Document:

Exhibit 10.7

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this “Agreement”),
effective as of April 23, 2021, is made and entered into by and between Mountain & Co. I Acquisition Corp., a Cayman Islands exempted
company (the “Company”), and Mountain & Co. Sponsor One LLP, a Cayman Islands limited liability partnership (the “Buyer”).

 

RECITALS:

 

WHEREAS, the Buyer wishes to subscribe for
an aggregate of 7,187,500 Class B ordinary shares (the “Shares”), par value $0.0001 per share (“Class B Ordinary Shares”),
of the Company, and the Company wishes to issue the Shares to the Buyer, on the terms and subject to the conditions set forth in this
Agreement.

 

AGREEMENT:

 

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

 

ARTICLE I

DEFINITIONS

 

The terms defined in this Article I shall
have for all purposes of this Agreement the respective meanings set forth below:

 

“Agreement” shall have the meaning
set forth in the preamble to this Agreement.

 

“Buyer” shall have the meaning set
forth in the preamble to this Agreement.

 

“Class B Ordinary Shares” shall have
the meaning set forth in the recitals to this Agreement.

 

“Closing” shall have the meaning set
forth in Section 2.3 of this Agreement.

 

“Closing Date” shall have the meaning
set forth in Section 2.3 of this Agreement.

 

“Company” shall have the meaning set
forth in the preamble to this Agreement.

 

“Consent” means any consent, approval,
notification, waiver, or other similar action that is necessary or convenient.

 

“Governmental Body” shall mean any
legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar recognized organization or body
of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar
powers or authority.

 

“Law” shall mean any law (statutory,
common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar authority enacted, adopted, promulgated
or applied by any Governmental Body.

 

“Lien” shall mean a mortgage,
deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise, including, without
limitation, any lien for taxes), security interest, preference, participation interest, priority or security agreement or
preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the filing of any
document under the law of any applicable jurisdiction to evidence any of the foregoing, other than (i) statutory, mechanics’
or other Liens incurred in the Company’s ordinary course of business or (ii) Liens for taxes incurred but not yet due.

 

     

     

    

 

“Order” shall mean an order, ruling,
decision, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental
Body or arbitrator.

 

“Permit” shall mean a permit, license,
certificate, waiver, notice or similar authorization.

 

“Purchase Price” shall have the meaning
set forth in Section 2.2 of this Agreement.

 

“SEC” shall mean the United States
Securities and Exchange Commission.

 

“Securities Act” shall mean the United
States Securities Act of 1933, as amended, or any successor federal statute, and the applicable rules and regulations promulgated and
in effect from time to time thereunder.

 

“Shares” shall have the meaning set
forth in the recitals to this Agreement.

 

ARTICLE II

PURCHASE OF THE SHARES

 

Section 2.1 Purchase and Sale of the Shares.
Subject to the terms and conditions hereof and in reliance upon the representations and warranties of the parties contained herein, simultaneous
with the execution hereof, the Company shall issue to the Buyer, and the Buyer shall subscribe for, the Shares, in consideration of the
payment of the Purchase Price noted herein.

 

Section 2.2 Purchase Price. As payment in
full for the Shares being purchased under this Agreement and against issue of such Shares, prior to the execution hereof, the Buyer shall
pay $25,000 to, and at the direction of the Company, by wire transfer of immediately available funds or by such other method as may be
reasonably acceptable to the Company (the “Purchase Price”).

 

Section 2.3 Closing. The closing of the
purchase and sale of the Shares (the “Closing”) shall be held on the date of this Agreement (“Closing Date”) at
the offices of Davis Polk & Wardwell London LLP, 5 Aldermanbury Square, London EC2V 7HR, United Kingdom, or such other place as may
be agreed upon by the parties hereto.

 

Section 2.4 Closing Deliveries. All actions
taken at the Closing shall be deemed to have been taken simultaneously.

 

(a) Buyer Deliveries. At the Closing the
Buyer shall deliver to the Company the Purchase Price.

 

(b) Company Deliveries. At the Closing,
or within a reasonable time after the Closing, the Company shall issue to the Buyer the Shares and make the necessary entries in the Register
of Members of the Company.

 

Section 2.5 Further Assurances. The parties
hereto shall execute and deliver such additional documents and take such additional actions as any party reasonably may deem to be practical
and necessary in order to consummate the transactions contemplated by this Agreement.

 

Section 2.6 Legend. Any certificate evidencing
the Shares and any certificate issued in exchange for or upon the transfer of any Shares shall be stamped or otherwise imprinted with
a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION
OF SUCH ACT AND LAWS.”

 

     

     

    

 

“THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO ADDITIONAL
RESTRICTIONS ON TRANSFER SET FORTH IN THE LETTER AGREEMENT BY AND AMONG THE COMPANY, MOUNTAIN & CO. I SPONSOR LLC AND THE OTHER PARTIES
THERETO. COPIES OF SUCH AGREEMENT MAY BE OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.”

 

Section 2.7 Surrender. The Buyer hereby
irrevocably surrenders to the Company for cancellation and for nil consideration the one Class B Ordinary Share standing in his name in
the register of members of the Company.

 

Section 2.8 Trust Waiver. Notwithstanding
anything herein to the contrary, the Buyer hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in or to any distribution of or from the trust account to be established in which proceeds of the initial public offering (the “IPO”)
conducted by the Company (including the deferred underwriting discounts and commissions) and proceeds of the sale of the warrants issued
in a private placement to occur in connection with the consummation of the IPO are to be deposited, as described in greater detail in
the registration statement and prospectus to be filed with the SEC in connection with the IPO, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

Section 2.9 Surrender and Cancellation of Shares.

