Document:

Exhibit 10.03

FORM
OF

AMENDED
AND RESTATED

SELLING AGREEMENT

JWH
GLOBAL TRUST

(A DELAWARE BUSINESS TRUST)

Dated as of September          2007

TABLE OF CONTENTS

	
  SECTION 1.

  	
   

  	
  REPRESENTATIONS
  AND WARRANTIES OF THE MANAGING OWNER.

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
   

  	
  REPRESENTATIONS
  AND WARRANTIES OF THE LEAD SELLING AGENT.

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
   

  	
  REPRESENTATIONS
  AND WARRANTIES OF THE FUTURES BROKER.

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
   

  	
  REPRESENTATIONS
  AND WARRANTIES OF JWH.

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
   

  	
  OFFERING AND
  SALE OF UNITS.

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
   

  	
  COVENANTS
  OF THE MANAGING OWNER.

  	
  15

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
   

  	
  COVENANTS OF JWH.

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
   

  	
  PAYMENT OF
  EXPENSES AND FEES.

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
   

  	
  CONDITIONS OF
  CLOSING.

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
   

  	
  INDEMNIFICATION
  AND EXCULPATION.

  	
  23

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
   

  	
  STATUS OF PARTIES.

  	
  26

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
   

  	
  REPRESENTATIONS,
  WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY.

  	
  26

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 13.

  	
   

  	
  TERMINATION.

  	
  26

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 14.

  	
   

  	
  ASSIGNMENT.

  	
  27

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 15.

  	
   

  	
  NOTICES AND
  AUTHORITY TO ACT.

  	
  27

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  16.

  	
   

  	
  PARTIES.

  	
  27

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 17.

  	
   

  	
  GOVERNING LAW.

  	
  28

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 18.

  	
   

  	
  REQUIREMENTS OF
  LAW.

  	
  28

  

 

 i

JWH GLOBAL TRUST

(A DELAWARE
BUSINESS TRUST)

(SUBSCRIPTION PRICE:

NET ASSET VALUE
PER UNIT)

FORM OF

AMENDED AND
RESTATED SELLING AGREEMENT

as of September         2007

R.J. O’Brien Securities LLC.

222 S Riverside Plaza  Suite 900t

Chicago,
IL 60606

Dear
Sirs:

R.J. O’Brien Fund
Management, LLC., a Delaware Limited Liability Company (referred to herein in
its corporate capacity and as managing owner as (“RJOFM” or “Managing Owner”),
became the managing owner on November 30, 2006, to the JWH Global Trust (the “Trust”),
which was formed pursuant to the Business Trust Act (12 DEL. C. Section 3801 et
seq.) of the State of Delaware on November 12,1996 for the purpose of engaging
in speculative trading of futures contracts on currencies, interest rates,
energy, and agricultural products, metals and stock indices; options on such
futures contracts; and spot and forward contracts on currencies and precious
metals.

The Trust entered into a
trading advisory agreement (the “Trading Advisory Agreement”) with John W.
Henry & Company, Inc., a Florida corporation (“JWH”), pursuant to which the
Trust engages in speculative trading under the direction of JWH pursuant to JWH’s
Financial and Metals Portfolio, International Foreign Exchange Portfolio, JWH
Global Analytics®, Global Diversified Portfolio , and, possibly in the future,
other programs selected by the Managing Owner with the Agreement of JWH (the “JWH
Trading Programs”).

R.J. O’Brien Securities LLC,
a limited liability company formed under the laws of the State of  Delaware, acts as the lead selling agent for
the Trust (the “Lead Selling Agent”) pursuant to this Agreement.  Other selling agents (each an “Additional
Selling Agent” and collectively, the “Additional Selling Agents”) may be
selected by the Lead Selling Agent (including those introduced by wholesalers (“Wholesalers”)),
with the consent of the Managing Owner, in accordance with the terms of this
Agreement.  Forms of the Additional
Selling Agent agreement (the “Additional Selling Agent Agreement”) and, in the
case of Wholesalers introducing Additional Selling Agents, a wholesaling
agreement (the “Wholesaling Agreement”) shall be in substantially the same form
as this Agreement.   In addition, the
Additional Selling Agents may also, with the consent of the Lead Selling Agent
and Managing Owner, distribute units of beneficial interests in the Trust
through the use of introducing broker correspondents (“Correspondents”). The
selling agent agreement with the Correspondent (the “Correspondent Selling
Agreement”) shall be in substantially the same form as this Agreement.

