Document:

Form of Administrative Agency Agreement

 Exhibit 10.4 
 ADMINISTRATIVE AGENCY AGREEMENT 
 THIS ADMINISTRATIVE AGENCY
AGREEMENT (the “Agreement”) is made as of September     , 2012 by and among BROWN BROTHERS HARRIMAN & CO., a limited partnership organized under the laws of the State of New York (the
“Administrator”), the UNITED STATES COMMODITY FUNDS LLC, a Delaware limited liability company (the “Sponsor”), and the UNITED STATES CURRENCY FUNDS TRUST, a Delaware statutory trust (the
‘Trust”), on its own behalf and on behalf of each series established and designated by the Trust as a fund and listed on Annex A, including the US Golden Currency Fund (each, a “Fund”) 

This Agreement shall constitute a separate agreement between the Administrator, the Sponsor, the Trust and each Fund, as if such Fund had
executed a separate Administrative Agency Agreement. The Administrator hereby acknowledges that its rights and obligations with respect to a Fund shall not create any right or other obligations with respect to any other Fund listed on Annex A, as
amended from time to time, and acknowledges the additional limitation on liability of the Sponsor, Trust and the Fund described in Section 8.4 of this Agreement. Any Fund that becomes a party hereto by executing an amendment to this Agreement
substantially in the form of Annex B (each such amendment together with the schedules attached thereto, an Amendment”) shall become a party to this Agreement and any references herein to the Fund shall be treated as references to such
Fund. The obligations of the Sponsor, Trust, the Administrator and any Fund other than US Golden Currency Fund, will be subject to the terms and conditions of the Amendment to this Agreement to be entered into with that Fund. 

WITNESSETH: 
 WHEREAS, the Sponsor has exclusive responsibility for the management and control of the business and affairs of the Trust and the Fund; and 

WHEREAS, the Trust and the Sponsor desire to retain the Administrator to render certain services to the Trust, the Fund
and/or the Sponsor, as the case may be, and the Administrator is willing to render such services. 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained, the Administrator, the Sponsor and the Trust, on its own behalf and on behalf of the Fund, hereby agree as follows: 

1. Appointment of Administrator. The Sponsor and the Trust hereby employ and appoint the Administrator to act as
administrative agent on the terms set forth in this Agreement, and the Administrator accepts such appointment. 
 2.
Delivery of Documents. The Sponsor and the Trust, on its own behalf and on behalf of the Fund, will on a continuing basis provide the Administrator with: 
  

	 	(a)	properly certified or authenticated copies of resolutions of the Sponsor’s Board of Directors (including Mr. Nicholas D. Gerber) authorizing the appointment
of the Administrator as administrative agent of the Fund and approving this Agreement; 

  

	 	(b)	a copy of the Fund’s most recent registration statement under the Securities Act of 1933, as amended; 

 

	 	(c)	copies of all agreements between the Trust and service providers to the Fund, including without limitation, advisory, distribution and administration agreements and/or
unitholder agreements; 

  

	 	(d)	a copy of the Fund’s valuation procedures; 

  

	 	(e)	a copy of the Trust’s constituent documents, as may be amended from time to time; 

 

	 	(f)	a copy of the Sponsor’s Fifth Amended and Restated Limited Liability Company Agreement, as may be amended from time to time; 

 

	 	(g)	any other documents or resolutions (including, but not limited to directions or resolutions of the Sponsor’s Board of Directors, Management Directors, and/or Audit
Committee, if applicable,) which relate to or affect the Administrator’s performance of its duties hereunder or which the Administrator may at any time reasonably request; and 

 

	 	(h)	copies of any and all amendments or supplements to the foregoing. 

 3. Duties as Administrator. Subject to the supervision and direction of the Sponsor’s Board of Directors, Management Directors and Audit Committee, the Administrator will perform the
administrative services described in Appendix A hereto. Additional services may be provided by the Administrator upon the request of the Trust or the Sponsor as mutually agreed from time to time. In performing its duties and obligations hereunder,
the Administrator will act in accordance with the Sponsor’s instructions as defined in Section 5 (“Instructions”). It is agreed and understood that the Administrator shall not be responsible for compliance by the Sponsor, the
Trust or the Fund with any applicable documents, laws or regulations, or for losses, costs or expenses arising out of a failure by the Sponsor, the Trust or the Fund to comply with said documents, laws or regulations or the failure by or inability
of the Sponsor, the Trust or the Fund to correct any non-compliance therewith. The Administrator shall in no event be required to take any action, which is in contravention of any applicable law, rule or regulation or any order or judgment of any
court of competent jurisdiction. 
 3.1 Records. The Administrator will maintain and retain such
records as required by the Securities Exchange Act of 1934, as amended, the NYSE Area Equities Rules, 17 C.F.R 4.23 (specifically, the records specified in 17 C.F.R. 4.23(a)(1) through (8), (10) through (12) and (b)(1)), and other
applicable federal securities laws and created pursuant to the performance of the Administrator’s obligations under this Agreement. The Administrator will maintain such other records as requested by the Trust or the Sponsor and received by the
Administrator. The Administrator shall not be responsible for the accuracy and completeness of any records riot created by the Administrator. The Administrator acknowledges that the records maintained and preserved by the Administrator pursuant to
this Agreement are the property of the Fund and will be, at the Fund’s expense, surrendered promptly upon reasonable request. In performing its obligations under this Section, the Administrator may utilize micrographic and electronic storage
media as well as independent third party storage facilities. 

  
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 4. Duties of the Trust and the Sponsor. The Trust and the Sponsor shall notify
the Administrator promptly of any matter affecting the performance by the Administrator of its services under this Agreement. Where the Administrator is providing fund accounting services pursuant to this Agreement, the Trust and the Sponsor shall
promptly notify the Administrator as to the accrual of liabilities of the Fund and of liabilities of the Fund not appearing on the books of account kept by the Administrator, as well as to the existence, status and proper treatment of reserves, if
any, authorized by the Trust, on its own behalf and on behalf of the Fund, or the Sponsor. The Trust, on its own behalf and on behalf of the Fund, and the Sponsor agree to provide such information to the Administrator as may be requested under the
banking and securities laws of the United States or other jurisdictions relating to “Know Your Customer” and money laundering prevention rules and regulations (collectively, the “KYC Requirements”). For purposes of this
subsection, and in connection with all applicable KYC Requirements, the Fund is the “client” or “customer” of the Administrator. The Trust, on its own behalf and on behalf of the Fund, and the Sponsor further represent that each
will perform all obligations required under applicable KYC Requirements with respect to the Fund’s “customers” (as defined in the KYC Requirements) and that, because these customers do not constitute “customers” or
“clients” of the Administrator under such applicable rules and regulations, the Administrator is under no such similar obligations. 
 5. Instructions. 
 5.1 The Administrator shall not be
liable for, and shall be indemnified by the Fund against any and all losses, costs, damages or expenses arising from or as a result of, any action taken or omitted in reliance upon Instructions or upon any other written notice, request, direction,
instruction, certificate or other instrument believed by it to be genuine and signed or authorized by the proper party or parties. A list of persons no authorized (“Authorized Persons”) by the Sponsor is attached hereto as Appendix B and
upon which the Administrator may rely until its receipt of notification to the contrary from the Trust and/or the Sponsor. 
 5.2 Instructions shall include a written request, direction, instruction or certification signed or initialed by one or more Authorized Persons of the Trust and/or Sponsor, both of which may act on behalf
of the Fund. 
 5.3 Telephonic or other oral instructions or instructions given by e-mail or telefax transmission
may be given by any one of the above Authorized Persons and will also be considered instructions if the Administrator believes them to have been given by a person authorized to give such Instructions with respect to the transaction involved.

 5.4 With respect to telefax transmissions, the Trust, on its own behalf and behalf of the Fund, and the
Sponsor hereby acknowledge that (i) receipt of legible instructions cannot be assured, (ii) the Administrator cannot verify that authorized signatures on telefax instructions are original, and (iii) the Administrator shall not be
responsible for losses or expenses incurred through actions taken in reliance on such 

  
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telefax instructions. The Trust, on its own behalf and on behalf of the Fund, and the Sponsor agree that such telefax instructions shall he conclusive evidence of the Trust’ s/Sponsor’s
Instruction to the Administrator to act or to omit to act. 
 5.5 Instructions given orally will not be confirmed
in writing and the lack of such confirmation shall in no way affect any action taken by the Administrator in reliance upon such oral Instructions. The Trust and the Sponsor authorize the Administrator to tape record any and all telephonic or other
oral Instructions given to the Administrator by or on behalf of the Fund (including any of the Sponsor’s officers, directors, trustees, employees or agents or any investment manager or adviser or person or entity with similar responsibilities
which is authorized to give Instructions on behalf of the Fund to the Administrator.) 
 6. Expenses and
Compensation. For the services to be rendered and the facilities to be furnished by the Administrator as provided for in this Agreement, the Sponsor and/or the Fund shall pay the Administrator rendered pursuant to this Agreement a fee based
on such fee schedule as may from time to time be agreed upon in writing among the Sponsor, the Trust, on its own behalf and on behalf of the Fund, and the Administrator. Additional services performed by the Administrator on behalf of the Fund as
requested by the Sponsor or the Trust shall be subject to additional fees as mutually agreed from time to time. In addition to any such fees, the Administrator shall bill the Fund separately for any out-of-pocket disbursements of the Administrator
based on an out-of-pocket disbursement schedule as may from time to time be agreed upon in writing among the Sponsor, the Trust, on its own behalf and on behalf of the Fund, and the Administrator. The foregoing fees and disbursements shall be billed
to the Fund by the Administrator and shall be paid promptly by wire transfer or other appropriate means by the Sponsor and/or the Fund to the Administrator. 
 7. Standard of Care. The Administrator shall be held to the exercise of reasonable care and diligence in carrying out the provisions of this Agreement, provided that the Administrator shall
not thereby be required to take any action which is in contravention of any applicable law, rule or regulation or any order or judgment of any court of competent jurisdiction. 
 8. General Limitations on Liability. 
 8.1 The
Administrator shall incur no liability with respect to any telecommunications, equipment or power failures, or any failures to perform or delays in performance by postal or courier services or third-party information providers (including, without
limitation those listed on Appendix C). 
 8.2 The Administrator shall also incur no liability under this
Agreement if the Administrator or any agent or entity utilized by the Administrator shall he prevented, forbidden or delayed from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted to be
performed, by reason of causes or events beyond its control, including but not limited to: 

  
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	 	(i)	any Sovereign Event. A “Sovereign Event” shall mean any nationalization; expropriation; devaluation; revaluation; confiscation; seizure; cancellation;
destruction; strike; act of war, terrorism, insurrection or revolution; or any other act or event beyond the Administrator’s control; 

  

	 	(ii)	any provision of any present or future law, regulation or order of the United States or any state thereof, or of any foreign country or political subdivision thereof,
or of any securities depository or clearing agency; and 

  

	 	(iii)	any provision of any order or judgment of any court of competent jurisdiction. 

