Document:

Form of Global Custody Agreement

 Exhibit 10.3 

 

 

 GLOBAL CUSTODY AGREEMENT 

AGREEMENT, dated as of
                    , 2010, by and between each entity listed in Exhibit A attached hereto, severally and not jointly, and The Bank of New
York Mellon (“Custodian”). 
 ARTICLE I 

DEFINITIONS 

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

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

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

3. “Book-Entry System” shall mean the Federal Reserve/Treasury book-entry system for receiving and delivering
securities, its successors and nominees. 
 4. “Business Day” shall mean any day on which Custodian, Book-Entry
System and relevant Depositories are open for business. 
 5. “Customer” shall mean each entity listed on
Exhibit A attached hereto severally and not jointly. Where the context requires (e.g., for services provided), the word Customer shall include all of the entities listed on Exhibit A and, conversely, where the context requires (e.g., for liability
provisions), the word Customer shall refer to each entity listed on Exhibit A severally and not jointly. 
 6.
“Depository” shall include the Book-Entry System, the Depository Trust Company, Euroclear, Clearstream Banking S.A. and any other securities depository, book-entry system or clearing agency (and their respective successors and
nominees) authorized to act as a securities depository, book-entry system or clearing agency pursuant to applicable law and identified to Customer from time to time. 

7. “Oral Instructions” shall mean instructions received verbally by Custodian. 

8. “Securities” shall include, without limitation, any common stock and other equity securities, bonds, debentures and
other debt securities, notes, mortgages or other obligations, and any instruments representing rights to receive, purchase, or subscribe for the same, or representing any other rights or interests therein (whether represented by a certificate or
held in a Depository, with a Subcustodian or on the books of the issuer). 
 9. “Subcustodian” shall mean a
bank or other financial institution (other than a Depository) which is utilized by Custodian in connection with the purchase, sale or custody of Securities hereunder and identified to Customer from time to time. 

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

 ARTICLE II 

APPOINTMENT OF CUSTODIAN; ACCOUNTS; 

REPRESENTATIONS AND WARRANTIES 

1. Customer hereby appoints Custodian as custodian of all Securities and cash at any time delivered to Custodian during the term of this
Agreement, and authorizes Custodian to hold Securities in registered form in its name or the name of its nominees. Custodian hereby accepts such appointment and agrees to establish and maintain one or more securities accounts and cash accounts (each
account being separate and distinct with respect to each Customer) in which Custodian will hold Securities and cash as provided herein. Such accounts (each, an “Account”; collectively, the “Accounts”) shall be in the name of
Customer. 
 2. Customer hereby represents, warrants and covenants, which shall be continuing and shall be deemed to be
reaffirmed upon each Oral or Written Instruction given by Customer, that: 
 (a) Customer is duly organized and existing under
the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

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

(c) Either Customer owns the Securities in the Accounts free and clear of all liens, claims, security interests and encumbrances (except
those granted herein) or, if the Securities in an Account are owned beneficially by others, Customer has the right to pledge such Securities to the extent necessary to secure Customer’s obligations hereunder, free of any right of redemption or
prior claim by the beneficial owner. Custodian’s security interest pursuant to Article V hereof shall be a first lien and security interest subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any
other party (other than specific liens granted preferred status by statute), and Customer shall take any and all additional steps which are required to assure Custodian of such priority and status, including notifying third parties or obtaining
their consent to, Custodian’s security interest; 
 (d) Customer has established and presently maintains an anti-money
laundering program (the “Program”) reasonably designed to prevent Customer from being used as a conduit for money laundering or other illicit purposes or the financing of terrorist activities, and is in compliance with the Program and all
anti-money laundering laws, regulations and rules now or hereafter in effect that are applicable to it; 
 (e) Customer has
verified the identity of each of its investors and documented the origin of the assets funding each investor’s account with Customer, and to the best of Customer’s knowledge, no investor has invested in Customer for money laundering or
other illicit purposes; and 
 (f) Customer shall promptly notify Custodian in writing if any of the foregoing representations
and warranties are no longer true. 
 ARTICLE III 

CUSTODY AND RELATED SERVICES 

1. (a) Subject to the terms hereof, Customer hereby authorizes Custodian to hold any Securities received by it from time to time for
Customer’s account. Custodian shall be entitled to utilize Depositories and Subcustodians to the extent possible in connection with its performance hereunder. Securities and cash deposited by Custodian in a Depository will be held subject to
the rules, terms and conditions of such Depository. Securities and cash held through Subcustodians shall be held subject to the terms and conditions of Custodian’s agreements with such Subcustodians. Subcustodians may be authorized to hold
Securities in central securities depositories or clearing agencies in which such Subcustodians participate. Unless otherwise required by local law or practice or a particular subcustodian agreement, Securities deposited with Subcustodians will be
held in a commingled account in the name of Custodian as custodian or trustee for its customers. Custodian shall identify on its books and records the Securities and cash belonging to Customer, whether held directly or indirectly through
Depositories or Subcustodians and shall maintain separate and distinct for each Customer. 
 (b) Unless applicable law otherwise
requires, Custodian shall hold Securities indirectly through a Subcustodian only if (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors, including
a receiver or trustee in bankruptcy or similar authority, except for a claim of payment for the safe custody or administration of Securities or for funds advanced on behalf of Customer by such Subcustodian, and (ii) beneficial ownership of the
Securities is freely transferable without the payment of money or value other than for safe custody or administration. 
  

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

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

(a) Receive all income and other payments and advise Customer as promptly as practicable of any such amounts due but not paid;

 (b) Present for payment and receive the amount paid upon all Securities which may mature and advise Customer as promptly as
practicable of any such amounts due but not paid; 
 (c) Forward to Customer all information or copies of documents that it may
receive from an issuer of Securities which, in the opinion of Custodian, are intended for the beneficial owner of Securities; 

(d) Execute, as custodian, any certificates of ownership, affidavits, declarations or other certificates under any tax laws now or
hereafter in effect in connection with the collection of bond and note coupons; 
 (e) Hold directly or through a Depository or
Subcustodian all rights and similar Securities issued with respect to any Securities credited to an Account hereunder; and 

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

4. (a) Custodian shall notify Customer of such rights or discretionary actions or of the date or dates by when such rights must be
exercised or such action must be taken provided that Custodian has received, from the issuer or the relevant Depository (with respect to Securities issued in the United States) or from the relevant Subcustodian, Depository or a nationally or
internationally recognized bond or corporate action service to which Custodian subscribes, timely notice of such rights or discretionary corporate action or of the date or dates such rights must be exercised or such action must be taken. Absent
actual receipt of such notice, Custodian shall have no liability for failing to so notify Customer. 
 (b) Whenever Securities
(including, but not limited to, warrants, options, tenders, options to tender or non-mandatory puts or calls) confer optional rights on Customer or provide for discretionary action or alternative courses of action by Customer, Customer shall be
responsible for making any decisions relating thereto and for directing Custodian to act. In order for Custodian to act, it must receive Customer’s Written Instructions at Custodian’s offices, addressed as Custodian may from time to time
request, not later than noon at least two (2) Business Days prior to the last scheduled date to act with respect to such Securities (or such earlier date or time as Custodian may notify Customer). Absent Custodian’s timely receipt of such
Written Instructions, Custodian shall not be liable for failure to take any action relating to or to exercise any rights conferred by such Securities. 