 

(a) In the event the over-allotment option (the
 “Over-Allotment Option”) granted to the representative(s) of the underwriters of the Company’s IPO is not exercised
in full, the Buyer acknowledges and agrees that it shall surrender for cancellation any and all rights to such number of Shares (up to
an aggregate of 937,500 Shares and pro rata based upon the percentage of the Over-Allotment Option exercised) such that immediately following
such surrender, the Buyer (and all other initial shareholders prior to the IPO, if any) will own an aggregate number of Shares (not including
ordinary shares issuable upon exercise of any warrants or any ordinary shares purchased by the Buyer in the Company’s IPO or in
the aftermarket) equal to 20% of the issued and outstanding ordinary shares of the Company immediately following the IPO.

 

(b) If any of the Shares are surrendered and cancelled
in accordance with this Section 2.9, then after such time the Buyer (or successor in interest) shall no longer have any rights as a holder
of such Shares, and the Company shall take such action as is appropriate to cancel such Shares.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and warrants that the statements
contained in this ARTICLE III are correct and complete as of the date of this Agreement.

 

Section 3.1 Investment Representations.

 

(a) The ultimate parent of the Buyer is an “accredited
investor” as defined in Rule 501 of Regulation D under the Securities Act.

 

(b) The Buyer has received, has thoroughly read,
is familiar with and understands the contents of this Agreement.

 

     

     

    

 

(c) The Buyer hereby acknowledges that an
investment in the Shares involves certain significant risks. The Buyer acknowledges that there is a substantial risk that it will
lose all or a portion of its investment and that it is financially capable of bearing the risk of such investment for an indefinite
period of time. The Buyer has no need for liquidity in its investment in the Shares for the foreseeable future and is able to bear
the risk of that investment for an indefinite period. The Buyer understands that there presently is no public market for the Shares
and none is anticipated to develop in the foreseeable future. The Buyer’s present financial condition is such that the Buyer
is under no present or contemplated future need to dispose of any portion of the Shares subscribed for hereby to satisfy any
existing or contemplated undertaking, need or indebtedness. The Buyer’s overall commitment to investments which are not
readily marketable is not disproportionate to its net worth and the investment in the Company will not cause such overall commitment
to become excessive.

 

(d) The Buyer acknowledges that the Shares have
not been and will not be registered under the Securities Act, or any state securities act, and are being sold on the basis of exemptions
from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration
of the Shares thereunder. Reliance on such exemptions, where applicable, is predicated in part on the accuracy of the Buyer’s representations
and warranties set forth herein. The Buyer acknowledges and hereby agrees that the Shares will not be transferable under any circumstances
unless the Buyer either registers such transfer of the Shares in accordance with federal and state securities laws or finds and complies
with an available exemption under such laws. Accordingly, the Buyer hereby acknowledges that there can be no assurance that it will be
able to liquidate its investment in the Company.

 

(e) There are substantial risk factors pertaining
to an investment in the Company. The Buyer acknowledges that it has read the information set forth above regarding certain of such risks
and is familiar with the nature and scope of all such risks, including, without limitation, risks arising from the fact that the Company
is an entity with no operating history and no financial resources; and the Buyer is fully able to bear the economic risks of such investment
for an indefinite period, and can afford a complete loss thereof.

 

(f) The Buyer has been given the opportunity to
(i) ask questions of and receive answers from the Company and its designated representatives concerning the terms and conditions of the
offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that the Company
possesses or can acquire without unreasonable effort or expense that is necessary to assist the Buyer in evaluating the advisability of
the purchase of the Shares and an investment in the Company. The Buyer further represents and warrants that, prior to signing this Agreement,
it has asked such questions, received such answers and obtained such information as it has deemed necessary or advisable to evaluate the
merits and risks of the purchase of the Shares and an investment in the Company. The Buyer is not relying on any oral representation made
by any person as to the Company or its operations, financial condition or prospects.

 

(g) The Buyer understands that no federal, state
or other governmental authority has made any recommendation, findings or determination relating to the merits of an investment in the
Company.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents and warrants that the statements
contained in this ARTICLE IV are correct and complete as of the date of this Agreement.

 

Section 4.1 Incorporation and Good Standing.
The Company is an exempted company duly incorporated, validly existing, and in good standing under the laws of the Cayman Islands.

 

Section 4.2 Power and Authority; Enforceability.
This Agreement constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with
its terms. The Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The
Company has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations
hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed, and delivered
by, and is enforceable against, the Company.

 

     

     

    

 

Section 4.3 No Violation; Necessary Approvals.
Neither the execution and delivery of this Agreement by the Company, nor the consummation or performance by the Company of any of the
transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in a breach or violation
of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any Law, Order, contract
or Permit to which the Company is a party or by which it is bound or any of its assets are subject, or any provision of the Company’s
organizational documents as in effect on the Closing Date, (b) result in the imposition of any lien, claim or encumbrance upon any assets
owned by the Company; (c) require any Consent under any contract or organizational document to which the Company is a party or by which
it is bound; or (d) require any Permit under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications
or other filings with state or federal regulatory agencies after the Closing that are necessary or convenient and do not require approval
of the agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights of first refusal, preferential
purchase or similar rights with respect to any of the Shares.

 

Section 4.4 Authorization of the Shares.
The Shares have been duly authorized and, when issued in accordance with this Agreement, the Shares will be duly and validly issued, fully
paid and non-assessable Class B Ordinary Shares of the Company and will be free and clear of all Liens and claims, other than restrictions
on transfer imposed by the Securities Act and applicable state securities laws.

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1 Entire Agreement. This Agreement,
together with any certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement
and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations
by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions
contemplated hereby.

 

Section 5.2 Successors. All of the terms,
agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and
are enforceable by, the parties hereto and their respective successors.

 

Section 5.3 Assignments. Except as otherwise
provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the
prior written approval of the other party. Any purported assignment in violation of this Section 5.3 shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee.

