Document:

Unassociated Document

     

    Exhibit
10.8

    

    THIS
WARRANT AND THE UNDERLYING SHARES OF COMMON STOCK HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS,
HAVE BEEN TAKEN FOR INVESTMENT, AND MAY NOT BE SOLD OR TRANSFERRED OR OFFERED
FOR SALE OR TRANSFER UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND OTHER APPLICABLE SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES IS THEN IN
EFFECT, OR IN THE OPINION OF COUNSEL TO THE ISSUER OF THESE SECURITIES, SUCH
REGISTRATION UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS IS
NOT REQUIRED.

     

    Date:
August 19, 2010

     

    WARRANT
FOR THE PURCHASE OF SHARES OF

     

    COMMON
STOCK OF UPSTREAM WORLDWIDE, INC.

     

    THIS IS TO CERTIFY that, for value
received, ________ (the “Holder”), is entitled to purchase, subject to the terms
and conditions hereinafter set forth, _________ shares of Upstream Worldwide,
Inc., a Delaware corporation (the “Company”) common stock, $0.0001 par value per
share (“Common Stock”), and to receive certificates for the Common Stock so
purchased. The exercise price of this Warrant is $0.06 per share, subject to
adjustment as provided below (the “Exercise Price”).

     

    1.        Exercise Period. This Warrant
shall be exercisable at any time by the Holder beginning on the date listed
above (the “Issuance Date”), and ending at 5:00 p.m., New York time, three years
thereafter (the “Exercise Period”). This Warrant will terminate automatically
and immediately upon the expiration of the Exercise Period.

     

    2.        Exercise of Warrant; Cashless
Exercise.

     

    (a)          Subject
to Section 2(d), this Warrant may be exercised, in whole or in part, at any time
and from time to time during the Exercise Period. Such exercise shall be
accomplished by tender to the Company of an amount equal to the Exercise Price
multiplied by the number of underlying shares being purchased (the “Purchase
Price”), either (a) in cash, by wire transfer or by certified check or bank
cashier’s check, payable to the order of the Company, or (b) by surrendering
such number of shares of Common Stock received upon exercise of this Warrant in
accordance with Section 2(b) below, or (c) by a combination of any of the
foregoing methods.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)           If
the Fair Market Value (as defined below) of one share of Common Stock is greater
than the Purchase Price (at the date of calculation as set forth below), in lieu
of exercising this Warrant for cash, the Holder may elect to receive shares of
Common Stock equal to the value (as determined below) of this Warrant (or the
portion thereof being cancelled). The Company shall issue to the Holder the
number of Shares of Common Stock computed using the following
formula:

     

    X = Y
(A-B)

    A

    

    Where:

    X      =      the
number of shares of Common Stock to be issued to Holder;

    

    Y      =      the
portion of the Warrant (in number of shares of Common

     Stock)
being exercised by Holder (at the date of such

     calculation);

    

    A      =     the
Fair Market Value (as defined below); and

    

    B      =      Exercise
Price (as adjusted to the date of such calculation).

     

    For
purposes of this Warrant, Fair Market Value shall mean:

     

    “Fair Market Value”
shall mean: (i) if the principal trading market for such securities is a
national securities exchange, or the Over-the-Counter Bulletin Board (“OTCBB”)
(or a similar system then in use), the last reported sales price on the
principal market on the Exercise Date or if the Exercise Date (defined in
Section 2(c) below) is not a trading day, the trading day immediately prior to
such an Exercise Date; or (ii) if (i) is not applicable, and if bid and ask
prices for shares of Common Stock are reported by the principal trading market
or the Pink OTC Markets, Inc. (or a similar system then in use), the last
reported sale price, or if unavailable, the average of the high bid and low ask
prices so reported on the Exercise Date or if the Exercise Date is not a trading
day on the trading day immediately prior to such Exercise Date. 
Notwithstanding the foregoing, if there is no last reported sales price or bid
and ask prices, as the case may be, for the day in question, then Fair Market
Value shall be determined as of the latest day prior to such day for which such
last reported sales price or bid and ask prices, as the case may be, are
available, unless such securities have not been traded on an exchange or in the
over-the-counter market for 30 or more days immediately prior to the day in
question, in which case the Fair Market Value shall be determined in good faith
by, and reflected in a formal resolution of, the board of directors of the
Company. 

     

    (c)           Upon
receipt of the Purchase Price in Section 2(a) or the shares of Common Stock in
Section 2(b), together with presentation and surrender to the Company of this
Warrant with an executed subscription form in substantially the form attached
hereto as Exhibit
A (the “Subscription”), the Company will deliver to the Holder, as
promptly as possible, a certificate or certificates representing the shares of
Common Stock so purchased, registered in the name of the Holder or its
transferee (as permitted under Section 3 below). With respect to any exercise of
this Warrant, the Holder will for all purposes be deemed to have become the
holder of record of the number of shares of Common Stock purchased hereunder on
the date a properly executed Subscription and payment is received by the Company
(the “Exercise Date”), irrespective of the date of delivery of the certificate
evidencing such shares, except that, if the date of such receipt is a date on
which the stock transfer books of the Company are closed, such person will be
deemed to have become the holder of such shares at the close of business on the
next succeeding date on which the stock transfer books are open. Fractional
shares of Common Stock will not be issued upon the exercise of this Warrant. In
lieu of any fractional shares that would have been issued but for the
immediately preceding sentence, the Holder will be entitled to receive cash
equal to the Fair Market Value of such fraction of a share of Common Stock on
the Exercise Date. In the event this Warrant is exercised in part, the Company
shall issue a new Warrant to the Holder covering the aggregate number of shares
of Common Stock as to which this Warrant remains exercisable for.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d)           The exercise of this Warrant
shall not be made by the Holder with respect to an amount that would be
exercisable into that number of shares of Common Stock which would be in excess
of the sum of (i) the number of shares of Common Stock beneficially owned by the
Holder and its affiliates on the Exercise Date, (ii) any Common Stock issuable
in connection with the conversion of the Holder’s Series B Preferred Stock,
(iii) any Common Stock issuable in connection with the unexercised portion of
this Warrant, and (iv) the number of shares of Common Stock issuable upon the
exercise of this Warrant with respect to which the determination of this
provision is being made, which would result in beneficial ownership by the
Holder and its affiliates of more than 9.99% of the outstanding shares of the
Common Stock; provided, however, that this
limitation shall not apply if the Holder who is an executive officer or director
of the Company. For the purposes of this Section 2(d), beneficial ownership
shall be determined in accordance with Section 13(d) of the Securities Exchange
Act of 1934 and Rule 13d-3 thereunder. The Holder shall have the authority and
obligation to determine whether the restriction contained in this Section 2(d)
will limit any exercise hereunder and to the extent that such holder determines
that the limitation contained in this Section 2(d) applies, the determination of
which portion of this Warrant is exercisable shall be the responsibility and
obligation of the Holder.

     

    3.           Transferability and
Exchange.

     

    (a)           This
Warrant, and the Common Stock issuable upon the exercise hereof, may not be
sold, transferred, pledged or hypothecated unless the Company shall have been
provided with an opinion of counsel reasonably satisfactory to the Company that
such transfer is not in violation of the Securities Act of 1933 (“Securities
Act”), and any applicable state securities laws. Subject to the satisfaction of
the aforesaid condition, this Warrant and the underlying shares of Common Stock
shall be transferable from time to time by the Holder upon written notice to the
Company. If this Warrant is transferred, in whole or in part, the Company shall,
upon surrender of this Warrant to the Company, deliver to each transferee a
Warrant evidencing the rights of such transferee to purchase the number of
shares of Common Stock that such transferee is entitled to purchase pursuant to
such transfer. The Company may place a legend similar to the legend at the top
of this Warrant on any replacement Warrant and on each certificate representing
shares issuable upon exercise of this Warrant or any replacement Warrants. Only
the registered Holder may enforce the provisions of this Warrant against the
Company. A transferee of the original registered Holder becomes a registered
Holder only upon delivery to the Company of the original Warrant and an original
Assignment, substantially in the form set forth in Exhibit B attached
hereto.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)           This
Warrant is exchangeable upon its surrender by the Holder to the Company for new
Warrants of like tenor and date representing in the aggregate the right to
purchase the number of shares purchasable hereunder, each of such new Warrants
to represent the right to purchase such number of shares as may be designated by
the Holder at the time of such surrender (not to exceed the aggregate number of
shares underlying this Warrant).

     

    (c)           For
a period of twelve (12) months from the Issuance Date, the Holder may not,
directly or indirectly, (i) sell, offer to sell, contract or agree to sell,
hypothecate, or pledge this Warrant, in whole or in part, or any Common Stock
receivable from the exercise therefrom (each a “Security”, collectively the
“Securities”), (ii) sell, transfer or grant any option to purchase or otherwise
dispose of or agree to dispose of, directly or indirectly, in respect of, or
establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Exchange Act of
1934 and the rules and regulations of the Securities Exchange Commission
promulgated thereunder with respect to any Security or (iii) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of the Security, or any rights to purchase
the Security, whether any such transaction is to be settled by delivery of the
Security or such other securities, in cash or otherwise. The foregoing sentence
shall not apply to (a) bona fide gifts, provided the recipient thereof agrees in
writing to be bound by the terms of this Warrant, (b) dispositions to any trust
by such Holder or such Holder’s principal’s direct or indirect benefit and/or
such Holder’s principal’s immediate family, provided that such trust
agrees in writing to be bound by the terms of this Warrant, or (c) private sales
provided that the purchaser agree in writing to be bound by the terms of this
Warrant.

     

    4.           Adjustments to Exercise Price and
Number of Shares Subject to Warrant. The Exercise Price and the number of
shares of Common Stock purchasable upon the exercise of this Warrant are subject
to adjustment from time to time upon the occurrence of any of the events
specified in this Section 4. For the purpose of this Section 4, “Common Stock”
means shares now or hereafter authorized of any class of common stock of the
Company, however designated, that has the right to participate in any
distribution of the assets or earnings of the Company without limit as to per
share amount (excluding, and subject to any prior rights of, any class or series
of preferred stock).

     

    (a)           In
case the Company shall (i) pay a dividend or make a distribution in shares of
Common Stock to holders of shares of Common Stock, (ii) subdivide its
outstanding shares of Common Stock into a greater number of shares, (iii)
combine its outstanding shares of Common Stock into a smaller number of shares,
or (iv) issue by reclassification of its shares of Common Stock other securities
of the Company, then the Exercise Price in effect at the time of the record date
for such dividend or on the effective date of such subdivision, combination or
reclassification, and/or the number and kind of securities issuable on such
date, shall be proportionately adjusted so that the Holder of the Warrant
thereafter exercised shall be entitled to receive the aggregate number and kind
of shares of Common Stock (or such other securities other than Common Stock) of
the Company, at the same aggregate Exercise Price, that, if such Warrant had
been exercised immediately prior to such date, the Holder would have owned upon
such exercise and been entitled to receive by virtue of such dividend,
distribution, subdivision, combination or reclassification. Such adjustment
shall be made successively whenever any event listed above shall
occur.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)           In
case the Company shall fix a record date for the making of a distribution to all
holders of Common Stock (including any such distribution made in connection with
a consolidation or merger in which the Company is the surviving corporation) of
cash, evidences of indebtedness or assets, or subscription rights or warrants,
the Exercise Price to be in effect after such record date shall be determined by
multiplying the Exercise Price in effect immediately prior to such record date
by a fraction, the numerator of which shall be the Fair Market Value per share
of Common Stock on such record date, less the amount of cash so to be
distributed or the Fair Market Value (as determined in good faith by, and
reflected in a formal resolution of, the board of directors of the Company) of
the portion of the assets or evidences of indebtedness so to be distributed, or
of such subscription rights or warrants, applicable to one share of Common
Stock, and the denominator of which shall be the Fair Market Value per share of
Common Stock. Such adjustment shall be made successively whenever such a record
date is fixed; and in the event that such distribution is not so made, the
Exercise Price shall again be adjusted to be the Exercise Price which would then
be in effect if such record date had not been fixed.