8.3 The Administrator shall not be held accountable or liable for any losses, damages or expenses the Sponsor, the Trust,
the Fund, the Fund’s commodity broker, the Fund’s commodity trading advisor (if any), any unitholder or former unitholder of the Fund or any other person may suffer or incur arising from acts, omissions, errors or delays of the
Administrator in the performance of its obligations and duties as provided in Section 3 hereof, including without limitation any error of judgment or mistake of law, except a loss, damage or expense directly resulting from the
Administrator’s willful malfeasance, had faith or negligence in the performance of such Administrator’s obligations and duties. 
 8.4 The Administrator agrees to look solely to the assets of the Fund and to the Sponsor and its assets in respect of any claim against or obligation of the Fund. The Administrator acknowledges and agrees
that liability of the Fund, as a series of the Trust, is limited pursuant to Section 3804(a) of the Delaware Statutory Trust Act, such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing
with respect to the Fund shall be enforceable against the assets of the Fund only, and not against the assets of the Trust generally or the assets of any other series of the Trust, and (b) none of the debts, liabilities, obligations and
expenses incurred, contracted for, or otherwise existing with respect to the Trust generally and any other series of the Trust shall be enforceable against the assets of the Fund. 

9. Specific Limitations on Liability. In addition to, and without limiting the application of the general limitations on
liability contained in Section 8, above, the following specific limitations on the Administrator’s liability shall apply to the particular administrative services set forth on Appendix B hereto. 

9.1 Liability for Fund Accounting Services. Without limiting the provisions in Section 8 hereof, the
Administrator’s liability for acts, omissions, errors or delays relating to its fund accounting obligations and duties shall be limited to the amount of any expenses associated with a required recalculation of net asset value per unit
(“NAV”) or any direct damages suffered by unitholders in connection with such recalculation, The Administrator’s liability or accountability for such acts, omissions, errors or delays shall be further subject to clauses 9.1.1 through
9.1.4 below. 

  
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 9.1.1 The parties hereto acknowledge that the
Administrator’s causing an error or delay in the determination of NAV may, but does not in and of itself, constitute negligence or reckless or willful misconduct. The parties further acknowledge that in accordance with industry practice the
liability of the Administrator for fluid accounting services shall accrue and the recalculation of NAV shall be performed in accordance with this Section 9.1 only with regard to errors in the calculation of the NAV that are (i) greater
than or equal to $.01 per unit of the Fund and (ii) greater than or equal to  1/2% of the total net assets of the Fund. 

9.1.2 In no event shall the Administrator be liable or responsible to the Sponsor, the Trust, the Fund, the Fund’s
commodity broker, the Fund’s commodity trading advisor (if any), any present or former unitholder of the Fund, or any other person for any error or delay that continued or was undetected after the date of an audit performed by the certified
public accountants employed by or on behalf of the Fund if, in the exercise of reasonable care in accordance with generally accepted accounting standards, such accountants should have become aware of such error or delay in the course of performing
such audit. 
 9.1.3 The Administrator shall not be held accountable or liable to the Sponsor, the Trust, the
Fund, the Fund’s commodity broker, the Fund’s commodity trading advisor (if any), any unitholder or former unitholder of the Fund or any other person for any delays or losses, damages or expenses any of them may suffer or incur resulting
from (i) the Administrator’s usage of a third party service provider for the purpose of storing records delivered to the Administrator by or on behalf of the Fund and which the Administrator did not create in the performance of its
obligations hereunder; (ii) the Administrator’s failure to receive timely and suitable notification concerning quotations or corporate actions relating to or affecting portfolio securities of the Fund; or (iii) any errors in the
computation of NAV based upon or arising out of quotations or information as to corporate actions if received by the Administrator either (a) from a source which the Administrator was authorized to rely upon (including those sources listed on
Appendix C), or (b) from a source which in the Administrator’s reasonable judgment was as reliable a source for such quotations or information as such authorized sources; or (iv) any errors in the computation of NAV as a result of
relevant information known to the Sponsor, the Trust, the Fund, a futures commission merchant, securities brokers or dealers, or any of the Fund’s other service providers including futures commission merchants in contract with respect to the
Fund, which would impact the calculation of NAV, but was not communicated to the Administrator. To the extent that Fund assets are not in the custody of the Administrator, the Administrator may conclusively rely on any reporting in connection with
such assets provided to the Administrator by a third party on behalf of the Fund, including, without limitation any futures commission merchant. 
 9.1.4 In the event of any error or delay in the determination of such NAV for which the Administrator may be liable, the Sponsor and the 

  
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Administrator will consult and make good faith efforts to reach agreement on what actions should be taken in order to mitigate any loss suffered by the Fund or its present or former unitholders,
in order that the Administrator’s exposure to liability shall be reduced to the extent possible after taking into account all relevant factors and alternatives. It is understood that in attempting to reach agreement on the actions to be taken
or the amount of the loss which should appropriately be borne by the Administrator, the Sponsor, the Fund and the Administrator will consider such relevant factors as the amount of the loss involved, the Fund’s/Sponsor’s desire to avoid
loss of unitholder goodwill, the fact that other persons or entities could have been reasonably expected to have detected the error sooner , than the time it was actually discovered, the appropriateness of limiting or eliminating the benefit which
unitholders or former unitholders might have obtained by reason of the error, and the possibility that other parties providing services to the Fund might be induced to absorb a portion of the loss incurred, 

10. Indemnification. 
 10.1 The Sponsor and the Fund hereby agree to indemnify and hold harmless the Administrator, its partners, stockholders, members, directors, officers and employees and any subsidiary or affiliate of the
foregoing (“Affiliate”), and the successors and assigns of all of the foregoing persons, against any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses) resulting from any act,
omission, error or delay or any claim, demand, action or suit, in connection with or arising out of performance of its obligations and duties under this Agreement, not resulting from the willful malfeasance, bad faith or negligence of the
Administrator in the performance of such obligations and duties. The provisions of this Section 10 shall survive the termination of this Agreement. 
 10.1.1 If any action, suit or proceeding (each, a “Proceeding”) is brought against the Administrator or any such person in respect of which indemnity may be sought against the Sponsor pursuant
to the foregoing subsection, the Administrator or such person shall promptly notify the Sponsor in writing of the institution of such Proceeding and the Sponsor shall assume the defense of such Proceeding, including the employment of counsel
reasonably satisfactory to such indemnified party and payment of all fees and expenses; provided, however, that the omission to so notify the Sponsor shall not release the Sponsor from any liability which it may have to the Administrator or any such
person except to the extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The Administrator or such person shall have the right to employ its own counsel in any such case, but the fees and
expenses of such counsel shall be at the expense of the Administrator or of such person unless the employment of such counsel shall have been authorized in writing by the Sponsor in connection with the defense of such Proceeding or the Sponsor shall
not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses

  
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available to it or them which are different from, additional to or in conflict with those available to the Sponsor (in which case the Sponsor shall not have the right to direct the defense of
such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the Sponsor and paid as incurred (it being understood, however, that the Sponsor shall not be liable for the expenses of
more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding). 

10.1.2 The Sponsor shall not be liable for any settlement of any Proceeding effected without the
Sponsor’s written consent but if settled with the Sponsor’s written consent, the Sponsor agrees to indemnify and hold harmless the Administrator and any such person from and against any loss or liability by reason of such settlement.
Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this subsection,
then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 Business Days (defined as any day other than a day when any
of the Futures Exchanges upon which a Benchmark Futures Contract is traded is closed for regular trading1 (each a “Business Day”)), after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have fully reimbursed the indemnified party in
accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 Business Days’ prior notice of its intention to settle. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault, culpability or a failure to
act. by or on behalf of such indemnified party: 
 10.2 Subject to Sections 7, 8 and 9 of this Agreement, the
Administrator agrees to indemnify and hold harmless the Sponsor, the Trust, the Fund, and their respective partners, stockholders, members, directors, officers, trustees and employees and any Affiliate of the foregoing, and the successors and
assigns of all of the foregoing persons, against any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses) resulting from any act, omission, error or delay or any claim, demand, action or suit in
connection with or arising out of performance of its obligations and duties under this Agreement, resulting from the willful malfeasance, bad faith or negligence of the Administrator in the performance of such obligations and duties. The provisions
of this Section 10 shall survive the termination of this Agreement. 
  

