Document:

Exhibit
10.3

 

FORM
OF SERVICES AGREEMENT

 

This
Services Agreement (“Agreement”) is made and entered into as of the ---st day of----, 2017
(“Effective Date”), by and between ETF Managers Capital LLC (“ETFMC”), a Delaware
limited liability company with its principal place of business at 30 Maple Street, Suite 2, Summit, NJ 07901 and Breakwave Advisors
LLC(“Breakwave”) a Delaware limited liability company with its principal place of business at 2 South End Avenue, TH3,
New York, New York 10280.

 

WHEREAS,
ETFMC is a registered commodity pool operator and commodity trading advisor which is organizing and will operate the Breakwave
Dry Bulk Shipping ETF (the “Fund”), a series of the ETF Managers Group Commodity Trust I, a Delaware series
trust. The Fund will offers its units to the public, and the units will be traded on a national securities exchange; and

 

WHEREAS,
ETFMC desires to license the use of a model portfolio that is owned, maintained and published by Breakwave (the “Benchmark”);
and

 

WHEREAS,
Breakwave is willing to license the use of the Benchmark under the terms of this Agreement;

 

WHEREAS,
ETFMC wishes to retain Breakwave to provide certain commodity trading services in connection with the operation of the Fund and
Breakwave is registered with the National Futures Association as a commodity trading adviser and is willing to provide such services
under the terms of this Agreement; and

 

NOW,
THEREFORE, in consideration of the foregoing, and in reliance upon the mutual promises contained in this Agreement, the parties,
intending to be legally bound, agree as follows:

 

1.       LICENSE

 

(a)
Subject to the terms and conditions of this Agreement, Breakwave hereby grants to ETFMC and the Fund a non-transferable, non-exclusive
license: (i) to use the Benchmark as the basis, or a component, of the Fund, and (ii) subject to this Article, to reproduce, modify
and create derivative works from any information provided to ETFMC by Breakwave, in each case solely in connection with the marketing,
promotion and sale of the Fund and its shares and in connection with making such disclosure about the Fund as ETFMC deems necessary
or desirable under any applicable laws, rules or regulations in order to indicate the source of the Benchmark (“License”).
Breakwave reserves all rights with respect to the Benchmark except those expressly licensed to ETFMC hereunder; however, Breakwave
shall not grant any license or sublicense permitting the use of the Benchmark for an exchange-traded fund on any U.S. or foreign
securities exchange by any party other than ETFMC or the Fund for as long as this Agreement remains in effect and for six (6)
months following the termination of this Agreement if a termination has occurred other than pursuant to a voluntary termination
by ETFMCunder the terms of this Agreement.

 

(b)
ETF Managers Capital acknowledges that, as between ETFMC and Breakwave, the Benchmark is the exclusive property of Breakwave,
and that the Benchmark and its compilation and composition and change therein are in the control of Breakwave. Breakwave warrants
and represents that ETFMC does not need to obtain a license from any person (other than the License provided herein) with respect
to the use of the Benchmark or the exercise of rights under the License.

 

2.       SERVICES

 

During
the term of this Agreement, Breakwave shall maintain, and publish the Benchmark in accordance with the terms of this Agreement
and consistent with (i) the Fund’s investment objective, strategies, policies, and limitations as all are described in the
Fund’s then-current prospectus and (ii) with any other regulatory requirements applicable to the Fund. In addition, Breakwave
shall provide to ETFMC and the Fund, as applicable, services, including but not limited, to general consultation regarding the
calculation, maintenance, and publication of the Benchmark, anticipated changes to the Benchmark and the nature of the Benchmark’s
current or anticipated components and other such services as the parties to this Agreement may subsequently determine, as permitted
by applicable law and exchange rules. Breakwave also agrees to use all commercially reasonable efforts to assist in the dissemination
of the Benchmark’s data (to include, but not limited to, its components and such components value) as required by applicable
securities laws and exchange rules.

 

     

     

    

 

During
the term of this Agreement, Breakwave shall also (a) provide general advice regarding the markets for and trading in commodity
interests, (b) execute such trades as are necessary and appropriate for the Fund to deliver the returns described in the relevant
prospectus and (c) make reasonably available upon adequate notice speakers for Fund marketing events and persons to be interviewed
by the press who can describe the Benchmark and its maintenance (the “Services”).