     

    (c)           Notwithstanding
any provision herein to the contrary, no adjustment in the Exercise Price shall
be required unless such adjustment would require an increase or decrease of at
least 1% in the Exercise Price; provided, however, that any
adjustments which by reason of this Section 4(c) are not required to be made
shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section 4 shall be made to the nearest cent or the
nearest one-hundredth of a share, as the case may be.

     

    (d)           In
the event that at any time, as a result of an adjustment made pursuant to
Section 4(a) above, the Holder of any Warrant thereafter exercised shall become
entitled to receive any shares of capital stock of the Company other than shares
of Common Stock, thereafter the number of such other shares so receivable upon
exercise of any Warrant shall be subject to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the provisions with
respect to the shares of Common Stock contained in this Section 4, and the other
provisions of this Warrant shall apply on like terms to any such other
shares.

     

    (e)           If
the Company merges or consolidates into or with another corporation or entity,
or if another corporation or entity merges into or with the Company (excluding
such a merger in which the Company is the surviving or continuing corporation
and which does not result in any reclassification, conversion, exchange, or
cancellation of the outstanding shares of Common Stock), or if all or
substantially all of the assets or business of the Company are sold or
transferred to another corporation, entity, or person, then, as a condition to
such consolidation, merger, or sale (any a “Transaction”), lawful and adequate
provision shall be made whereby the Holder shall have the right from and after
the Transaction to receive, upon exercise of this Warrant and upon the terms and
conditions specified herein and in lieu of the shares of the Common Stock that
would have been issuable if this Warrant had been exercised immediately before
the Transaction, such shares of stock, securities, or assets as the Holder would
have owned immediately after the Transaction if the Holder have exercised this
Warrant immediately before the effective date of the Transaction.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (f)           In
case any event shall occur as to which the other provisions of this Section 4
are not strictly applicable but the failure to make any adjustment would not
fairly protect the purchase rights represented by this Warrant in accordance
with the essential intent and principles hereof, then, in each such case, the
Company shall effect such adjustment, on a basis consistent with the essential
intent and principles established in this Section 4, as may be necessary to
preserve, without dilution, the purchase rights represented by this
Warrant.

     

    5.           Registration
Rights.

     

    (a)           No Registration Under the
Securities Act. The Warrant has not been registered under the Securities
Act of 1933 (the “Securities Act”). When exercised, the stock certificates shall
bear the legend below unless the shares of Common Stock are issued in a cashless
exercise pursuant to Section 2 hereof and one year has elapsed since the date of
the issuance of this Warrant.

     

    “The
securities represented by this certificate have not been registered under the
Securities Act of 1933 (the “Securities Act”), and may not be offered for sale
or sold except pursuant to (i) an effective registration statement under the
Securities Act, or (ii) an opinion of counsel to the issuer of these securities
that an exemption from registration under the Securities Act is
available”.

     

    (b)           Registration. The
Holder is not entitled to registration rights.

     

    6.           Reservation of Common Stock.
The Company agrees at all times to reserve and hold available out of its
authorized but unissued shares of Common Stock the number of shares of Common
Stock issuable upon the full exercise of this Warrant. The Company further
covenants and agrees that all shares of Common Stock that may be delivered upon
the exercise of this Warrant will, upon delivery, be fully paid and
nonassessable and free from all taxes, liens and charges with respect to the
purchase thereof hereunder.

     

    7.           Replacement of Warrant. If
this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
cause to be issued in exchange and substitution for and upon cancellation
hereof, or in lieu of and substitution for this Warrant, a new Warrant, but only
upon receipt of evidence reasonably satisfactory to the Company of such loss,
theft or destruction and customary and reasonable indemnity (which may include a
surety bond), if requested. Applicants for a new Warrant under such
circumstances shall also comply with such other reasonable regulations and
procedures and pay such other reasonable third-party costs as the Company may
prescribe. If a new Warrant is requested as a result of a mutilation of this
Warrant, then the Holder shall deliver such mutilated Warrant to the Company as
a condition precedent to the Company's obligation to issue the new
Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    8.           Charges, Taxes and Expenses.
Issuance and delivery of certificates for shares of Common Stock upon
exercise of this Warrant shall be made without charge to the Holder for any
issue or transfer tax, withholding tax, transfer agent fee or other incidental
tax or expense in respect of the issuance of such certificates, all of which
taxes and expenses shall be paid by the Company; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of
any transfer involved in the registration of any certificates for Common Stock
or Warrants in a name other than that of the Holder. The Holder shall be
responsible for all other tax liability that may arise as a result of holding or
transferring this Warrant or receiving Common Stock upon exercise
hereof.

     

    9.           Notices to Holder. Upon any
adjustment of the Exercise Price (or number of shares of Common Stock issuable
upon the exercise of this Warrant) pursuant to Section 4, the Company shall
promptly thereafter cause to be given to the Holder written notice of such
adjustment. Such notice shall include the Exercise Price (and/or the number of
shares of Common Stock issuable upon the exercise of this Warrant) after such
adjustment, and shall set forth in reasonable detail the Company’s method of
calculation and the facts upon which such calculations were based. Where
appropriate, such notice shall be given in advance and included as a part of any
notice required to be given under the other provisions of this Section 9.In the
event of (a) any fixing by the Company of a record date with respect to the
holders of any class of securities of the Company for the purpose of determining
which of such holders are entitled to dividends or other distributions, or any
rights to subscribe for, purchase or otherwise acquire any shares of capital
stock of any class or any other securities or property, or to receive any other
right, (b) any capital reorganization of the Company, or reclassification or
recapitalization of the capital stock of the Company or any transfer of all or
substantially all of the assets or business of the Company to, or consolidation
or merger of the Company with or into, any other entity or person, or (c) any
voluntary or involuntary dissolution or winding up of the Company, then and in
each such event the Company will give the Holder a written notice specifying, as
the case may be (i) the record date for the purpose of such dividend,
distribution, or right, and stating the amount and character of such dividend,
distribution, or right; or (ii) the date on which any such reorganization,
reclassification, recapitalization, transfer, consolidation, merger, conveyance,
dissolution, liquidation, or winding up is to take place and the time, if any is
to be fixed, as of which the holders of record of Common Stock (or such capital
stock or securities receivable upon the exercise of this Warrant) shall be
entitled to exchange their shares of Common Stock (or such other stock
securities) for securities or other property deliverable upon such event. Any
such notice shall be given at least 10 days prior to the earliest date therein
specified.

     

    10.          No Rights as a Shareholder.
This Warrant does not entitle the Holder to any voting rights or other rights as
a shareholder of the Company, nor to any other rights whatsoever except the
rights herein set forth. Provided, however, the Company
shall not close any merger arising out of any merger agreement in which it is
not the surviving entity, or sell all or substantially all of its assets unless
the Company shall have first provided the Holder with 20 days’ prior written
notice.

     

    11.          Additional Covenants of the
Company. If upon issuance of any shares for which this Warrant is
exercisable, the Common Stock is listed for trading or trades on any national
securities exchange including The Nasdaq Stock Market, the Company shall, at its
expense, promptly obtain and maintain the listing or qualifications for trading
of such shares.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     The
Company shall comply with the reporting requirements of Sections 13 and 15(d) of
the Securities Exchange Act of 1934 for so long as and to the extent that such
requirements apply to the Company.

     

    The Company shall not, by amendment of
its Certificate of Incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issuance or sale of securities, or
any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant. Without limiting the generality of the
foregoing, the Company (a) will at all times reserve and keep available, solely
for issuance and delivery upon exercise of this Warrant, shares of Common Stock
issuable from time to time upon exercise of this Warrant, (b) will not increase
the par value of any shares of Common Stock issuable upon exercise of this
Warrant above the amount payable therefor upon such exercise, and (c) will take
all such actions as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable stock.

     

    12.         
Successors and Assigns.
This Warrant shall be binding upon and inure to the benefit of the Company, the
Holder and their respective successors and permitted assigns.

     

    13.          Notices. The Company agrees to
maintain a ledger of the ownership of this Warrant (the “Ledger”). Any notice
hereunder shall be given by FedEx or other overnight delivery service for
delivery on the next business day if to the Company, at its principal executive
office and, if to the Holder, to their address shown in the Ledger of the
Company; provided, however, that either
the Company or the Holder may at any time on three days’ written notice to the
other designate or substitute another address where notice is to be given.
Notice shall be deemed given and received after a FedEx or other overnight
delivery service is delivered to the carrier.

     

    14.         
Severability. Every
provision of this Warrant is intended to be severable. If any term or provision
hereof is illegal or invalid for any reason whatsoever, such illegality or
invalidity shall not affect the remainder of this Warrant.

     

    15.          Governing Law. This Warrant
shall be governed by and construed in accordance with the laws of the State of
Delaware without regard to choice of law considerations.

     

    16.          Attorneys’ Fees. In any action
or proceeding brought to enforce any provision of this Warrant, the prevailing
party shall be entitled to recover reasonable attorneys’ fees in addition to its
costs and expenses and any other available remedies.

     

    17.          Entire Agreement. This Warrant
(including the Exhibits attached hereto) constitutes the entire understanding
between the Company and the Holder with respect to the subject matter hereof,
and supersedes all prior negotiations, discussions, agreements and
understandings relating to such subject matter.

     

    [Signature
Page to Follow]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly
authorized officer as of the date first set forth above.

     

    
      
        
          
            
              	
                      Upstream
      Worldwide, Inc.

                    
	 
      
	
                      By:

                    	
                       

                    
	 
      	
                      Daniel
      Brauser

                    
	 
      	
                      Chief
      Financial
Officer

                    

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
A

    

    SUBSCRIPTION
FORM

    

    (To be
Executed by the Holder to Exercise the Rights To Purchase Common Stock Evidenced
by the Within Warrant)

     

    The
undersigned hereby irrevocably subscribes for _______ shares of the Common Stock
(the “Stock”) of Upstream Worldwide, Inc. (the “Company”) pursuant to and in
accordance with the terms and conditions of the attached Warrant (the
“Warrant”), and hereby makes payment of $_______ therefore by [tendering cash,
wire transferring or delivering a certified check or bank cashier’s check,
payable to the order of the Company] [surrendering _______ shares of Common
Stock received upon exercise of the Warrant, which shares have an aggregate fair
market value equal to such payment as required in Section 2 of the Warrant]. The
undersigned requests that a certificate for the Stock be issued in the name of
the undersigned and be delivered to the undersigned at the address stated below.
If the Stock is not all of the shares purchasable pursuant to the Warrant, the
undersigned requests that a new Warrant of like tenor for the balance of the
remaining shares purchasable thereunder be delivered to the undersigned at the
address stated below.

     

    In
connection with the issuance of the Stock, I hereby represent to the Company
that I am acquiring the Stock for my own account for investment and not with a
view to, or for resale in connection with, a distribution of the shares within
the meaning of the Securities Act of 1933 (the “Securities Act”).I understand
that if at this time the Stock has not been registered under the Securities Act,
I must hold such Stock indefinitely unless the Stock is subsequently registered
and qualified under the Securities Act or is exempt from such registration and
qualification. I shall make no transfer or disposition of the Stock unless (a)
such transfer or disposition can be made without registration under the
Securities Act by reason of a specific exemption from such registration and such
qualification, or (b) a registration statement has been filed pursuant to the
Securities Act and has been declared effective with respect to such disposition.
I agree that each certificate representing the Stock delivered to me shall bear
substantially the same as set forth on the front page of the
Warrant.

     

    I further
agree that the Company may place stop transfer orders with its transfer agent
same effect as the above legend. The legend and stop transfer notice referred to
above shall be removed only upon the opinion of the Company’s counsel to the
effect that such legend may be removed.

