right to direct the defense of such
Proceeding on behalf of the Indemnified Party), in any of which events such fees
and expenses shall be borne by the Indemnifying Party and paid as incurred (it
being understood, however, that the Indemnifying Party shall not be liable for
the expenses of more than one separate counsel (in addition to any local
counsel) in any one Proceeding or series of related Proceedings in the same
jurisdiction representing the indemnified parties who are parties to such
Proceeding).

     

    The Indemnifying Party shall not be
liable for any settlement of any Proceeding effected without the Indemnifying
Party’s written consent but if settled with the Indemnifying Party’s written
consent, the Indemnifying Party agrees to indemnify and hold harmless the
Indemnified Party from and against any loss or liability by reason of such
settlement. Notwithstanding the foregoing sentence, if at any time an
Indemnified Party shall have requested an Indemnifying Party to reimburse the
Indemnified Party for fees and expenses of counsel as contemplated by the second
sentence of this section 6.4, then the Indemnifying Party agrees that it shall
be liable for any settlement of any Proceeding effected without its written
consent if (i) such settlement is entered into more than 60 days after receipt
by such Indemnifying Party of the aforesaid request, (ii) such Indemnifying
Party shall not have fully reimbursed the Indemnified Party in accordance with
such request prior to the date of such settlement and (iii) such Indemnified
Party shall have given the Indemnifying Party at least 30 days’ prior notice of
its intention to settle. The Indemnifying Party shall not, without the prior
written consent of the Indemnified Party, effect any settlement of any pending
or threatened Proceeding in respect of which any Indemnified Party is or could
have been a party and indemnity could have been sought hereunder by such
Indemnified Party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability on claims that are the subject matter
of such Proceeding and does not include an admission of fault, culpability or a
failure to act, by or on behalf of such Indemnified Party.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 8 -

     

    2.       
   Without limiting the generality of and subject to the
foregoing, Custodian shall be under no obligation to inquire into, and shall not
be liable for, any losses incurred by a Customer or any other person as a result
of the receipt or acceptance of fraudulent, forged or invalid Securities, or
Securities which are otherwise not freely transferable or deliverable without
encumbrance in any relevant market.

    

    3.           At
any time Custodian may apply to any officer of the Trust or its sponsor for
instructions, and may seek the advice of outside counsel to the Trust (which
instructions or advice shall not be unreasonably withheld) with respect to any
matter arising in connection with the services to be performed by Custodian
under this Agreement, and Custodian and its agents or subcontractors shall not
be liable and shall be indemnified by the Trust for any action taken or omitted
by it in reliance upon such instructions or advice (except for actions or
omissions by Custodian taken with negligence or willful misconduct). An application by
Custodian for instructions or advice in accordance with this Section VI.3 shall
set forth in writing any action proposed to be taken or omitted to be taken by
Custodian with respect to its duties or obligations under this Agreement and the
date on and/or after which such action shall be taken (which date shall allow an
amount of time for the Trust’s or its counsel’s consideration of the application
that is reasonable under the circumstances), and the Bank shall not be liable
for any action taken or omitted to be taken in accordance with a proposal
included in any such application on or after the date specified therein unless,
prior to taking or omitting to take any such action, Custodian has received
written instructions or advice in response to such application specifying the
action to be taken or omitted or has received written notice that the Trust or
its counsel is reasonably declining to provide such instructions or
advice.

    

    4.           Custodian
shall be under no obligation to take action to collect any amount payable on
Securities in default, or if payment is refused after due demand and
presentment.

    

    5.           Custodian
shall have no duty or responsibility to inquire into, make recommendations,
supervise, or determine the suitability of any transactions affecting any
Account.

    

    6.           Each
Customer shall pay to Custodian the fees and charges as may be specifically
agreed upon from time to time and such other fees and charges at Custodian's
standard rates for such services as may be applicable.  A Customer
shall reimburse Custodian for all costs associated with the conversion of
Customer's Securities hereunder and the transfer of Securities and records kept
in connection with this Agreement.  Each Customer shall also reimburse
Custodian for out-of-pocket expenses which are a normal incident of the services
provided hereunder with respect to that Customer.

    

    7.           Custodian
has the right to debit any cash account for any amount payable by a Customer in
connection with any and all obligations of Customer to Custodian, whether or not
relating to or arising under this Agreement.  In addition to the
rights of Custodian under applicable law and other agreements, at any time when
Customer shall not have honored any and all of its obligations to Custodian,
Custodian shall have the right without notice to Customer to retain or set-off,
against such obligations of Customer, any Securities or cash Custodian or a BNY
Affiliate may directly or indirectly hold for the account of that Customer, and
any obligations (whether matured or unmatured) that Custodian or a BNY Affiliate
may have to that Customer in any currency.  Any such asset of, or
obligation to, a Customer may be transferred to Custodian and any BNY Affiliate
in order to effect the above rights.