 

Section 5.4 WAIVER OF JURY TRIAL. THE
PARTIES HERETO EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER
IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF
THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE
PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL
CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY
NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A
WRITTEN CONSENT TO TRIAL BY A COURT.

 

     

     

    

 

Section 5.5 Counterparts. This Agreement
may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and
the same instrument.

 

Section 5.6 Headings. The article and section
headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of
this Agreement.

 

Section 5.7 Governing Law. This Agreement,
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law
or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without
giving effect to its choice of laws principles.

 

Section 5.8 Amendments. This Agreement may
not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

Section 5.9 Severability. The provisions
of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability
of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance,
is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree
that the Governmental Body, arbitrator, or mediator making such determination will have the power to modify the provision in a manner
consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such
provision will then be enforceable and will be enforced.

 

Section 5.10 Expenses. Except as otherwise
expressly provided in this Agreement, each party hereto will bear its own costs and expenses incurred in connection with the preparation,
execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses
of agents, representatives, financial advisors, legal counsel and accountants.

 

Section 5.11 Construction. The parties hereto
have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises,
this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring
or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local,
or foreign Law will be deemed also to refer to Law as amended and all rules and regulations promulgated thereunder, unless the context
requires otherwise. The words “include,” “includes,” and “including” will be
deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed
to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context
otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
 “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless
expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent
significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity)
which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation,
warranty, or covenant.

 

     

     

    

 

Section 5.12 Waiver. No waiver by any party
hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend
to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising
because of any prior or subsequent occurrence.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	MOUNTAIN & CO. I ACQUISITION CORP.
	 	 
	 	By:	/s/ Cornelius Boersch
	 	Name:	Dr. Cornelius Boersch
	 	Title:	Director
	 	 
	 	BUYER:   MOUNTAIN & CO. SPONSOR ONE LLP
	 	 
	 	By:	/s/ Darryl E. Smith
	 	Name:	Darryl E. Smith
	 	Title:	Managing Partner

 

[Signature Page to Securities Purchase Agreement]Exhibit 10.1

 

MNA Commodity Futures
Customer Agreement

 

 

In
consideration of Marex North America, LLC (“MNA”) accepting your account and its agreement to act as your authorized
broker, you agree to the following with respect to any of your accounts with MNA for the purchase and sale of securities, monies,
physical commodities, futures contracts, options on futures, foreign futures contracts, options on foreign futures, forward contracts
and foreign exchange contracts (collectively referred to as “commodities” or “property”):

 

		1.	You
                                         represent that you are a validly existing partnership/limited liability company (“LLC”),
                                         trust, or corporation and the sole owner of your account(s) and that no other person
                                         or entity, except as disclosed herein, has any interest therein. You agree to notify
                                         MNA of the identity of any other person or entity, who controls the trading of the account,
                                         has a financial interest of 25% or more in the account or the identity of any other account
                                         in which you control or have a 25% or more ownership interest. You shall maintain your
                                         account(s) in accordance with and shall be solely responsible for compliance with the
                                         rules, regulations and/or guidelines issued by any federal, state or administrative bodies
                                         having oversight or regulatory authority over your activities, and any statutes governing
                                         your activities. You also represent that the funds deposited into your account(s) are
                                         your own partnership/LLC, trust or corporate funds and that no funds from any other person
                                         or entity will be deposited into your account. You understand that MNA is relying on
                                         the representations contained herein with regard to the manner in which MNA will carry
                                         your account, and you agree to notify MNA immediately in writing in the event that these
                                         circumstances change.

 

		2.	All
                                         transactions for your account(s) shall be subject to the regulations of all applicable
                                         federal, state and self-regulatory agencies including the constitution, rules and customs,
                                         as the same may be constituted from time to time, of the exchanges, market or place (and
                                         the clearing associations, if any) where executed (collectively, “Applicable Law”),
                                         or if different, MNA’s house rules. This paragraph is solely for MNA’s protection
                                         and MNA’s failure to comply with any such regulations, constitutions, rules and/or
                                         customs shall not be a breach of this Agreement and shall not relieve you of any obligations
                                         under this Agreement.

 

		3.	You
                                         agree not to exceed the position limits of any federal agency or exchange for your account(s),
                                         acting alone or in concert with others. You will promptly notify MNA of positions for
                                         which you are required to file reports with the Commodity Futures Trading Commission
                                         (“CFTC”) or any exchange.

 

		4.	Upon
                                         entry into this Agreement, MNA will notify you of the exchanges, products, size and number
                                         of open commodities positions (net or gross) that MNA will at any time execute, clear
                                         and/or carry for you (such size and number limitation, the “Position Limits”).
                                         You agree and acknowledge that MNA shall have the right, whenever in its sole discretion
                                         it deems it appropriate, with a minimum of one (1) business day’s prior written
                                         notice, to revise the Position Limits, provided that, if any such revision would require
                                         you to reduce open, existing positions, MNA shall afford you thirty (30) calendar days
                                         to do so, with it being understood that, if you have failed to do so by the end of the
                                         thirty (30) calendar day period, MNA may liquidate positions that do not conform to the
                                         Position Limits. You understand and agree that MNA is under no obligation to accept,
                                         and may refuse, orders to establish commodities positions that do not conform to the
                                         Position Limits. Moreover, MNA may revise the Position Limits with immediate effect upon
                                         the occurrence of an Event of Default (defined below) or in emergency circumstances in
                                         which MNA reasonably deems it appropriate to or is obligated by its regulators to reduce
                                         positions or risk exposure to certain markets on an immediate basis with general effect
                                         across its customers.

 

		5.	You
                                         understand that MNA acts as your agent and not as principal for your commodity futures
                                         and commodity options transactions, which are effected on exchanges. Consequently, MNA
                                         does not guarantee the performance of the obligations of any party to the futures or
                                         options contracts purchased and/or sold by its clients. You understand that MNA may act
                                         as principal in certain cash, forward, foreign commodity and foreign exchange transactions.