5. All voting rights with respect to Securities, however registered, shall be exercised by Customer or its designee. For Securities
issued in the United States, Custodian’s only duty shall be to mail to Customer any documents (including proxy statements, annual reports and signed proxies) received by Custodian relating to the exercise of such voting rights. With respect to
Securities issued outside of the United States, Custodian’s only duty shall be to provide Customer with access to a provider of global proxy services at Customer’s request. The relevant Customer shall be responsible for all costs
associated with its use of such services. Custodian will make available to Customer proxy voting services upon the request of, and for the jurisdictions selected by, Customer in accordance with terms and conditions to be mutually agreed upon by
Custodian and Customer. 
 6. Custodian shall promptly advise Customer upon its notification of the partial redemption, partial
payment or other action affecting less than all Securities of the relevant class. If Custodian, any Subcustodian or Depository holds any such Securities in which Customer has an interest as part of a fungible mass, Custodian, such Subcustodian or
Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection. 

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

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

9.(a) For the purpose of settling Securities and foreign exchange transactions, Customer shall provide Custodian with sufficient
immediately available funds for all transactions by such time and date as conditions in the relevant market dictate. As used herein, “sufficient immediately available funds” shall mean either (i) sufficient cash denominated in the
currency of Customer’s home jurisdiction to purchase the necessary foreign currency, or (ii) sufficient applicable foreign currency to settle the transaction. Custodian shall provide Customer with immediately available funds each day which
result from the actual settlement of all sale transactions, based upon advices received by Custodian from its Subcustodians and Depositories. Such funds shall be in the currency of Customer’s home jurisdiction or such other currency as Customer
may specify to Custodian. 
 (b) Any foreign exchange transaction effected by Custodian in connection with this Agreement may be
entered with Custodian or a BNY Affiliate acting as principal or otherwise through customary banking channels. Customer may issue standing Written Instructions with respect to foreign exchange transactions but Custodian may establish rules or
limitations concerning any foreign exchange facility made available to Customer. Customer shall bear all risks of investing in Securities or holding cash denominated in a foreign currency. Without limiting the foregoing, Customer shall bear the
risks that rules or procedures imposed by Depositories, exchange controls, asset freezes or other laws, rules, regulations or orders shall prohibit or impose burdens or costs on the transfer to, by or for the account of Customer of Securities or
cash held outside Customer’s jurisdiction or denominated in a currency other than its home jurisdiction or the conversion of cash from one currency into another currency. Custodian shall not be obligated to substitute another currency for a
currency whose transferability, convertibility or availability has been affected by such law, regulation, rule or procedure. Neither Custodian nor any Subcustodian shall be liable to Customer for any loss resulting from any of the foregoing events.

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

  

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 11. As an accommodation to Customer, Custodian may provide consolidated recordkeeping
services pursuant to which Custodian reflects on Account statements Securities not held in Custodian’s vault or for which Custodian or its nominee is not the registered owner (“Non-Custody Securities”). Non-Custody Securities shall be
designated on Custodian’s books as “shares not held” or by other similar characterization. Customer acknowledges and agrees that it shall have no security entitlement against Custodian with respect to Non-Custody Securities, that
Custodian shall rely, without independent verification, on information provided by Customer regarding Non-Custody Securities (including but not limited to positions and market valuations) and that Custodian shall have no responsibility whatsoever
with respect to Non-Custody Securities or the accuracy of any information maintained on Custodian’s books or set forth on account statements concerning Non-Custody Securities. 

12. From time to time Custodian may make available to Customer or its agent(s) certain computer programs, products, services, reports or
information (including, without limitation, information obtained by Custodian from third parties and information reflecting Custodian’s input, evaluation and interpretation (collectively, “Tools”). Tools may allow Customer or its
agent(s) to perform certain analytic, accounting, compliance, reconciliation and other functions with respect to the Account. By way of example, Tools may assist Customer or its agent(s) in analyzing the performance of investment managers appointed
by Customer, determining on a post-trade basis whether transactions for the Account comply with Customer’s investment guidelines, evaluating assets at risk, and performing account reconciliations. Tools may be used only for Customer’s
internal purposes, and may not be resold, redistributed or otherwise made available to third parties. Tools are the sole and exclusive property of Custodian and its suppliers. Customer may not reverse engineer or decompile any computer programs
provided by the Custodian comprising, or provided as a part of, any Tools. Information supplied by third parties may be incorrect or incomplete, and any information, reports, analytics or other services supplied by Custodian that rely on information
from third parties may also be incorrect or incomplete. All Tools are provided “AS IS”, whether or not they are modified to meet specific needs of Customer and regardless of whether Custodian is compensated by Customer for providing such
Tools. CUSTODIAN DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE TOOLS, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, TITLE, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. ANYTHING IN THIS AGREEMENT TO
THE CONTRARY NOTWITHSTANDING, CUSTODIAN AND ITS SUPPLIERS SHALL NOT BE LIABLE FOR ANY LOSS, COST, EXPENSE, DAMAGE, LIABILITY OR CLAIM SUFFERED OR INCURRED BY CUSTOMER, ITS AGENT(S) OR ANY OTHER PERSON AS A RESULT OF USE OF, INABILITY TO USE, OR
RELIANCE UPON ANY TOOLS. 
 13. With respect to Securities issued in the United States, the Shareholders Communications Act of
1985 (the “Act”) requires Custodian to disclose to the issuers, upon their request, the name, address and securities position of its customers who are (a) the “beneficial owners” (as defined in the Act) of the issuer’s
Securities, if the beneficial owner does not object to such disclosure, or (b) acting as a “respondent bank” (as defined in the Act) with respect to the Securities. (Under the Act, “respondent banks” do not have the option
of objecting to such disclosure upon the issuers’ request.) The Act defines a “beneficial owner” as any person who has, or shares, the power to vote a security (pursuant to an agreement or otherwise), or who directs the voting of a
security. The Act defines a “respondent bank” as any bank, association or other entity that exercises fiduciary powers which holds securities on behalf of beneficial owners and deposits such securities for safekeeping with a bank, such as
Custodian. Under the Act, Customer is either the “beneficial owner” or a “respondent bank.” 
  

	[  ]	Customer is the “beneficial owner,” as defined in the Act, of the Securities to be held by Custodian hereunder. 

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

 IF NO BOX IS CHECKED, CUSTODIAN SHALL ASSUME THAT CUSTOMER IS THE BENEFICIAL
OWNER OF THE SECURITIES. 
 For beneficial owners of the Securities only: 

 

	[  ]	Customer objects 

	[  ]	Customer does not object 

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

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

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

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 ARTICLE IV 

PURCHASE, SALE AND REDEMPTION OF SECURITIES; 

CREDITS TO ACCOUNT 

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

2. Customer understands that when Custodian is instructed to deliver Securities against payment, delivery of such Securities and receipt
of payment therefor may not be completed simultaneously. Customer assumes full responsibility for all credit risks involved in connection with Custodian’s delivery of Securities pursuant to instructions of Customer. 