 

3.            FEES

 

For
the Services provided hereunder, ETFMC shall cause the Fund to pay Breakwave an advisory fee as set forth in the fee schedule
attached as Exhibit A to this Agreement.

 

4.            TERMS
AND TERMINATIONS

 

(a)
This Agreement shall commence on the Effective Date and remain in effect for a period of two (2) years therefrom (“Initial
Term”), unless earlier terminated by either Breakwave or ETFMC in accordance with this Article 3. After the Initial
Term, this Agreement shall continue for successive one-year periods unless terminated by either such party as of the end of an
annual period by providing written notice as provided in Article 3(b) prior to such termination and prior to the end of the annual
period.

 

(b)
This Agreement may be terminated by either party for any reason upon sixty (60) days written notice to the other party.

 

(c)
If a party (the “Breaching Party”) is in material breach of any terms of this Agreement, either Breakwave
or ETFMC as the case may be (the “Non-Breaching Party”), may so notify the Breaching Party in writing, specifying
the nature of the breach in reasonable detail. The Breaching Party shall have thirty (30) calendar days from delivery of that
notice to correct the breach; provided that if the breach is not cured within the identified time period, the Non-Breaching Party
may terminate this Agreement at any time after the thirty (30) days’ written notice to the Breaching Party. Either party
may terminate this Agreement upon thirty (30) days’ written notice to such other party in the event that the party is dissolved
or its existence is terminated; becomes insolvent or bankrupt or admits in writing its inability to pay its debts as they mature,
or makes an assignment for the benefit of creditors; makes a voluntary assignment or transfer of all or substantially all of its
property; has a custodian, trustee, or receiver appointed for it, or for all or substantially all of its property; has bankruptcy,
reorganization, arrangements, insolvency or liquidation proceedings, or other proceedings for relief under any bankruptcy or similar
law for the relief of debtors, instituted by or against it, and, if instituted against it, any of the foregoing is allowed or
consented to by the other party or is not dismissed within sixty (60) days after such institution.

 

(d)
No fees under Article 2 of this Agreement will be payable to Breakwave after termination of this Agreement as set forth in this
Article 3 except any outstanding fees. The fee for the month in which this Agreement is terminated will be pro rated based on
the number of days in the month during which the Agreement was in effect.

 

5.            INDEMNIFICATION

 

(a)
ETFMC shall indemnify, defend and hold Breakwave and its affiliates, members, directors, officers, shareholders, employees, representatives,
agents, attorneys, successors and assigns (collectively, the “Breakwave Indemnified Parties”) harmless
from and against any and all claims, liabilities, obligations, judgments, causes of action, costs and expenses (including reasonable
attorneys’ fees) (collectively, “Losses”) arising out of any material breach of this Agreement
by ETFMC or any disclosure in the Registration Statement of the Fund other than a case in which Breakwave is obligated to indemnify
ETFMC under Article 4(b) and except to the extent Losses are the result of any grossly negligent act or omission of Breakwave.

 

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(b)
Breakwave shall indemnify, defend and hold ETFMC and its affiliates, members, directors, officers, shareholders, employees, representatives,
agents, attorneys, successors and assigns (collectively, the “ETFMC Indemnified Parties”) harmless from
and against any and all Losses arising out of (i) any material breach of this Agreement by Breakwave, (ii) the gross negligence,
recklessness or willful misconduct of ETFMC in providing Services under this Agreement.

 

(c)
Except as otherwise expressly provided herein, in no event shall either Breakwave or ETFMC be liable for any indirect, incidental,
special or consequential damages, even if the party or an authorized representative thereof has been advised of the possibility
of such damages. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith;
thus, nothing in this Agreement shall in any way constitute a waiver or limitation on any rights which a party may have under
the federal securities laws.