 

		6.	Any
                                         property belonging to you that is held by MNA or any of its subsidiaries or affiliates
                                         or carried in any MNA accounts held in your name shall be subject to a general lien and
                                         security interest for the discharge of your obligations to MNA, wherever or however arising
                                         and without regard to whether or not MNA has made advances with respect to such property,
                                         and MNA is hereby authorized to sell and/or purchase any and all such property without
                                         notice to satisfy such general lien and security
                                         interest. You irrevocably appoint MNA as your attorney-in-fact with power of substitution
                                         to execute any documents for the perfection or registration of such general lien and
                                         security interest.

	 	 
	Revised
    April 2021 	Page
    8

    	 

    	 

    

		7.	You
                                         agree to maintain such collateral and/or margin in an amount that is the greater of:
                                         (i) the amount required by Applicable Law (“AL Margin”) and (ii) an amount
                                         in excess of AL Margin as required by MNA in its sole discretion (“Excess Margin”
                                         and, together with AL Margin, “Margin”), provided that in no event will the
                                         amount of Excess Margin be more than two times (2x) the AL Margin and, provided further,
                                         that the amount of Excess Margin will in no event exceed the notional value of the particular
                                         commodities position to which it relates. Margin requirements are subject to change without
                                         notice and will be enforced retroactively and prospectively. You shall make deposits
                                         of Margin as MNA requests within a reasonable time after such request. It is agreed and
                                         understood that one hour may be deemed to be a reasonable time; provided, however, that
                                         MNA, in its sole and absolute discretion, may request that deposits be made in a lesser
                                         period of time. MNA’s failure to require satisfaction of a Margin call within one
                                         hour, or any shorter time period, on any occasion shall not be deemed to be a waiver
                                         of its right to do so in the future. You shall provide MNA with the names of bank officers
                                         and information necessary for immediate verification of wire transfers.

 

		8.	If:
                                         (i) you fail to deposit sufficient funds to pay for any commodities and/or to satisfy
                                         any demands for initial and/or variation margin and such failure is not cured within
                                         one (1) business day and was attributable solely to an operational or administrative
                                         issue or error; (ii) you breach this Agreement (other than as contemplated by paragraph
                                         8(i) immediately above) and such breach is not cured within fifteen (15) days; (iii)
                                         you become bankrupt, insolvent, are dissolved, or in any other way terminate; (iv) any
                                         representation made by you, if any, is not accurate and complete in any material respect
                                         when made or given; or (v) you default on any other obligation or agreement with MNA
                                         (subject to any cure or grace period afforded thereto), and MNA takes steps to initiate
                                         (which, for the avoidance of doubt, would include sending a notice that it will begin)
                                         a liquidation or an acceleration of obligations under, or an early termination of the
                                         relevant agreement (each of the events in paragraphs 8(i) through 8(v), an “Event
                                         of Default”),then MNA may, without prior demand or notice and notwithstanding any
                                         rule of any exchange, liquidate the positions in your account(s), hedge and/or offset
                                         those positions in the cash market, by an exchange for physicals transaction or otherwise,
                                         sell any property belonging to you or in which you have an interest, cancel any open
                                         orders for the purchase and sale of any property, or borrow or buy any property required
                                         to make delivery against any sales, including a short sale, on an exchange or off an
                                         exchange, effected for you, all for your sole account and risk. Such sale or purchase
                                         may be public or private and may be made without advertising or notice to you and in
                                         such a manner as MNA may, in its sole and absolute discretion, determine, and no demands,
                                         tenders or notices, which MNA may make or give, shall invalidate your aforesaid waiver.
                                         You agree that MNA has no duty and is not required to liquidate positions in your account(s)
                                         and that the provisions of this paragraph are solely for the protection of MNA. The proceeds
                                         of such transactions, if any, are to be applied first to reduce any indebtedness owing
                                         by you to MNA and thereafter to your account.

 

		9.	MNA
                                         is authorized to transfer among your regulated commodity account(s) and any of your other
                                         account(s), including foreign secured account(s) and non-regulated account(s), and vice
                                         versa, such excess funds as may be required for any reason MNA deems appropriate in MNA’s
                                         sole and absolute discretion. Any such transfer shall comply with the Commodity Exchange
                                         Act. It is understood that within a reasonable time after making such transfer MNA will
                                         confirm the same to you in writing.

 

		10.	You
                                         acknowledge that you shall be liable for all losses in your account(s) whether or not
                                         your account(s) is liquidated and for any debts and deficiencies, including, but not
                                         limited to, interest, costs, expenses and attorneys' fees, including all debts and deficiencies
                                         resulting from a liquidation of your account(s).

 

		11.	You
                                         agree to pay storage and delivery charges and other service related fees charged to your
                                         account(s). You also agree to pay any give-up or give-in fees that may be charged by
                                         any executing firm or broker whom you or your agents have authorized to execute transactions
                                         for your account(s). You agree to pay such fees, brokerage and commission charges as
                                         MNA may impose or which may be imposed by any exchange or regulatory organization. Unless
                                         otherwise agreed, MNA may charge exchange, clearing, brokerage, transaction, NFA and
                                         any other transaction related fees as separate items for each transaction in your account(s).
                                         Such fees are subject to change without notice. In the event a debit balance occurs in
                                         your account(s), MNA shall be entitled to receive
                                         and charge to your account(s) interest at the rate determined by adding two percent (2%)
                                         to the rate announced from time to time by BMO Harris Bank or its successors or assigns
                                         as its prime commercial rate for the entire period that such debit shall exist. You agree
                                         that any and all interest earned on any available cash balances in your account(s) may
                                         accrue to, and may be retained by MNA. In the event that your account(s) is transferred
                                         to another futures commission merchant, a reasonable transfer charge in addition to commissions
                                         and fees may be imposed and charged against your account(s).