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

ARTICLE V 

OVERDRAFTS OR INDEBTEDNESS 

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

2. In order to secure repayment of Customer’s obligations to Custodian hereunder, Customer hereby pledges and grants to Custodian a
continuing lien and security interest in, and right of set-off against, all of Customer’s right, title and interest in and to the Accounts and the Securities, money and other property now or hereafter held in the Accounts (including proceeds
thereof), and any other property at any time held by it for the account of each respective Customer listed on Exhibit A. In this regard, Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under applicable
laws, rules or regulations as then in effect. 
 ARTICLE VI 

CONCERNING CUSTODIAN 

1.(a) Except as otherwise expressly provided herein, Custodian shall not be liable for any costs, expenses, damages, liabilities or
claims, including attorneys’ and accountants’ fees (collectively, “Losses”), incurred by or asserted against Customer, except those Losses arising out of the negligence or willful misconduct of Custodian. Custodian shall have no
liability whatsoever for the action or inaction of any Depository or issuer of Securities. Subject to Section 1(b) below, Custodian’s responsibility with respect to any Securities or cash held by a Subcustodian is limited to the failure on
the part of Custodian to exercise reasonable care in the selection or retention of such Subcustodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any Losses
incurred by Customer as a result of the acts or the failure to act by any Subcustodian (other than a BNY Affiliate), Custodian shall take appropriate action to recover such Losses from such Subcustodian; and Custodian’s sole responsibility and
liability to Customer shall be limited to amounts so received from such Subcustodian (exclusive of costs and expenses incurred by Custodian). In no event shall Custodian be liable to Customer or any third party for special, indirect or consequential
damages, or lost profits or loss of business, arising in connection with this Agreement. 
 (b) Custodian may enter into
subcontracts, agreements and understandings with any BNY Affiliate, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge
Custodian from its obligations hereunder. 
 (c) Customer agrees to indemnify Custodian and hold Custodian harmless from and
against any and all Losses sustained or incurred by or asserted against Custodian by reason of or as a result of any action or inaction, or arising out of Custodian’s performance hereunder, including reasonable fees and expenses of counsel
incurred by Custodian in a successful defense of claims by Customer; provided however, that Customer shall not indemnify Custodian for those Losses arising out of Custodian’s negligence or willful misconduct. This indemnity shall be a
continuing obligation of Customer, its successors and assigns, notwithstanding the termination of this Agreement. 
  

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 2. Without limiting the generality of the foregoing, Custodian shall be under no obligation
to inquire into, and shall not be liable for, any losses incurred by Customer or any other person as a result of the receipt or acceptance of fraudulent, forged or invalid Securities, or Securities which are otherwise not freely transferable or
deliverable without encumbrance in any relevant market. 
 3. Custodian may, with respect to questions of law specifically
regarding an Account, obtain the advice of counsel and shall be fully protected with respect to anything done or omitted by it in good faith in conformity with such advice. 

4. Custodian shall be under no obligation to take action to collect any amount payable on Securities in default, or if payment is refused
after due demand and presentment. 
 5. Custodian shall have no duty or responsibility to inquire into, make recommendations,
supervise, or determine the suitability of any transactions affecting any Account. 
 6. Customer shall pay to Custodian the
fees and charges as may be specifically agreed upon from time to time and such other fees and charges at Custodian’s standard rates for such services as may be applicable. Customer shall reimburse Custodian for all costs associated with the
conversion of Customer’s Securities hereunder and the transfer of Securities and records kept in connection with this Agreement. Customer shall also reimburse Custodian for out-of-pocket expenses which are a normal incident of the services
provided hereunder. 
 7. Custodian has the right to debit any cash account for any amount payable by Customer in connection
with any and all obligations of Customer to Custodian, whether or not relating to or arising under this Agreement. In addition to the rights of Custodian under applicable law and other agreements, at any time when Customer shall not have honored any
and all of its obligations to Custodian, Custodian shall have the right without notice to Customer to retain or set-off, against such obligations of Customer, any Securities or cash Custodian or a BNY Affiliate may directly or indirectly hold for
the account of Customer, and any obligations (whether matured or unmatured) that Custodian or a BNY Affiliate may have to Customer in any currency. Any such asset of, or obligation to, Customer may be transferred to Custodian and any BNY Affiliate
in order to effect the above rights. 
 8.(a) Subject to the terms below, Custodian shall be entitled to rely upon any Written
or Oral Instructions actually received by Custodian and reasonably believed by Custodian to be duly authorized and delivered. Customer agrees that an Authorized Person shall forward to Custodian Written Instructions confirming Oral Instructions by
the close of business of the same day that such Oral Instructions are given to Custodian. Customer agrees that the fact that such confirming Written Instructions are not received or that contrary Written Instructions are received by Custodian shall
in no way affect the validity or enforceability of transactions authorized by such Oral Instructions and effected by Custodian. 

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

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

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

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

 

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 10. It is understood that Custodian is authorized to supply any information regarding the
Accounts which is required by any law, regulation or rule now or hereafter in effect. 
 11. Custodian shall not be responsible
or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes;
fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military
authority or governmental actions; it being understood that Custodian shall use its best efforts to resume performance as soon as practicable under the circumstances. 

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

ARTICLE VII 

TERMINATION 

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

ARTICLE VIII 

GENERAL LIMITATION OF LIABILITY 

1. Notwithstanding anything to the contrary provided herein, the Custodian agrees that the liabilities of each Customer shall be limited
such that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to a particular Customer shall be enforceable against the assets of that particular Customer only,
and not against the assets of any other Customer and that they have executed one instrument for convenience only. 
 2. It is
expressly acknowledged and agreed that the obligations of each Customer hereunder shall not be binding upon any shareholder, Trustee, officer, employee or agent of such Customer, personally. This Agreement has been duly authorized, executed and
delivered by each Customer and neither such authorization nor such execution and delivery shall be deemed to have been made by any of them individually or to impose any liability on any of them personally. 

ARTICLE IX 

MISCELLANEOUS 

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

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

3. Any notice or other instrument in writing, authorized or required by this Agreement to be given to Customer shall be sufficiently
given if addressed to Customer and received by it at its offices at
                                , or at such other place as Customer may from time
to time designate in writing. 
 4. Each and every right granted to either party hereunder or under any other document delivered
hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of either party to exercise, and no delay in exercising, any right will operate as a waiver
thereof, nor will any single or partial exercise by either party of any right preclude any other or future exercise thereof or the exercise of any other right. 
  

 - 8 - 

 5. In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected thereby. This Agreement may not be amended or modified in any manner except by a written
agreement executed by both parties. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided however, that this Agreement shall not be assignable by any Customer,
independently, or the Custodian without the written consent of the other. 
 6.(a) This Agreement shall be construed in
accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. Customer and Custodian hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in
connection with any dispute arising hereunder. Customer hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a
court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. Customer and Custodian each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating
to this Agreement. 
 (b) The parties hereto agree that the establishment and maintenance of the Account, and all interests,
duties and obligations with respect thereto, shall be governed by the laws of the State of New York. 
 7. The parties hereto
agree that in performing hereunder, Custodian is acting solely on behalf of Customer and no contractual or service relationship shall be deemed to be established hereby between Custodian and any other person. 