In addition, RJO O’Brien
& Associates, LLC, a Delaware Limited Liability Company, (“Futures Broker”)
an affiliate of RJOFM, pursuant to a customer agreement with the Trust, dated
September 27, 2006 (the “Customer Agreement”), acts as futures broker for the
Trust and as principal

with respect to certain “exchange
of futures for physical” transactions, the Trust’s forward and spot currency
trades and the Trust’s precious metals transactions.

SECTION 1.                                REPRESENTATIONS AND WARRANTIES OF THE
MANAGING OWNER AND THE TRUST

Each of the Managing Owner and the Trust severally as
applicable to itself (and in the case of RJOFM as applicable to the Trust)
represents and warrants as of the date hereof to JWH, the Lead Selling Agent
and the Futures Broker, as follows:

(a)                                  CIS Investments, Inc.
and Refco Commodity Management Inc. (the “Prior Managing Owners”) preceded the
Managing Owner as managing owner to the Trust and, as such, the Managing Owner
makes no representations as to (a)(i)-(xiii), 
below.  The Prior Managing Owners
are believed to have filed with respect to (a)(i)-(xiii) and the Managing Owner
with respect to (a)(xiv) has filed with the Securities and Exchange Commission
(the “SEC”) under the Securities Act of 1933, as amended (the “1933 Act”), and
the rules and regulations promulgated by the SEC thereunder (the “SEC
Regulations”):

(i)                         on August 19, 1997, relating
to the registration of $75,000,000 in units in the Trust (together, with all
subsequently registered units, the “Units), as amended by Amendment No. 1
thereto filed on September 24, 1997 relating to the registration of an
additional $80,000,000 in Units, which registrations of $155,000,000 in Units
were declared effective by the SEC on September 24, 1997 (SEC File No.
333-33937) (the “1997 Registration”);

(ii)                      on June 5, 1998, Post-Effective
Amendment No. 1 to the 1997 Registration on Form S-1 was filed with the SEC and
declared effective by the SEC shortly thereafter;

(iii)                   on March 9, 1999, Post-Effective
Amendment No. 2 to the 1997 Registration on Form S-1 was filed with the SEC and
declared effective by the SEC on March 31, 1999;

(iv)                  on November 29, 1999, Post-Effective
Amendment No. 3 to the 1997 Registration on Form S-1 was filed with the SEC and
declared effective by the SEC on January 3, 2000;

(v)                     on September 18, 2000,
Post-Effective Amendment No. 4 to the 1997 Registration on Form S-1 was filed
with the SEC and declared effective by the SEC shortly thereafter;

(vi)                  on May 29, 2001, Post-Effective
Amendment No. 5 to the 1997 Registration on Form S-1 was filed with the SEC;
and declared effective by the SEC on July 3, 2001;

 2
 

(vii)               on March 12, 2002, Post-Effective
Amendment No. 6 to the 1997 Registration on Form S-1 was filed with the SEC and
declared effective by the SEC shortly thereafter;

(viii)            on December 5, 2002, Post-Effective
Amendment No. 7 to the 1997 Registration on Form S-1 was filed with the SEC and
declared effective by the SEC on January 3, 2003;

(ix)                     on May 15, 2003, a registration
statement on Form S-1, for the registration of an additional $300,000,000 in
Units was filed with the SEC and declared effective by the SEC on July 2, 2003
(SEC File No. 333-105282) (the “2003 Registration”);

(x)                       on February 7, 2004,
Post-Effective Amendment No. 1 to the 2003 Registration Statement on Form S-1
was filed with the SEC and declared effective by the SEC on April 2, 2004;

(xi)                    On October 6, 2004, a registration
statement on Form S-1, for the registration of an additional $500,000,000 in
Units, was filed with the SEC and was declared effective by the SEC on November
1, 2004 (SEC File No. 333-119560) (the “2004 Registration “);

(xii)                 on June 24, 2005, Post-Effective
Amendment No. 1 to the 2004 Registration Statement on Form S-1 was filed with
the SEC and declared effective by the SEC shortly thereafter;

(xiii)               on July 12, 2005, Post-Effective
Amendment No. 2 to the 2004 Registration Statement on Form S-1 was filed with
the SEC, which was declared effective August 1, 2005; and

(xiv)             on September 19, 2007, a registration
statement on Form S-1 for the registration of an additional $81,120,000 in
Units was filed with the SEC and declared effective on _____________, 2007,
which registration statement also operated as a post-effective amendment to the
previously filed registration statements.