 

	1 	 Futures Exchange is defined by the current prospectus for each Fund. 

  
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 10.2.1 If any Proceeding is brought against the Sponsor, the Trust, the Fund
or any such person in respect of which indemnity may be sought against the Administrator pursuant to the foregoing subsection, the Sponsor, the Trust, the Fund or such person shall promptly notify the Administrator in writing of the institution of
such Proceeding and the Administrator shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses; provided, however, that the omission to so
notify the Administrator shall not relieve the Administrator from any liability which it may have to the Sponsor, the Trust, the Fund or any such person except to the extent that it has been materially prejudiced by such failure and has not
otherwise learned of such Proceeding, The Sponsor, the Trust, the Fund or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Sponsor, the Trust, the
Fund or of such person unless the employment of such counsel shall have been authorized in writing by the Administrator in connection with the defense of such Proceeding or the Administrator shall not have, within a reasonable period of time in
light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from,
additional to or in conflict with those available to the Administrator (in which case the Sponsor shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and
expenses shall he borne by the Administrator and paid as incurred (it being understood, however, that the Administrator shall not he liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding
or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding). 
 10.2.2 The Administrator shall not be liable for any settlement of any Proceeding affected without the Administrator’s written consent but if settled with the Administrator’s written consent,
the Administrator agrees to indemnify and hold harmless the Sponsor and any such person from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this subsection, then the indemnifying party agrees that it shall be liable for any settlement of any
Proceeding effected without its written consent if (1) such settlement is entered into more than 60 Business Days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have fully
reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 Business Days’ prior notice of its intention to
settle. No indemnifying party shall, without 

  
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the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include
an admission of fault, culpability or a failure to act, by or on behalf of such indemnified party. 
 11. Reliance by the
Administrator on Opinions of Counsel and Opinions of Certified Public Accountants. 
 The Administrator may consult with
its counsel or the counsel of the Sponsor, the Trust or the Fund in any case where so doing appears to the Administrator to be necessary or desirable. The Administrator shall not be considered to have engaged in any misconduct or to have acted
negligently and shall be without liability in acting upon the advice of its counsel or of the counsel of the Sponsor, the Trust or the Fund. 
 The Administrator may consult with a certified public accountant or the Fund’s Treasurer (or persons performing such function) in any case where so doing appears to the Administrator to be necessary
or desirable. The Administrator shall not be considered to have engaged in any misconduct or to have acted negligently and shall be without liability in acting upon the advice of such certified public accountant or of the Fund’s Treasurer or
persons performing such function. 
 12. Termination of Agreement. This Agreement may be terminated by any of the
parties in accordance with the provisions of this Section 12. Termination of this Agreement with respect to any Fund shall not result in the termination of this Agreement with respect to any other Fund listed on Annex A. 

12.1 This Agreement shall have an initial term of two (2) years from the date hereof Thereafter, this Agreement shall
automatically renew for successive one (1) year periods unless any party terminates this Agreement by providing written notice no later than seventy-live (75) days prior to the expiration of the applicable term to the other parties at
their address set forth herein. Upon the completion of the initial term. either the Administrator, on the one hand, or the Sponsor, on the other hand, may elect to terminate this Agreement at any time by delivering ninety (90) days notice
thereof to the other party. Notwithstanding the foregoing provisions, any party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement not cured within sixty (60) days of written notice of such
breach, in which case termination shall be effective upon receipt of written notice by the non-terminating parties, or (b) upon thirty (30) days’ written notice to the other parties in the event that a party is adjudged bankrupt or
insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect. In the event a termination notice is given by a party hereto, all expenses associated with
the movement of records and materials and the conversion thereof shall be paid by the Fund for which services shall cease to be performed hereunder. The Administrator shall be responsible for completing all actions in progress when such termination
notice is given unless otherwise agreed. 

  
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 12.2 Upon termination of this Agreement in accordance with this
Section 12, the Sponsor may request the Administrator to promptly deliver to the Fund or to any designated third party all records created and maintained by the Administrator pursuant to Section 3.1 of this Agreement, as well as any Fund
records maintained but not created by the Administrator. 11 such request is provided in writing by the Sponsor to the Administrator within seventy-five (75) days of the date of termination of the Agreement, the Administrator shall provide to
the Fund a certification that all records created by the Administrator pursuant to its obligations under Section 3.1 of this Agreement are accurate and complete. After seventy-five (75) days of the date of termination of this Agreement, no
such certification will be provided to the Sponsor by the Administrator and the Administrator is under no further obligation to ensure that records created by the Administrator pursuant to Section 3.1 of this Agreement are maintained in a form
that is accurate or complete. 
 13. Confidentiality and Privacy. 

13.1 The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all
information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant
to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly
available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by or to any regulatory authority, any auditor of the parties hereto, or by judicial or
administrative process or otherwise by applicable law. 
 13.2 in the course of carrying out its obligations
under this Agreement, Administrator shall maintain physical, procedural and electronic safeguards to protect information regarding the Fund and its investors that Administrator has obtained or to which the Administrator has gained access.

 14. Tape-recording. The parties consent to recording of any and all telephonic or other oral instructions. This
authorization will remain in effect until and unless revoked by the Fund, the Sponsor or the Administrator in writing. Each party further agrees to solicit valid written or other consent from any of its employees, officers, directors or agents with
respect to telephone communications to the extent such consent is required by applicable law. 
 15. Procedures.
Procedures applicable to the Administrator’s services to be performed hereunder may be established from time to time by agreement among the Trust on its own behalf and on behalf of the Fund, the Sponsor and the Administrator. The Administrator
shall have the right to utilize any unitholder accounting and record-keeping systems that, in its opinion, enables it to perform any services to be performed hereunder. 

  
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 16. Entire Agreement; Amendment. This Agreement constitutes the entire
understanding and agreement of the parties hereto and supersedes any other oral or written agreements heretofore in effect between the parties with respect to the subject matter hereof. No provision of this Agreement may be amended or terminated
except by a statement in writing signed by the party against which enforcement of the amendment or termination is sought. 
 17.
Severability. In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force. 

18. Headings. The section headings in this Agreement are for the convenience of reference only and shall not modify,
define, expand or limit any of the terms or provisions thereof. 
 19. Governing Law. This Agreement shall be
governed by and construed according to the laws of the State of New York without giving effect to conflicts of law provisions thereof and each of the parties hereto irrevocably consents to the exclusive jurisdiction of the United States District
Court for the Southern District of New York or if that court lacks or declines to exercise subject matter jurisdiction, the Supreme Court of the State of New York, New York County. The Sponsor and the Trust on its own behalf and on behalf of the
Fund irrevocably waive any objection each may now or hereafter have to the laying of venue of any action or proceeding in any of the aforesaid courts and any claim that any such action or proceeding has been brought in an inconvenient forum.
Furthermore, each party hereto irrevocably waives any right that it may have to trial by jury in any action, proceeding or counterclaim arising out of or related to this Agreement or the services contemplated hereby. 

20. Notices. Notices and other writings delivered or mailed postage prepaid to the Sponsor, the Trust and the Fund shall be
addressed to the Sponsor or to the Trust or the Fund c/o Sponsor at United States Commodity Funds LLC, 1999 Harrison Street, Suite 1530, Oakland, California 94612, Attention: Nicholas D. Gerber, or such other address as the Sponsor or the Trust may
have designated to the Administrator in writing, or to the Administrator at 40 Water Street, Boston, MA 02109, Attention: Manager, Fund Administration Department, or to such other address as the Administrator may have designated to the Sponsor and
the Trust in writing, shall he deemed to have been properly delivered or given hereunder to the respective addressee. 
 21.
Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the Sponsor, the Trust, the Fund and the Administrator and their respective successors and assigns, provided that no party hereto may assign
this Agreement or any of its rights or obligations hereunder without the written consent of the other parties. Each party agrees that only the parties to this Agreement and Fund and/or their respective successors in interest shall have a right to
enforce the tell is of this Agreement. Accordingly, no client of the Sponsor, unitholder of the Fund or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties. 

22. Counterparts. This Agreement may be executed in any number of counterparts each of which shall be deemed to be an
original. This Agreement shall become effective when one or more counterparts have been signed and delivered by each of the parties. A photocopy or 

  
 - 12 -

 
telefax of this Agreement shall be acceptable evidence of the existence of this Agreement and the Administrator shall be protected in relying on the photocopy or telefax until the Administrator
has received the original of this Agreement. 
 23. Exclusivity. The services furnished by the Administrator
hereunder are not to be deemed exclusive, and the Administrator shall be free to furnish similar services to others. 
 24.
Authorization. The Sponsor hereby represents, warrants and covenants that it is, and will continue to be until the termination of this Agreement, duly authorized to enter into this Agreement on behalf of the Trust and the Fund, to bind
the Trust and the Fund in connection with all obligations hereunder, and to otherwise perform the terms herein. The Sponsor hereby further represents and warrants that the Management Directors of its Board of Directors including Mr. Nicholas D.
Gerber have authorized the execution and delivery of this Agreement and that Authorized Persons of the Sponsor and the Trust, on its own behalf and on behalf of the Fund, have signed this Agreement, Appendices A, B and C and the fee schedule hereto.

  
 - 13 -

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first written above. 
 BROWN BROTHERS HARRIMAN & CO. 