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

 - 9 - 

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

			
	JEFFERIES COMMODITY INVESTMENT SERVICES,
LLC, Managing Owner of each Customer listed on Exhibit A
		
	By:	 	  

	Name:	 	
	Title:	 	
	Tax Identification No:
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	  

	Title:	 	

  

 - 10 - 

 EXHIBIT A 

(List of Customers) 
  

 - 11 - 

 APPENDIX I 

ELECTRONIC SERVICES TERMS AND CONDITIONS 

1. License; Use. (a) This Appendix I shall govern Customer’s use of electronic communications,
information delivery, portfolio management and banking services, that The Bank of New York and its affiliates (“BNY”) may provide to Customer, such as The Bank of New York Inform TM and The Bank of New York CA$H-Register
Plus®, and any computer software, proprietary data and documentation provided by BNY to Customer in connection
therewith (collectively, the “Electronic Services”). In the event of any conflict between the terms of this Appendix I and the main body of this Agreement with respect to Customer’s use of the Electronic Services, the terms of
this Appendix I shall control. 
 (b) BNY grants to Customer a personal, nontransferable and nonexclusive license to use the
Electronic Services to which Customer subscribes solely for the purpose of transmitting instructions and information (“Written Instructions”), obtaining reports, analyses and statements and other information and data, making inquiries and
otherwise communicating with BNY in connection with the Customer’s relationship with BNY. Customer shall use the Electronic Services solely for its own internal and proper business purposes and not in the operation of a service bureau. Except
as set forth herein, no license or right of any kind is granted to Customer with respect to the Electronic Services. Customer acknowledges that BNY and its suppliers retain and have title and exclusive proprietary rights to the Electronic Services,
including any trade secrets or other ideas, concepts, know-how, methodologies, and information incorporated therein and the exclusive rights to any copyrights, trade dress, look and feel, trademarks and patents (including registrations and
applications for registration of either), and other legal protections available in respect thereof. Customer further acknowledges that all or a part of the Electronic Services may be copyrighted or trademarked (or a registration or claim made
therefor) by BNY or its suppliers. Customer shall not take any action with respect to the Electronic Services inconsistent with the foregoing acknowledgments, nor shall Customer attempt to decompile, reverse engineer or modify the Electronic
Services. Customer may not copy, distribute, sell, lease or provide, directly or indirectly, the Electronic Services or any portion thereof to any other person or entity without BNY’s prior written consent. Customer may not remove any statutory
copyright notice or other notice included in the Electronic Services. Customer shall reproduce any such notice on any reproduction of any portion of the Electronic Services and shall add any statutory copyright notice or other notice upon BNY’s
request. 
 (c) Portions of the Electronic Services may contain, deliver or rely on data supplied by third parties (“Third
Party Data”), such as pricing data and indicative data, and services supplied by third parties (“Third Party Services”) such as analytic and accounting services. Third Party Data and Third Party Services supplied hereunder are
obtained from sources that BNY believes to be reliable but are provided without any independent investigation by BNY. BNY and its suppliers do not represent or warrant that the Third Party Data or Third Party Services are correct, complete or
current. Third Party Data and Third Party Services are proprietary to their suppliers, are provided solely for Customer’s internal use, and may not be reused, disseminated or redistributed in any form. Customer shall not use any Third Party
Data in any manner that would act as a substitute for obtaining a license for the data directly from the supplier. Third Party Data and Third Party Services should not be used in making any investment decision. BNY AND ITS SUPPLIERS ARE NOT
RESPONSIBLE FOR ANY RESULTS OBTAINED FROM THE USE OF OR RELIANCE UPON THIRD PARTY DATA OR THIRD PARTY SERVICES. BNY’s suppliers of Third Party Data and Services are intended third party beneficiaries of this Section 1(c) and Section 5
below. 
 (d) Customer understands and agrees that any links in the Electronic Services to Internet sites may be to sites
sponsored and maintained by third parties. BNY make no guarantees, representations or warranties concerning the information contained in any third party site (including without limitation that such information is correct, current, complete or free
of viruses or other contamination), or any products or services sold through third party sites. All such links to third party Internet sites are provided solely as a convenience to Customer and Customer accesses and uses such sites at its own risk.
A link in the Electronic Services to a third party site does not constitute BNY’s endorsement, authorisation or sponsorship of such site or any products and services available from such site. 

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

 3. Proprietary Information. The Electronic Services, and
any proprietary data (including Third Party Data), processes, software, information and documentation made available to Customer (other than which are or become part of the public domain or are legally required to be made available to the public)
(collectively, the “Information”), are the exclusive and confidential property of BNY or its suppliers. However, for the avoidance of doubt, reports generated by Customer containing information relating to its account(s) (except for Third
Party Data contained therein) are not deemed to be within the meaning of the term “Information.” Customer shall keep the Information confidential by using the same care and discretion that Customer uses with respect to its own confidential
property and trade secrets, but not less than reasonable care. Upon termination of the Agreement or the licenses granted herein for any reason, Customer shall return to BNY any and all copies of the Information which are in its possession or under
its control (except that Customer may retain reports containing Third Party Data, provided that such Third Party Data remains subject to the provisions of this Appendix). The provisions of this Section 3 shall not affect the copyright status of
any of the Information which may be copyrighted and shall apply to all information whether or not copyrighted. 
 4.
Modifications. BNY reserves the right to modify the Electronic Services from time to time. Customer agrees not to modify or attempt to modify the Electronic Services without BNY’s prior written consent. Customer acknowledges that any
modifications to the Electronic Services, whether by Customer or BNY and whether with or without BNY’s consent, shall become the property of BNY. 

5. NO REPRESENTATIONS OR WARRANTIES; LIMITATION OF LIABILITY. BNY AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO WARRANTIES OR
REPRESENTATIONS WITH RESPECT TO THE ELECTRONIC SERVICES OR ANY THIRD PARTY DATA OR THIRD PARTY SERVICES, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR
PURPOSE. CUSTOMER ACKNOWLEDGES THAT THE ELECTRONIC SERVICES, THIRD PARTY DATA AND THIRD PARTY SERVICES ARE PROVIDED “AS IS.” TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ANY
DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH CUSTOMER MAY INCUR IN CONNECTION WITH THE ELECTRONIC SERVICES, THIRD PARTY DATA OR THIRD PARTY SERVICES, EVEN IF BNY OR SUCH SUPPLIER KNEW OF THE POSSIBILITY OF SUCH DAMAGES. IN NO
EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND THEIR REASONABLE
CONTROL. 
 6. Security; Reliance; Unauthorized Use; Funds Transfers. BNY will establish security procedures to be
followed in connection with the use of the Electronic Services, and Customer agrees to comply with the security procedures. Customer understands and agrees that the security procedures are intended to determine whether instructions received by BNY
through the Electronic Services are authorized but are not (unless otherwise specified in writing) intended to detect any errors contained in such instructions. Customer will cause all persons utilizing the Electronic Services to treat any user and
authorization codes, passwords, authentication keys and other security devices with the highest degree of care and confidentiality. Upon termination of Customer’s use of the Electronic Services, Customer shall return to BNY any security devices
(e.g., token cards) provided by BNY. BNY is hereby irrevocably authorized to comply with and rely upon on 