     

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                Date:

                              	 
      	 
      	
                                Signed:

                              	 
      	 
      
	 
      	 
      	 
      	
                                Print
      Name:

                              	 
      	 
      
	 
      	 
      	 
      	
                                Address:

                              	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                                Date:

                              	 
      	 
      	
                                Signed:

                              	 
      	 
      
	 
      	 
      	 
      	
                                Print
      Name:

                              	 
      	 
      
	 
      	 
      	 
      	
                                Address:

                              	 
      	 
      

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
B

     

    ASSIGNMENT

     

    (To be
Executed by the Holder to Effect Transfer of the Attached Warrant)

     

    For Value
Received __________________________ hereby sells, assigns and transfers to
_________________________ the Warrant attached hereto and the rights represented
thereby to purchase _________ shares of Common Stock in accordance with the
terms and conditions hereof, and does hereby irrevocably constitute and appoint
___________________________ as attorney to transfer such Warrant on the books of
the Company with full power of substitution.

     

    
      
        
          
            
              	
                      Dated:

                    	 
      	 
      	
                      Signed:

                    	 
      

            

          

        

      

    

    

     

    
      
        	
                Please
      print or typewrite

              	
                Please
      insert Social Security

              
	
                name
      and address of

              	
                or
      other Tax Identification

              
	
                assignee:

              	
                Number
      of Assignee:

              

      

    

     

    
      
        
          
            
              	
                      Dated:

                    	 
      	 
      	
                      Signed:

                    	 
      

            

          

        

      

       

    

    
      
        	
                Please
      print or typewrite

              	
                Please
      insert Social Security

              
	
                name
      and address of

              	
                or
      other Tax Identification

              
	
                assignee:

              	
                Number
      of Assignee:CONFIDENTIAL TREATMENT
REQUESTED.  Confidential portions of this
document have been redacted and have been separately filed with the
Commission.

    

      

    Exhibit
10.01

      

    ADVISORY
AGREEMENT

     

    THIS
AGREEMENT, made as of October 1, 2010, among RJO Global Trust, a
Delaware statutory business trust (the “Fund”), R.J. O’Brien Fund Management,
LLC, a Delaware limited liability company (the “Managing Owner”), and Dominion
Capital Management Institutional Advisors, Inc., a Michigan corporation (the
“Trading Advisor”).

     

    WITNESSETH:

     

    WHEREAS, the Fund has been
organized as a Delaware statutory business trust  pursuant to its
organizational documents to, among other things, directly or indirectly through
one or more commodity trading advisor, trade, buy, sell, spread, or otherwise
acquire, hold, or dispose of commodities (including, but not limited to, foreign
currencies, mortgage-backed securities, money market instruments, financial
instruments, and any other securities or items which are now, or may hereafter
be, the subject of futures contract trading), domestic and foreign commodity
futures contracts, forward contracts, foreign exchange commitments, options on
physical commodities and on futures contracts, spot (cash) commodities and
currencies, exchange of futures contracts for physicals transactions, exchange
of physicals for futures contracts transactions, and any rights pertaining
thereto, whether traded on an organized exchange or otherwise (hereinafter
referred to collectively as “futures interests;” provided, however, such
definition shall exclude securities futures products as defined by the Commodity
Futures Trading Commission (“CFTC”), options in securities futures and options
in equities) and securities (such as United States Treasury securities) approved
by the CFTC for investment of customer funds and other securities on a limited
basis, and to engage in all activities incident thereto;

     

    WHEREAS, the Fund is a
commodity pool operated by the Managing Owner; and the Fund’s units are being
offered pursuant to a registration statement on Form S-1 (No. 333-146177) as
from time to time amended filed under the Securities Act of 1933, as
amended;

     

    WHEREAS, the principals of the
Trading Advisor have extensive experience trading in futures interests and the
Trading Advisor is willing to provide the services and undertake the obligations
as set forth herein;

     

    WHEREAS, the Fund and the
Managing Owner each desires the Trading Advisor to act as a trading advisor for
the Fund and to make investment decisions with respect to futures interests for
the Fund and the Trading Advisor desires so to act; and

     

    WHEREAS, the Fund, the
Managing Owner and the Trading Advisor wish to enter into this Agreement which,
among other things, sets forth certain terms and conditions upon which the
Trading Advisor will conduct the futures interest trading with respect to a
portion of the Fund’s assets, as described herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    NOW, THEREFORE, the parties
hereto hereby agree as follows:

     

    
      	
               
      

            	
              1.

            	
              Undertakings in
      Connection with the Continuing Offering of
  Units.

            

    

     

    (a)           The
Trading Advisor agrees with respect to the continuing offering of interests
(“Units”) in the Fund: (i) to make all disclosures regarding itself, its
principals and affiliates, its trading performance, its trading systems, methods
and strategies (subject to the need, in the reasonable discretion of the Trading
Advisor, to preserve the secrecy of Proprietary Information (as defined in
Section 1(c) hereof) concerning such systems, methods and strategies), any
client accounts over which it has discretionary trading authority (other than
the names of or identifying information with respect to any such clients), and
otherwise, as the Fund may reasonably require (x) in connection with Fund’s
offering materials (the “Prospectus”) as required by Rule 4.21 of the
regulations under the Commodity Exchange Act (the “CEAct”), and the rules and
regulations of the Securities and Exchange Commission (the “SEC”) including in
connection with any amendments or supplements thereto, or (y) to comply with any
other applicable law or rule or regulation, including those of the CFTC, the
National Futures Association (the “NFA”), the SEC, or any other regulatory or
self-regulatory body, exchange, or board with jurisdiction over its members (or
to comply with the reasonable request of the aforementioned organizations); and
(ii) to otherwise cooperate with the Fund and the Managing Owner by providing
information regarding the Trading Advisor in connection with the preparation of
the Prospectus, including any amendments or supplements thereto, as part of
making application for registration of the Units under the securities or blue
sky laws of any jurisdictions, including foreign jurisdictions, as the Fund may
deem appropriate; provided that all such disclosures are subject to the need, in
the reasonable discretion of the Trading Advisor, to preserve the secrecy of
Proprietary Information concerning its clients, systems methods and strategies.
As used herein, unless otherwise provided, the term “principal” shall have the
meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term
“affiliate” shall mean an individual or entity that directly or indirectly
controls, is controlled by, or is under common control with, such
party.  The Managing Owner may, in its sole discretion and at any
time, withdraw the SEC registration of the Units or discontinue the offering of
Units.

     

    (b)           If
the Trading Advisor becomes aware of any materially untrue or misleading
statement or omission regarding itself or any of its principals or affiliates in
the Disclosure Document (as defined in Section 19 hereof), or of the occurrence
of any event or change in circumstances which would result in there being any
materially untrue or misleading statement or omission in the Disclosure Document
regarding itself or any of its principals or affiliates, the Trading Advisor
shall promptly notify the Managing Owner and shall cooperate with the Managing
Owner in the preparation of any necessary amendments or supplements to the
Prospectus. Neither the Trading Advisor nor any of its principals, or
affiliates, or any stockholders, officers, directors, or employees shall
distribute the Prospectus or selling literature or shall engage in any selling
activities whatsoever in connection with the continuing offering of Units except
as may be specifically approved by the Managing Owner and agreed to by the
Trading Advisor.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    (c)           For
purposes of this Agreement, and notwithstanding any of the provisions hereof,
all non-public information relating to the Trading Advisor including, but not
limited to, records, whether original, duplicated, computerized, handwritten, or
in any other form, and information contained therein, business and/or marketing
and/or sales plans and proposals, names of past and current clients, names of
past, current and prospective contacts, trading methodologies, systems,
strategies and programs, trading advice, trading instructions, results of
proprietary accounts, training materials, research data bases, portfolios, and
computer software, and all written and oral information, furnished by the
Trading Advisor to the Fund and the Managing Owner and/or their officers,
directors, employees, agents (including, but not limited to, attorneys,
accountants, consultants, and financial advisors) or controlling persons (each a
“Recipient”), regardless of the manner in which it is furnished, together with
any analysis, compilations, studies or other documents or records which are
prepared by a Recipient of such information and which contain or are generated
from such information, regardless of whether explicitly identified as
confidential, with the exception of information which (i) is or becomes
generally available to the public other than as a result of acts by the
Recipient in violation of this Agreement, (ii) is in the possession of the
Recipient prior to its disclosure pursuant to the terms hereof, (iii) is or
becomes available to the Recipient from a source that is not bound by a
confidentiality agreement with regard to such information or by any other legal
obligation of confidentiality prohibiting such disclosure, or (iv) that is
independently developed by the Recipient without use of the confidential
information described in this Section 1(c), are and shall be confidential
information and/or trade secrets and the exclusive property of the Trading
Advisor (“Confidential Information” and/or “Proprietary
Information”).

     

    (d)           The
Fund and the Managing Owner each warrants and agrees that they and their
respective officers, directors, members, equity holders, employees and agents
(including for purposes of this Agreement, but not limited to, attorneys,
accountants, consultants, and financial advisors) will protect and preserve the
Confidential Information and will disclose Confidential Information or otherwise
make Confidential Information available only to the Fund’s or the Managing
Owner’s officers, directors, members, equity holders, employees and agents
(including for purposes of this Agreement, but not limited to, attorneys,
accountants, consultants, and financial advisors), who need to know the
Confidential Information (or any part of it) for the purpose of satisfying their
fiduciary, legal, reporting, filing or other obligations hereunder or to monitor
performance in the account during the term of this Agreement or thereafter, or
to the Fund, Managing Owner or a Recipient, as the case may be, is required to
disclose such Confidential Information due to a fiduciary obligation or legal or
regulatory request. Additionally, the Fund and the Managing Owner each warrants
and agrees that it and any Recipient will use the Confidential Information
solely for the purpose of satisfying the Fund’s or the Managing Owner’s
obligations under this Agreement and not in a manner which violates the terms of
this Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              2.

            	
              Duties of the Trading
      Advisor.

            

    

     

    (a)           Upon
the commencement of trading operations on or about October 1, 2010 by the
Trading Advisor with respect to a portion of the assets of the Fund, the Trading
Advisor hereby agrees to act as a Trading Advisor for the Fund and, as such,
shall have authority and responsibility for directing the investment and
reinvestment of that portion of the Fund’s assets allocated to the Trading
Advisor, which shall consist of the Allocated Net Assets (as defined in Section
5(c) hereof) plus “notional” funds, if any, allocated to the Trading Advisor, as
specified in writing by the Managing Owner and consented to by the Trading
Advisor (the “Assets”), on the terms and conditions and in accordance with the
prohibitions and the trading policies set forth in Exhibit A to this Agreement
as amended from time to time and provided in writing to the Trading Advisor by
the Managing Owner (the “Trading Policies”); provided, however, that the
Managing Owner may override the instructions of the Trading Advisor without
notice to the Trading Advisor to the extent necessary (i) to comply with the
Trading Policies and with applicable speculative position limits, (ii) to fund
any distributions or redemptions, (iii) to pay the Fund’s expenses, (iv) to the
extent the Managing Owner believes doing so is necessary for the protection of
the Fund, (v) to terminate the futures interest trading of the Account (as
defined in Section 4) with the Trading Advisor, or (vi) to comply with any
applicable law or regulation. The Managing Owner agrees not to override any such
instructions for the reasons specified in clauses (ii) or (iii) of the preceding
sentence unless the Trading Advisor fails to comply with a request of the
Managing Owner to make the necessary amount of funds available to the Fund
within two trading days of such request.  The Trading Advisor shall
not be liable for the consequences of any decision by the Managing Owner to
override instructions of the Trading Advisor, except to the extent that such
consequences result from a material breach of this Agreement by the Trading
Advisor or the Trading Advisor fails to comply with the Managing Owner’s
decision to override an instruction.  Notwithstanding anything to the
contrary contained in this Agreement, the Fund shall have the right to instruct
the Trading Advisor to liquidate any or all positions at any time.

     

    (b)           The
Trading Advisor shall:

     

    (i)           Exercise
good faith and due care in trading futures interests for the account of the Fund
in accordance with the prohibitions and Trading Policies, and the trading
systems, methods, and strategies of the Trading Advisor described in the
Disclosure Document, with such changes and additions to such trading systems,
methods or strategies as the Trading Advisor, from time to time, incorporates
into its trading approach for accounts the size of the Fund.