 

			
	By:	 	  

		 	Name:
		 	Title:
		 	Date:

 UNITED STATES COMMODITY FUNDS LLC 

 

			
	By:	 	  

		 	Name: Howard Mah
		 	Title: Managing Director
		 	Date: September     , 2012

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf and on behalf of the US Golden Currency Fund 

 

					
	By:	 	United States Commodity Funds LLC, as Sponsor
			
		 	By:	 	  

		 		 	Name: Howard Mah
		 		 	Title: Management Director
		 		 	Date: September     , 2012

  

  
 - 14 -

 APPENDIX A 
 TO ADMINISTRATIVE AGENCY AGREEMENT 
 ADMINISTRATIVE SERVICES OF THE
ADMINISTRATIVE AGENT 
 Dated as of September     , 2012 

Fund Accounting Services 
 The
Administrator will provide the following fund accounting services to the Fund on any Business Day: transaction processing and review, custodial reconciliation, securities pricing and investment accounting. 

Transaction Processing and Review. The Administrator shall input and reconcile the Fund’s investment activity including with respect to:

  

	•	 	 Investment taxlots 

  

	•	 	 Income 

  

	•	 	 Dividends 

  

	•	 	 Principal paydowns 

  

	•	 	 Capital activity 

  

	•	 	 Expense accruals 

  

	•	 	 Cash activity 

  

	•	 	 Corporate Reorganizations 

Custodial Reconciliation. The Administrator shall reconcile the following positions of the Fund against the records of the Custodian: 

 

	•	 	 Securities, Futures and Over-the-Counter Contract (“OTC”) holdings 

 

	•	 	 Cash including cash transfers, tees assessed and other investment related cash transactions 

 

	•	 	 Trade settlements 

Securities, Futures and OTC Valuation. Using the Valuation Procedures set forth in Appendix D, the Administrator shall update each security,
Futures and OTC position of the Fund as to the following: 
  

	•	 	 Market prices obtained from approved sources including those listed on Appendix C or Fair Valuations obtained from an Authorized Person of the Fund

  

	•	 	 Mark to market of non-base receivables/payables utilizing approved foreign exchange quotations as quoted in Appendix C 

 

	•	 	 Mark to market of non-base currency positions utilizing the approved sources quoted in Appendix C or Fair Valuations obtained from an Authorized Person
of the Fund 

 Investment Accounting. The Administrator shall provide the following investment accounting services to
each Portfolio: 
  

	•	 	 Amortization/accretion at the individual tax lot level 

 

	•	 	 General ledger entries 

  

	•	 	 Book value calculations 

  

	•	 	 Trade Date + 1 accounting 

  

	•	 	 Calculation of Net Asset Value Per Unit (“NAV”) as of the earlier of 4:00 p.m. New York time or the close of trading on the NYSE Area, and
published shortly after the close of trading on the NYSE Arca 

 NAV Reporting. The Administrator shall communicate the
Fund’s exchange-traded product (“ETP”‘) net asset value information with respect to: 
  

	•	 	 PLF A (ETP NAV summary data including Fund Net Assets, NAV/share, NAV/creation, Basket market value (if applicable), actual cash component (if
applicable), and estimated cash component (if applicable)) if required by NSCC, the Exchange, or the Fund’s Distributor 

  

	•	 	 ETP Fund Holding File/Report to the Fund’s Distributor for the purpose of updating the USCF website 

 

	•	 	 ETP Fund holdings and/or NAV data when authorized to provide this to third parties such as the ICI, Morningstar, or Lipper

 Financial Reporting Services 
  

	•	 	 The Administrator shall accumulate information for and prepare: 

 

	 	•	 	 Within a 30 day period following the end of the Fund’s required monthly reporting period, an Account Statement in compliance with the requirements
of CFTC Rule §4.22(a), including a Statement of Income (Loss) and a Statement of Changes in Net Asset Value; such preparation includes the distribution of drafts to the Sponsor and Board of Directors for review and comment.

  

	 	•	 	 Upon review and approval of each above-mentioned report by the Sponsor’s Treasurer and/or Chief Financial Officer (or such person performing such
functions), the Administrator shall file such reports with the SEC, including any applicable executive officer certifications or other exhibits to such reports and coordinate with the distributor to post such report to the fund’s website.

  

	 	•	 	 Within 90 days after the end of the Fund’s fiscal year, an Annual Report of the Fund in compliance with the requirements of the NFA and CFTC Rule
§4.22(c); such preparation includes the coordination of all printer and author edits and the review of printer drafts. The Fund and/or Sponsor shall make arrangements for the printing and mailing of the Annual Report.

  

	•	 	 Upon review and approval of each above-mentioned report by the Sponsor’s Treasurer and/or Chief Financial Officer (or such person performing such
functions), the Administrator shall tile such reports with the CFTC and/or NFA as required, including any applicable executive officer certifications or other exhibits to such reports. 

 

	•	 	 in connection with the preparation of each Annual Report on Form 10-K, the Administrator shall coordinate the audit of the Fund by its independent
public accountant (i.e., manage open items lists, host weekly audit meeting, etc.). 

 Assistant Treasurer Services

 The Administrator shall perform the following services as requested by the Sponsor’s Treasurer (or person performing such
function): 
  

	•	 	 Provide consultative services with respect to financial matters of the Fund as may be requested and agreed to among the Fund, the Sponsor and the
Administrator from time to time 

  
 - 16 -

 Corporate Secretarial Services 
 The Administrator shall perform the following secretarial services: 
  

	•	 	 Maintain a calendar for Board and Audit Committee matters/approvals in a form to be agreed upon by the parties from time to time

  

	•	 	 Prepare quarterly Board and Audit Committee meeting materials, including notices, scripts, agendas, resolutions, memoranda, minutes, and mail the
materials to the Board and such other persons as instructed by the Sponsor 

  

	•	 	 Attend quarterly Board and Audit Committee meetings, take minutes of the meetings, make presentations as required and follow up on matters raised at
the meetings. In the event that the Administrator is asked to perform corporate secretarial services for more than four quarterly Board or Audit Committee meetings per calendar year, the Fund will be assessed special meeting fees. Fees may range
between $2,500 and $10,000 per meeting, depending upon the complexity of the meeting materials and discussion and the location of the meeting. Out-of-pocket expenses associated with the production and mailing of all Board and Audit Committee meeting
materials, as well as travel expenses associated with in-person attendance at meetings, will be charged to the Fund 

  

	•	 	 Prepare the annual directors and officers questionnaires and distribute the questionnaires to the directors and officers of the Sponsor

 Regulatory Support Services 
 The Administrator shall perform the following regulatory services for the Fund: 
  

	•	 	 Maintain a calendar for all SEC, CFTC, NFA and NYSE Arca regulatory matters in the form of Exhibit A: provided that the Fund and/or Sponsor shall
notify the Administrator of additional regulatory matters to be added to such calendar as soon as practicable. 

  

	•	 	 Within a 45 day production cycle, or shorter time period as required by the U.S. Securities and Exchange Commission (the “SEC”) and
communicated to the Administrator by the Fund and/or the Sponsor, one first fiscal quarter report of the Fund, one second fiscal quarter report of the Fund and one third fiscal quarter report of the Fund, each on Form 10-Q.

  

	•	 	 Within a 90 day production cycle, or shorter time period as required by the SEC and communicated to the Administrator by the Fund and/or Sponsor, one
annual report of the Fund on Form 10-K per fiscal year. The preparation of the Form 10-K includes the coordination of all printer and author edits and the review of printer drafts. 

Upon review and approval of each above-mentioned report by the Sponsor’s Treasurer and/or Chief Financial Officer (or such person performing such
functions), the Administrator shall Edgarize and file, or cause to be Edgarized and filed, such reports with the SEC. CFTC and/or NEA as required, including any applicable executive officer certifications or other exhibits to such reports.

 The Administrator shall perform the following additional regulatory services for the Fund: 

 

	•	 	 Prepare the materials for and attend one unitholder meeting per calendar year (including preparation of the proxy statement, notice and other
solicitation materials and tiling such materials with the SEC and taking minutes of the meeting), at the Fund’s request 

  
 - 17 -

	•	 	 Coordinate with the Fund’s transfer agent or solicitor in monitoring the unitholder vote solicitation and tabulation for one unitholder meeting
per calendar year, at the Fund’s request 

  

	•	 	 Prepare and tile, or cause to be tiled, the following regulatory notices/forms/reports: 

 

	 	•	 	 With the SEC. Forms 3, 4 and 5 and Schedules 13D and 130 for the officers and directors of the Sponsor and such other persons as requested by the Fund

  

	 	•	 	 With the SEC, Current Reports on Form 8-K as circumstances warrant. 

 

	 	•	 	 With the NYSE Area, such notices/forms as agreed to among the Fund, the Sponsor and the Administrator 

The Administrator shall assist the Fund and/or the Sponsor in preparing Fund press releases with respect to interim statements and quarterly results and
transmitting such press releases to the NYSE Area and such other entities as requested by the Fund or the Sponsor. 
 Transfer Agency
Services 
 The Administrator shall perform the following transfer agency services: 

I. Issuance and Redemption of Fund Units. It is agreed and understood that the Fund, and the Administrator on the Fund’s behalf, shall issue
and redeem Units of the Fund in blocks of 50,000 Units (“Creation Baskets” and “Redemption Baskets,” respectively) to and from such persons as are identified by the Fund as “Authorized Purchasers” or “Authorized
Participants.” 
 A. Pursuant to such purchase orders that the Administrator as the Index Receipt Agent shall receive from the ALPS
Distributors, Inc. (“Marketing Agent”) and pursuant to the procedures set forth in the Authorized Purchaser Agreement entered into by the Fund. Administrator shall transfer appropriate trade instructions to the Fund’s custodian, Brown
Brothers Harriman & Co. (“Custodian”) and pursuant to such orders register the appropriate number of book entry only Fund Units in the name of The Depository Trust Company (“DTC”) or its nominee as a unitholder (each a
“Unitholder”) of the Fund and deliver the Units of the Fund on the business. 
 B. Pursuant to such redemption orders that Index
Receipt Agent shall receive from the Marketing Agent, pursuant to the procedures set forth in the Authorized Purchaser Agreement entered into by the Fund, Administrator shall transfer appropriate trade instructions to the Custodian and, pursuant to
such orders, redeem the appropriate number of Fund Units that are delivered to the designated DTC Participant Account of the Custodian for redemption and debit such Units from the account of the Unitholder on the register of the Fund. 