    

    8.           (a)           Subject
to the terms below, Custodian shall be entitled to rely upon any Written or Oral
Instructions actually received by Custodian and reasonably believed by Custodian
to be duly authorized and delivered.  The Trust, on behalf of each
Customer, agrees that an Authorized Person shall forward to Custodian Written
Instructions confirming Oral Instructions by the close of business of the same
day that such Oral Instructions are given to Custodian.  The Trust, on
behalf of each Customer, agrees that the fact that such confirming Written
Instructions are not received or that contrary Written Instructions are received
by Custodian shall in no way affect the validity or enforceability of
transactions authorized by such Oral Instructions and effected by
Custodian.

    

    (b)         If
Custodian receives Written Instructions which appear on their face to have been
transmitted by an Authorized Person via (i) computer facsimile, email, the
Internet or other insecure electronic method, or (ii) secure electronic
transmission containing applicable authorization codes, passwords and/or
authentication keys, Customer understands and agrees that Custodian cannot
determine the identity of the actual sender of such Written Instructions and
that Custodian shall conclusively presume that such Written Instructions have
been sent by an Authorized Person.  Customer shall be responsible for
ensuring that only Authorized Persons transmit such Written Instructions to
Custodian and that all Authorized Persons treat applicable user and
authorization codes, passwords and/or authentication keys with reasonable
care.

    

    (c)         The
Trust, on behalf of each Customer, acknowledges and agrees that it is fully
informed of the protections and risks associated with the various methods of
transmitting Written Instructions to Custodian and that there may be more secure
methods of transmitting Written Instructions than the method(s) selected by a
Customer.  The Trust, on behalf of each Customer, agrees that the
security procedures (if any) to be followed in connection with its transmission
of Written Instructions provide to it a commercially reasonable degree of
protection in light of its particular needs and circumstances.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 9 -

     

    (d)       
 If a Customer elects to transmit Written Instructions through an
on-line communication system offered by Custodian, the Customer's use thereof
shall be subject to the Terms and Conditions attached hereto as Appendix
I.  If a Customer elects (with Custodian’s prior consent) to transmit
Written Instructions through an on-line communications service owned or operated
by a third party, the Trust, on behalf of such Customer, agrees that Custodian
shall not be responsible or liable for the reliability or availability of any
such service.

    

    9.           Upon
reasonable request and provided Custodian shall suffer no significant disruption
of its normal activities, the Trust, on behalf of each Customer, shall have
access to Custodian's books and records relating to the Accounts during
Custodian's normal business hours.  Upon reasonable request, copies of
any such books and records shall be provided to the Trust, on behalf of each
Customer, at each Customer's expense.

    

    10.         It
is understood that Custodian is authorized to supply any information regarding
the Accounts which is required to be supplied by any law, regulation or rule now
or hereafter in effect.

    

    11.         Custodian
represents that it has established and implemented a disaster recovery plan and
back-up system reasonably designed to satisfy the requirements of all applicable
law, rules, and regulations and which is reasonable under the
circumstances.  Provided that the foregoing representation has
remained true and correct at the time of a failure as contemplated in this
section, Custodian shall not be responsible or liable for any failure or delay
in the performance of its obligations under this Agreement arising out of or
caused, directly or indirectly, by circumstances beyond its reasonable control,
including without limitation, acts of God; earthquakes; fires; floods; wars;
civil or military disturbances; sabotage; epidemics; riots; interruptions, loss
or malfunctions of utilities, computer (hardware or software) or communications
service; accidents; labor disputes; acts of civil or military authority or
governmental actions, it also being understood that Custodian shall use its best
efforts to resume performance as soon as practicable under the
circumstances.

    

    12.         Custodian
shall have no duties or responsibilities whatsoever in connection with the
services to be provided under this Agreement except such duties and
responsibilities as are specifically set forth in this Agreement, and no
covenant or obligation shall be implied against Custodian in connection with
this Agreement.