 

(d)
Promptly after receipt by any Indemnified Party of notice of the commencement of any action, the Indemnified Party shall, if indemnification
is to be sought against the other party (the “Indemnifying Party”) under this Article 4, notify the
Indemnifying Party in writing of the commencement thereof, but the omission to notify the Indemnifying Party shall relieve the
Indemnifying Party from liability hereunder only to the extent that such omission results in the forfeiture by the Indemnifying
Party of rights or defenses with respect to such action. In any action or proceeding, following provision of proper notice by
the Indemnified Party of the existence of such action, the Indemnified Party shall be entitled to participate in any such action
and to assume the defense thereof, with counsel of its choice, and after notice from the Indemnifying Party to the Indemnified
Party of the Indemnified Party’s election to assume the defense of the action, the Indemnifying Party shall not be liable
to such Indemnified Party hereunder for any attorneys’ fees subsequently incurred by the Indemnified Party. The Indemnified
party shall cooperate in the defense of settlement of claims so assumed. The Indemnifying Party shall not be liable hereunder
for the settlement by the Indemnified Party for any claim or demand unless it has previously approved the settlement or it has
been notified of such claim or demand and has failed to provide a defense in accordance with the provisions hereof. Without limiting
the foregoing, in no event may either party make any admission of liability by or on behalf of the other party without such other
party’s express prior written consent.

 

6.            REPRESENTATIONS
AND WARRANTIES

 

		(a)	Each
                                         party represents and warrants that it has full power and authority to enter into and
                                         perform its obligations under this Agreement.

 

(b)
Breakwave represents and warrants that it has the right to grant licenses under the Benchmark and that to its knowledge use of
the Benchmark by ETFMC as provided herein shall not infringe any trade name, trademark, trade dress, copyright, other proprietary
right, or contractual right of any person not a party to this Agreement..

 

(c)
ETFMC agrees to include the following disclosure or the substance thereof in the Fund’s prospectus:

 

“The
Benchmark Portfolio is the exclusive property of Breakwave, which has licensed the use of the Benchmark Portfolio for use by ETFMC.
Breakwave is solely responsible for determining the securities included in, and the calculation of, the Benchmark Portfolio. Neither
Breakwave nor its affiliates make any representation regarding the appropriateness of the Fund’s investments for the purpose
of tracking the performance of the Benchmark Portfolio or otherwise.”

 

(d)
ETFMC represents and warrants that both ETFMC and the Fund shall not commit any material violation of any applicable law or regulation,
including but not limited to banking, commodities and securities laws.

 

(e)
Breakwave represents and warrants that Breakwave shall not commit any material violation of any applicable law or regulation,
including but not limited to banking, commodities and securities laws.

 

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7.            GENERAL

 

(a)
Captions Not Determinative. Titles and paragraph headings herein are for convenient reference only and are not part of
this Agreement.

 

(b)
Independent Contractors. Breakwave and ETFMC are independent contractors to one another. Nothing in this Agreement shall
be construed to create a partnership, joint venture or agency relationship between ETFMC, on the one hand, and Breakwave on the
other hand.

 

(c)
Force Majeure. No party shall be in default or otherwise liable for any delay in or failure of its performance under this
Agreement where such delay or failure arises by reason of any act of God, or any government or any governmental body, any act
of war or terrorism, the elements, strikes or labor disputes, or other similar or dissimilar cause beyond the control of such
party.

 

(d)
Notice. All notices, including notices of address changes, required to be sent hereunder shall be in writing and shall
be deemed to have been given when mailed by registered or certified mail, postage prepaid to the appropriate address below:

 

If
to ETFMC: 

 

ETF
Managers Capital, LLC

 

2nd
floor

30
Maple Street

Summit,
NJ 07901

 

If
to Breakwave:

 

2
South End Ave., TH3

New
York, NY 10289

 

(e)
Severability. In the event that any provision of this Agreement is held invalid by a court with jurisdiction over the parties,
such provision shall be deemed to be restated to be enforceable, in a manner which reflects, as nearly as possible, the intent
and economic effect of the invalid provision in accordance with applicable law. The remainder of this Agreement shall remain in
full force and effect.

 

(f)
Waiver. The waiver by any party of any default or breach of this Agreement shall not constitute a waiver of any other or
subsequent default or breach.