C. On behalf of the Fund. Administrator shall issue Fund Units in Creation Baskets for settlement with purchasers through DTC as the purchaser is
authorized to receive. Beneficial ownership of Fund Units shall be shown on the records of DTC and DTC Participants and not on any records maintained by the Administrator. In issuing Fund Units through DTC to a purchaser. Administrator shall be
entitled to rely upon the latest Instructions that are received from the Marketing Agent by the Administrator as Index Receipt Agent concerning the issuance and delivery of such Units for settlement. 

D. Administrator shall not issue on behalf of the Fund any Fund Units where it has received an Instruction from the Fund, the Sponsor or the Marketing
Agent or written notification from any federal or state authority that the sale of the Fund Units has been suspended or discontinued, and Administrator shall be entitled to rely upon such Instructions or written notification. 

  
 - 18 -

 E. Upon the issuance of Fund Units as provided herein, Administrator shall not be responsible for the
payment of any original issue or other taxes, if any, required to be paid by the Fund, the Sponsor or the Marketing Agent in connection with such issuance. 
 F. Fund Units may be redeemed in accordance with the procedures set forth in the relevant Authorized Purchaser Agreement and Administrator shall duly process all redemption requests. 

G. Administrator will act only upon Instruction from the Fund and/or the Sponsor in addressing any failure in the delivery of cash, treasuries and/or
Shares in connection with the issuance and redemption of Fund Units. 
  

	II.	Payment of Dividends and Distributions on Fund Units. 

 A. As instructed by the Fund and/or the Sponsor, the Administrator shall prepare and make payments for dividends and distributions declared by the Fund or the Sponsor. 

B. The Fund and/or the Sponsor shall promptly notify the Administrator of the declaration of any dividend or distribution. The Fund and/or the Sponsor
shall furnish to the Administrator a statement signed by an Authorized Person: (i) indicating that dividends have been declared on a specific periodic basis and Instructions specifying the date of the declaration of such dividend or
distribution, the date of payment thereof, the record date as of which unitholders shall be entitled to payment, the total amount payable to the unitholders and the total amount payable to Administrator as transfer agent on the payment date; or
(ii) setting forth the date of the declaration of any dividend or distribution, the date of payment thereof, the record date as of which the unitholders are entitled to payment, and the amount payable per unit to each unitholder as of that date
and the total amount payable to Administrator as transfer agent on the payment date. 
 C. Based upon the amount of Fund Units outstanding on
its books and records, the Fund and/or the Sponsor shall calculate the total dollar amount of the dividend or distribution and notify the Administrator of this amount. The Fund and/or the Sponsor shall then instruct the Administrator to direct the
Custodian to place in a separate cash account maintained by the Administrator funds equal to the total cash amount of the dividend or distribution to be paid out. Should the Custodian determine that it does not have sufficient cash in the Custody
Account to pay the total amount of the dividend or distribution to the Administrator, the Administrator shall advise the Fund and/or the Sponsor and the Fund and/or the Sponsor shall either adjust the rate of the dividend or distribution or provide
additional cash directly to the Custodian for credit to the separate cash account maintained by the Custodian. When instructed by the Fund and/or the Sponsor, the Administrator shall direct the Custodian to make payment of such dividend or
distribution to the account of each unitholder. 
 D. Should the Administrator or the Custodian not receive from the Fund sufficient cash to
make payment as provided in the immediately preceding Subsection, the Administrator shall notify the Fund and/or the Sponsor, and the Administrator shall withhold payment to the unitholders until sufficient cash is provided to the Custodian and the
Administrator shall not be liable for any claim arising out of such withholding. 

  
 - 19 -

	III.	Maintenance of Registry of Limited Partners and Persons Applying to Become Limited Partners. 

Pursuant to the Trust Agreement for the Fund, all purchasers of Units who wish to become record holders and receive cash distributions (if any) must
deliver an executed transfer application in which the purchaser or transferee must certify that, among other things, he/she agrees to be bound by the Fund’s Trust Agreement and is eligible to purchase the Fund’s securities. Any transfer of
Units will not be recorded by the transfer agent unless a completed transfer application is delivered to the Sponsor or the Administrator. 

The Administrator shall keep a record of all transfer applications received, with each applicant deemed as a holder of record until the application is
approved by the Fund. All applications will be forwarded by the Administrator to the Sponsor to obtain its consent. Once such consent is obtained, the holder shall become a Limited Partner. The Administrator shall maintain a registry of all Limited
Partners and holders of record of the Fund. 
  

	IV.	Recordkeeping. 

 A. The Administrator
shall record the issuance of Fund Creation Baskets and maintain, pursuant to Rule 17Ad 6(b) under the Securities Exchange Act of 1934, as amended, a record of the total number of Fund Creation Baskets that are authorized, issued and outstanding
based upon data provided to Administrator by the Fund and/or the Sponsor. The Administrator shall also provide the Fund and/or the Sponsor on a regular basis with the total number of Fund Units authorized, issued and outstanding; provided however
that the Administrator shall not be responsible for monitoring the issuance of such Units or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Units. 

  
 - 20 -

 APPENDIX B TO THE 

ADMINISTRATIVE AGENCY AGREEMENT 
 List of Authorized Persons 
 UNITED STATES COMMODITY FUNDS LLC 

 

			
	By:	 	  

		 	Name: Howard Mah
		 	Title: Managing Director
		 	Date: September     , 2012

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf and on behalf of the US Golden Currency Fund 

 

					
	By:	 	United States Commodity Funds LLC, as Sponsor
			
		 	By:	 	  

		 		 	Name: Howard Mah
		 		 	Title: Management Director
		 		 	Date: September     , 2012

  

  
 - 21 -

 APPENDIX C TO THE 

ADMINISTRATIVE AGENCY AGREEMENT 
 AUTHORIZED SOURCES 
 The Sponsor and the Trust hereby acknowledge that the
Administrator is authorized to use the following authorized sources for financial reporting, pricing (including corporate actions, dividends and rights offering), and foreign exchange quotations, to assist it in fulfilling its obligations under the
aforementioned Agreement. 
 BLOOMBERG 

RUSSELL/MELLON 
 FUND MANAGERS / CLIENT DIRECTED

 INTERACTIVE DATA CORPORATION 

REPUTABLE BROKERS 
 THOMSON REUTERS 

SUBCUSTODIAN BANKS 
 SIX TELEKURS 

REPUTABLE FINANCIAL PUBLICATIONS 
 STOCK
EXCHANGES 
 STAT PRO 
 MORGAN STANLEY
CAPITAL INTERNATIONAL 
 WALL STREET OFFICE 
 PRICING DIRECT 
 MARKIT 
 SUPER DERIVATIVES 
 S&P 
 DOW JONES 
 JP MORGAN — contract pending 

SQX (SECURITIES QUOTE EXCHANGE) 
 BARCLAYS —
contract pending 
 FITCH SOLUTIONS 

MOODYS 
 FORD EQUITY RESEARCH 

FTSE GROUP 
 INVESTMENT TECHNOLOGY GROUP (ITG)

 WM COMPANY 
 WOLTERS KLUWER FINANCIAL
SERVICES 
 DEPOSITORIES (DTC, EUROCLEAR, ETC) 
 CLEARING BANKS (JP MORGAN CHASE, BANK OF NEW YORK MELLON, ETC) 
 OeKB 

CITIGROUP INDEX LLC 
 MORNINGSTAR INC.

  
 - 22 -

 BROWN BROTHERS HARRIMAN & CO. 

 

			
	By:	 	  

		 	Name:
		 	Title:
		 	Date:

 UNITED STATES COMMODITY FUNDS LLC 

 

			
	By:	 	  

		 	Name: Howard Mah
		 	Title: Managing Director
		 	Date: September     , 2012

 UNITED STATES CURRENCY FUNDS TRUST, on its own behalf and on behalf of the US Golden Currency Fund 

 

					
	By:	 	United States Commodity Funds LLC, as Sponsor
			
		 	By:	 	  

		 		 	Name: Howard Mah
		 		 	Title: Management Director
		 		 	Date: September     , 2012

  

  
 - 23 -

 APPENDIX D 
 BBH Pricing Policies  
 Futures, Forwards, Swaps, Options and
Treasuries 
 The pricing policies stated below are used for all BBH clients-, including Mutual Fund Registered Investment Companies.
These policies have been audited by numerous accounting firms during annual fund audits. 
 Futures 

Futures traded on exchanges are valued using the closing settlement prices quoted on the relevant exchange and obtained from pricing sources, typically
Bloomberg or Reuters. 
 Forward Currency Contracts 
 BBH obtains the WM Reuters London Close closing spot rates and the WM Reuters London Close forward point rates on a daily basis. The currency forward contract pricing model derives the differential in
point rates to the expiration date of the forward and calculates its present value. The forward is valued at the net of the present value and the spot rate. 
 Swaps 
 Swaps and other similar derivative or contractual type instruments are valued at a
price provided by a single broker or dealer, typically the counterparty. If no such price is available, the contract is valued at a price at which the counterparty to such contract would repurchase the instrument or terminate the contract.