    

    ARTICLE
VII

    TERMINATION

    

    The Trust, on behalf of each Customer
independently, and the Custodian may terminate this Agreement by giving to the
other party a notice in writing specifying the date of such termination, which
shall be not less than ninety (90) days after the date of such
notice.  Upon termination hereof, the notifying Customer shall pay to
Custodian such compensation as may be due to Custodian, and shall likewise
reimburse Custodian for other amounts payable or reimbursable to Custodian
hereunder.  Custodian shall follow such reasonable Oral or Written
Instructions concerning the transfer of custody of records, Securities and other
items as such Customer shall give; provided, that (a) Custodian shall have no
liability for shipping and insurance costs associated therewith, and (b) full
payment shall have been made to Custodian of its compensation, costs, expenses
and other amounts to which it is entitled hereunder.  If any
Securities or cash remain in any Account, Custodian may deliver to the
applicable Customer such Securities and cash.  Except as otherwise
provided herein, all obligations of the parties to each other hereunder shall
cease upon
termination of this Agreement.  Termination of this Agreement
by the Trust on behalf of any Customer shall not constitute termination by any
other Customer unless separate notice is given.

    

    ARTICLE
VIII

    LIMITATION
OF INTERSERIES LIABILITY

     

    Notwithstanding anything to the
contrary provided herein, the Custodian agrees that, pursuant to Section 3804(a)
of the Delaware Statutory Trust Act, the liabilities of each Customer shall be
limited such that (a) the debts, liabilities, obligations and expense incurred,
contracted for or otherwise existing and relating to this Agreement with respect
to a particular Customer shall be enforceable against the assets of the
particular Customer only, and not against the assets of the Trust generally or
the assets of any other Customer, and (b) none of the debts, liabilities,
obligations and expenses incurred, contracted for, or otherwise existing and
relating to this Agreement with respect to the Trust generally and any other
Customer shall be enforceable against the assets of such particular
Customer.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 10 -

     

    ARTICLE
IX

    MISCELLANEOUS

    

    1.           The
Trust, on behalf of each Customer, agrees to furnish to Custodian a new
Certificate of Authorized Persons in the event of any change in the then present
Authorized Persons.  Until such new Certificate is received, Custodian
shall be fully protected in acting upon Oral Instructions and Written
Instructions of such present Authorized Persons.

    

    2.           Any
notice or other instrument in writing, authorized or required by this Agreement
to be given to Custodian, shall be sufficiently given if addressed to Custodian
and received by it at its offices at One Wall Street, New York, New York 10286,
or at such other place as Custodian may from time to time designate in
writing.

    

    3.           Any
notice or other instrument in writing, authorized or required by this Agreement
to be given the Trust or to a Customer shall be sufficiently given if addressed
to the applicable Customer and received by it at its offices c/o the Trust at
232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301, or at such other
place as the Trust may from time to time designate in writing.

    

    4.           Each
and every right granted to either party hereunder or under any other document
delivered hereunder or in connection herewith, or allowed it by law or equity,
shall be cumulative and may be exercised from time to time.  No
failure on the part of either party to exercise, and no delay in exercising, any
right will operate as a waiver thereof, nor will any single or partial exercise
by either party of any right preclude any other or future exercise thereof or
the exercise of any other right.

    

    5.           In
case any provision in or obligation under this Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations shall not in any way
be affected thereby.  This Agreement may not be amended or modified in
any manner except by a written agreement executed by both
parties.  This Agreement shall extend to and shall be binding upon the
parties hereto, and their respective successors and assigns; provided however,
that this Agreement shall not be assignable by either party without the written
consent of the other.

    

    6.           (a)           Except
with respect to Article VIII above, which shall be construed, interpreted and
enforced in accordance with and governed by the laws of the State of Delaware,
this Agreement shall be construed in accordance with the substantive laws of the
State of New York, without regard to conflicts of laws principles
thereof.  The Trust and Custodian hereby consent to the jurisdiction
of a state or federal court situated in New York City, New York in connection
with any dispute arising hereunder.  The Trust, on behalf of each
Customer, hereby irrevocably waives, to the fullest extent permitted by
applicable law, any objection which it may now or hereafter have to the laying
of venue of any such proceeding brought in such a court and any claim that such
proceeding brought in such a court has been brought in an inconvenient
forum.  The Trust, on its own behalf and on behalf of each Customer,
and the Custodian each hereby irrevocably waives any and all rights to trial by
jury in any legal proceeding arising out of or relating to this
Agreement.

    

    (b)        
The parties hereto agree that the establishment and maintenance of the Account,
and all interests, duties and obligations with respect thereto, shall be
governed by the laws of the State of New York.

    

    7.           The
parties hereto agree that in performing hereunder, Custodian is acting solely on
behalf of Customer and no contractual or service relationship shall be deemed to
be established hereby between Custodian and any other person.