	 	 
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		12.	This
                                         Agreement may be terminated by you or us immediately upon written notice to the other
                                         party, provided that, if MNA terminates this Agreement, and so long as an Event of Default
                                         has not occurred, you shall be afforded a minimum of thirty (30) days to liquidate your
                                         open, existing commodities positions or transfer them to an alternate futures commission
                                         merchant, it being understood that, upon expiry of the thirty-day period, MNA shall have
                                         the right to liquidate any remaining open positions. Notwithstanding the foregoing, upon
                                         the occurrence of an Event of Default, we may terminate this Agreement immediately without
                                         prior notice to you. Notwithstanding any termination, you shall satisfy all obligations
                                         to us arising thereunder (including, but not limited to, payment of applicable debit
                                         balances, commissions, fees, including fees with respect to the transfer of positions
                                         to another FCM). The termination of this Agreement shall not affect the obligations of
                                         the parties arising from transactions entered into prior to such termination.

 

		13.	[Reserved].

 

		14.	Written
                                         or electronically provided confirmation of actual transactions and/or orders, purchase
                                         and sales notices, correction notices and statements of your account(s) (collectively
                                         “statements”) shall be conclusive and deemed ratified by you unless MNA shall
                                         receive oral notice from you to the contrary IMMEDIATELY upon your receipt thereof and
                                         thereafter confirmed by you in writing. If you retrieve your statements electronically
                                         they shall be conclusive and deemed ratified by you if not objected to in writing prior
                                         to the opening of the market on the next trading session. If you receive your statements
                                         via mail they shall be conclusive and deemed ratified by you if not objected to in writing
                                         within THREE days after mailing to you by MNA. In the event that you fail to receive
                                         statements for your account(s) by mail within three days from the date of a transaction
                                         in your account(s), such transaction shall be conclusive and deemed ratified by you unless
                                         you notify MNA IMMEDIATELY in writing of your failure to receive such statements. Communications
                                         mailed or electronically retrieved by you shall, until MNA receives notice in writing
                                         of a different address, be deemed to have been personally delivered to you and you agree
                                         to waive all claims resulting from failure to receive such communications. Oral notice
                                         shall be given to MNA by telephone at (312) 460-9200, Attention: Compliance Department.
                                         Written notice to MNA under this paragraph shall be sent to Marex North America, LLC,
                                         222 West Adams Street, Suite 450, Chicago, Illinois 60606, and Attention: Compliance
                                         Department. None of the provisions in this paragraph, however, will prevent MNA, upon
                                         discovery of any error or omission, from correcting it. You agree that such errors, whether
                                         resulting in profit or loss, will be corrected in your account(s), will be credited or
                                         debited so that your account is in the same position it would have been if the error
                                         had not occurred. Whenever a correction is made, MNA will promptly make written or electronic
                                         notification to you.

 

		15.	You
                                         acknowledge and agree that MNA may reduce all documentation evidencing your account(s),
                                         including the original signature documents executed by you in the opening of your account
                                         with MNA, utilizing a printed media storage device. You agree to permit the records stored
                                         by such printed media storage method to serve as a complete, true and genuine record
                                         of your account documents and signatures.

 

		16.	You
                                         understand that MNA is not responsible for any losses resulting directly or indirectly
                                         from any government restriction, exchange ruling, suspension of trading, actions of independent
                                         floor brokers, or other persons beyond MNA’s control, clearing house failure, omnibus
                                         relationship failure, war, strike, national disaster or wire malfunction, delay in mails
                                         electronic transmission or any other delay or inaccuracy in the transmission of orders
                                         or the information because of a breakdown or failure of transmission or communication
                                         facilities. All price quotations, commodity information, or trade reports given to you
                                         are also subject to change and errors, as well as delays in reporting and you acknowledge
                                         that reliance upon such information is at your own risk. You understand that you are
                                         bound to the actual executions of transactions on the exchange(s) and that MNA is not
                                         bound by erroneous reports of executions transmitted to you.

	 	 
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    April 2021 	Page
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		17.	You
                                         acknowledge that MNA is hereby specifically authorized for your account and benefit,
                                         from time to time and without notice to you, either separately or with others, to lend,
                                         pledge, re-pledge, hypothecate or re-hypothecate, either to MNA or to others, any and
                                         all property, including, but not limited to, metals, warehouse receipts, securities or
                                         other negotiable instrument(s) held by MNA in any of your account(s) and MNA shall not
                                         at any time be required to deliver to you identical property, but may fulfill its obligations
                                         to you by delivery of property of the same kind and amount.

 

		18.	If
                                         you initiate a transaction on an exchange or in a market which margins or settles the
                                         position(s) in a currency different than the type held or deposited in your account(s),
                                         MNA shall have the right to convert such currency from one type to another (e.g. U.S.
                                         currency to foreign currency, foreign currency to U.S. currency, or foreign currency
                                         to another foreign currency) as MNA in its sole and absolute discretion may determine
                                         at an exchange rate determined by MNA in its discretion based on prevailing money markets.
                                         Any profit or loss from a fluctuation in the exchange rate of such currency will be for
                                         your sole account and risk. Unless you instruct MNA otherwise, monies you deposit with
                                         MNA in currency other than U.S. dollars and unrealized profits in currency other than U.S.
dollars are not intended to margin, guarantee or secure transactions on United States contract markets.

 

		19.	THIS
                                         INFORMATION IS FURNISHED TO YOU AND MUST BE ACKNOWLEDGED BY YOU IF YOU INTEND TO MAINTAIN
                                         FUNDS IN AN ACCOUNT DENOMINATED IN A FOREIGN CURRENCY WITH DEPOSITORIES LOCATED INSIDE
                                         OR OUTSIDE THE UNITED STATES BECAUSE YOU ARE DOMICILED IN A FOREIGN COUNTRY OR BECAUSE
                                         THE FUNDS ARE HELD IN CONNECTION WITH CONTRACTS PRICED AND SETTLED IN A FOREIGN CURRENCY.