 Options 
 Option contracts on
securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at the last sale price on the exchange or market that is the Primary Market. If a contract did not trade on the Primary Market, it shall be valued
at the last sale price on another exchange or market where it did trade. If there is no such sale price, the value shall be the most recent bid quotation. 
 Sale prices and bid quotations indicated above shall be supplied by a Pricing Service (Reuters, Bloomberg, IDC, etc.). If a Pricing Service is not able to provide such sale prices or bid quotations, the
value shall be determined by taking the mean between the bid and the asked quotations provided by a single broker or dealer, unless the broker or dealer can only provide a bid quotation, in which case the value shall be such bid quotation.

 Except as provided below, OTC currency options are valued by uploading the applicable implied volatility rates from Reuters or Bloomberg.
Other inputs are either uploaded (interest rates, spots) or are specified when the ticker symbols are set up (expiration date, strike). OTC currency options are then priced by using the Garman-Kohlhagen modified Black-Scholes formula, which adjusts
for a constant yield versus a fixed dividend. 
 Except as provided below, OTC equity/index options are priced according to the contract
specifications (days to expiration, current spot index level, interest rates, dividends, strike price) using the Black-Scholes pricing model, modified for dividends. The volatility input assumption is interpolated from the previous day’s price.

  
 - 24 -

 US Treasuries 
 BBH uses an evaluated bid supplied by IDC for treasury prices. 

  
 - 25 -

 ANNEX A 
 LIST OF SERIES TRUST(S) ESTABLISHED 
 BY THE UNITED STATES CURRENCY FUNDS
TRUST 
  

					
	 	  	 Fund
	  	 Relevant Schedule

	1.	  	US Golden Currency Fund	  	Schedule 1 to this Agreement

  
 - 26 -

 SCHEDULE 1 
 TO THE ADMINISTRATIVE AGENCY AGREEMENT 
 DATED SEPTEMBER
    , 2012 
 DEFINED TERMS RELATING TO 

US GOLDEN CURRENCY FUND 

Benchmark Futures Contract shall mean the Futures Contracts (as defined in the Prospectus) that at any given time make up the basket of the
Fund. 
 The Fund shall mean US Golden Currency Fund. 

  
 - 27 -

 ANNEX B 
 FORM OF AMENDMENT AGREEMENT TO ADD SERIES TRUST(S) TO 
 TO THE
ADMINISTRATIVE AGENCY AGREEMENT 
 This Amendment to the Administrative Agency Agreement dated
                    (this “Amendment”), is made and entered into by and among UNITED STATES COMMODITY FUNDS LLC, a Delaware
limited liability company (the “Sponsor”), the UNITED STATES CURRENCY FUNDS TRUST, a Delaware statutory trust (the “Trust”), on its own behalf and on behalf of the US GOLDEN CURRENCY FUND and
[INSERT FUND NAME] (each, a “Fund”), and BROWN BROTHERS HARRIMAN & CO. (“BBH&Co.” or the “Administrator”) (each, a “Party” and collectively, “the
Parties”). 
 WHEREAS, the Parties have entered into a certain Administrative Agency dated September
    , 2012 with Appendices A through D attached thereto and amended from time to time (together, the “Agreement”); and 
 WHEREAS, the parties hereto desire to amend the Agreement as provided herein by amending Annex A of the Agreement and supplementing this Agreement with the attached Schedule 1 to this Amendment.

 NOW THEREFORE, for and in consideration of the agreements herein made and other good and valuable consideration, the parties
hereto agree as follows: 
  

	 	I.	AMENDMENTS 

 The
Agreement is hereby amended by making the following change to Annex A thereto: 
 LIST OF SERIES TRUST(S) ESTABLISHED

 BY THE UNITED STATES CURRENCY FUNDS TRUST 

 

					
	 	  	 Fund
	  	 Relevant Schedule

	1.	  	US Golden Currency Fund	  	Schedule 1 to this Agreement
			
	2.	  	[INSERT FUND NAME]	  	Schedule 1-     to the Amendment Agreement dated
			
	3.	  	[INSERT FUND NAME]	  	Schedule 1-     to the Amendment Agreement dated
			
	4.	  		  	
			
	5.	  		  	

 The Parties acknowledge that Schedule I-    of this Amendment shall supplement and
not supersede Schedule I of the Agreement. 

  
 - 28 -

	 	II.	REPRESENTATIONS  

Each Party represents to the other Parties that: 
 (a) Status. It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing; 

(b) Powers. It has the power to execute and deliver this Amendment and to perform its obligations hereunder, and has taken all
necessary action to authorize such execution, delivery and performance; 
 (c) No Violation or Conflict. Such execution,
delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any
contractual restriction binding on or affecting it or any of its assets; 
 (d) Consents. All governmental and other
consents that are required to have been obtained by it with respect to this Amendment have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(e) Obligations Binding. Its obligations under this Amendment constitute its legal, valid and binding obligations, enforceable in
accordance with its respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general
application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
  

	 	III.	MISCELLANEOUS 

 (a)
Entire Agreement. The Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as other wise provided herein) with respect
thereto. 
 (b) Counterparts. This Amendment may be executed in multiple counterparts, each of which when executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. 

(c) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of
or to be taken into consideration in interpreting this Amendment. 
 (d) Governing Law. This Amendment shall be governed
by and construed in accordance with the laws of the State of New York. 
 (e) Terms. Terms used in this Amendment, unless
otherwise defined herein, shall have the meanings ascribed to them in the Agreement. 
 (f) Agreement. Any and all
references to the Agreement shall hereafter refer to the Agreement as amended by this Amendment and as the same may be amended, supplemented or 

  
 - 29 -

 
modified from time to time. Unless otherwise defined herein, capitalized terms not defined herein shall have the same meanings assigned to such terms in the Agreement as amended by this
Amendment. 
 Except as amended hereby, all other terms and conditions of the Agreement shall remain the same and in full force
and effect. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the date first written above.

 UNITED STATES COMMODITY FUNDS LLC 
  

			
	By:	 	  

		 	Name:
		 	Title:

 UNITED STATES CURRENCY FUNDS TRUST, on behalf of [INSERT FUND NAME] 

 

					
	By:	 	United States Commodity Funds LLC, as Sponsor
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 BROWN BROTHERS HARRIMAN & CO. 

 

			
	By:	 	  

		 	Name: James R. Kent
		 	Title: Managing Director
		 	Address: 40 Water Street, Boston MA 02109
		 	Telephone:
		 	Facsimile:

  
 - 30 -

 SCHEDULE 1-     

TO THE AMENDMENT AGREEMENT DATED
                     

DEFINED TERMS RELATING TO 
 [INSERT NAME OF FUND] 
 Benchmark Futures Contract shall mean
                    . 
 The
Fund shall mean                     . 

  
 - 31 -Separation Agreement and General Release

 Exhibit 10.1 
 CONFIDENTIAL 
 Separation Agreement & General Release

 This Separation Agreement and General Release (the “Agreement”) is entered into by and between Sharon
McCollam (“Executive”) and Williams-Sonoma Inc. (“WSI”), in final resolution of all existing and potential claims and disputes between them, as provided below. 

1.      Executive ceased performing her duties, including as Chief Operating and Chief Financial Officer
with WSI, effective as of March 6, 2012. Executive retires from her employment effective as of, and her employment will cease on, March 16, 2012 (the “Separation Date”). Executive also retires from her position as a member of
WSI’s Board of Directors effective as of March 16, 2012. This Agreement operates as a full and final settlement and resolution of all past and present claims, potential claims and disputes that Executive has or may have against WSI and/or
WSI’s predecessors, affiliates, parents, subsidiaries, officers, directors, employees or agents, including all claims related in any way to Executive’s employment with WSI and/or separation from employment with WSI. 

2.      In consideration of the releases and agreements set forth below, the parties agree to the
following: 
 A.      Salary, Benefits and Stock: Pursuant to Executive’s Employment
Agreement, dated December 28, 2002, the Amendment to Executive’s Employment Agreement, dated November 11, 2008, (collectively, the “Employment Agreement”) and in consideration of the Executive’s additional promises and
releases set forth below, WSI shall pay Executive the following benefits: 
 (i)      On the
Separation Date, Executive shall be paid all wages and accrued vacation owed her. March 6, 2012 shall constitute her “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A” and such date the “Separation from Service Date”). 

(ii)      For the twelve months following her Separation from Service Date (the “Payment
Period”), Executive shall be entitled to receive ongoing payments of her salary, less applicable withholding, at the rate effective on the Separation Date, on the existing payroll schedule applicable to officers of the Company. But for the
application of the next sentence, such payments will commence on the first such scheduled payroll date following the Separation from Service Date. Notwithstanding the foregoing, in order to comply with Section 409A, payments that would
otherwise be payable during the six-month period following the Separation from Service Date shall be delayed and paid in a lump sum to Executive on the first business day following the expiration of such six-month period (or, in the case of
Executive’s earlier death, within ninety (90) days of Executive’s death). The timing of all other payments shall be unaffected by such six-month delay. 
 (iii)      WSI shall pay Executive an additional lump sum payment equal to eighty percent of her annual base salary as of the Separation Date, less applicable withholding.
Notwithstanding the foregoing, in order to comply with Section 409A, such payment shall be 

  
 1 

 
delayed and paid in a lump sum to Executive on the first business day following the expiration of the six-month period described in Section 2.A.(ii) above (or, in the case of
Executive’s earlier death, within ninety (90) days of Executive’s death). 