    

    8.           The
Trust, on behalf of each Customer, hereby acknowledges that Custodian is subject
to federal laws, including the Customer Identification Program (CIP)
requirements under the USA PATRIOT Act and its implementing regulations,
pursuant to which Custodian must obtain, verify and record information that
allows Custodian to identify Customer.  Accordingly, prior to opening
an Account hereunder Custodian will ask Customer to provide certain information
including, but not limited to, Customer's name, physical address, tax
identification number and other information that will help Custodian to identify
and verify each Customer’s identity such as organizational documents,
certificate of good standing, license to do business, or other pertinent
identifying information.  The Trust, on behalf of each Customer,
agrees that Custodian cannot open an Account hereunder unless and until the
Custodian verifies each Customer's identity in accordance with its
CIP.

    

    9.           This
Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but such counterparts shall, together, constitute only
one instrument.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    - 11 -

     

    IN WITNESS WHEREOF, the Trust
and Custodian have caused this Agreement to be executed by their respective
officers, thereunto duly authorized, as of the day and year first above
written.

    

    
      
        
          
            
              
                
                  
                    	
                            TEUCRIUM
      COMMODITY TRUST

                          
	 
      
	
                            By:
      Teucrium Trading, LLC, its sponsor

                          
	 
      
	
                            By:

                          	 
      
	 
      
	
                            Title:
      Treasurer and Secretary

                          
	 
      
	
                            Tax
      Identification No:

                          
	 
      
	
                            THE
      BANK OF NEW YORK MELLON

                          
	 
      
	
                            By:

                          	 
      
	 
      
	
                            Title:

                          
	 
      

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    APPENDIX
I

    

    ELECTRONIC
SERVICES TERMS AND CONDITIONS

    

    1.    License;
Use.
(a) This Appendix I shall govern each Customer’s use of electronic
communications, information delivery, portfolio management and banking services,
that The Bank of New York and its affiliates (“BNY”) may provide to such
Customers, such as The Bank of New York Inform TM and The Bank of New York
CA$H-Register Plus®, and any
computer software, proprietary data and documentation provided by BNY to
Customer in connection therewith (collectively, the “Electronic Services”). In the
event of any conflict between the terms of this Appendix I and the main body of
this Agreement with respect to a Customer’s use of the Electronic Services, the
terms of this Appendix I shall control.

    

    (b) BNY
grants to each Customer a personal, nontransferable and nonexclusive license to
use the Electronic Services to which a Customer subscribes solely for the
purpose of transmitting instructions and information (“Written Instructions”),
obtaining reports, analyses and statements and other information and data,
making inquiries and otherwise communicating with BNY in connection with the
Customer’s relationship with BNY.  Each Customer shall use the
Electronic Services solely for its own internal and proper business purposes and
not in the operation of a service bureau.  Except as set forth herein,
no license or right of any kind is granted to a Customer with respect to the
Electronic Services.  The Trust, on behalf of each Customer,
acknowledges that BNY and its suppliers retain and have title and exclusive
proprietary rights to the Electronic Services, including any trade secrets or
other ideas, concepts, know-how, methodologies, and information incorporated
therein and the exclusive rights to any copyrights, trade dress, look and feel,
trademarks and patents (including registrations and applications for
registration of either), and other legal protections available in respect
thereof.  The Trust, on behalf of each Customer, further acknowledges
that all or a part of the Electronic Services may be copyrighted or trademarked
(or a registration or claim made therefor) by BNY or its
suppliers.  No Customer shall not take any action with respect to the
Electronic Services inconsistent with the foregoing acknowledgments, nor shall a
Customer attempt to decompile, reverse engineer or modify the Electronic
Services.  A Customer may not copy, distribute, sell, lease or
provide, directly or indirectly, the Electronic Services or any portion thereof
to any other person or entity without BNY’s prior written consent.  A
Customer may not remove any statutory copyright notice or other notice included
in the Electronic Services.  No Customer shall reproduce any such
notice on any reproduction of any portion of the Electronic Services and shall
add any statutory copyright notice or other notice upon BNY’s
request.

    

    (c)
Portions of the Electronic Services may contain, deliver or rely on data
supplied by third parties (“Third Party Data”), such as pricing data and
indicative data, and services supplied by third parties (“Third Party Services”)
such as analytic and accounting services.  Third Party Data and Third
Party Services supplied hereunder are obtained from sources that BNY reasonably
believes to be reliable but are provided without any independent investigation
by BNY.  BNY and its suppliers do not represent or warrant that the
Third Party Data or Third Party Services are correct, complete or
current.  Third Party Data and Third Party Services are proprietary to
their suppliers, are provided solely for Customers’ internal use, and may not be
reused, disseminated or redistributed in any form.  A Customer shall
not use any Third Party Data in any manner that would act as a substitute for
obtaining a license for the data directly from the supplier.  Third
Party Data and Third Party Services should not be used in making any investment
decision.  BNY AND ITS SUPPLIERS ARE NOT RESPONSIBLE FOR ANY RESULTS
OBTAINED FROM THE USE OF OR RELIANCE UPON THIRD PARTY DATA OR THIRD PARTY
SERVICES.  BNY’s suppliers of Third Party Data and Services are
intended third party beneficiaries of this Section 1(c) and Section 5
below.