 
Written Instructions and other communications, whether or not authorized, received by it through the Electronic Services. Customer acknowledges that it has sole responsibility for ensuring that
only Authorized Persons use the Electronic Services and that to the fullest extent permitted by applicable law BNY shall not be responsible nor liable for any unauthorized use thereof or for any losses sustained by Customer arising from or in
connection with the use of the Electronic Services or BNY’s reliance upon and compliance with Written Instructions and other communications received through the Electronic Services. With respect to instructions for a transfer of funds issued
through the Electronic Services, when instructed to credit or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number), the BNY, its affiliates, and any other bank participating in the funds
transfer, may rely solely on the unique identifier, even if it identifies a party different than the party named. Such reliance on a unique identifier shall apply to beneficiaries named in such instructions as well as any financial institution which
is designated in such instructions to act as an intermediary in a funds transfer. It is understood and agreed that unless otherwise specifically provided herein, and to the extent permitted by applicable law, the parties hereto shall be bound by the
rules of any funds transfer system utilized to effect a funds transfer hereunder. 
 7. Acknowledgments. BNY shall
acknowledge through the Electronic Services its receipt of each Written Instruction communicated through the Electronic Services, and in the absence of such acknowledgment BNY shall not be liable for any failure to act in accordance with such
Written Instruction and Customer may not claim that such Written Instruction was received by BNY. BNY may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by BNY in
sufficient time for BNY to act upon, or in accordance with such instructions or communications. 
 8. Viruses. Customer
agrees to use reasonable efforts to prevent the transmission through the Electronic Services of any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to
interfere or attempt to interfere with the proper working of the Electronic Services. 
 9. Encryption. Customer
acknowledges and agrees that encryption may not be available for every communication through the Electronic Services, or for all data. Customer agrees that BNY may deactivate any encryption features at any time, without notice or liability to
Customer, for the purpose of maintaining, repairing or troubleshooting its systems. 
 10. On-Line Inquiry and Modification
of Records. In connection with Customer’s use of the Electronic Services, BNY may, at Customer’s request, permit Customer to enter data directly into a BNY database for the purpose of modifying certain information maintained by
BNY’s systems, including, but not limited to, change of address information. To the extent that Customer is granted such access, Customer agrees to indemnify and hold BNY harmless from all loss, liability, cost, damage and expense (including
attorney’s fees and expenses) to which BNY may be subjected or which may be incurred in connection with any claim which may arise out of or as a result of changes to BNY database records initiated by Customer. 

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

 CERTIFICATE OF AUTHORIZED PERSONS 

(Customer - Oral and Written Instructions) 

undersigned hereby certifies that he/she is the duly elected and acting
                     of Jefferies Commodity Investment Services, LLC, the Managing Owner of [Insert Name of Customer]
(the “Fund”), and further certifies that the following officers or employees of the Managing Owner are duly authorized to deliver Oral and Written Instructions to The Bank of New York Mellon (“BNY”) on behalf of the Fund pursuant
to the Global Custody Agreement between the Corporation and BNY dated             , 2010, and that the signatures appearing opposite their names are true and correct: 

 

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

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

			
	 JEFFERIES COMMODITY INVESTMENT SERVICES, LLC,

Managing Owner

		
	 Title:
	 	
	 Date:
	 	

 CUSTODY ACCOUNT AGENCY AUTHORIZATION 

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

															
	 Investment Manager
	 	  	  	 Account Title/Number
	  	  	  	 Inst.
	  	  	  	 F/X
	  	  
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	
								
	  
	 		  	  
	  		  	  
	  		  	  
	  	

  
  

									
		  		 	  
	  	
					
		  	[corporate	 	By	 	  
	  	
		  	    seal]	 	Title:	 		  	
		  		 	Date:	 		  	

 CERTIFICATE OF AUTHORIZED PERSONS 

(Investment Manager - Oral and Written Instructions) 

 

	Re:	Account Name: 

 Account Number:

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

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

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

							
	 [seal]
	 		 	  
	  	
		 	Title:	 		  	
		 	Date:	 		  	

 CERTIFICATE OF AUTHORIZED PERSONS 

(Customer - Foreign Exchange) 

The undersigned hereby certifies that he/she is the duly elected and acting
                     of
                                 (the “Corporation”), and further
certifies that the following officers or employees of the Corporation have been duly authorized in conformity with the Corporation’s Articles of Incorporation and By-Laws to enter into contracts with The Bank of New York Mellon
(“BNY”) to buy and sell foreign currency (on a spot and forward basis) and options to buy and sell foreign currency on behalf of the Corporation or any Account (“F/X Transactions”), and that the signatures appearing opposite
their names are true and correct: 
  

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

 and further certifies that the
following officers or employees of the Corporation have been duly authorized in conformity with the Corporation’s Articles of Incorporation and By-Laws to confirm, orally and in writing, the terms of F/X Transactions entered with BNY, and that
the signatures appearing opposite their names are true and correct: 
  

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

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

							
	 [corporate

    seal]
	 		 	  
	  	
		 	Title:	 		  	
		 	Date:	 		  	

 CERTIFICATE OF AUTHORIZED PERSONS 

(Investment Manager - Foreign Exchange) 
  

	Re:	Account Name: 

 Account Number:

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

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

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

					
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature
			
	  
	  	  
	  	  

	Name	  	Title	  	Signature

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

							
	 [seal]
	 		 	  
	  	
		 	Title:	 		  	
		 	Date:	 		  	

 EXHIBIT AForm of Transfer Agency and Service Agreement

 Exhibit 10.4 

 

 

 TRANSFER AGENCY AND SERVICE AGREEMENT 

AGREEMENT made as of the      day of
            , 2010, by and between each Trust (each, individually, a “Trust” and collectively, the “Trusts”) listed on Appendix I hereto (as such Appendix
be amended from time to time), and THE BANK OF NEW YORK MELLON, a New York banking company having its principal office and place of business at One Wall Street, New York, New York 10286 (the “Bank”). 

WHEREAS, each Trust is an exchange traded fund; and 

WHEREAS, each Trust will issue for purchase and redeem units of beneficial interest of each Trust (the “Shares”) only in
aggregations of shares known as “Creation Units” (each a “Creation Unit”); 
 WHEREAS, The Depository Trust
Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”), or its nominee (Cede & Co.), will be the registered owner (the “Shareholder”) of all Shares; and 

WHEREAS, each Trust desires to appoint the Bank as transfer agent, distribution disbursing agent, and agent in connection with certain
other activities, and the Bank desires to accept such appointment; 
 NOW, THEREFORE, in consideration of the mutual covenants
herein contained, the parties hereto agree as follows: 
 1. Terms of Appointment; Duties of the Bank 

1.1 Subject to the terms and conditions set forth in this Agreement, each Trust hereby employs and appoints the Bank to act as, and the
Bank agrees to act as, its respective transfer agent for the authorized and issued Shares and as each Trust’s distribution disbursing agent. 

1.2 The Bank agrees that it will perform the following services: 

(a) In accordance with the terms and conditions of the form of Participant Agreement of each Trust, a copy of which is attached hereto as
Exhibit A, the Bank shall: 
 (i) Perform and facilitate the performance of purchases and redemption of Creation Units
for each Trust; 
 (ii) Prepare and transmit by means of DTC’s book-entry system payments for distributions on or with
respect to the Shares declared by the applicable Trust; 
 (iii) Maintain separate and distinct records for each Trust with
respect to the name and address of the Shareholders and the number of Shares issued by each Trust and held by Shareholders; 

(iv) With respect to each Trust, record, separately and distinctly, the issuance of Shares of each Trust and maintain separate and
distinct records of the total number of Shares of each Trust which have been issued since inception and the number of Shares which are outstanding based upon data provided to it by each Trust. The Bank shall have no obligation, when recording the
issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust; 

 (v) Prepare and transmit to each Trust and each Trust’s administrator and to any
applicable securities exchange (as specified to the Bank by the Trust or its administrator) information with respect to purchases and redemptions of Shares of each respective Trust; 

(vi) On days that a Trust may accept orders for purchases or redemptions, calculate and transmit to the Bank and such Trust’s
administrator the number of outstanding Shares; 
 (vii) On days that a Trust may accept orders for purchases or redemptions
(pursuant to the Participant Agreement), transmit to the Bank, the Trust and DTC the amount of Shares purchased redeemed on such day by such Trust; 

(viii) Confirm to DTC the number of Shares issued to Shareholders of each respective Trust, as DTC may reasonably request; 

(ix) Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request; 

(x) Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in
accordance with the policies and procedures of DTC for book-entry only securities; 
 (xi) Maintain separate and distinct books
and records of each Trust as specified by each Trust in Schedule A attached hereto; 
 (xii) With respect to each Trust,
prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such Business Day and with respect to
each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed; 
 (xiii) Receive from
the Managing Owner purchase orders from Authorized Participants (as defined in the Participant Agreement) for Creation Unit Aggregations of Shares received in good form and accepted by or on behalf of the Trust by the Distributor, transmit
appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and pursuant to such orders issue the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder for each of the
respective Trusts; 
 (xiv) Receive from the Authorized Participants redemption requests, deliver the appropriate documentation
thereof to The Bank of New York Mellon as custodian for the Trust, generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to the Authorized Participants submitting the same; transmit
appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and redeem the appropriate number of Creation Unit Aggregations of Shares held in the account of the Shareholder; and 

(xv) Confirm the name, U.S taxpayer identification number and principle place of business of each Authorized Participant. 