(iv)      If Executive timely and properly elects coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”) , WSI shall pay the premiums for the health coverage of Executive and her dependents under COBRA until the earlier of (a) the end of a period of eighteen months following the Separation
Date, or (b) such time as Executive commences other employment which provides her with comparable coverage, or (c) such time as Executive or a dependent, as the case may be, is no longer eligible for continued coverage under COBRA.
Executive agrees that if she commences other employment within the eighteen month period following the Separation Date she will provide WSI with notice of that within one week of her eligibility for comparable benefits. Such payments made by WSI to
Executive or on Executive’s behalf will be taxable to Executive to the extent required or advisable to avoid adverse tax or similar consequences to Executive, WSI or WSI’s employees. To the extent such payments are taxable to Executive,
such payments will be provided to Executive on a “grossed-up” basis for applicable state and federal taxes and such gross-up shall be made in compliance with Treasury Regulation Section 1.409A-3(i)(1)(v). 

(v)      WSI shall pay Executive $1,300,000 in full satisfaction of Executive’s annual bonus
opportunity for WSI’s fiscal year 2011, less applicable withholding. Such payment will be made on the first scheduled payroll date in 2012 following the Effective Date. 
 (vi)      As of the Effective Date, the following WSI equity-based compensation awards held by Executive shall vest immediately and, if applicable, become exercisable for the
period of time set forth in the applicable award agreement: 
  

	 	a.	Executive’s 37,500 stock–settled stock appreciation rights having an exercise price of $27.72 that are otherwise scheduled to vest on March 25, 2012;

	 	b.	Executive’s 10,000 stock–settled stock appreciation rights having an exercise price of $34.89 that are otherwise scheduled to vest on March 27, 2012;

	 	c.	Executive’s 14,810 stock-settled stock appreciation rights having an exercise price of $40.87 that are otherwise scheduled to vest on April 5, 2012;

	 	d.	Executive’s 17,579 restricted stock units that are otherwise scheduled to vest on May 2, 2012, including any related dividend equivalents; and

	 	e.	Executive’s 68,750 stock-settled stock appreciation rights having an exercise price of $8.56 that are otherwise scheduled to vest on November 7, 2012.

 (vii)      Executive shall be entitled to receive outplacement services at a
level commensurate with Executive’s position with WSI though a WSI-selected or approved provider paid directly by WSI. Such services may not be completed later than December 31, 2013. 

  
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 Notwithstanding the foregoing, in the event that Executive materially violates any of the
covenants set forth in Section 14 or Section 16, all payments and benefits described in this Section 2.A. (other than in Section 2.A.(i)) shall cease and Executive shall forfeit any and all rights to receive them. For the
avoidance of doubt, if any payments or benefits have become due and payable prior to Executive’s material violation of any of the covenants set forth in Section 14 or Section 16 but have been delayed pursuant to the six-month delay
under Section 409A described above, then the delayed payments will continue to be payable to Executive in accordance with the applicable timing provisions described above. 

B.      All payments shall be treated as wages and will be subject to withholding of applicable taxes,
employee social security contributions and other amounts under applicable law. 

C.      Executive agrees and acknowledges that after March 16, 2012 she will no longer be an employee
of WSI which means, without limitation, that: (a) she will not earn or accrue any paid personal leave or vacation; (b) she shall not be eligible for active employee coverage under WSI’s medical, dental and/or vision plans provided
that her current health coverage will extend through March 31, 2012; and (c) she shall not participate in or contribute to any WSI-sponsored employee benefit plan or program or any compensatory arrangement of any kind (except under COBRA).
Executive further agrees that for purposes of determining any employee benefits owed to her and other for compensatory purposes, her employment shall be treated as having been terminated effective on the Separation Date. Executive acknowledges and
agrees that she shall not receive or be entitled to additional grants of stock or other equity based awards after the Separation Date, nor shall her previously granted stock options or other equity awards vest after the Separation Date except as set
forth in Section 2.A.(vi) hereof. Executive shall have such period of time from the Separation Date to exercise her stock options as set forth in the applicable option grant agreements. 

3.      Executive will be entitled to receive her vested benefits under the Williams-Sonoma, Inc. 401(k)
Plan. 
 Executive’s right to the benefits described in this Section 3 shall not be subject to the requirement that
she sign and not revoke a release of claims in favor of WSI unless required by the applicable plan. 
 The provisions of
Section 2 and Section 3 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive may otherwise be entitled, whether at law, tort or contract, in equity, or under any agreement, plan or arrangement
(other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses). Executive will be entitled to no other severance, benefits, compensation or other payments or rights upon a termination of
employment, including, without limitation, any severance payments and/or benefits provided in any employment-related agreement, other than those benefits expressly set forth in Sections 2 and 3 of this Agreement or pursuant to written equity award
agreements with WSI. 

  
 3 

 4.      In addition to retiring from her director and officer
positions with WSI, Executive further agrees to resign, effective upon the Separation Date, from any position as an officer or director of any subsidiary or related company of WSI. At WSI’s request, Executive will complete all necessary
paperwork and provide such necessary information to effectuate those resignations. Executive waives any rights to give or receive notice with respect to such resignations. 
 5.      Executive agrees that she shall cooperate with WSI to transition her duties and responsibilities in a mutually respectful manner, and that she and WSI shall mutually
agree upon the announcement regarding Executive’s departure from WSI. 
 6.      Executive
agrees to return any laptop, mobile phone, mobile devices, iPad, cell phone and other WSI property she received through employment at WSI by no later than March 16, 2012, except that Executive may retain one WSI laptop computer after giving WSI
the opportunity to remove all WSI data and information from that computer. Executive also acknowledges that during the period that she remains on WSI’s payroll, she shall comply with all WSI Company Policies and practices. 

7.      In consideration of the payments and other benefits made to Executive in accordance with paragraph
2 above, which are in addition to anything Executive is otherwise entitled to receive from WSI, Executive fully and forever discharges WSI, all affiliated and related companies and their predecessors, successors and assigns, as well as each of their
officers, directors, employees, agents, representatives and shareholders (collectively, the “Released Parties”) from all liability upon claims and causes of action of any nature whatsoever, known and unknown, suspected and unsuspected,
which Executive may have against the Released Parties as of the effective date of this Agreement. This release includes any claims under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the California Fair
Employment and Housing Act, the California Labor Code, including but not limited to Section 132a, and any other claims arising from her employment, including under the laws of contracts, torts, otherwise. This release does not include claims
that cannot be released as a matter of law, such as those for indemnity under Labor Code § 2802 or Executive’s Indemnity Agreement. 
 WSI, on behalf of itself and all of its subsidiaries, affiliates, directors and officers, voluntarily, knowingly and willingly releases and forever discharges Executive from any and all charges,
complaints, claims, promises, agreements, controversies, causes of action and demands of any nature whatsoever which WSI or its subsidiaries, affiliates, directors, administrators, successors or assigns ever had, now have or hereafter can, shall or
may have by reason of any matter, cause or thing whatsoever arising through and including the Separation Date, other than claims for conduct which is criminal in nature or violates WSI’s intellectual property rights. 

8.      Executive represents that she has carefully read and fully understands all of the terms of the
Agreement, and that she has had the opportunity to and in fact has sought legal advice and assistance. Executive further represents that she knowingly and voluntarily agrees to all of the terms set forth in this Agreement and that she was not
coerced to enter into this Agreement. 

  
 4 

 9.      Both parties agree and acknowledge that this release
extends to unknown and unsuspected claims and causes of action. Other than with respect to these express exceptions, Executive and WSI each agree to waive their rights under Section 1542 of the California Civil Code, which provides that:

 A general release does not extend to claims which the creditor does not know or suspect
to exist in his/her favor at the time of executing the release, which if known by her/him, must have materially affected her/his settlement with the debtor. 
 10.      Executive acknowledges that WSI is not entering into this Agreement because it believes that Executive has any cognizable legal claim against the Released Parties as
defined above. Executive acknowledges that the purpose of this Agreement is to provide for a mutually acceptable transition of her employment upon her retirement and to settle all potential disputes between the parties, while at the same time
protecting the Released Parties and Executive from the expense and disruption that is so often incurred in a lawsuit. If Executive elects not to sign this Agreement, the fact that this Agreement was offered in the first place will not be understood
as an indication that the Released Parties believed Executive was discriminated against or treated unlawfully in any respect and/or was entitled to the consideration offered pursuant to this Agreement. 

11.      Executive warrants and represents that she has not filed and has not assigned any claims or causes
of action covered by the release in this Agreement which have not been dismissed, closed, withdrawn or otherwise terminated either prior to or as part of this Agreement. 
 12.      The parties hereto represent and acknowledge that in executing this Agreement, they have not relied upon any representation or statement made by any of the parties
or by any of the parties’ agents, attorneys or representatives with regard to the subject matter, basis or effect of this Agreement, other than those specifically stated in this written Agreement. 

13.      Executive agrees that except as otherwise expressly provided in this Agreement, prior to the
Company’s public disclosure of this Agreement, the terms of this Agreement may not be disclosed in whole or in part to any individual or any other entity, except (i) Executive’s spouse, (ii) tax adviser, (iii) legal counsel,
and (iv) on WSI’s side, employees, agents or representatives of WSI who have a need to know in order to perform their job duties, including the successful implementation of the terms of this Agreement, or as may be required by law or
reasonable business necessity. Any comment by Executive or WSI in response to inquiries by any other persons regarding her departure from WSI shall be consistent with the press release attached hereto as Exhibit A. Executive specifically agrees that
her spouse, lawyer, and tax advisor have been fully briefed on, and will comply with, this confidentiality provision, and that any breach by her spouse, lawyer, and/or tax advisor of this confidentiality provision will be a breach by Executive and
will subject her to claims by WSI for damages. 