    

    (d) The
Trust, on behalf or each Customer, understands and agrees that any links in the
Electronic Services to Internet sites may be to sites sponsored and maintained
by third parties.  BNY make no guarantees, representations or
warranties concerning the information contained in any third party site
(including without limitation that such information is correct, current,
complete or free of viruses or other contamination), or any products or services
sold through third party sites.  All such links to third party
Internet sites are provided solely as a convenience to Customers and a Customer
accesses and uses such sites at its own risk.  A link in the
Electronic Services to a third party site does not constitute BNY’s endorsement,
authorisation or sponsorship of such site or any products and services available
from such site.

    

    2.    Equipment.  Each
Customer shall obtain and maintain at its own cost and expense all equipment and
services, including but not limited to communications services, necessary for it
to utilize and obtain access to the Electronic Services, and BNY shall not be
responsible for the reliability or availability of any such equipment or
services.

    

    3.    Proprietary
Information.  The Electronic Services, and any proprietary data
(including Third Party Data), processes, software, information and documentation
made available to a Customer (other than which are or become part of the public
domain or are legally required to be made available to the public)
(collectively, the "Information"), are the exclusive and confidential property
of BNY or its suppliers.  However, for the avoidance of doubt, reports
generated by a Customer containing information relating to its account(s)
(except for Third Party Data contained therein) are not deemed to be within the
meaning of the term “Information.”  Each Customer shall keep the
Information confidential by using the same care and discretion that Customer
uses with respect to its own confidential property and trade secrets, but not
less than reasonable care.  Upon termination of the Agreement or the
licenses granted herein for any reason, each Customer shall return to BNY any
and all copies of the Information which are in its possession or under its
control (except that Customer may retain reports containing Third Party Data,
provided that such Third Party Data remains subject to the provisions of this
Appendix).  The provisions of this Section 3 shall not affect the
copyright status of any of the Information which may be copyrighted and shall
apply to all information whether or not copyrighted.

    

    4.    Modifications.  BNY
reserves the right to modify the Electronic Services from time to
time.  The Trust, on behalf of each Customer, agrees not to modify or
attempt to modify the Electronic Services without BNY's prior written
consent.  The Trust, on behalf of each Customer, acknowledges that any
modifications to the Electronic Services, whether by Customer or BNY and whether
with or without BNY's consent, shall become the property of BNY.

    

    5.    NO REPRESENTATIONS OR
WARRANTIES; LIMITATION OF LIABILITY.  BNY AND ITS MANUFACTURERS
AND SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE
ELECTRONIC SERVICES OR ANY THIRD PARTY DATA OR THIRD PARTY SERVICES, EXPRESS OR
IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR
PURPOSE.  THE TRUST, ON BEHALF OF EACH CUSTOMER, ACKNOWLEDGES THAT THE
ELECTRONIC SERVICES, THIRD PARTY DATA AND THIRD PARTY SERVICES ARE PROVIDED “AS
IS.”  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT
SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT
SPECIAL, OR CONSEQUENTIAL, WHICH A CUSTOMER MAY INCUR IN CONNECTION WITH THE
ELECTRONIC SERVICES, THIRD PARTY DATA OR THIRD PARTY SERVICES, EVEN IF BNY OR
SUCH SUPPLIER KNEW OF THE POSSIBILITY OF SUCH DAMAGES, EXCEPT FOR DIRECT DAMAGES
RESULTING FROM THE WILLFUL MISCONDUCT OF BNY.  IN NO EVENT SHALL BNY
OR ANY 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 THEIR REASONABLE
CONTROL PROVIDED THAT BNY HAS ESTABLISHED AND IS MAINTAINING A DISASTER RECOVERY
PLAN AND BACK-UP SYSTEM THAT IS REASONABLY DESIGNED TO COMPLY WITH APPLICABLE
LAW AND IS REASONABLE UNDER THE CIRCUMSTANCES, OR IF NOT, THAT ANY SUCH LOSS
WOULD HAVE OCCURRED EVEN IF BNY HAD ESTABLISHED AND WAS MAINTAINING SUCH A
DISASTER RECOVERY PLAN AND BACK-UP SYSTEM.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6.    Security; Reliance;
Unauthorized Use; Funds Transfers. BNY will establish
security procedures to be followed in connection with the use of the Electronic
Services, and the Trust, on behalf of each Customer, agrees to comply with the
security procedures.  The Trust, on behalf of each Customer,
understands and agrees that the security procedures are intended to determine
whether instructions received by BNY through the Electronic Services are
authorized but are not (unless otherwise specified in writing) intended to
detect any errors contained in such instructions.  The Trust
will cause all persons utilizing the Electronic Services to treat any user and
authorization codes, passwords, authentication keys and other security devices
with reasonable care and confidentiality.  Upon termination of
Customer’s use of the Electronic Services, Customer shall return to BNY any
security devices (e.g., token cards) provided by BNY.  BNY is hereby
irrevocably authorized to comply with and rely upon on Written Instructions and
other communications, whether or not authorized, received by it through the
Electronic Services.  The Trust acknowledges that it has sole
responsibility for ensuring that only Authorized Persons use the Electronic
Services and that to the fullest extent permitted by applicable law BNY shall
not be responsible nor liable for any unauthorized use thereof or for any losses
sustained by Customer arising from or in connection with the use of the
Electronic Services or BNY’s reliance upon and compliance with Written
Instructions and other communications received through the Electronic
Services.  With respect to instructions for a transfer of funds issued
through the Electronic Services, when instructed to credit or pay a party by
both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or
account number), BNY, its affiliates, and any other bank participating in the
funds transfer, may rely solely on the unique identifier, even if it identifies
a party different than the party named.  Such reliance on a unique
identifier shall apply to beneficiaries named in such instructions as well as
any financial institution which is designated in such instructions to act as an
intermediary in a funds transfer.  It is understood and agreed that
unless otherwise specifically provided herein, and to the extent permitted by
applicable law, the parties hereto shall be bound by the rules of any funds
transfer system utilized to effect a funds transfer hereunder.