 

Funds
of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories
located outside the United States or its territories if you are domiciled in a foreign country or if the funds are held in connection
with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which would
hinder or prevent the availability of these funds for distribution to you. Such accounts also may be subject to foreign currency
exchange rate risks.

 

You
authorize the deposit of funds into such foreign depositories if you are domiciled in the United States, this authorization permits
the holding of funds in regulated accounts offshore only if such funds are used to margin, guarantee, or secure positions in such
contracts or accrue as a result of such positions.

 

In
order to avoid the possible dilution of other customer funds, if you have funds held outside the United States you must further
agree that any claims based on such funds will be subordinated as described below in the unlikely event both of the following
conditions are met: (1) your futures commission merchant is placed in receivership or bankruptcy, and (2) there are insufficient
funds available for distribution denominated in foreign currency as to which you have a claim to satisfy all claims against those
funds.

 

You
agree that if both of the conditions listed above occur, your claim against the futures commission merchant’s assets attributable
to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated
in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies
receives its pro rata portion of such funds. It is further agreed that in no event may a customer whose funds are held overseas
receive more than his pro rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign
currency, and non- segregated assets of the futures commission merchant.

 

		20.	No
                                         provision of the Agreement can be amended or waived except in writing signed by a registered
                                         Principal of MNA. No oral agreements or instructions contrary to any provisions of this
                                         Agreement shall be recognized or enforceable. You agree to be bound by any amendments
                                         to this Agreement, which you have not objected to in writing within three business days
                                         after receipt thereof. The failure of MNA to enforce, at any time, any provision of this
                                         Agreement shall not be construed to be a waiver of such provision and shall not in any
                                         way affect the validity of this Agreement or the right of MNA thereafter to enforce each
                                         and every provision of this Agreement. No waiver or amendment shall be implied from MNA’s
                                         conduct, action or inaction.

	 	 
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		21.	You
                                         understand that some exchanges and clearing houses have established cutoff times for
                                         the tender of exercise instructions and that an option will become worthless if instructions
                                         are not received by MNA before such expiration time. You acknowledge full responsibility
                                         for taking action either to exercise or to prevent the automatic exercise of an option
                                         contract, as the case may be, and MNA is not required to take any action with respect
                                         to an option contract, including, without limitation, any action to exercise an option
                                         prior to its expiration date or to prevent its automatic exercise, except upon your express
                                         instructions. You further understand that MNA may establish exercise cutoff times, which
                                         may be different from the times established by exchanges and clearing houses. You understand
                                         that all short option positions are subject to assignment at any time including positions
                                         established on the same day that exercises are assigned, and assignment notices are allocated
                                         randomly from among all MNA’s Customers’ short options positions which are
                                         subject to assignment.

 

		22.	This
                                         Agreement shall ensure to the benefit of MNA’s present organization, and any successor
                                         organization, irrespective of any change or changes at any time in the personnel thereof
                                         for any cause whatsoever, and to any of MNA’s assigns. You agree that all of your
                                         rights and obligations under this Agreement shall not be assigned, transferred, sold
                                         or otherwise conveyed, and any such attempted assignment, transfer, sale or conveyance
                                         shall be null and void and of no force or effect. In any event, MNA may, subject to the
                                         applicable rules and regulations of the CFTC and the National Futures Association, assign
                                         this Agreement and transfer your account(s) to another duly registered futures commission
                                         merchant.

 

		23.	MNA
                                         is authorized to accept oral, telephonic or electronic orders as you or your authorized
                                         agent may give for transactions in your account(s). You hereby waive any defense that
                                         such order was not in writing or evidenced by a memorandum in writing as required by
                                         the Statute of Frauds or any other statute. Although authorized, MNA is not required
                                         to accept oral, electronic or telephonic orders. MNA is further authorized to record,
                                         whether by tape, wire or other method, with or without a periodic tone signal, any and
                                         all telephonic or other oral communications between us, with or without notice thereof.

 

		24.	If
                                         you use electronic trading Accounts, MNA or the third party provider will assign you
                                         a unique confidential user identification name (“User ID”) and password (“Password”)
                                         which must be used solely by you in order to access MNA through the System. You agree
                                         that the User ID and Password may not be disclosed to, or used by, any other person or
                                         party, for any purpose whatsoever. You hereby agree that all orders placed through and
                                         instructions given to MNA are your sole responsibility. You will save, defend, indemnify
                                         and otherwise hold MNA harmless of, from and against any and all liability, costs or
                                         damages of any kind arising by virtue of any unauthorized use of your User ID or Password.
                                         You will notify MNA immediately if you become aware of any loss, theft or unauthorized
                                         use of your User ID or Password. You agree to immediately notify MNA in the event of
                                         any third party use of the User ID or Password.

 

It
is your duty, and not MNA’s to monitor the System trading screen while open orders and positions are pending. MNA is not
responsible for delays or errors. Whether electronic or “voice”, it is your obligation, and not MNA’s to monitor
the Account’s status and the status of any open orders or positions in the Account and to take appropriate action to minimize
loss or maximize gain.

 

As
with any electronic system, it is possible that service could be interrupted. In that event, depending on the type of failure,
it may not be possible to access the System to enter new orders, and/or modify or cancel orders previously entered.

 

MNA
shall not be liable for any loss resulting from System failure, breakdown of electronic or mechanical equipment or communication
lines, telephone or other interconnection problems, unauthorized access to your User ID or Password, your operating errors or
any other condition over which MNA does not otherwise control.