(b)                                 Copies of the
preliminary prospectus contained in each of the Registration Statements
referred to in Sections 1(a)(i) - (xiv) above and copies of the final
prospectuses thereto have also been, or will be, filed with (i) the Commodity
Futures Trading Commission (the “CFTC”) under the Commodity Exchange Act (the “Commodity
Act”) and the rules and regulations promulgated thereunder by the CFTC (the “CFTC
Rules”); and (ii) the National Futures Association (the “NFA”) in accordance
with NFA Compliance Rule 2-13.  Copies of
each of the Registration Statements referred to in Sections 1(a)(i) - (xiv)
have also been filed with the Financial Industry Regulatory Authority “FINRA”)
pursuant to its Conduct Rules.

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(c)                                  The Registration
Statement referred to in Section 1(a)(xiv) and the prospectus included therein
are hereinafter called the “Registration Statement” and the “Prospectus,”
respectively, except that if the Trust files a post-effective amendment to the
Registration Statement, then the term “Registration Statement” shall, from and
after the filing of each such amendment, refer to the applicable Registration
Statement, as amended by such amendment, and the term “Prospectus” shall refer
to the amended prospectus then on file with the SEC as part of the applicable
Registration Statement; and if a prospectus as first issued in compliance with
the SEC Regulations shall differ from the prospectus on file at the time the
applicable Registration Statement or any amendment thereto shall have become
effective, the term “Prospectus” shall refer to the prospectus most recently so
issued from and after the date on which it shall have been issued, including
any amendment or supplement thereto. The Trust will not file any amendment to
the Registration Statement or any amendment or supplement to the Prospectus
unless the Lead Selling Agent has received reasonable prior notice of and a
copy of such amendments or supplements and has not reasonably objected thereto
in writing.

(d)                                 The Trust will not
utilize any promotional brochure or other marketing materials (collectively, “Promotional
Material”), including “Tombstone Ads” or other communications qualifying under
Rule 134 of the SEC Regulations, which are reasonably objected to by the Lead Selling
Agent. No reference to the Lead Selling Agent may be made in the Registration
Statement, Prospectus or in any Promotional Material which has not been
approved by the Lead Selling Agent, which approval the Lead Selling Agent may
withhold in its reasonable discretion. No reference to JWH may be made in the
Registration Statement, Prospectus or in any Promotional Material which has not
been approved in writing by JWH, which approval JWH may withhold in its
reasonable discretion. The Trust will file all Promotional Material with FINRA,
and will not use any such Promotional Material to which FINRA has not stated in
writing that it has no objections.

(e)                                  The Certificate of
Trust pursuant to which the Trust has been formed (the “Certificate of Trust”)
and the Trust’s Declaration and Agreement of Trust (the “Declaration and
Agreement of Trust”) each provides for the subscription for and sale of the
Units; all action required to be taken by the Managing Owner and the Trust as a
condition to the continued sale of the Units to qualified subscribers therefore
has been, or prior to the Subsequent Closing Times, as defined in Section 5(a)
hereof, will have been taken; and, upon payment of the consideration therefore
specified in all accepted Subscription Agreements and Powers of Attorney, the
Units will constitute valid beneficial interests in the Trust.

(f)                                    The Trust is a
business trust duly organized pursuant to the Certificate of Trust, the
Declaration and Agreement of Trust and the Trust Act and validly existing under
the laws of the State of Delaware with full power and authority to engage in
the trading of futures, options on futures, and spot/forward contracts, as

 4
 

described in the Prospectus; the Trust has filed a certificate of
assumed name in the State of Illinois as provided by 805 I.L.C.S. 405/1.

(g)                                 RJOFM is duly
organized and validly existing and in good standing as a Limited Liability
Company under the laws of the State of Delaware and in good standing as a
foreign corporation in each other jurisdiction in which the nature or conduct
of its businesses requires such qualification and the failure to so qualify
would materially adversely affect the Trust’s or the Managing Owner’s ability
to perform their obligations hereunder.

(h)                                 The Trust and RJOFM
have proper power and authority under applicable law to perform their
respective obligations under the Declaration and Agreement of Trust, the Escrow
Agreement relating to the offering of the Units (the “Escrow Agreement”), the
Customer Agreement, the Trading Advisory Agreement and this Agreement, as
described in the Registration Statement and Prospectus.