(b) In addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of a transfer
agent and distribution disbursing agent including, but not limited to, maintaining the account of the Shareholder with respect to each Trust, obtaining at the request of the Trust from the Shareholder a list of DTC participants holding interests in
each Trust’s Global Certificate, and those services set forth on Schedule A attached hereto. 
  

 2 

 (c) The following shall be delivered to DTC participants as identified by DTC as the
Shareholder for book-entry only securities: 
 (i) Annual reports of the Trust; 

(ii) Trust proxies, proxy statements and other proxy soliciting materials; 

(iii) Trust prospectus and amendments and supplements thereto, including stickers; and 

(iv) Other communications as a Trust may from time to time identify as required by law or as a Trust may reasonably request; and

 (v) The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.

 (d) The Bank shall keep records relating to the services to be performed hereunder, in the form and manner required by
applicable laws, rules, and regulations (the “Rules”), all such books and records shall be the property of each respective Trust, will be preserved, maintained and made available in accordance with such Section and Rules, and will be
surrendered promptly to the Trust on and in accordance with its request. 
 2. Fees and Expenses 

2.1 The Bank shall receive from the Trusts such compensation for the Transfer Agent’s services provided pursuant to this Agreement as
may be agreed to from time to time in a written fee schedule approved by the parties. The fees are accrued daily and billed monthly and shall be due and payable upon receipt of the invoice. Upon the termination of this Agreement before the end of
any month, the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement. 

2.2 In addition to the fee paid under Section 2.1 above, each Trust agrees to reimburse the Bank for reasonable out-of-pocket
expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances incurred by the Bank for the items set out in the written fee schedule attached hereto
or relating to distributions and reports (whereas all expenses related to creations and redemptions of each respective Trust’s securities shall be borne by the relevant authorized participant in such creations and redemptions). In addition, any
other expenses incurred by the Bank at the request or with the consent of a Trust, will be reimbursed by the applicable Trust. 

2.3 The Trust agrees to pay all fees and reimbursable expenses within ten (10) business days following the receipt of the respective
billing notice accompanied by supporting documentation, as appropriate. Postage for mailing of distributions, proxies, Trust reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven
(7) days prior to the mailing date of such materials. 
  

 3 

 3. Representations and Warranties of the Bank 

The Bank represents and warrants to each Trust that: 

It is a banking company duly organized and existing and in good standing under the laws of the State of New York. 

It is duly qualified to carry on its business in the State of New York. 

It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to enter
into, and perform its obligations under, this Agreement. 
 All requisite corporate proceedings have been taken to authorize it
to enter into and perform this Agreement. 
 It has and will continue to have access to the necessary facilities, equipment and
personnel to perform its duties and obligations under this Agreement. 
 4. Representations and Warranties of the Trust 

Each Trust, severally and not jointly, represents and warrants to the Bank that: 

It is a statutory trust duly organized and existing and in good standing under the laws of Delaware. 

It is empowered under applicable laws and by its Declaration of Trust and Trust Agreement to enter into and perform this Agreement.

 A registration statement under the Securities Act of 1933, as amended, on behalf of each of the Trusts has become effective,
will remain effective, and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale. 

5. Indemnification 
 5.1
The Bank shall not be responsible for, and the applicable Trust shall indemnify and hold the Bank harmless from and against, any and all losses, damages, costs, charges, counsel fees, including, without limitation, those incurred by the Bank in a
successful defense of any claims by a Trust, payments, expenses and liability (“Losses”) which may sustain or incur or which may be asserted against the Bank in connection with or relating to this Agreement or the Bank’s actions or
omissions with respect to this Agreement, except for any Losses for which the Bank has accepted liability pursuant to Article 6 of this Agreement. 

5.2 This indemnification provision shall apply to actions taken pursuant to this Agreement or the Participant Agreement. 

 

 4 

 6. Standard of Care and Limitation of Liability 

The Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be liable to the Trust for direct
money damages caused by its own negligence or willful misconduct or that of its employees or agents, or its breach of any of its representations. In no event shall the Bank be liable for special, indirect or consequential damages, regardless of the
form of action and even if the same were foreseeable. For purposes of this Agreement, none of the following shall be or be deemed negligence or willful misconduct: 

(a) The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services which
(i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent
or registrar. 
 (b) The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any
instructions or requests of the Trust or instructions or requests on behalf of the Trust. 
 (c) The offer or sale of
Shares by or for the Trust in violation of any requirement under the federal securities laws or regulations, or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order or other
determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such state. 
 7. Concerning
the Bank 
 7.1 

(a) The Bank may employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of the Trust
(which consent shall not be unreasonably withheld), and shall not be liable for any loss or expense arising out of, or in connection with, the actions or omissions to act of such agents or attorneys-in-fact, provided that the Bank acts in good faith
and with reasonable care in the selection and retention of such agents or attorneys-in-fact. 
 (b) The Bank may, without the
prior consent of the Trust, enter into subcontracts, agreements and understandings with any Bank affiliate, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract,
agreement or understanding shall discharge Bank from its obligations hereunder. 
 7.2 The Bank shall be entitled to
conclusively rely upon any written or oral instruction actually received by the Bank and reasonably believed by the Bank to be duly authorized and delivered. Each Trust agrees to forward to the Bank written instructions confirming oral instructions
by the close of business on the same day that such oral instructions are given to the Bank. Each Trust agrees that the fact that such confirming written instructions are not received or that contrary written instructions are received by the Bank
shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and effected by the Bank. If a Trust elects to transmit written instructions through an on-line communication system offered by the Bank, such
Trust’s use thereof shall be subject to the terms and conditions attached hereto as Appendix A. 
 7.3 The Bank
shall establish and maintain a disaster recovery plan and back-up system at all times satisfying the requirements of its regulators (the “Disaster Recovery Plan and Back-Up System”). The Bank shall not be responsible or liable for any
failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control which are not a result of its negligence, including without limitation, acts of God;
earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or malfunctions of utilities, transportation, computer (hardware or software) or communication services; labor disputes; acts of civil
or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation, provided that the Bank has established and is maintaining the Disaster Recovery Plan and Back-Up System, or if not, that such delay or
failure would have occurred even if the Bank had established and was maintaining the Disaster Recovery Plan and Back-Up System. Upon the occurrence of any such delay or failure the Bank shall use commercially reasonable best efforts to resume
performance as soon as practicable under the circumstances. 
  