 

MNA
reserves the right to terminate your access to electronic trading at MNA’s sole discretion, for any reason whatsoever, including,
but not limited to, the unauthorized use of your User ID or Password and/or the breach of this agreement.

 

		25.	Should
                                         MNA become a party, without fault on MNA’s part, to any action or proceeding arising
                                         out of your account(s) or orders given to MNA, you agree to indemnify and save MNA harmless
                                         therefrom and to pay MNA such attorneys’ fees, which arise out of, or which in
                                         any manner or way whatsoever are related to any representation made by you in this Agreement,
                                         or by your failure to perform any of your agreements made herein, including, but not
                                         limited to, the failure to immediately pay any deficit balances which may arise in your
                                         account(s).

	 	 
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		26.	You
                                         consent to MNA’s “affiliated persons” (as defined in 17 C.F.R. 155
                                         et seq., as amended) or any floor broker acting on behalf of MNA or its customers, taking,
                                         directly or indirectly, the other side of any order you place with MNA, in accordance
                                         with the rules of the applicable futures exchanges. You give your consent to any such
                                         floor broker.

 

		27.	As
                                         required by the Customer Identification Program of the USA PATRIOT Act of 2001, MNA must
                                         obtain information and/or documentation to verify your identity. For individuals, this
                                         may mean credit reports, government-issued identification to verify your identity. For
                                         individuals, this may mean credit reports, government-issued identification, utility
                                         bills, or any other documentation as may be required by MNA Compliance. For entities,
                                         this may mean corporate, trust, LLC or partnership documents, individual identification
                                         information and/or documentation for principals and owners similar to those mentioned
                                         above or any other documentation as may be required by MNA Compliance. You authorize
                                         MNA to verify the information contained in your application and in other documents, which
                                         may be required in connection with this Agreement. You authorize any third party to provide
                                         to MNA any and all information and documentation that MNA requests, including but not
                                         limited to, income, bank, money market or other similar account balances and verification
                                         of credit history.

 

		28.	If
                                         you elect to retrieve confirmation statements of actual transactions and/or orders, purchase
                                         and sale notices, correction notices (“daily and monthly statements”) of
                                         your account(s) electronically by indicating such election in your MNA account application,
                                         you agree that no printed copy of such daily or monthly information will be sent to you
                                         by mail or by other means. This consent shall remain in effect until revoked by you in
                                         writing. In the event you do not elect to retrieve your statements electronically, your
                                         account will be charged the MNA monthly statement fee then in effect.

 

		29.	MNA,
                                         in its sole and absolute discretion and without notice, may delegate any of its rights,
                                         powers or duties under this agreement to the introducing broker or futures commission
                                         merchant who introduced your account to MNA.

 

		30.	This
                                         Agreement has been made and delivered at Chicago, Illinois. Its validity, construction
                                         and enforcement shall be governed and construed in accordance with the substantive laws
                                         of the State of Illinois without reference to its principles of conflicts of law. This
                                         Agreement constitutes the entire understandings among the parties with respect to the
                                         subject matter hereof. Wherever possible, each portion of this Agreement shall be interpreted
                                         in such a manner to be valid and effective under applicable law, but if any provision
                                         of this Agreement shall be prohibited by or invalid under such law, such provision shall
                                         be ineffective to the extent of such prohibition or invalidity without invalidating the
                                         remainder of such provisions or the remaining provisions of this Agreement.

 

YOU
AGREE NOT TO COMMENCE ANY LEGAL OR ADMINISTRATIVE PROCEEDING AGAINST MNA UNTIL ANY DEFICIT BALANCE IN YOUR ACCOUNT(S) IS SATISFIED.

		31.	You
                                         agree that no lawsuit, arbitration, proceeding or other claim or action relating to this
                                         Agreement or the transactions in your account may be initiated by you unless commenced
                                         within one (1) year from the date of the disputed transaction, provided however that
                                         any action brought under the provisions of Section 14 of the Commodity Exchange Act may
                                         be brought within two (2) years after the cause of action accrues.

 

		32.	All
actions, disputes, claims or proceedings, including but not limited to any arbitration proceeding, including National Futures
Association (“NFA”) arbitrations, arising directly or indirectly in connection with, out of, or related to or from
the Customer Agreement, any other agreement between the Customer and MNA, or any orders entered or transactions effected for your
account(s), whether or not initiated by MNA, shall be adjudicated only in courts or other dispute resolution forums whose situs
is within the City of Chicago, State of Illinois, and Customer hereby specifically consents and submits to the jurisdiction of
any state or federal court or arbitration proceedings located within the City of Chicago, State of Illinois.

	 	 
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Customer
waives any claim Customer may have that (a) Customer is not personally subject to the jurisdiction of any state or federal
court or arbitration proceedings located within the State of Illinois, (b) Customer is immune from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise)
with respect to Customer or Customer’s property, (c) any such suit, action or proceeding is brought in an inconvenient
forum, (d) the venue of any such suit, action or proceeding is improper or this consent or the Customer Agreement between
Customer and MNA may not be enforced in or by such court or arbitration proceeding.

 

BY
SIGNING THE AGREEMENT CONTAINING THIS CONSENT TO JURISDICTION, CUSTOMER ACKNOWLEDGES ASSENT TO JURISDICTION AS SET FORTH ABOVE
AND FURTHER ACKNOWLEDGES THAT THESE CLAUSES WERE FREELY AND KNOWINGLY NEGOTIATED BETWEEN THE PARTIES.

 

IF
YOU HAVE ALSO SIGNED A TRANSLATION OF THIS AGREEMENT, THE ENGLISH VERSION OF THIS AGREEMENT, SHOULD THERE BE ANY CONFLICT, IS
CONTROLLING.