     

    (ii)           Provide
the Managing Owner, within 45 days of the end of a calendar quarter, and within
45 days of a separate request which the Managing Owner may make from time to
time, with information comparing the performance of the Fund’s account and the
performance of all other client accounts (“Other Accounts”) directed by the
Trading Advisor using the trading systems used by the Trading Advisor on behalf
of the Fund over a specified period of time for the purpose of confirming that
the Fund has been treated equitably compared to such Other
Accounts.  In providing such information, the Trading Advisor may take
such steps as are necessary to assure the confidentiality of the Trading
Advisor’s clients’ identities. The Trading Advisor shall, upon the Managing
Owner’s request, consult with the Managing Owner concerning any discrepancies
between the performance of such Other Accounts and the Fund’s account. The
Trading Advisor shall promptly inform the Managing Owner in writing of any
material discrepancies of which the Trading Advisor is aware. The Managing Owner
acknowledges that the following differences in accounts may cause divergent
trading results:  different trading strategies, different account
sizes or trading levels, different commission rates, different administrative
charges or expenses, methods or degrees of leverage, different trading policies,
accounts experiencing differing inflows or outflows of equity, different risk
profiles, accounts which commence trading at different times and accounts which
have different portfolios or different fiscal years.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (iii)           Inform
the Managing Owner when the Trading Advisor’s open positions maintained by the
Trading Advisor exceed the Trading Advisor’s applicable speculative position
limits.

     

    (iv)           Upon
request of the Managing Owner, promptly provide the Managing Owner with all
information concerning the Trading Advisor and its activities reasonably
requested by the Managing Owner (including, without limitation, information
relating to changes in control, key personnel, trading approach, or financial
condition).  Additionally, the Trading Advisor agrees to furnish R.J.
O’Brien & Associates, LLC (“RJOB”) by telephone, facsimile or electronic
data transmission  (i) a final report of all trades at the end of each
business day and (ii) a report of any trade made involving a position with a
required initial margin equal to 10% or more of the Assets within 30 minutes of
the Trading Advisor’s receipt of confirmation, verbal or otherwise, from the
executing broker that such a trade has been executed.  The Trading
Advisor further acknowledges and agrees that the timely provision of all such
information is of the essence in order to enable the Fund, its designated
entities, and RJOB to monitor and comply with mandatory risk control algorithms
imposed upon the operation of the Fund.

     

    (c)           All
purchases and sales of futures interests pursuant to this Agreement shall be for
the account, and at the risk, of the Fund and not for the account, or at the
risk of the Trading Advisor or any of its affiliates or each of their
principals, stockholders, directors, officers, or employees, or any other
person, if any, who controls the Trading Advisor. All brokerage commissions and
related transaction fees arising from such trading by the Trading Advisor shall
be for the account of the Fund.

     

    (d)           Subject
to the limitations of liability and standards set forth in Section 8(a) hereof,
*. The Trading Advisor shall have an affirmative
obligation to promptly notify the Managing Owner upon discovery of its own
errors with respect to the account, and the Trading Advisor shall use its best
efforts to identify and promptly notify the Managing Owner of any order or trade
which the Trading Advisor reasonably believes was not executed in accordance
with its instructions to any Commodity Broker or such other commodity broker
utilized to execute orders for the Fund.

     

    (e)           Prior
to the commencement of trading by the Fund, the Managing Owner, on behalf of the
Fund, shall deliver to the Trading Advisor a trading authorization appointing
the Trading Advisor the Fund’s attorney-in-fact for such purpose (a form of
which is attached hereto as Exhibit B).

     

    (f)           In
performing services to the Fund, the Trading Advisor shall utilize Dominion
Sapphire Program (the “Trading Program”), as described in the Disclosure
Document, and as modified from time to time. The Trading Advisor shall give the
Managing Owner prior written notice of any change in the Trading Program that
the Trading Advisor considers to be material (and shall not effect such change
on behalf of the Fund without the Managing Owner’s consent), including any
additional futures interests to be traded by the Trading Advisor not already
listed on Exhibit C.  Changes in the futures interests traded,
provided that such futures interests are listed on Exhibit C, shall not be
deemed a modification of the Trading Program.

    ______________________________

    * Confidential material redacted and filed
separately with the Commission.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              3.

            	
              Trading Advisor as an
      Independent Contractor.

            

    

     

    For all
purposes of this Agreement, the Trading Advisor shall be deemed to be an
independent contractor and shall, unless otherwise expressly provided herein or
authorized, have no authority to act for or represent the Fund in any way or
otherwise be deemed an agent of the Fund.  Nothing contained herein
shall be deemed to require the Fund to take any action contrary to its governing
documents as from time to time in effect, or any applicable law or rule or
regulation of any regulatory or self-regulatory body, exchange, or board.
Nothing herein contained shall constitute the Trading Advisor or the Managing
Owner as members of any partnership, joint venture, association, syndicate or
other entity, or be deemed to confer on any of them any express, implied, or
apparent authority to incur any obligation or liability on behalf of any other.
It is expressly agreed that the Trading Advisor is neither a promoter, sponsor,
or issuer with respect to the Fund, nor does the Trading Advisor have any
authority or responsibility with respect to the offer, sale or issuance of
Units.

     

    
      	
               
      

            	
              4.

            	
              Commodity
      Broker.

            

    

     

    The
Trading Advisor shall effect all transactions in futures interests for the Fund
through the Fund’s separate account of the Fund to be traded exclusively by the
Trading Advisor (the “Account”) maintained with RJOB or such commodity broker or
brokers as the Managing Owner shall direct and appoint from time to time (the
“Commodity Brokers”).

     

    Notwithstanding
the foregoing, the Trading Advisor may execute trades through floor brokers
other than those employed by RJOB and its affiliates so long as arrangements
(including executed give-up agreements) are made for such floor brokers to
“give-up” or transfer the positions to RJOB in conformity with the Trading
Policies set forth in Exhibit A attached hereto.

     

    
      	
               
      

            	
              5.

            	
              Fees.

            

    

     

    (a)           For
the services to be rendered to the Fund by the Trading Advisor under this
Agreement:

     

    (i)           The
Fund shall pay the Trading Advisor a monthly management fee equal to 1/12 of
*% (a *% annual
rate) of the Assets allocated to it (as defined in Section 2(a) hereof) as of
the last day of each month (the “Management Fee”).  The Management Fee
is payable in arrears within 20 Business Days of the end
of the month for which it was calculated.  For purposes of this
Agreement, “Business Day” shall mean any day which the securities markets are
open in the United States.

    ______________________________

    
      * Confidential material redacted and filed
separately with the Commission.

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (ii)           The
Fund shall pay the Trading Advisor an incentive fee equal to 20% of the New
Trading Profit (as defined in Section 5(d) hereof) that shall accrue monthly but
is not payable until the end of each calendar quarter (the “Incentive
Fee”).  The initial incentive period will commence on the date the
Trading Advisor commences trading the Account and shall end on the last day of
the calendar quarter after such date.  The Incentive Fee is payable
within 20 Business Days of the end of the calendar quarter for which it was
calculated.

     

    (b)           If
this Agreement is terminated on a date other than the last day of a calendar
quarter, the Incentive Fee shall be determined as if such date were the end of a
calendar quarter. If this Agreement is terminated on a date other than the end
of a month, the Management Fee described above shall be determined as if such
date were the end of a month, but such fee shall be prorated based on the ratio
of the number of trading days in the month through the date of termination to
the total number of trading days in the month. If, during any month after the
Trading Advisor commences trading operations on behalf of the Account (including
the month in which the Trading Advisor commences such operations), the Fund does
not conduct business operations, or suspends trading for the Account, or, as a
result of an act or material failure to act by the Trading Advisor, is otherwise
unable to utilize the trading advice of the Trading Advisor on any of the
trading days of that month for any reason, the Management Fee shall be prorated
based on the ratio of the number of trading days in the month which the Account
engaged in trading operations or utilizes the trading advice of the Trading
Advisor to the total number of trading days in the month. The Management Fee
payable to the Trading Advisor for the month in which the Fund begins to receive
trading advice from the Trading Advisor pursuant to this Agreement shall be
prorated based on the ratio of the number of trading days in the month from the
day the Fund begins to receive such trading advice to the total number of
trading days in the month. In the event that there is an increase or decrease in
the Assets as of any day other than the first day of a month, the Trading
Advisor shall be paid a pro rata Management Fee on such increase or decrease in
the Assets for such month.

     

    (c)           The
term “Allocated Net Assets” shall mean the total assets of the Fund allocated to
the Account (including, but not limited to, all cash and cash equivalents,
accrued interest and amortization of original issue discount, and the market
value (marked-to-market) of all open futures interest positions and other assets
of the Account) less all liabilities of the Fund determined in accordance with
generally accepted accounting principles consistently applied under the accrual
basis of accounting. Unless generally accepted accounting principles require
otherwise, the market value of a futures or option contract traded on a United
States exchange shall mean the settlement price on the exchange on which the
particular futures or option contract shall be traded by the Trading Advisor on
behalf of the Account with respect to which the Net Assets are being determined;
provided, however, that if a
contract could not be liquidated on such day due to the operation of daily
limits or other rules of the exchange on which that contract shall be traded or
otherwise, the settlement price on the first subsequent day on which the
contract could be  liquidated shall be the market value of such
contract for such day, or if a contract could not be liquidated on such day due
to the exchange being closed for an exchange holiday, the settlement price on
the most recent preceding day on which the contract could have been liquidated
shall be the market value of such contract for such day.  The market
value of a forward contract or a futures or option contract traded on a foreign
exchange or market shall mean its market value as determined by the Managing
Owner on a basis consistently applied for each different variety of
contract.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    (d)           The
term “New Trading Profit” shall mean net futures interest trading profits
(realized and unrealized) on the Assets, decreased proportionally by the Trading
Advisor’s monthly Management Fees and brokerage commissions and NFA fees
applicable to the Account.  Interest income is not included in New Trading
Profit. Extraordinary expenses do not reduce New Trading Profit.  Such
trading profits and items of decrease shall be determined from the end of the
last calendar quarter in respect of which an Incentive Fee was earned by the
Trading Advisor or, if no Incentive Fee has been earned previously by the
Trading Advisor, from the date that the Trading Advisor commenced managing the
Assets, to the end of the calendar quarter as of which such Incentive Fee
calculation is being made. New Trading Profit shall be calculated before
reduction for Incentive Fees paid or accrued so that the Trading Advisor does
not have to earn back Incentive Fees.

     

    (e)           If
any payment of Incentive Fees is made to the Trading Advisor on account of New
Trading Profit earned by the Trading Advisor and the Trading Advisor thereafter
fails to earn New Trading Profit or experiences losses for any subsequent
incentive period, the Trading Advisor shall be entitled to retain such amounts
of Incentive Fees previously paid to the Trading Advisor in respect of such New
Trading Profit. No Incentive Fees shall be payable to the Trading Advisor until
the Trading Advisor has earned New Trading Profit; provided, however, that if the
Assets are reduced because of redemptions that occur at the end of, and/or
subsequent to, a calendar quarter in which the Trading Advisor experiences
a futures interest trading loss for the Fund, the trading loss that must be
recovered before the Trading Advisor will be deemed to experience New Trading
Profit in a subsequent calendar quarter will be equal to the amount
determined by (x) dividing the Assets after such decrease by the Assets in
immediately before such decrease and (y) multiplying that fraction by the amount
of the unrecovered futures interest trading loss prior to such decrease. In the
event that the Trading Advisor experiences a trading loss in more than one
calendar quarter without the Trading Company paying an intervening
Incentive Fee and Assets are reduced in more than one such calendar quarter
because of redemptions, then the trading loss for each such calendar quarter
shall be adjusted in accordance with the formula described above and such
reduced amount of futures interest trading loss shall be carried forward and
used to offset subsequent futures interest trading profits. No Incentive Fees
shall be payable to the Trading Advisor until the Trading Advisor has earned New
Trading Profit.

     

    
      	
               
      

            	
              6.