 5 

 7.4 The Bank shall have no duties or responsibilities whatsoever except such duties and
responsibilities as are specifically set forth in this Agreement and the Participation Agreement, and no covenant or obligation shall be implied against the Bank in connection with this Agreement, except as set forth in this Agreement and the
Participation Agreement. 
 7.5 At any time the Bank may apply to an officer of the Trust for written instructions with respect
to any matter arising in connection with the Bank’s duties and obligations under this Agreement, and the Bank, its agents, and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with such
instructions. Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or
obligations under this Agreement and the date on and/or after which such action shall be taken, and the Bank shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after
the date specified therein unless, prior to taking or omitting to take any such action, the Bank has received written instructions in response to such application specifying the action to be taken or omitted. 

7.6 The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been signed
by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or other similar
means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust. 

7.7 Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into, and
shall not be liable for: 
 (a) The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be
received in connection therewith, or the authority of each Trust to request such issuance, sale or transfer; 
 (b) The legality
of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority of each Trust to request such purchase; 

(c) The legality of the declaration of any distribution by a Trust, or the legality of the issue of any Shares in payment of any stock
dividend; or 
 (d) The legality of any recapitalization or readjustment of the Shares of any Trust. 

8. Providing of Documents by each Trust and Transfers of Shares 

8.1 Each Trust shall promptly furnish to the Bank with a copy of its Declaration of Trust and all amendments thereto. 

8.2 With respect to each Trust, in the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of
the successor to DTC as Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require. 
  

 6 

 8.3 The Bank shall have no responsibility whatsoever with respect to of any beneficial
interest in any of the Shares of any Trust owned by the Shareholder. 
 8.4 Each Trust shall deliver to the Bank the following
documents on or before the effective date of any increase, decrease or other change in the total number of Shares authorized to be issued: 

(a) A certified copy of the amendment to the Trust’s Declaration of Trust with respect to such increase, decrease or change; and

 (b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the
Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations
(i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on all applicable
securities exchanges. 
 8.5 Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or
otherwise, and prior to any reduction in the number of Shares outstanding, a Trust shall deliver to the Bank: 
 (a) A certified
copy of the order or consent of each governmental or regulatory authority required by law as a prerequisite to the issuance or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is
required; and 
 (b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the
validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or
regulations (i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on
all applicable securities exchanges. 
 8.6 The Bank agrees that all records prepared or maintained by the Bank relating to the
services to be performed by the Bank hereunder are the property of the applicable Trust, and will be preserved, maintained and made available upon reasonable request, and will be surrendered promptly to the applicable Trust on and in accordance with
its request. The Bank further agrees that all records prepared or maintained by the Bank for each Trust relating to the services to be performed by the Bank hereunder will be maintained in separate and distinct files created for each Trust.

 8.7 The Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information and data
pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors,
accountants, regulators, employees or counsel, except as may be, or may become required by law, by administrative or judicial order or by rule. 

8.8 In case of any requests or demands for the inspection of the Shareholder records of a Trust, the Bank will promptly employ reasonable
commercial efforts to notify the applicable Trust and secure instructions from an authorized officer of such Trust as to such inspection. The Bank reserves the right, however, to exhibit the Shareholder records to any person whenever it is advised
by its counsel that it may be held liable for the failure to exhibit the Shareholder records to such person. 
  

 7 

 9. Termination of Agreement 

9.1 The term of this Agreement shall be one year commencing upon the date hereof (the “Initial Term”) and shall automatically
renew for additional one-year terms (each a “Subsequent Term”) unless either party provides written notice of termination at least ninety (90) days prior to the end of any one year term or, unless earlier terminated as provided below:

 (a) Either party hereto may terminate this Agreement prior to the expiration of the Initial Term in the event the other party
breaches any material provision of this Agreement, including, without limitation in the case of the Trust, its obligations under Section 2.1, provided that the non-breaching party gives written notice of such breach to the breaching party and
the breaching party does not cure such violation within ninety (90) days of receipt of such notice. 
 (b) The Trust may
terminate this Agreement at any time upon ninety (90) days’ prior written notice. 
 (c) Termination of this Agreement
by a Trust shall not affect this Agreement with respect to any other Trust. 
 9.2 Should a Trust exercise its right to
terminate, all out-of-pocket expenses associated with the movement of records and material will be borne by such Trust. 
 9.3
The terms of Article 2 (with respect to fees and expenses incurred prior to termination), and of Article 5 shall survive any termination of this Agreement. 

10. [Reserved] 
 11. Assignment

 11.1 Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written
consent of the other party. 
 11.2 This Agreement shall inure to the benefit of and be binding upon the parties and their
respective permitted successors and assigns. 
 12. Severability and Beneficiaries 

12.1 In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided obligation of the Trust to pay is conditioned upon provision of services. 

12.2 This Agreement is solely for the benefit of the Bank and each Trust, and none of any Participant (as defined in the Participation
Agreement), any Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement. 
 13.
Amendment 
 This Agreement may be amended or modified by a written agreement executed by both parties. 

 

 8 

 14. New York Law to Apply 

This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws
principles thereof. Each Trust and the Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. Each Trust hereby irrevocably waives, to the fullest
extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient
forum. Each Trust and the Bank each hereby irrevocably waive any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement. 

15. Merger of Agreement 

Except as expressly provided to the contrary from time-to-time in the written fee schedule approved by the parties and attached hereto,
this Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written. 

16. Limitations of Liability of the Trustee and Shareholders 

16.1 Notwithstanding anything to the contrary provided herein, the Bank agrees that the liabilities of each Trust shall be limited such that the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to a particular Trust shall be enforceable against the assets of that particular Trust only, and not against the assets
of any other Trust and that they have executed one instrument for convenience only. 
 16.2 It is expressly acknowledged and agreed that the
obligations of each Trust hereunder shall not be binding upon any shareholder, Trustee, officer, employee or agent of such Trust, personally. This Agreement has been duly authorized, executed and delivered by each Trust and neither such
authorization nor such execution and delivery shall be deemed to have been made by any of them individually or to impose any liability on any of them personally. 

17. Counterparts 
 This
Agreement may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their
duly authorized officers, as of the day and year first above written. 
  

			
	 JEFFERIES COMMODITY INVESTMENT SERVICES,

LLC, Managing Owner of each Trust listed on Appendix I

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON

  

 9 

			
	By:	 	  

	Name:	 	
	Title:	 	

  

 10 

 APPENDIX I 

TRUST NAMES 
  

 11 

 SCHEDULE A 

BOOKS AND RECORDS TO BE MAINTAINED BY THE BANK 

The Bank shall maintain separate and distinct files for each Trust with respect to the following: 

Source Documents requesting Creations and Redemptions 

Correspondence/AP Inquiries 
 Reconciliations,
bank statements, copies of canceled checks, cash proofs 
 Daily/Monthly reconciliation of outstanding Shares between the Trust and DTC

 Distribution Records 
 Year-end
Statements and Tax Forms 
 Net Asset Computation Documentation 
  

 12 

 Exhibit A 

Form of Authorized Participant Agreement 
  

 13 

 APPENDIX I 

THE BANK OF NEW YORK MELLON 

ON-LINE COMMUNICATIONS SYSTEM (THE “SYSTEM”) 