 

THIS
COMMODITY CUSTOMER AGREEMENT CONTAINS A CONTRACTUAL AGREEMENT. DO NOT SIGN UNTIL YOU HAVE READ IT CAREFULLY. BY SIGNING IN THE
SECTION PROVIDED THEREFOR, THE UNDERSIGNED REPRESENTS AND WARRANTS THAT ALL INFORMATION CONTAINED HEREIN, OR IN ANY OTHER ACCOUNT
FORM OR OTHER DOCUMENT FROM THE UNDERSIGNED IS TRUE AND CORRECT AND THAT IF ANY CHANGES TO SUCH INFORMATION OCCUR, THE UNDERSIGNED
WILL IMMEDIATELY INFORM MNA, IN WRITING, OF SUCH CHANGES. BY SIGNING BELOW, THE UNDERSIGNED ACKNOWLEDGES THAT CUSTOMER HAS READ
AND UNDERSTANDS ALL OF THE TERMS AND CONDITIONS OF THE COMMODITY CUSTOMER AGREEMENT AND SHALL BE BOUND BY THEM. THIS IS A CONTRACTUAL
AGREEMENT. PLEASE READ IT CAREFULLY BEFORE SIGNING.

 

BY
SIGNING THIS AGREEMENT, YOU REPRESENT AND WARRANT TO MNA THAT ALL INFORMATION CONTAINED HEREIN OR IN ANY OTHER ACCOUNT FORM IS
TRUE AND ACCURATE, AND THAT YOU SHALL INFORM MNA IN WRITING OF ANY CHANGES TO SUCH INFORMATION WHEN SUCH CHANGES OCCUR. EACH PARTY
AGREES THAT THE ELECTRONIC SIGNATURE OF THE PARTIES INCLUDED IN THIS AGREEMENT ARE INTENDED TO AUTHENTICATE THIS WRITING AND TO
HAVE THE SAME FORCE AND EFFECT AS MANUAL SIGNATURES. I (WE) HEREBY REQUEST THAT MNA OPEN A COMMODITY TRADING ACCOUNT IN THE NAME(S)
SET FORTH IN THIS APPLICATION. I (WE) HAVE READ AND UNDERSTOOD THE TERMS AND CONDITIONS OF THE CUSTOMER AGREEMENT GOVERNING THE
ACCOUNT AND AGREE TO BE BOUND BY THEM AS CURRENTLY IN EFFECT.

 

		33.	MNA
                                         acknowledges and agrees that, to the extent that you are a trust entering into this agreement
                                         on behalf of multiple series (each a “Trust Series”), each Trust Series shall
                                         be deemed to have entered into a separate Agreement with MNA, with the effect that MNA
                                         shall treat each Trust Series as a separate customer of MNA for all purposes under this
                                         Agreement and references to, among other things, “Customer”, “you”,
                                         “your”, “I” and “we” shall be interpreted accordingly.
                                         Consistent with this, MNA agrees that it will have no recourse, whether by setoff or
                                         otherwise, as between the accounts of the Trust Series, and no Trust Series shall have
                                         liability under this Agreement for the obligations of any other Trust Series. As such,
                                         any amounts owed or liabilities incurred by a Trust Series in respect of any transaction
                                         entered into under this agreement may be satisfied only from the relevant Trust Series’
                                         assets.

	 	 
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	Name of Corporation	 

 

	X	 	X
	President
    Signature	 	Secretary
    Signature
	 	 	 
	Date	 	Date
	 	 	 
	

        X
	 	

        X

	Vice
    President Signature	 	Officer
    Signature
	 	 	 
	Date	 	Date

 

	Name of Partnership/LLC	 

 

Note: All General Partners/Members
must sign this Agreement.

 

	X	 	X
	General
    Partner/Member Signature	 	General
    Partner/Member Signature
	 	 	 
	Date	 	Date
	 	 	 
	

        X
	 	

        X

	General
    Partner/Member Signature	 	General
    Partner/Member Signature
	 	 	 
	Date	 	Date

 

	Name
    of Trust:	United
                                         States Commodity
                                         Index Funds
                                         Trust

By
United States Commodity
Funds LLC, as
sponsor

	 	 
	 	By:
                                         John P.
                                         Love, President
                                         and CEO

 

Note: All Trustees must
sign this Agreement.

 

	X	 	X
	Trustee
    Signature	 	Trustee
    Signature
	 	 	 
	Date	 	Date
	 	 	 
	X	 	X
	Trustee
    Signature	 	Trustee
    Signature
	 	 	 
	Date	 	Date

	 	 
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ACKNOWLEDGEMENT
OF RECEIPT OF RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS

 

CUSTOMER ACKNOWLEDGEMENT:

 

We
hereby acknowledge that we have received and understood the FIA Combined Disclosure Statement furnished to us, as well as any
other disclosures provided by MNA that are or may become applicable to our trading.

	 	 	 	 
	Initials	 	Initials	 

 

	 	 	 	 
	Initials	 	Initials	 

 

CONSENT TO ELECTRONIC
TRANSMISSION OF ACCOUNT STATEMENTS:

 

We hereby consent to MNA sending
to us daily and monthly statements and purchase and sale statements (“Statements”) relating to our account by electronic
media rather than by hard copy mailing. We understand that if we do not elect to receive statements electronically we will be
charged for receiving statements by hard copy mail. We understand we may revoke this consent at any time by written notice to
MNA. 

	 	 	 	 
	Initials	 	Initials	 

 

	 	 	 	 
	Initials	 	Initials	 

 

Email addresses for
notification that statements are available via electronic media:

 

	trading@uscfinvestments.com

	 	 
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16

    	 

    	 

    

This MNA Commodity
Futures Customer Agreement is entered into by Marex North America, LLC in Chicago, Illinois as of the latest date set forth below.

 

MAREX NORTH AMERICA,
LLC

 

	Date:	 	 	Date:	 
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name: 	 	 	Name: 	 
	 	 	 	 	 
	Title:	 	 	Title:	 

	 	 
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    17

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