  
 5 

 14.      Executive shall, at all times, hold in a fiduciary
capacity for the benefit of WSI or any subsidiary or affiliate companies (the “Control Group”) all secret or confidential information, knowledge, or data relating to the Control Group or its business (which shall be defined as all such
information, knowledge, and data coming to the Executive’s attention by virtue of her employment at WSI except that which is otherwise public knowledge or generally known within WSI’s industry). Executive shall not at any time, without
prior written consent of WSI, unless compelled pursuant to the order of a court or other body having jurisdiction over such matter or unless required by lawful process or subpoena, communicate or divulge any such information, knowledge or data to
anyone other than the Control Group and those designated by it, or use any such information, knowledge or data, other than for the benefit of the Control Group. 
 Executive shall not, at any time, make any statements or comments (i) to any form of media or likely to come to the attention of any form of media of a negative nature that reasonably could be
considered to have an adverse impact on the business or reputation of the Control Group, WSI’s Board of Directors (the “Board”) or any senior officer of the Control Group, or (ii) to any employee of the Control Group or to any
supplier or customer of the Control Group of a negative nature that reasonably could be considered to have an adverse impact on the business or reputation of the Control Group or the Board or any senior officer of the Control Group. WSI shall direct
its CEO, the CEO’s direct executive reports, and WSI’s Board of Directors not to disparage Executive in any manner likely to be harmful to Executive or her business, business reputation or personal reputation; provided that both parties
may respond accurately and fully (i) where required in compliance with legal process or subpoena, (ii) in response to inquiry from a court or regulatory body, or (iii) in response to inquiry from the Board. 

While Executive is receiving any amounts pursuant to Section 2 hereof, Executive will not directly or indirectly recruit, solicit
or induce, or attempt to induce, any employee, consultant or vendor of the Control Group to terminate employment or any other relationship with the Control Group. Executive acknowledges that the restrictions contained in this paragraph are necessary
for the protection of the business and goodwill of the Control Group and are considered by Executive to be reasonable for such purpose. 
 Executive acknowledges and agrees that all intellectual property created, made or conceived by Executive (solely or jointly), at any time while she was employed by WSI, shall be owned exclusively by WSI.
In addition, Executive agrees that this Agreement shall constitute an assignment to WSI of Executive’s residual intellectual property rights, if any, in all such work, and agrees to assist WSI with securing patents, registering copyrights and
trademarks, and obtaining any other forms of intellectual property protection in the United States and in other countries. For purposes of this Agreement, ‘“intellectual property” includes business ideas and methods, confidential
information, inventions, product designs, artwork, graphic designs (including, for example, catalog designs, in-store signage and posters), web page designs, audio/visual works, package designs, store interior and exterior designs, trademarks, and
any other works of authorship, any of which relates to the actual or anticipated business of the Control Group or results from or is suggested by any work performed by employees for or on behalf of the Control Group. 

  
 6 

 Notwithstanding any other provision of this Agreement, in the event of a breach or
threatened breach by Executive of any provision of this Section 14, Executive and WSI agree that WSI shall be entitled to injunctive and declaratory relief from a court of competent jurisdiction to restrain Executive from committing such breach
of this Agreement. 
 The provisions of this Section 14 shall survive the termination of Executive’s employment with
WSI; provided, however, that the provisions shall cease to apply after WSI’s uncured failure to fulfill its obligations to Executive under Section 2 of this Agreement after WSI is provided with written notice by Executive thereof and a
thirty day period in which to cure such alleged failure. 
 15.      In the event that Executive
is made a party to or is threatened to be made a party to or is involuntarily involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a “Proceeding”), by reason of the fact that she
was an officer of the Company or was serving (during such person’s tenure as officer) at the request of WSI, any other corporation, partnership, joint venture, trust or other enterprise in any capacity, whether the basis of a Proceeding is an
alleged action in an official capacity as an officer or in any other capacity while serving as an officer, shall be indemnified and held harmless by WSI to the fullest extent authorized by California Law, as the same exists or may hereafter be
amended (but, in the case of any such amendment, only to the extent that such amendment permits WSI to provide broader indemnification rights than said law permitted WSI to provide prior to such amendment), against all expenses, liability and loss
(including attorneys’ fees, judgments, fines, or penalties and amounts to be paid in settlement) reasonably incurred or suffered by Executive in connection therewith. The right to indemnification conferred in this Section 15 shall be a
contract right and shall include the right to be paid by WSI the expenses incurred in defending a Proceeding in advance of its final disposition; provided, however, that, if California Law requires, the payment of such expenses in advance of the
final disposition of a Proceeding shall be made only upon receipt by the corporation of an undertaking by or on behalf of Executive to repay all amounts so advanced if it shall ultimately be determined that she is not entitled to be indemnified
under this Section 15 or otherwise. No amendment to or repeal of this Section 15 shall apply to or have any effect on any right to indemnification provided hereunder with respect to any acts or omissions occurring prior to such amendment
or repeal. 
 If a claim for indemnity under paragraph (a) of this Section 15 is not paid in full by WSI within 90
days after a written claim has been received by WSI, Executive may at any time thereafter bring suit against WSI to recover the unpaid amount of the claim and, if successful in whole or in part, Executive shall also be entitled to be paid the
expense of prosecuting such claim including reasonable attorneys’ fees incurred in connection therewith. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending a Proceeding
in advance of its final disposition where the required undertaking, if any is required, has been tendered to the corporation) that Executive has not met the standards of conduct which make it permissible under California Law for WSI to indemnify
Executive for the amount claimed, but the burden of proving such defense shall be on WSI. Neither the failure of WSI (including the Board, independent legal counsel, or its shareholders) to have made a determination prior to the commencement of such
action that 

  
 7 

 
indemnification of Executive is proper in the circumstances because she has met the applicable standard of conduct set forth in California Law, nor an actual determination by WSI (including the
Board, independent legal counsel, or its shareholders) that Executive has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Executive has not met the applicable standard of conduct.

 The rights conferred in this Section 15 shall not be exclusive of any other rights which Executive may have or
hereafter acquire under any statute, provision of the Articles of Incorporation, bylaw, agreement, vote of shareholders or disinterested directors or otherwise, to the extent the additional rights to indemnification are authorized in the Articles of
Incorporation of the corporation. 
 16.      In consideration of this Agreement, Executive will
fully cooperate with WSI and its counsel as it relates, in any way, to any issue or matter that may arise as the subject of litigation or administrative inquiry, which occurred during her employment with or other services to WSI. Full cooperation
shall include, but not limited to, review of documents, attendance at meetings, trial or administrative proceedings, depositions, interviews, or production of documents to WSI without the need of the subpoena process. In addition, as a condition to
WSI executing this Agreement and providing the benefits hereunder, Executive agrees to cooperate in all matters relating to the transition of her employment (including with respect to internal and external communication plans) and other matters
reasonably requested by the Board of Directors of WSI, whether before or after the Separation Date. Such cooperation shall be at mutually convenient times and places, and be subject to reasonable reimbursement of Executive’s lost compensation
and expenses. 
 17.      This Agreement shall be binding upon and shall inure to the benefit of
the parties and their heirs, administrators, representatives, executors, successors and assigns. 

18.      This Agreement and all rights, duties and remedies hereunder shall be governed by and construed
and enforced in accordance with the laws of the State of California, without reference to its choice of law rules. Any party alleging breach of the Agreement shall pursue claims, if any, in arbitration under the commercial (and not the employment)
rules of the Judicial Arbitration and Mediation Services (JAMS). The Arbitrator shall be empowered to award the party prevailing in any such arbitration its fees and costs. Before the filing of such claims, the parties agree to engage in mediation,
in good faith with intent to attempt to resolve their disputes, through a mutually agreed upon mediator. 

19.      This Agreement sets forth the entire agreement between the parties hereto and fully supersedes any
and all prior agreements or understandings, written or oral, between the parties hereto pertaining to the subject matter hereof. Without limiting the foregoing, if there are any conflicts between this Agreement and the Employment Agreement, this
Agreement shall control. 
 20.      Executive and WSI shall each be responsible for payment of
their own respective fees, legal costs and related expenses, if any, incurred in connection with the matters resolved by this Agreement. 

  
 8 

 21.      Executive acknowledges and agrees that neither WSI
nor its advisors have made any representations to her regarding the tax consequences to Executive of any compensation or benefits subject to this Agreement. Such tax consequences are solely Executive’s responsibility. 

22.      This Agreement is intended to be exempt from or comply with the requirements of Section 409A
so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply.
Executive agrees to amend this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition to Executive under Section 409A, so long as such
amendment or action does not reduce Executive’s benefits hereunder. Without limiting Section 21 hereof, in no event will WSI reimburse Executive for any taxes that may be imposed on Executive as a result of Section 409A. 

23.      Executive warrants that she has been advised to review this Agreement with legal counsel and that
she has been supplied with, has read and has had an opportunity to discuss the terms of this Agreement with her attorneys. Executive further warrants that she fully understands the contents and effect of this document, approves and accepts the terms
and provisions of this Agreement, agrees to be bound thereby, and signs the same of her own free will. Executive has twenty-one days to review the Agreement, although she need not take all of that time, and shall have seven (7) days after she
signs this Agreement to reconsider and revoke this Agreement. Any revocation of this Agreement by Executive following her execution of this Agreement must be in writing and delivered to Linda Lewis, whose address is 3250 Van Ness Avenue, San
Francisco, CA 94109 no later than the close of business of the seventh (7th) day following Executive’s execution of this Agreement. Provided no revocation is delivered, the Effective Date of this Agreement shall be the day after the
expiration of the revocation period or the day of notice by WSI that the condition has been removed, whichever is later. 

[Signature Page Follows] 

  
 9 

 Agreed to this 7th day of March, 2012. 

 

			
		
	   /s/ Sharon McCollam
	 	     /s/ Laura Alber

	Sharon McCollam	 	 By: Laura Alber
 Williams-Sonoma, Inc.

  
 10

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