            	
              Designation of
      Additional Trading Advisors and Reallocation of Net
      Assets

            

    

     

    (a)           If
the Managing Owner at any time deems it to be in the best  interests 
of  the  Fund, the  Managing Owner may designate  one or
more additional trading advisors for  the Fund and  may 
apportion  to  such  additional trading advisor(s) the management
of such amounts of the Fund’s assets as  the Managing Owner shall determine
in its absolute discretion.   The designation of an additional trading
advisor or advisors and  the apportionment of the Fund’s assets to such
trading advisor(s)  pursuant to  this  Section  6 shall
neither terminate this  Agreement  nor modify in any regard the
respective rights and obligations of the Fund, the Managing Owner and 
the  Trading Advisor hereunder.  In the event that assets are
reallocated from the Trading  Advisor,  the Trading Advisor
shall  thereafter  receive management  and  incentive 
fees  based,  respectively, on Assets, as reduced pursuant to this
Section 6(a) and  the Trading  Profits attributable to such reduced
Assets.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    (b)           The
Managing Owner may at any time and from time to time upon three business days'
prior notice reallocate Assets to any other trading advisor or advisors of the
Fund or allocate additional Assets upon three business days' prior notice to the
Trading Advisor from such other trading advisor or advisors; provided that any
such addition to or withdrawal from Assets will only take place on the last day
of a month unless the Managing Owner determines that the best interests of the
Fund require otherwise.  The Trading Advisor shall have the right to
refuse any additional allocations to be made pursuant to this Section
6(b).

    

    (c)           The
Managing Owner shall not, without the consent of the Trading Advisor, allocate
to the Trading Advisor "notional" assets of the Fund.

    

    
      	
               
      

            	
              7.

            	
              Term

            

    

     

    (a)           This
Agreement shall continue in effect for a period of one year from the date the
Agreement was entered into unless otherwise terminated as set forth in this
Section 7. The Trading Advisor may terminate this Agreement at the end of such
one-year period by providing prior written notice of termination to the Fund at
least sixty days prior to the expiration of such one-year period. If the
Agreement is not terminated upon the expiration of such one-year period, this
Agreement shall automatically renew for an additional one-year period and shall
continue to renew for additional one-year periods until this Agreement is
otherwise terminated, as provided for herein.  This Agreement shall
automatically terminate if the Fund is dissolved.

     

    (b)           The
Fund and Managing Owner each shall have the right to terminate this Agreement in
its discretion (i) at any month end upon five days’ prior written notice to the
Trading Advisor, or (ii) at any time upon prior written notice to the Trading
Advisor upon the occurrence of any of the following events: (A) if any person
described as a “principal” of the Trading Advisor in the Prospectus ceases for
any reason to be an active “principal” of the Trading Advisor; (B) if the
Trading Advisor becomes bankrupt or insolvent; (C) if the Trading Advisor is
unable to use its trading systems or methods as in effect on the date hereof and
as modified in the future for the benefit of the Fund; (D) if the registration,
as a commodity trading advisor, of the Trading Advisor with the CFTC or its
membership in the NFA is revoked, suspended, terminated, or not renewed, or
limited or qualified in any respect; (E) except as provided in Section 12
hereof, if the Trading Advisor merges or consolidates with, or sells or
otherwise transfers its advisory business, or all or a substantial portion of
its assets, any portion of its futures interest trading systems or methods, or
its goodwill to, any individual or entity; (F) if, at any time, the Trading
Advisor violates any Trading Policy or administrative policy, except with the
prior express written consent of the Managing Owner; or (G) if the Trading
Advisor fails in a material manner to perform any of its obligations under this
Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    (c)           The
Trading Advisor may terminate this Agreement at any time, upon thirty days’
prior written notice to the Fund and Managing Owner, in the event: (A) that the
Managing Owner imposes additional trading limitation(s) in the form of one or
more Trading Policies or administrative policies that the Trading Advisor does
not consent to, such consent not to be unreasonably withheld; (B) the Managing
Owner objects to the Trading Advisor implementing a proposed material change to
the Trading Program and the Trading Advisor certifies to the Managing Owner in
writing that it believes such change is in the best interests of the Fund; (C)
the Managing Owner or the Fund materially breaches this Agreement and does not
correct the breach within ten days of receipt of a written notice of such breach
from the Trading Advisor; (D) the Assets fall below $* (after adding back
trading losses) at any time; (E) the Fund becomes bankrupt or insolvent, or (F)
the registration of the Managing Owner with the CFTC as a commodity pool
operator or its membership in the NFA is revoked, suspended, terminated or not
renewed, or limited or qualified in any respect.  If the Managing
Owner or Fund merges, consolidates or sells a substantial portion of its assets
pursuant to Section 12 of this Agreement, the Trading Advisor may terminate this
Agreement upon prior written notice to the Managing Owner and Fund.

     

    (d)           Except
as otherwise provided in this Agreement, any termination of this Agreement in
accordance with this Section 7 shall be without penalty or liability to any
party, on account of such termination.

     

    (e)           The
indemnities set forth in Section 8 hereof shall survive any termination of this
Agreement.

     

    
      	
               
      

            	
              8.

            	
              Standard of Liability:
      Indemnifications.

            

    

     

    (a)           Limitation of Trading
Advisor Liability. In respect of the Trading Advisor’s role in the
futures interests trading of the Fund, the Trading Advisor shall not be liable
to the Fund or the Managing Owner or their partners, directors, officers,
principals, managers, members, shareholders, employees, controlling persons or
successors and assigns except that the Trading Advisor shall be liable for acts
or omissions that constitute a breach of this Agreement or a representation,
warranty or covenant herein, misconduct, gross negligence or are the result of
the Trading Advisor not having acted in good faith and in the reasonable belief
that such actions or omissions were in, or not opposed to, the best interests of
the Fund.

     

    (b)           Trading Advisor Indemnity in
Respect of Management Activities. The Trading Advisor shall indemnify,
defend and hold harmless the Fund and the Managing Owner, their controlling
persons, their affiliates and their respective directors, officers, principals,
managers, members, shareholders, employees and controlling persons from and
against any and all losses, claims, damages, liabilities (joint and several),
costs, and expenses (including any reasonable investigatory, legal, accounting
and other expenses incurred in connection with, and any amounts paid in, any
litigation or other proceeding or any settlement; provided that, solely in the
case of a settlement, the Trading Advisor shall have approved such settlement)
resulting from a demand, claim, lawsuit, action or proceeding (other than those
incurred as a result of claims brought by or in the right of an indemnified
party) relating to this Agreement (except as covered by paragraph (d) below) but
only to the extent such losses, claims, damages, and
expenses  directly result from acts or omissions of the Trading
Advisor that constitute a breach of this Agreement or a representation, warranty
or covenant herein, misconduct, gross negligence, or are the direct result of
the Trading Advisor not having acted in good faith and in the reasonable belief
that such actions or omissions were in, or not opposed to, the best interests of
the Fund; provided that such loss was not the result of Managing Owner’s own
breach of this Agreement or a representation, warranty or covenant herein,
misconduct, or gross negligence.

    ______________________________

    
      * Confidential material redacted and filed
separately with the Commission.

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    (c)           Fund Indemnity in Respect of
Management Activities.  The Fund shall indemnify, defend and
hold harmless the Trading Advisor, its controlling persons, their affiliates and
their respective directors, officers, principals, managers, members,
shareholders, employees and controlling persons, from and against any and all
losses, claims, damages, liabilities (joint and several), costs and expenses
(including any reasonable investigatory, legal, accounting and other expenses
incurred in connection with, and any amounts paid in, any litigation or other
proceeding or any settlement; provided that, solely in the case of a settlement,
the Fund shall have approved such settlement) resulting from a demand, claim,
lawsuit, action or proceeding (other than those incurred as a result of claims
brought by or in the right of an indemnified party) relating to this Agreement
(except as covered by paragraph (e) below); but only to the extent such losses,
claims, damages, and expenses  directly result from acts or omissions
of the Fund that constitute a breach of this Agreement or a representation,
warranty or covenant herein, misconduct, or gross negligence; provided that such
loss was not the result of Trading Advisor’s own breach of this Agreement or a
representation, warranty or covenant herein, misconduct, or gross
negligence.

     

    (d)           Trading Advisor Indemnity in
Respect of Sale of Units. The Trading Advisor shall indemnify, defend and
hold harmless the Fund, the Managing Owner, any selling agent, their controlling
persons and their affiliates and their respective directors, officers,
principals, managers, members, shareholders, employees and controlling persons
from and against any and all losses, claims, damages, liabilities, costs, and
expenses, (joint and several), to which any indemnified person may become
subject (including any reasonable investigatory, legal, accounting and other
expenses incurred in connection with, and any amounts paid in, any litigation or
other proceeding or any settlement; provided that, solely in the case of a
settlement, the Trading Advisor shall have approved such settlement, and in
connection with any administrative proceedings), in respect of the offer or sale
of Units, insofar as such losses, claims, damages, liabilities, costs, or
expenses (or action in respect thereof) arise out of, or are based upon: (i) a
breach by the Trading Advisor of any applicable laws or regulations or any
representation, warranty or agreement in this Agreement; or (ii) any materially
untrue statement or omission relating or with respect to the Trading Advisor, or
any of its principals, or their operations, trading systems, methods or
performance, which was made in the Prospectus or any amendment or supplement
thereto or any other sales literature and furnished by the Trading Advisor for
inclusion therein.

     

    (e)           
Fund Indemnity in
Respect of Sale of Units. The Fund shall indemnify, defend and hold
harmless the Trading Advisor its controlling persons, their affiliates and their
respective directors, officers, principals, managers, members shareholders,
employees and controlling persons from and against any loss claim, damage,
liability, cost, and expense, joint and several, to which any indemnified person
may become subject (including any reasonable investigatory, legal, accounting
and other expenses incurred in connection with, and any amounts paid in, any
litigation or other proceeding or any settlement; provided that, solely in the
case of a settlement, the Fund shall have approved such settlement, and in
connection with any administrative proceedings), in respect of the offer or sale
of Units, unless such loss, claim, damage, liability, cost, or expense (or
action in respect thereof) arises out of, or is based upon (i) a breach by the
Trading Advisor of any applicable laws or regulations or any representation,
warranty or agreement in this Agreement; or (ii) any materially untrue statement
or omission relating or with respect to the Trading Advisor, or any of its
principals or their operations, trading systems, methods or performance that was
made in the Prospectus or in any other sales literature and furnished by the
Trading Advisor for inclusion therein.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    (f)           Subject
to the limitations of liability and standards set forth in Section 8(a) hereof,
the foregoing agreements of indemnity shall be in addition to, and shall in no
respect limit or restrict, any other remedies which may be available to an
indemnified person.

     

    (g)           Promptly
after receipt by an indemnified person of notice of the commencement of any
action, claim, or proceeding to which any of the indemnities may apply, the
indemnified person will notify the indemnifying party in writing of the
commencement thereof if a claim in respect thereof is to be made against the
indemnifying party hereunder; but the omission so to notify the indemnifying
party will not relieve the indemnifying party from any liability that the
indemnifying party may have to the indemnified person hereunder, except where
such omission has materially prejudiced the indemnifying party. In case any
action, claim, or proceeding is brought against an indemnified person and the
indemnified person notifies the indemnifying party of the commencement thereof
as provided above, the indemnifying party will be entitled to participate
therein and, to the extent that the indemnifying party desires, to assume the
defense thereof with counsel selected by the indemnifying party and not
unreasonably disapproved by the indemnified person. After notice from the
indemnifying party to the indemnified person of the indemnifying party’s
election so to assume the defense thereof as provided above, the indemnifying
party will not be liable to the indemnified person under the indemnity
provisions hereof for any legal and other expenses subsequently incurred by the
indemnified person in connection with the defense thereof, other than reasonable
costs of investigation.

     

    Notwithstanding
the preceding paragraph, if in any action, claim, or proceeding as to which
indemnification is or may be available hereunder, an indemnified person
reasonably determines that its interests are or may be adverse, in whole or in
part, to the indemnifying party’s interests or that there may be legal defenses
available to the indemnified person that are different from, in addition to, or
inconsistent with the defenses available to the indemnifying party, the
indemnified person may retain its own counsel in connection with such action,
claim, or proceeding and will be indemnified (provided the indemnified person is
so entitled) by the indemnifying party for any legal and other expenses
reasonably incurred in connection with investigating or defending such action,
claim, or proceeding.