    

    7.    Acknowledgments.  BNY
shall acknowledge through the Electronic Services its receipt of each Written
Instruction communicated through the Electronic Services, and in the absence of
such acknowledgment BNY shall not be liable for any failure to act in accordance
with such Written Instruction and a Customer may not claim that such Written
Instruction was received by BNY.  BNY may in its discretion decline to
act upon any instructions or communications that are insufficient or incomplete
or are not received by BNY in sufficient time for BNY to act upon, or in
accordance with such instructions or communications.

    

    8.    Viruses.  The Trust, on
behalf of each Customer, agrees to use reasonable efforts to prevent the
transmission through the Electronic Services 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 Electronic Services.

    

    9.    Encryption.  The
Trust, on behalf of each Customer, acknowledges and agrees that encryption may
not be available for every communication through the Electronic Services, or for
all data.  Customer agrees that BNY may deactivate any encryption
features at any time, without notice or liability to the Trust or any Customer,
for the purpose of maintaining, repairing or troubleshooting its systems.

    

    10.        
On-Line Inquiry and
Modification of Records. In connection with a Customer’s use of the
Electronic Services, BNY may, at Customer’s request, permit Customer to enter
data directly into a BNY database for the purpose of modifying certain
information maintained by BNY’s systems, including, but not limited to, change
of address information.  To the extent that a Customer is granted such
access, the Trust, on behalf of such Customer, agrees to indemnify and hold BNY
harmless from all loss, liability, cost, damage and expense (including
attorney’s fees and expenses) to which BNY may be subjected or which may be
incurred in connection with any claim which may arise out of or as a result of
changes to BNY database records initiated by such Customer.

    

    11.         
Agents.  Each
Customer may, on advance written notice to the BNY, permit its agents and
contractors (“Agents”) to access and use the Electronic Services on the
Customer’s behalf, except that the BNY reserves the right to prohibit a
Customer’s use of any particular Agent for any reason.  Each Customer
shall require its Agent(s) to agree in writing to be bound by the terms of this
Agreement, and each Customer shall be liable and responsible for any act or
omission of such Agent in the same manner, and to the same extent, as though
such act or omission were that of the Customer.  Each submission of a
Written Instruction or other communication by the Agent through the Electronic
Services shall constitute a representation and warranty by the applicable
Customer that the Agent continues to be duly authorized by the Customer to so
act on its behalf and the BNY may rely on the representations and warranties
made herein in complying with such Written Instruction or
communication.  Any Written Instruction or other communication through
the Electronic Services by an Agent shall be deemed that of Customer, and
Customer shall be bound thereby whether or not authorized.  Customer
may, subject to the terms of this Agreement and upon advance written notice to
the Bank, provide a copy of the Electronic Service user manuals to its Agent if
the Agent requires such copies to use the Electronic Services on Customer’s
behalf.  Upon cessation of any such Agent's services, Customer shall
promptly terminate such Agent’s access to the Electronic Services, retrieve from
the Agent any copies of the manuals and destroy them, and retrieve from the
Agent any token cards or other security devices provided by BNY and return them
to BNY.  