 

(g)
Modification. No representation or promise hereafter made, nor any modification or amendment of this Agreement, shall be
binding unless in writing and executed by duly authorized agents of all parties affected by the modification or amendment.

 

(h)
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but
which together shall constitute one and the same document.

 

(i)
Assignment. Breakwave may not assign this Agreement or any of the rights or obligations granted hereunder without the prior
written consent of ETFMC (except to an affiliate under common control), and ETFMC may not assign this Agreement or any of the
rights or obligations granted hereunder without Breakwave’s prior written consent.

 

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(j)
Governing Law. This Agreement shall be governed by and construed solely and exclusively in accordance with the laws of
the State of New Jersey without reference to its conflicts of law principles and both parties submit to exclusive jurisdiction
in the State of New Jersey

 

(k)
Survival. The terms of Articles 4 and 6 shall survive the expiration or termination of this Agreement.

 

(l)
Authority. The person signing this Agreement on behalf of each party has been properly authorized and empowered to execute
agreements such as this Agreement on behalf of such party.

 

(m)
Entire Agreement. This Agreement and any Exhibits constitute the complete agreement between the parties and supersede all
previous or contemporaneous agreements, proposals, understandings, and representations, written or oral, with respect to the subject
matter addressed herein.

 

    - 5 - 

     

    

 

PURSUANT
TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS
BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING
COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING
ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR
THIS BROCHURE OR ACCOUNT DOCUMENT.

 

IN
WITNESS WHEREOF, the parties have entered into this Agreement, and intend to be legally bound by it, as of the Effective Date.

 

	Breakwave Advisors LLC	 
	 	 
	 	 
	 	 
	Printed name	 
	 	 
	ETF Managers Capital 	 
	 	 
	 	 
	 	 
	Printed
    name 	 

  

    - 6 - 

     

    

 

EXHIBIT
A

 

Fee
Schedule

 

    - 7 -Exhibit 10.8

 

FORM OF FIRST AMENDMENT TO MARKETING
AGENT AGREEMENT

 

THIS AGREEMENT is made and entered into
as of this _____ day of October, 2017 on behalf of ETF MANAGERS GROUP COMMODITY TRUST I, a Delaware statutory trust (the
“Trust”) by and between ETF MANAGERS CAPITAL, LLC a Delaware limited liability company (the “Sponsor”), and
ETF MANAGERS CAPITAL, LLC , a Delaware limited liability company (the “Marketing Agent”).

 

WHEREAS, the Trust is authorized to issue
shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities
and other assets;

 

WHEREAS, the Marketing Agent is a broker-dealer
registered with the Securities and Exchange Commission and is regulated by the Financial Industry Regulatory Authority as a FINRA
member firm; and

 

WHEREAS, the Sponsor and the Marketing Agent
have entered into an agreement dated March 1, 2017 (the “Agreement”) whereby the Marketing Agent has agreed to provide
certain services to each series of the Trust listed on Schedule B (as amended from time to time) (each a “Fund”
and collectively, the “Funds”); and

 

WHEREAS, the parties wish to amend Schedule
B of the Agreement to include a new separate series of the Trust, the Breakwave Dry Bulk Shipping ETF;

 

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

 

		1.	Schedule B is hereby amended to include the following fund: Breakwave Dry Bulk Shipping ETF.”

 

		2.	Section 12 of the Agreement is hereby amended to include the following new language following the third sentence of the first
paragraph:

 

“However, Schedule B hereto will be amended upon written instructions by the Trust to amend Schedule B. Unless the
Marketing Agent objects in writing to the amended Schedule B within five (5) days after its receipt, the amended Schedule B
will become part of this Agreement in accordance with its terms.”

 

     

     

    

 

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

	 	 	 	 	 	 	 
	ETF MANAGERS GROUP COMMODITY
    TRUST I	 	ETF MANAGERS FINANCIAL, LLC
	By: ETF MANAGERS CAPITAL, LLC, on
    behalf	 	Name:	 
	of ETF MANAGERS GROUP COMMODITY	 	 
	TRUST I	 	Title:	 
	By:	 	 	 	 	Title:
	Name:

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