     

    In no
event will the indemnifying party be liable for the fees and expenses of more
than one counsel for all indemnified persons in connection with any one action;
claim, or proceeding or in connection with separate but similar or related
actions, claims, or proceedings in the same jurisdiction arising out of the same
general allegations. The indemnifying party will not be liable for any
settlement of any action, claim, or proceeding effected without the indemnifying
party’s express written consent, but if any action, claim, or proceeding, is
settled with the indemnifying party’s express written consent, the indemnifying
party will indemnify, defend, and hold harmless an indemnified person as
provided in this Section 8.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              9.

            	
              Right to Advise Others
      and Uniformity of Acts and
Practices.

            

    

     

    (a)           The
Trading Advisor is engaged in the business of advising clients as to the
purchase and sale of futures interests. During the term of this Agreement, the
Trading Advisor, its principals and affiliates, will be advising other clients
(including affiliates and the stockholders, officers, directors, and employees
of the Trading Advisor and its affiliates and their families) and trading for
their own accounts. The Trading Advisor will use its best efforts to implement a
fair and consistent allocation policy that seeks to ensure that all clients are
treated equitably and positions allocated as nearly as possible in proportion to
the assets available for trading of the accounts managed or controlled by the
Trading Advisor.  Upon written request, the Managing Owner may request
a copy of the Trading Advisor’s procedures regarding the equitable treatment of
trades across accounts.  Such procedures shall be provided to the
Managing Owner within 30 days of such request by
the Managing Owner.  Except as otherwise set forth herein, the Trading
Advisor and its principals and affiliates agree to treat the Fund in a fiduciary
capacity to the extent recognized by applicable law, but subject to that
standard.  Under no circumstances shall the Trading Advisor by any act
or omission knowingly or intentionally favor any account advised or managed by
the Trading Advisor over the account of the Fund in any way or manner. Nothing
contained in this Section 9(a) shall preclude the Trading Advisor from charging
different management and/or incentive fees to its clients. Subject to the
Trading Advisor’s obligations under applicable law, the Trading Advisor or any
of its principals or affiliates shall be free to advise and manage accounts for
other clients and shall be free to trade on the basis of the same trading
systems, methods, or strategies employed by the Trading Advisor for the account
of the Fund, or trading systems, methods, or strategies that are entirely
independent of, or materially different from, those employed for the account of
the Fund, and shall be free to compete for the same futures interests as the
Fund or to take positions opposite to the Fund, where such actions do not
knowingly or intentionally prefer any of such accounts over the account of the
Fund on an overall basis.

     

    (b)           The
Trading Advisor shall not be restricted as to the number or nature of its
clients, except that: (i) so long as the Trading Advisor acts as a trading
advisor for the Fund, neither the Trading Advisor nor any of its principals or
affiliates shall knowingly hold any position or control any other account that
would cause the Fund, the Trading Advisor, or the principals or affiliates of
the Trading Advisor to be in violation of the CEAct or any regulations
promulgated thereunder, any other applicable law, or any applicable rule or
regulation of the CFTC or any other regulatory or self regulatory body,
exchange, or board; and (ii) neither the Trading Advisor nor any of its
principals or affiliates shall render futures interests trading advice to any
other individual or entity or otherwise engage in activity that shall knowingly
cause positions in futures interests to be attributed to the Trading Advisor
under the rules or regulations of the CFTC or any other regulatory or self
regulatory body, exchange, or board so as to require the significant
modification of positions taken or intended for the account of the Fund;
provided that the Trading Advisor may modify its trading systems, methods or
strategies to accommodate the trading of additional funds or
accounts.  If applicable speculative position limits are exceeded by
the Trading Advisor in the opinion of (i) independent counsel (who shall be
other than counsel to the Fund), (ii) the CFTC, or (iii) any other regulatory or
self regulatory body, exchange, or board, the Trading Advisor and its principals
and affiliates shall promptly liquidate positions in all of their accounts,
including the Fund’s account, as to which positions are attributed to the
Trading Advisor as nearly as possible in proportion to the accounts′ respective
amounts available for trading (taking into account different degrees of leverage
and “notional” equity) to the extent necessary to comply with the applicable
position limits.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              10.

            	
              Representations,
      Warranties, and Covenants of the Trading
  Advisor.

            

    

     

    (a)           Representations and
Warranties of the Trading Advisor. The Trading Advisor represents and
warrants to and agrees with the Managing Owner and the Fund as
follows:

     

    (i)           It
will exercise good faith and due care in implementing the Trading Program on
behalf of the Fund as described in the Disclosure Document (as modified from
time to time) or any other trading programs agreed to by the Managing Owner and
the Trading Advisor.

     

    (ii)          The
Trading Advisor shall follow and comply with, at all times, the Trading
Policies.

     

    (iii)         The
Trading Advisor shall trade the Assets pursuant to the same trading programs
described in the Disclosure Document unless the Managing Owner and the Trading
Advisor agree otherwise.

     

    (iv)         The
Trading Advisor is duly organized, validly existing and in good standing under
the laws of the state of its organization and is qualified to do business as a
foreign corporation or and is in good standing in each other jurisdiction in
which the nature or conduct of its business requires such qualification and the
failure to so qualify would materially adversely affect the Trading Advisor’s
ability to perform its duties under this Agreement. The Trading Advisor has full
power and authority to perform its obligations under this Agreement. The only
principals of the Trading Advisor are those set forth in the Prospectus and
Disclosure Document (the “Trading Advisor Principals”).

     

    (v)          The
Disclosure Document contains all statements and information required to be
included therein under the CEAct and other applicable laws, and such information
is accurate and complete in all material respects.

     

    (vi)         All
references to the Trading Advisor and the Trading Advisor Principals and trading
systems, methods and performance in the Prospectus are accurate and complete in
all material respects. With respect to the Trading Advisor, the Trading Advisor
Principals, and its trading systems, methods and performance:  (i) the
Prospectus contains all statements and information required to be included
therein under the CEAct and the rules and regulations thereunder and (ii) the
Prospectus does not contain, and will not during the term of this Agreement
contain, any untrue statement of a material fact or omit to state a material
fact necessary to make the statements contained therein, in the light of the
circumstances under which such statements were made, not misleading. Except as
otherwise disclosed in the Prospectus, the actual performance of a discretionary
account directed by the Trading Advisor or any principal or affiliate of the
Trading Advisor over the past five years and year-to-date is disclosed in the
Prospectus using a model account basis. The information regarding the actual
performance of such accounts set forth in the Prospectus have been calculated
and presented in accordance with the descriptions therein and is complete and
accurate in all material respects.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    (vii)        This
Agreement has been duly and validly authorized, executed and delivered on behalf
of the Trading Advisor and is a valid and binding agreement of the Trading
Advisor enforceable in accordance with its terms.

     

    (viii)       Each
of the Trading Advisor and the Trading Advisor Principals has all federal, state
and foreign governmental, regulatory and exchange licenses and approvals and has
effected all filings and registrations with federal, state and foreign
governmental and regulatory agencies required to conduct its business and to act
as described in the Prospectus or required to perform its or his obligations
under this Agreement. The Trading Advisor is registered as a commodity trading
advisor under the CEAct and is a member of the NFA in such
capacity.

     

    (ix)          The
execution and delivery of this Agreement, the incurrence of the obligations set
forth herein, the consummation of the transactions contemplated herein and in
the Prospectus and the payment of the fees hereunder will not violate, or
constitute a breach of, or default under, the certificate of incorporation or
bylaws (or any other organizational documents) of the Trading Advisor or any
agreement or instrument by which it is bound or of any order, rule, law or
regulation binding on it of any court or any governmental body or administrative
agency or panel or self-regulatory organization having jurisdiction over
it.

     

    (x)           Since
the respective dates as of which information is given in the Disclosure
Document, and except as may otherwise be stated in or contemplated by the
Disclosure Document, there has not been any material adverse change in the
condition, financial or otherwise, business or prospects of the Trading Advisor
or any Trading Advisor Principal.

     

    (xi)          Except
as set forth in the Disclosure Document there have not been and there is not
pending, or to the best of the Trading Advisor’s knowledge after due inquiry,
threatened, any action, suit or proceeding before or by any court or other
governmental body to which the Trading Advisor or any Trading Advisor Principal
is or was a party, or to which any of the assets of the Trading Advisor is or
was subject and which resulted in or might reasonably be expected to result in
any material adverse change in the condition, financial or otherwise, business
or prospects of the Trading Advisor.  None of the Trading Advisor or
any Trading Advisor Principal has received any notice of an investigation by the
NFA, CFTC or other administrative agency or self-regulatory body (whether United
States or foreign) regarding noncompliance by the Trading Advisor or any of the
Trading Advisor Principals with the CEAct or any other applicable
law.

     

    (xii)          Neither
the Trading Advisor nor any Trading Advisor Principal has received, or is
entitled to receive, directly or indirectly, any commission, finder’s fee,
similar fee, or rebate from any person in connection with the organization or
operation of the Fund.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    (xiii)         Participation
by the Trading Advisor in accordance with the terms hereof and as described in
the Prospectus will not violate any provisions of the Investment Advisers Act of
1940, as amended.

     

    (xiv)         Neither
the Trading Advisor nor any Trading Advisor Principal will use or distribute the
Prospectus or any selling literature or engage in any selling activities
whatsoever in connection with the offering of the Units.

     

    (xv)          The
information in the Prospectus about the Trading Advisor does not contain any
misleading or untrue statements of a material fact or omit to state a material
fact required to be stated therein to make the statements not
misleading.

     

    (xvi)         The
foregoing representations and warranties shall be continuing during the term of
this Agreement and if at any time any event shall occur which could make any of
the foregoing representations or warranties inaccurate, the Trading Advisor
shall promptly notify the Managing Owner and the Fund of the nature of such
event.

    

    (b)           Covenants of the Trading
Advisor.  The Trading Advisor covenants and agrees
that:

     

    (i)           The
Trading Advisor shall maintain all registrations and memberships necessary for
the Trading Advisor to continue to act as described herein and to at all times
comply in all respects with all applicable laws, rules, and regulations, to the
extent that the failure to so comply would have a materially adverse effect on
the Trading Advisor’s ability to act as described herein.

     

    (ii)           The
Trading Advisor shall inform the Managing Owner immediately as soon as the
Trading Advisor or any Trading Advisor Principal becomes the subject of any
investigation, claim or proceeding of any regulatory authority having
jurisdiction over such person or becomes a named party to any litigation
materially affecting (or which may, with the passage of time, materially affect)
the business of the Trading Advisor. The Trading Advisor shall also inform the
Managing Owner immediately if the Trading Advisor or any of its officers becomes
aware of any breach of this Agreement by the Trading Advisor.

     

    (iii)           The
Trading Advisor agrees to cooperate by providing information regarding itself
and its performance in the preparation of any amendments or supplements to the
Prospectus (subject to the limitation set forth in Section 1
hereof).

     

    
      	
               
      

            	
              11.

            	
              Representations and
      Warranties of the Fund and the Managing Owner; Covenants of the Managing
      Owner.

            

    

     

    (a)           The
Fund and the Managing Owner represent and warrant to the Trading Advisor, as
follows:

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

    

    (i)           The
Fund is a Delaware statutory trust formed pursuant to its organizational
documents and Delaware law and is validly existing and in good standing under
the laws of the State of Delaware with full power and authority to engage in the
trading of futures interests and to engage in its other contemplated activities
as described in the Prospectus; the Fund is qualified to do business in each
jurisdiction in which the nature or conduct of its business requires such
qualification and where failure to be so qualified could materially adversely
affect the Fund’s ability to perform its obligations hereunder.