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CERTIFICATE
OF AUTHORIZED PERSONS

    (Customer
- Oral and Written Instructions)

    

    The undersigned hereby certifies that
he/she is the duly elected and acting  ______________________________
of Teucrium Commodity Trust (the “Trust”), and further certifies that the
following officers or employees of the Trust have been duly authorized in
conformity with the Trust’s Amended and Restated Agreement and Declaration of
Trust and Trust Agreement to deliver Oral and Written Instructions to The Bank
of New York Mellon ("BNY") pursuant to the Global Custody Agreement between the
Trust and BNY dated _______________, and that the signatures appearing opposite
their names are true and correct:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                	 
      	 
      	 
      	 
      	 
      
	
                                                                                        Name

                                                                                      	 
      	
                                                                                        Title

                                                                                      	 
      	
                                                                                        Signature

                                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                        Name

                                                                                      	 
      	
                                                                                        Title

                                                                                      	 
      	
                                                                                        Signature

                                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                        Name

                                                                                      	 
      	
                                                                                        Title

                                                                                      	 
      	
                                                                                        Signature

                                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                        Name

                                                                                      	 
      	
                                                                                        Title

                                                                                      	 
      	
                                                                                        Signature

                                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                        Name

                                                                                      	 
      	
                                                                                        Title

                                                                                      	 
      	
                                                                                        Signature

                                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                        Name

                                                                                      	 
      	
                                                                                        Title

                                                                                      	 
      	
                                                                                        Signature

                                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                        Name

                                                                                      	 
      	
                                                                                        Title

                                                                                      	 
      	
                                                                                        Signature

                                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                        Name

                                                                                      	 
      	
                                                                                        Title

                                                                                      	 
      	
                                                                                        Signature

                                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                        Name

                                                                                      	 
      	
                                                                                        Title

                                                                                      	 
      	
                                                                                        Signature

                                                                                      

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    This certificate supersedes any
certificate of authorized individuals you may currently have on
file.

    

    
      
        
          
            
              
                
                  	 	 	 
	 
      	
                          Title:

                        
	 
      	 
      
	 
      	
                          Date:

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CUSTODY
ACCOUNT AGENCY AUTHORIZATION

    

    Reference is made to the Global Custody
Agreement (the "Custody Agreement") dated as of ____________________ between
Teucrium Commodity Trust (the "Trust"), on its own behalf and on behalf of each
of its series listed in Exhibit A to the Custody Agreement (each a "Customer"),
and The Bank of New York Mellon ("BNY").

    

    This is to advise BNY that for the
account(s) identified below the following investment managers (each, an
"Investment Manager") have been duly authorized to act as a Customer's agent for
the purpose of (a) delivering Oral and Written Instructions to BNY (as defined
in the Custody Agreement), and/or (b) buying and selling foreign currency (on a
spot and forward basis) and options to buy and sell foreign currency, as such
purposes are designated below, and to confirm to BNY that all actions taken by
BNY in reliance upon such authorization (whether in its capacity as custodian or
counterparty) shall be binding on Customer.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                
                                                                                                                                                                  	
                                                                                                                                                                          Investment
      Manager

                                                                                                                                                                        	 
      	
                                                                                                                                                                          Account
      Title/Number

                                                                                                                                                                        	 
      	
                                                                                                                                                                          Inst.

                                                                                                                                                                        	 
      	
                                                                                                                                                                          F/X

                                                                                                                                                                        
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 	 	 	 	 	 	 

                                                                                                                                                                

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                          By 

                        	
                           

                        	 
      
	 
      	
                          Title:

                        
	 
      	 
      
	 
      	
                          Date:

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CERTIFICATE
OF AUTHORIZED PERSONS

    (Investment
Manager - Oral and Written Instructions)

    

    Re:         Account
Name:

    

    Account Number:

    

    The undersigned hereby certifies that
he/she is the duly elected and acting ______________________ of Teucrium
Trading, LLC (the "Investment Manager"), and further certifies that the
following officers or employees of the Investment Manager have been duly
authorized in conformity with the Investment Manager's organizational documents
to deliver oral and written instructions to The Bank of New York Mellon ("BNY")
with respect to the above-referenced Account, and that the signatures appearing
opposite their names are true and correct:

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  	 
      	 
      	 
      	 
      	 
      
	
                                                                                          Name

                                                                                        	 
      	
                                                                                          Title

                                                                                        	 
      	
                                                                                          Signature

                                                                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                          Name