TERMS AND CONDITIONS 

1. License; Use. (a) This Appendix I shall govern the Fund’s use of the System and any computer software provided by BNY
to the Fund in connection herewith (collectively, the “Software”). In the event of any conflict between the terms of this Appendix I and the main body of this Agreement with respect to the Fund’s use of the System, the terms of
this Appendix I shall control. 
 (b) Upon delivery to the Fund of Software and/or System access codes, BNY grants to the Fund a
personal, nontransferable and nonexclusive license to use the Software and the System solely for the purpose of transmitting Written Instructions, receiving reports, making inquiries or otherwise communicating with BNY in connection with the
Account(s). The Fund shall use the Software and the System solely for its own internal and proper business purposes and not in the operation of a service bureau. Except as set forth herein, no license or right of any kind is granted to the Fund with
respect to the Software or the System. The Fund acknowledges that BNY and its suppliers retain and have title and exclusive proprietary rights to the Software and the System, including any trade secrets or other ideas, concepts, know-how,
methodologies, or information incorporated therein and the exclusive rights to any copyrights, trademarks and patents (including registrations and applications for registration of either), or other statutory or legal protections available in respect
thereof. The Fund further acknowledges that all or a part of the Software or the System may be copyrighted or trademarked (or a registration or claim made therefor) by BNY or its suppliers. The Fund shall not take any action with respect to the
Software or the System inconsistent with the foregoing acknowledgments, nor shall the Fund attempt to decompile, reverse engineer or modify the Software. The Fund may not copy, sell, lease or provide, directly or indirectly, any of the Software or
any portion thereof to any other person or entity without BNY’s prior written consent. The Fund may not remove any statutory copyright notice or other notice included in the Software or on any media containing the Software. The Fund shall
reproduce any such notice on any reproduction of the Software and shall add any statutory copyright notice or other notice to the Software or media upon BNY’s request. 

(c) If the Fund subscribes to any database service provided by BNY in connection with its use of the System, delivery of such database to
the Fund shall constitute the granting by BNY to the Fund of a non-exclusive, non-transferable license to use such database for so long as this Appendix I is in effect. It is understood and agreed that any database supplied by BNY is derived from
sources which BNY believes to be reliable but BNY does not, and cannot for the fees charged, guarantee or warrant that the data is correct, complete or current. All such databases are provided as an accommodation by BNY to its customers and are
compiled without any independent investigation by BNY. However, BNY will endeavor to update and revise each database on a periodic basis as BNY, in its discretion, deems necessary and appropriate. The Fund also agrees that the Fund will promptly
install all updates and revisions to each database which BNY provides and that BNY cannot bear any responsibility whatsoever for the Fund’s failure to do so. BNY IS NOT RESPONSIBLE FOR ANY RESULTS OBTAINED BY THE FUND FROM USE OF DATABASE
SERVICES PROVIDED BY BNY. 
 2. Equipment. The Fund shall obtain and maintain at its own cost and expense all equipment
and services, including but not limited to communications services, necessary for it to utilize the Software and obtain access to the System, and BNY shall not be responsible for the reliability or availability of any such equipment or services.

  

 14 

 3. Proprietary Information. The Software, any data base and any proprietary data,
processes, information and documentation made available to the Fund (other than which are or become part of the public domain or are legally required to be made available to the public) (collectively, the “Information”), are the exclusive
and confidential property of BNY or its suppliers. However, for the avoidance of doubt, reports generated by the Fund containing information relating to the Account(s) are not deemed to be within the meaning of the term “Information”. The
Fund shall keep the Information confidential by using the same care and discretion that the Fund uses with respect to its own confidential property and trade secrets, but not less than reasonable care. Upon termination of the Agreement or the
licenses granted herein for any reason, the Fund shall return to BNY any and all copies of the Information which are in its possession or under its control. The provisions of this Section 3 shall not affect the copyright status of any of the
Information which may be copyrighted and shall apply to all information whether or not copyrighted. 
 4. Modifications.
BNY reserves the right to modify the Software from time to time and the Fund shall install new releases of the Software as BNY may direct. The Fund agrees not to modify or attempt to modify the Software without BNY’s prior written consent. The
Fund acknowledges that any modifications to the Software, whether by the Fund or BNY and whether with or without BNY’s consent, shall become the property of BNY. 

5. NO REPRESENTATIONS OR WARRANTIES. BNY AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO
THE SOFTWARE, THE SYSTEM, ANY SERVICES OR ANY DATABASE, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CUSTOMER ACKNOWLEDGES THAT THE SOFTWARE, THE SYSTEM, ANY
SERVICES AND ANY DATABASE ARE PROVIDED “AS IS.” TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH THE FUND MAY
INCUR IN CONNECTION WITH THE SOFTWARE, SERVICES OR ANY DATABASE, EVEN IF BNY OR SUCH SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR
MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND THEIR REASONABLE CONTROL. 

6. Security; Reliance; Unauthorized Use. BNY will establish security procedures to be followed in connection with the System. The
Fund understands and agrees that the security procedures are intended to determine whether instructions received by BNY through the System are authorized but are not (unless otherwise specified in writing) intended to detect any errors contained in
such instructions. The Fund will cause all persons utilizing the Software and the System to treat all applicable user and authorization codes, passwords and authentication keys with the highest degree of care and confidentiality. BNY is hereby
irrevocably authorized to comply with and rely upon on Written Instructions, whether or not authorized, received by it through the System in accordance with the security procedures. The Fund acknowledges that it is its sole responsibility to assure
that only Authorized Persons use the System and that to the fullest extent permitted by applicable law BNY shall not be responsible nor liable for any unauthorized use thereof or for any losses sustained by the Fund arising from or in connection
with the use of the System or BNY’s reliance upon and compliance with Written Instructions received through the System. 

7. System Acknowledgments. BNY shall acknowledge through the System its receipt of each transmission communicated through the
System, and in the absence of such acknowledgment BNY shall not be liable for any failure to act in accordance with such transmission and the Fund may not claim that such transmission was received by BNY. 

 

 15 

 8. EXPORT RESTRICTIONS. EXPORT OF THE SOFTWARE IS PROHIBITED BY UNITED STATES LAW.
THE FUND MAY NOT UNDER ANY CIRCUMSTANCES RESELL, DIVERT, TRANSFER, TRANSSHIP OR OTHERWISE DISPOSE OF THE SOFTWARE (IN ANY FORM) IN OR TO ANY OTHER COUNTRY. IF BNY DELIVERED THE SOFTWARE TO CUSTOMER OUTSIDE OF THE UNITED STATES, THE SOFTWARE WAS
EXPORTED FROM THE UNITED STATES IN ACCORDANCE WITH THE EXPORT ADMINISTRATION REGULATIONS. DIVERSION CONTRARY TO U.S. LAW IS PROHIBITED. The Fund hereby authorizes BNY to report its name and address to government agencies to which BNY is required to
provide such information by law. 
 9. Encryption. The Fund acknowledges and agrees that encryption may not be available
for every communication through the System, or for all data. The Fund agrees that BNY may deactivate any encryption features at any time, without notice or liability to the Fund, for the purpose of maintaining, repairing or troubleshooting the
System or the Software. 
 10. On-Line Inquiry and Modification of Records. In connection with the Fund’s use of the
System, BNY may, at the Fund’s request, permit the Fund to enter data directly into a BNY database for the purpose of modifying certain information maintained by BNY’s systems, including, but not limited to, change of address information.
To the extent that the Fund is granted such access, the Fund agrees to indemnify and hold BNY harmless from all loss, liability, cost, damage and expense (including attorney’s fees and expenses) to which BNY may be subjected or which may be
incurred in connection with any claim which may arise out of or as a result of changes to BNY database records initiated by the Fund. 
  

 16 

 Fee Schedule 

 

 17

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