     

    (ii)           The
Managing Owner is duly organized and validly existing and in good standing as a
limited liability company under the laws of the State of Delaware and is
qualified to do business and is in good standing as a foreign corporation in
each jurisdiction in which the nature or conduct of its business requires such
qualification and where the failure to be so qualified could materially
adversely affect the Managing Owner’s ability to perform its obligations
hereunder.

     

    (iii)           The
Fund and the Managing Owner have full power and authority under applicable law
to conduct their business and to perform their respective obligations under this
Agreement and as described in the Prospectus.

     

    (iv)          As
of the date hereof, the Prospectus contains all statements and information
required to be included therein by the CEAct and the rules and regulations of
the SEC or other applicable law and at all times subsequent thereto up to and
including each closing, the Prospectus will comply in all material respects with
the requirements of the rules of the NFA, the CEAct or other applicable laws.
The Prospectus as of the date on which the Trading Advisor begins trading
operations on behalf of the Account, and at each closing will not contain any
misleading or untrue statements 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. Any supplemental sales literature, when read in conjunction with
the Prospectus, will not contain any untrue statements of a material fact or
omit to state a material fact necessary to make the statements therein, in light
of the circumstances under which such statements were made, not misleading. This
representation and warranty shall not, however, apply to any statement or
omission in the Prospectus or supplemental sales literature made in reliance
upon information furnished by and relating to the Trading Advisor, its trading
methods or its trading performance.

     

    (v)           Since
the respective dates as of which information is given in the Prospectus, there
have not been any material adverse change in the condition, financial or
otherwise, or business of the Managing Owner or the Fund, whether or not arising
in the ordinary course of business.

     

    (vi)          This
Agreement has been duly and validly authorized, executed and delivered by the
Managing Owner on behalf of the Fund and constitutes a valid, binding and
enforceable agreement of the Fund and the Managing Owner in accordance with its
terms.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

       

    

    (vii)          The
execution and delivery of this Agreement, the incurrence of the obligations set
forth herein and the consummation of the transactions contemplated herein and in
the Prospectus will not violate, or constitute a breach of, or default under,
the Managing Owner’s organizational documents, or the Fund’s organizational
documents, or any material agreement or instrument by which either the Managing
Owner or the Fund, as the case may be, is bound or any material order, rule, law
or regulation applicable to the Managing Owner or the Fund of any court or any
governmental body or administrative agency or panel or self-regulatory
organization having jurisdiction over the Managing Owner or the
Fund.

     

    (viii)        Except
as set forth in the Prospectus, there have not been in the five years preceding
the date of the Prospectus and there is not pending or, to the Managing Owner’s
knowledge, threatened, any action, suit or proceeding at law or in equity before
or by any court or by any federal, state, municipal or other governmental body
or any administrative, self-regulatory or commodity exchange organization to
which the Managing Owner or the Fund is or was a party, or to which any of the
assets of the Managing Owner or the Fund is or was subject; and neither the
Managing Owner nor any of the principals of the Managing Owner (“Managing Owner
Principals”) has received any notice of an investigation by the NFA, CFTC or any
other administrative or self-regulatory organization regarding non-compliance by
the Managing Owner or the Managing Owner Principals or the Fund with the CEAct,
the Securities Act of 1933, as amended, or any applicable laws which are
material to an investor’s decision to invest in the Fund.

     

    (ix)           The
Managing Owner and the Managing Owner Principals have all federal, state and
foreign governmental, regulatory and exchange approvals and licenses, and have
effected all filings and registrations with federal, state and foreign
governmental agencies required to conduct their business and to act as described
in the Prospectus or required to perform their obligations under this Agreement
(including, without limitation, registration as a commodity pool operator under
the CEAct and membership in the NFA as a commodity pool operator) and will
maintain all such required approvals, licenses, filings and registrations for
the term of this Agreement. The Managing Owner’s principals identified in the
Prospectus are all of the Managing Owner Principals.

     

    (x)           The
Fund is and shall remain in material compliance in all respects with all laws,
rules, regulations and orders of any government, governmental agency or
self-regulatory organization applicable to its business as described in the
Prospectus and this Agreement.

     

    (xi)           The
Fund is a “qualified eligible person” as that term is defined under CFTC
Regulation 4.7.

     

    (xii)           The
foregoing representations and warranties shall be continuing during the term of
this Agreement and if at any time any event shall occur which could make any of
the foregoing representations or warranties inaccurate, the Managing Owner shall
promptly notify the Trading Advisor of the nature of such event.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (b)           Covenants of the Managing
Owner. The Managing Owner covenants and

      

    agrees
that:

    (i)           The
Managing Owner shall maintain all registrations and memberships necessary for
the Managing Owner to continue to act as described herein and in the Prospectus
and to all times comply in all respects with all applicable laws, rules, and
regulations, to the extent that the failure to so comply would have a materially
adverse effect on the Managing Owner’s ability to act as described herein and in
the Prospectus.

     

    (ii)           The
Managing Owner shall inform the Trading Advisor immediately as soon as the
Managing Owner, the Fund or any of their principals becomes the subject of any
lawsuit, investigation, claim, or proceeding of any regulatory authority having
jurisdiction over such person or becomes a named party to any litigation
materially affecting the business of the Managing Owner or the Fund. The
Managing Owner shall also inform the Trading Advisor immediately if the Managing
Owner or the Fund or any of their officers become aware of any material breach
of this Agreement by the Managing Owner or the Fund.

     

    (iii)           The
Fund will furnish to the Trading Advisor copies of the Prospectus, and all
amendments and supplements thereto, in each case as soon as available and will
ensure that the Fund does not use any such amendments or supplements as to which
the Trading Advisor in writing has reasonably objected.

     

    
      	
               
      

            	
              12.

            	
              Merger or Transfer of
      Assets.

            

    

     

    The
Managing Owner, Fund or the Trading Advisor may merge or consolidate with, or
sell or otherwise transfer its business, or all or a substantial portion of its
assets, to any entity upon written notice to the other parties.

     

    
      	
               
      

            	
              13.

            	
              Complete
      Agreement.

            

    

     

    This
Agreement constitutes the entire agreement between the parties with respect to
the matters referred to herein, and no other agreement, verbal or otherwise,
shall be binding as between the parties unless in writing and signed by the
party against whom enforcement is sought.

     

    
      	
               
      

            	
              14.

            	
              Assignment.

            

    

     

    Subject
to Section 12, hereof, this Agreement may not be assigned, transferred by
operation of law, change in control or otherwise, by any party hereto without
the express prior written consent of the other parties hereto.

     

    
      	
               
      

            	
              15.

            	
              Amendment.

            

    

     

    This
Agreement may not be amended except by the written consent of the parties
hereto.  No waiver of any provision of this Agreement shall be implied
from any course of dealings between the parties, from any failure by any party
to assert its rights hereunder or any occasion or series of
occasions.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              16.

            	
              Severability.

            

    

     

    The
invalidity or unenforceability of any provision of this Agreement or any
covenant herein contained shall not affect the validity or enforceability of any
other provision or covenant hereof or herein contained and any such invalid
provision or covenant shall be deemed to be severable.

     

    
      	
               
      

            	
              17.

            	
              Closing
      Certificates.

            

    

     

    (a)           The
Trading Advisor shall, at the initial closing and at the request of the Managing
Owner at any monthly closing (as described in the Prospectus), provide the
following:

     

    (i)           To
the Managing Owner and the Fund, a certificate, dated the date of any such
closing and in form and substance satisfactory to such parties, to the effect
that;

     

    (A)          the
representations and warranties by the Trading Advisor in this Agreement are
true, accurate, and complete on and as of the date of the closing, as if made on
the date of the closing; and

     

    (B)           the
Trading Advisor has performed all of its obligations and satisfied all of the
conditions on its part to be performed or satisfied under this Agreement, at or
prior to the date of such closing.

     

    (ii)           To
the Managing Owner and the Fund, a report as of the closing date which shall
present, for the period from the date after the last day covered by the
historical performance records in the Prospectus to the latest practicable day
before closing, figures which shall be a continuation of such historical
performance records and which shall certify that such figures are, to the best
of such Trading Advisor’s knowledge, accurate in all material
respects.

     

    (b)           Upon
the reasonable request of the Managing Owner, the Trading Advisor shall provide
a legal opinion of the Trading Advisor’s counsel in a form acceptable to the
Managing Owner.

     

    (c)           The
Managing Owner shall, at the initial closing and at the request of the Trading
Advisor at any closing (as described in the Prospectus), provide the
following:

     

    (i)           To
the Trading Advisor, a certificate, dated the date of such closing and in form
and substance satisfactory to the Trading Advisor, to the effect
that:

     

    (A)           the
representations and warranties by the Fund and the Managing Owner in this
Agreement are true, accurate, and complete on and as of the date of the closing
as if made on the date of the closing;

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

       

    

    (B)           no
order preventing or suspending the use of the Prospectus has been issued by the
CFTC, the SEC, any state securities commission, or the NFA or other
self-regulatory organization and no proceedings for that purpose shall have been
instituted or are pending or, to the knowledge of the Managing Owner, are
contemplated or threatened under the CEAct; and

     

    (C)           The
Fund and the Managing Owner have performed all of their obligations and
satisfied all of the conditions on their part to be performed or satisfied under
this Agreement at or prior to the date of the closing.

     

    
      	
               
      

            	
              18.

            	
              Inconsistent
      Filings.

            

    

     

    If the
Trading Advisor intends to file, to participate in the filing of, or to publish
any description of the Trading Advisor, or of its respective principals or
trading approaches that is materially inconsistent with those in the Disclosure
Document, the Trading Advisor shall inform the Managing Owner of such intention
and shall furnish copies of all such filings or publications at least ten
Business Days prior to the date of filing or publication.

     

    
      	
               
      

            	
              19.

            	
              Disclosure
      Documents.

            

    

     

    (a)           During
the term of this Agreement, the Trading Advisor shall furnish to the Managing
Owner promptly copies of all disclosure-documents prepared by the Trading
Advisor.  The Managing Owner and Fund each acknowledge that the
Trading Advisor has claimed an exemption pursuant to CFTC Regulation 4.7 and is
not required to prepare or file a disclosure document with the CFTC, NFA or
other self-regulatory organization and, if such a document is prepared and
furnished, Trading Advisor shall rely on, and the Managing Owner and the Fund
shall accept, such further reporting and disclosure relief as permitted under
said exemption.  The Managing Owner and Fund each acknowledge receipt
of the Trading Advisor’s disclosure document (the “Disclosure
Document”).

     

    (b)           The
Managing Owner and the Fund will not distribute or supplement any promotional
material relating to the Trading Advisor unless the Trading Advisor has approved
reasonable prior notice of and a copy of such promotional material and has
received such material in writing.

     

    20.           Track
Record.  The track record and other performance information of
the Fund shall be the property of the Managing Owner and not the Trading
Advisor, provided such information may be used by the Trading Advisor (upon
written consent of the Managing Owner) on a confidential basis for purposes of
compiling performance composites and related applications.

     

    
      	
               
      

            	
              21.

            	
              Use of
      Name.

            

    

     

    Upon termination of this Agreement, the
Fund, at its expense, as promptly as practicable:  (i) shall take all
necessary action to cause the Prospectus and organizational documents of the
Fund to be amended in order to eliminate any reference to "Dominion" or
“Dominion Capital Management Institutional Advisors, Inc.” (except to the extent
required by law, regulation or rule); and (ii) shall cease to use in any other
manner, including, but not limited to, use in any sales literature or
promotional material, the names "Dominion" or “Dominion Capital Management
Institutional Advisors, Inc.” or any name, mark or logo type derived from it or
similar to it (except to the extent required by law, regulation or
rule).

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              22.

            	
              Notices.