(i)                                     The Registration
Statement and Prospectus contain all statements and information required to be
included therein by the Commodity Act and the rules and regulations thereunder.
When the Registration Statement becomes effective under the 1933 Act, the
Registration Statement and Prospectus will have complied in all material
respects with the requirements of the 1933 Act, the Commodity Act and the rules
and regulations under such Acts. The Registration Statement as of its most
recent effective date will not contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading. The Prospectus as of its most
recent date of issue will not contain an untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in
light of the circumstances under which such statements were made, not
misleading. This representation and warranty shall not, however, apply to any
statement or omission in the Registration Statement or Prospectus made in
reliance upon and in conformity with information relating to JWH and furnished
or approved in writing by JWH; or with respect to any information contained in
the prior versions of the Registration Statements and Prospectuses, referenced
in (a)(i)—(xiii), above.

(j)                                     With respect to
RJOFM, KPMG LLP are the accountants who audited the financial statements filed
with the SEC as part of the Registration Statement.  They are the independent public accountants
with respect to the Managing Owner as required by the 1933 Act and the SEC
Regulations; and with respect to the Trust, CF & Co, LLP are the accountants
who audited the financial statements filed with the SEC as part of the
Registration Statement and are the independent public accountants with respect
to the Trust as required by the 1933 Act and the SEC Regulations.

(k)                                  The financial
statements filed as part of the Registration Statement and those included in
the Prospectus present fairly the financial position of the Trust and of the
Managing Owner as of the dates indicated; and said financial statements have
been prepared in conformity with generally accepted accounting principles

 5
 

(as described therein), or, in the case of unaudited financial
statements, in substantial conformity with generally accepted accounting
principles, applied on a basis which is consistent in all material respects for
each balance sheet date presented.

(l)                                     Since the date as
of which information is given in the Registration Statement and the Prospectus,
there has not been any material adverse change not already known in the
condition, financial or otherwise, of the Managing Owner or the Trust, whether
or not arising in the ordinary course of business.

(m)                               The Managing Owner at
each Subsequent Closing Time will have a net worth sufficient in amount and
satisfactory in form, for classification of the Trust as a partnership for
federal income tax purposes under current interpretations of the Internal
Revenue Code of 1954 and the Internal Revenue Code of 1986, as amended
(collectively, the “Code”), and the regulations thereunder.

(n)                                 The Trading Advisory
Agreement, the Declaration and Agreement of Trust, the Escrow Agreement and
this Agreement have each been duly and validly authorized, executed and
delivered by each Managing Owner signatory thereto for itself and on behalf of
the Trust, and each constitutes a legal, valid and binding agreement of the
Trust and the Managing Owner signatory thereto enforceable in accordance with
its terms. The Customer Agreement has been duly and validly authorized,
executed and delivered by RJOFM on behalf of the Trust.

(o)                                 The execution and
delivery of the Declaration and Agreement of Trust, the Escrow Agreement, the
Customer Agreement, the Trading Advisory Agreement and this Agreement, the
incurrence of the obligations set forth in each of such agreements and the
consummation of the transactions contemplated therein and in the Prospectus do
not and will not constitute a breach of, or default under, any instrument by
which either the Managing Owner or the Trust, as the case may be, is bound or
any order, rule or regulation applicable to the Managing Owner or the Trust of
any court or any governmental body or administrative agency having jurisdiction
over the Managing Owner or the Trust.

(p)                                 There is not pending,
or, to the Managing Owner’ knowledge threatened, any action, suit or proceeding
before or by any court or other governmental body to which the Managing Owner
or the Trust is a party, or to which any of the assets of the Managing Owner or
the Trust is subject, which is not referred to in the Prospectus or which is
not otherwise known, and which might reasonably be expected to result in any
material adverse change in the condition (financial or otherwise), of the
Managing Owner or the Trust or is required to be disclosed in the Prospectus
pursuant to applicable CFTC Rules. The Managing Owner has not received any
notice of an investigation or warning letter from NFA or the CFTC regarding
non-compliance by the Managing Owner with the Commodity Act or the regulations
thereunder.