                                                                                        	 
      	
                                                                                          Title

                                                                                        	 
      	
                                                                                          Signature

                                                                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                          Name

                                                                                        	 
      	
                                                                                          Title

                                                                                        	 
      	
                                                                                          Signature

                                                                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                          Name

                                                                                        	 
      	
                                                                                          Title

                                                                                        	 
      	
                                                                                          Signature

                                                                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                          Name

                                                                                        	 
      	
                                                                                          Title

                                                                                        	 
      	
                                                                                          Signature

                                                                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                          Name

                                                                                        	 
      	
                                                                                          Title

                                                                                        	 
      	
                                                                                          Signature

                                                                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                          Name

                                                                                        	 
      	
                                                                                          Title

                                                                                        	 
      	
                                                                                          Signature

                                                                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                          Name

                                                                                        	 
      	
                                                                                          Title

                                                                                        	 
      	
                                                                                          Signature

                                                                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                          Name

                                                                                        	 
      	
                                                                                          Title

                                                                                        	 
      	
                                                                                          Signature

                                                                                        

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        This certificate supersedes any
certificate of authorized individuals you may currently have on
file.

      

       

      
        
          
            
              
                
                  
                    	 	 	 
	 
      	
                            Title:

                          
	 
      	 
      
	 
      	
                            Date:

                          

                  

                

              

            

          

        

      

      

        
          
             

          

          
             

            
              

            

          

          
             

          

        

    

    CERTIFICATE
OF AUTHORIZED PERSONS

    (Customer
- Foreign Exchange)

    

    The undersigned hereby certifies that
he/she is the duly elected and acting ______________________ of Teucrium
Commodity Trust (the "Trust"), and further certifies that the following officers
or employees of the Trust have been duly authorized in conformity with the
Trust’s Amended and Restated Declaration of Trust and Trust Agreement to enter
into contracts with The Bank of New York Mellon ("BNY") to buy and sell foreign
currency (on a spot and forward basis) and options to buy and sell foreign
currency on behalf of the Trust or any Account ("F/X Transactions"), and that
the signatures appearing opposite their names are true and correct:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            	 
      	 
      	 
      	 
      	 
      
	
                                                                                                                    Name

                                                                                                                  	 
      	
                                                                                                                    Title

                                                                                                                  	 
      	
                                                                                                                    Signature

                                                                                                                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                                                    Name

                                                                                                                  	 
      	
                                                                                                                    Title

                                                                                                                  	 
      	
                                                                                                                    Signature

                                                                                                                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                                                    Name

                                                                                                                  	 
      	
                                                                                                                    Title

                                                                                                                  	 
      	
                                                                                                                    Signature

                                                                                                                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                                                                    Name

                                                                                                                  	 
      	
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    and
further certifies that the following officers or employees of the Trust have
been duly authorized in conformity with the Trust’s Amended and Restated
Declaration of Trust and Trust Agreement to confirm, orally and in writing, the
terms of F/X Transactions entered with BNY, and that the signatures appearing
opposite their names are true and correct:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  	 
      	 
      	 
      	 
      	 
      
	
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    This certificate supersedes any
certificate of authorized individuals you may currently have on
file.

    
       

      
        
          
            
              
                
                  
                    	 	 	 
	 
      	
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    CERTIFICATE
OF AUTHORIZED PERSONS

    (Investment
Manager - Foreign Exchange)

     

    Re:         Account
Name:

    

    Account Number:

     

    The undersigned hereby certifies that
he/she is the duly elected and acting ______________________ of Teucrium
Trading, LLC (the "Investment Manager"), and further certifies that the
following officers or employees of the Investment Manager have been duly
authorized in conformity with the Investment Manager's organizational documents
to enter into contracts with The Bank of New York Mellon ("BNY") to buy and sell
foreign currency (on a spot and forward basis) and options to buy and sell
foreign currency on behalf of the above-referenced Account ("F/X Transactions"),
and that the signatures appearing opposite their names are true and
correct:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              	 
      	 
      	 
      	 
      	 
      
	
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        and
further certifies that the following officers or employees of the Investment
Manager have been duly authorized in conformity with the Investment Manager's
organizational documents to confirm, orally and in writing, the terms of F/X
Transactions entered by the Investment Manager with BNY, and that the signatures
appearing opposite their names are true and correct:

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          	 
      	 
      	 
      	 
      	 
      
	
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    This certificate supersedes any
certificate of authorized individuals you may currently have on
file.

     

    
      
        
          
            
              
                
                  
                    
                      	
                              [seal]

                            	 	 
	 
      	
                              Title:

                            
	 
      	 
      
	 
      	
                              Date:

                            

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]