            

    

     

    All
notices required to be delivered under this Agreement shall be in writing and
shall be effective when delivered personally on the day delivered, by facsimile
on receipt confirmation, by email followed by delivery of an original, or when
given by registered or certified mail, postage prepaid, return receipt
requested, on the second business day following the day on which it is so
mailed, addressed as follows (or to such other address as the party entitled to
notice shall hereafter designate in accordance with the terms
hereof):

     

    
      
        
          
            	
                     
      

                  	
                    if
      to the Fund:

                  
	 	 
	 
      	
                    RJO
      Global Trust

                     c/o
      R. J. O’Brien Fund Management, LLC

                    222
      S. Riverside Plaza

                    Suite
      9

                    Chicago,
      Illinois 60606

                    Attn:  Annette
      A. Cazenave

                    Facsimile:
      312-373-4831

                    Email:
      acazenave@rjobrien.com

                  
	 
      	 
      
	 
      	
                    if
      to the Managing Owner:

                  
	 
      	 
      
	 
      	
                    R.
      J. O’Brien Fund Management, LLC

                    222
      S. Riverside Plaza

                    Suite
      9

                    Chicago,
      Illinois 60606

                    Attn:  Annette
      A. Cazenave

                    Facsimile:
      312-373-4831

                    Email:
      acazenave@rjobrien.com

                  
	 
      	 
      
	 
      	
                    With
      a copy to:

                  
	 
      	 
      
	 
      	
                    Alston
      & Bird LLP

                    90
      Park Avenue

                    New
      York, NY 10016

                    Attn:
      Timothy P. Selby

                    Facsimile:
      (212) 210-9444

                    Email:
      timothy.selby@alston.com

                  

             

            
              
                
                

              

              
                22

                
                  

                

              

              
                
                

              

            

             

            
              	 
      	
                      if
      to the Trading Advisor:

                    
	 	 
	 
      	
                      Dominion
      Capital Management Institutional Advisors, Inc.

                      12935
      S. West Bayshore Drive, Suite 420

                      Traverse
      City, MI 49684

                      Attn:  Joseph
      H. Vanderbosch

                      Phone:  (231)
      995-4400

                      Facsimile:  (231)
      995-4450

                      Email:  jvb@domcap.com

                    

            

          

        

      

    

     

    
      	
               
      

            	
              23.

            	
              Continuing Nature of
      Representations Warranties and Covenants:
  Survival.

            

    

     

    All
representations, warranties and covenants contained in this Agreement shall be
continuing during the term of this Agreement and the provisions of this
Agreement shall survive the termination of this Agreement with respect to any
matter arising while this Agreement was in effect.  Each party hereby
agrees that as of the date of this Agreement it is, and during its term shall
be, in compliance with its representations, warranties and covenants herein
contained.  In addition, if at any time any event occurs which would
make any of such representations, warranties or covenants not true, the affected
party will use its best efforts to promptly notify the other parties of such
fact.

     

    
      	
               
      

            	
              24.

            	
              Third-Party
      Beneficiaries.

            

    

     

    This
Agreement is not intended and shall not convey any rights to a party to this
Agreement.

     

    
      	
               
      

            	
              25.

            	
              Governing
      Law.

            

    

     

    This
Agreement and any amendment hereto shall be governed by, and construed in
accordance with, the laws of the State of Illinois, United States of
America  (excluding the law thereof which requires the application of,
or reference to, the law of any other jurisdiction).  Each party
hereto expressly and irrevocably agrees (a) that it waives any objection, and
specifically consents, to venue in the United States federal or state courts
located in the City of Chicago, State of Illinois, United States of America, so
that any action at law or in equity may be brought and maintained in any such
court, and (b) that service of process in any such action may be effected
against such party by certified or registered mail or in any other manner
permitted by applicable United States Federal Rules of Civil Procedure or rules
of the Courts of the State of Illinois.  In addition each party hereto
expressly and irrevocably waives, in respect of any action brought in any United
States federal or state court located in the City of Chicago, State of Illinois
or any resulting judgment, any objection, and hereby specifically consents, to
the jurisdiction of any such court and agrees not to seek to change the situs of
such action or to assert that any other court in any other jurisdiction is a
more suitable forum for the hearing and adjudication of any claim or dispute
raised in such action.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              26.

            	
              Remedies.

            

    

     

    In any
action or proceeding arising out of any of the provisions of this Agreement, the
Trading Advisor agrees not to seek any prejudgment equitable or ancillary
relief. The Trading Advisor agrees that its sole remedy in any such action or
proceeding shall be to seek actual monetary damages for any breach of this
Agreement, except that Trading Advisor may seek a declaratory judgment or
equitable relief with respect to the indemnification provisions or provisions
relating to Confidential Information and/or Proprietary Information, of this
Agreement.

     

    
      	
               
      

            	
              27.

            	
              Headings.

            

    

     

    Headings
to sections herein are for the convenience of the parties only and are not
intended to be part of or to affect the meaning or interpretation of this
Agreement.

     

    
      	
               
      

            	
              28.

            	
              Successors.

            

    

     

    This
Agreement including the representations, warranties and covenants contained
herein shall be binding upon and inure to the benefit of the parties hereto,
their successors and permitted assigns, and no other person shall have any right
or obligation under this Agreement.

     

    
      	
               
      

            	
              29.

            	
              Counterparts.

            

    

     

    This
Agreement may be executed in counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same
instrument.

     

    
      	
               
      

            	
              30.

            	
              Waiver of
      Breach.

            

    

     

    The
waiver by any party of a breach of any provision of this Agreement shall not
operate or be construed as a waiver of any subsequent breach or of a breach by
any other party.  The failure of a party to insist upon strict
adherence to any provision of the Agreement shall not constitute a waiver or
thereafter deprive such party of the right to insist upon strict
adherence.

     

    PURSUANT
TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH
ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS AGREEMENT 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 ANY TRADING
PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR
DISCLOSURE.  CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION
HAS NOT REVIEWED OR APPROVED ANY TRADING PROGRAM OF THE TRADING ADVISOR OR THIS
AGREEMENT.

      

    
      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

    

    IN
WITNESS WHEREOF, this Agreement has been executed for and on behalf of the
undersigned as of the day and year first above written.

     

    
      
        	 
      	
                RJO
      GLOBAL TRUST

                by
      R.J. O’Brien Fund Management, LLC

                Managing
      Owner

              
	 
      	 
      
	 
      	
                By

              	
                s/ Annette A. Cazenave

              
	 
      	
                Name:  Annette
      A. Cazenave

              
	 
      	
                Title:  Executive
      Vice President

              
	 
      	 
      
	 
      	
                R.J.
      O’BRIEN FUND MANAGEMENT, LLC

              
	 
      	 
      
	 
      	
                By

              	
                s/ Thomas J.
      Anderson                                                  

              
	 
      	
                Name:  Thomas
      J. Anderson

              
	 
      	
                Title:  Chief
      Financial Officer

              
	 
      	 
      
	 
      	
                DOMINION
      CAPITAL MANAGEMENT

                INSTITUTIONAL
      ADVISORS, INC.

              
	 
      	 
      
	 
      	
                By

              	
                s/ Joseph Vanderbosch

              
	 
      	
                Name:  Joseph
      Vanderbosch

              
	 
      	
                Title:  Executive
      Vice President

              

      

    

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

    
    

    Trading
Policies

     

    1.           The
Trading Advisor will not employ the trading technique commonly known as
“pyramiding,” in which the Trading Advisor uses unrealized profits on existing
positions in a given futures interest due to favorable price movement as margin
specifically to buy or sell additional positions in the same or a related
futures interest. Taking into account the Fund’s open trade equity (i.e., the profit or loss on
an open futures interest position) on existing positions in determining
generally whether to acquire additional futures interest positions on behalf of
the Fund will not be considered to constitute “pyramiding.”

     

    2.           The
Trading Advisor will not utilize borrowings on behalf of the Fund except if the
Fund purchases or takes delivery of commodities. If the Trading Advisor borrows
money on behalf of the Fund, the lending entity in such case (the “lender”) may
not receive interest in excess of its interest costs, nor may the lender receive
interest in excess of the amounts which would be charged the Fund by unrelated
banks on comparable loans for the same purpose, nor may the lender or any
affiliate thereof receive any points or other financing charges or fees
regardless of the amount. Use of lines of credit in connection with its forward
trading does not, however, constitute borrowing for purposes of this trading
limitation.

     

    3.           The
Trading Advisor will not “churn” the Fund’s assets. Churning is the unnecessary
execution of trades so as to generate increased brokerage
commissions.

     

    4.           The
Trading Advisor will trade currencies and other commodities on futures
exchanges, in the interbank and forward contract markets only with banks,
brokers, dealers, and other financial institutions which the Managing Owner has
determined to be creditworthy.

     

    5.           The
Trading Advisor will trade only in those futures interests that have been
approved by the CFTC as suitable for US investors. The Trading Advisor will not
establish new positions in a futures interest on behalf of the Fund for any one
contract month or option if such additional positions would result in a net long
or short position for that futures interest requiring as margin or premium more
than 15% of the Fund’s net assets.

     

    6.           The
Trading Advisor will not acquire additional positions in any futures interest on
behalf of the Fund if such additional positions would result in the aggregate
net long or short positions for all futures interests requiring as margin or
premium for all outstanding positions more than 66 2/3%
of the Fund’s net assets.

     

    7.           The
Trading Advisor will not purchase, sell, or trade securities (except securities
approved by the CFTC for investment of customer funds).

     

    8.           The
Trading Advisor will be responsible for errors committed or caused by it in
transmitting orders for the purchase or sale of futures interests for the Fund’s
account in accordance with the Agreement.

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

     

    COMMODITY
TRADING AUTHORITY

     

    Dear
Dominion Capital Management Institutional Advisors, Inc.:

     

    RJO
Global Trust (the “Fund”) and R.J. O’Brien Fund Management, LLC, the Fund’s
managing owner (the “Managing Owner”) do hereby make, constitute and appoint you
as the Fund’s attorney-in-fact to buy and sell futures and forward contracts
through such futures commission merchants as shall be agreed on by you and the
Managing Owner on behalf of the Fund, pursuant to the trading program identified
in the Agreement among the Fund, the Managing Owner and you as of the 1st day of
October, as amended or supplemented, and in accordance with the terms and
conditions of said Agreement.

     

    This
authorization shall terminate and be null, void and of no further effect
simultaneously with the termination of the said Agreement.

     

    
      
        
          	 
      	
                  Very
      truly yours,

                
	 
      	 
      
	 
      	
                  RJO
      GLOBAL TRUST

                  by
      R.J. O’Brien Fund Management, LLC

                  Managing
      Owner

                
	 
      	 
      
	 
      	
                  By

                	
                  s/ Annette A.
      Cazenave                                                  

                
	 
      	
                  Name:  Annette
      A. Cazenave

                
	 
      	
                  Title:  Executive
      Vice President

                
	 
      	 
      
	 
      	
                  R.J.
      O’Brien Fund Management, LLC

                
	 
      	 
      
	 
      	
                  By

                	
                  s/ Thomas J.
      Anderson                                                  

                
	 
      	
                  Name:  Thomas
      J. Anderson

                
	 
      	
                  Title:  Chief
      Financial Officer

                

        

      

    

    

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

      

    EXHIBIT
C

     

    FUTURES
INTERESTS TRADED

     

    Stock Index
Contracts: Dow Jones, S&P 500, CAC 40, DAX, FTSE 100, MIB, AEX,
Kospi, Bovespa, SPI 200, Nikkei 225 (Osaka & Singapore), Hang Seng, Russell
2000, Nasdaq 100, Taiwan Stock Index, and Euro Stoxx.

    

    Commodity Contracts:
Coffee, Silver, Sugar, Gold, Cocoa, Heating Oil, Cotton, Copper, Crude Oil,
Soybeans, Natural Gas, Wheat, Unleaded Gas, Live Cattle, Brent Crude, Gas Oil,
Live Hogs, and Corn.

    

    Foreign Exchange:
Dollar/Yen, Dollar/Swiss, Euro/US Dollar, Pound Sterling/Dollar, Pound
Sterling/Yen, Euro/Yen, Aussie/Dollar, Dollar/Canada, Dollar/Rand, and
Peso/Dollar.

    

    Interest Rate
Contracts:  US Bond, Euro Bund, Japanese Gov’t Bond, British
Long Gilt, US 10yr, US 5yr, Bobl, Schatz, and Aussie 10yr.

     

    
      
        
        

      

      
        C-1

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