 6
 

(q)                                 The Managing Owner has
all federal and state governmental, regulatory and commodity exchange approvals
and licenses, and has effected all filings and registrations with federal and
state governmental agencies required to conduct its businesses and to act as
described in the Registration Statement and Prospectus or required to perform
its obligations as described under the Declaration and Agreement of Trust and
this Agreement (including, without limitation, registration as a commodity pool
operator under the Commodity Act and membership in NFA as a commodity pool
operator), and the performance of such obligations will not contravene or
result in a breach of any provision of its certificate of incorporation,
by-laws or any agreement, order, law or regulation binding upon it. The
principals of the Managing Owner identified in the Registration Statement are
all of the principals of the Managing Owner, as “principals” is defined by CFTC
Rules. Such principals are duly listed as such on the Managing Owner’s
commodity pool operator Form 7-R registration.

(r)                                    The Trust does not
require any federal or state governmental, regulatory or commodity exchange
approvals or licenses, or need to effect any filings or registrations with any
federal or state governmental agencies in order to conduct its businesses and
to act as contemplated by the Registration Statement and Prospectus and to
issue and sell the Units (other than filings relating solely to the offering of
the Units), and to trade in the commodity markets.

SECTION 2.                                REPRESENTATIONS
AND WARRANTIES OF THE LEAD SELLING AGENT.

The Lead Selling Agent represents and warrants to the
Trust, the Managing Owner, JWH and the Futures Broker, as follows:

(a)                                  The Lead Selling
Agent is a limited liability company duly organized and validly existing and in
good standing under the laws of the State of Delaware and in good standing and
qualified to do business in the State of Illinois and in each other
jurisdiction in which the nature or conduct of its business requires such
qualification and the failure to be duly qualified would materially adversely
affect the Lead Selling Agent’s ability to perform its obligations hereunder.
The Lead Selling Agent has full corporate power and authority to perform its
obligations under this Agreement and as will be described in the Registration
Statement and Prospectus.

(b)                                 All references to the
Lead Selling Agent and its principals as will be in the Registration Statement
and Prospectus will be accurate and complete in all material respects. As to
the Lead Selling Agent and its principals (i) the Registration Statement (with
respect to the information relating to the Lead Selling Agent furnished to the
Managing Owner) as of its effective date did not and will not contain any
misleading or untrue statement of a material fact or omit to state a material
fact which is required to be stated therein or necessary to make the statements
therein not misleading and (ii) the Prospectus (as approved in pertinent part
by the Lead Selling Agent) at its date of issue did not and will not contain
any untrue statement of a material fact or omit to state a

 7
 

material fact necessary to make the statements therein not misleading,
in light of the circumstances under which such statements were made.

(c)                                  The Lead Selling
Agent has, or, at the date of this Agreement, is in the process of acquiring all
federal and state governmental, regulatory and exchange licenses and approvals,
and has effected all filings and registrations with federal and state
governmental and regulatory agencies required to conduct its business and to
act as described in the Registration Statement and Prospectus or required to
perform its obligations under the this Agreement (including, without
limitation, membership of the Lead Selling Agent as a dealer in FINRA), and the
performance of such obligations will not violate or result in a breach of any
provision of the Lead Selling Agent’s organizational documents, by-laws or any
agreement, instrument, order, law or regulation binding upon the Lead Selling
Agent.

(d)                                 This Agreement has
been duly authorized, executed and delivered by the Lead Selling Agent, and
this Agreement constitutes a valid, binding and enforceable agreement of the
Lead Selling Agent in accordance with its terms.

(e)                                  The execution and
delivery of this Agreement, the incurrence of the obligations set forth herein and
therein and the consummation of the transactions contemplated herein and
therein and in the Prospectus did not and will not constitute a breach of, or
default under, any instrument by which the Lead Selling Agent is bound or any
order, rule or regulation applicable to the Lead Selling Agent of any court or
any governmental body or administrative agency having jurisdiction over the
Lead Selling Agent.

SECTION 3.                                REPRESENTATIONS
AND WARRANTIES OF THE FUTURES BROKER.

The Futures Broker represents and warrants to the
Trust, the Managing Owner, JWH and the Lead Selling Agent, as follows:

(a)                                  The Futures Broker is
a Limited Liability Company duly organized and validly existing and in good
standing under the laws of the State of Delaware and in good standing and
qualified to do business in the State of Illinois and in each other
jurisdiction in which the nature or conduct of its business requires such
qualification and the failure to be duly qualified would materially adversely
affect the Futures Broker’s ability to perform its obligations hereunder or
under the Customer Agreement. The Futures Broker has full corporate power and
authority to perform its obligations under the Customer Agreement and this
Agreement and as described in the Registration Statement and Prospectus.

(b)                                 All references to the
Futures Broker and its principals in the Registration Statement and Prospectus
will be accurate and complete in all material respects, and set forth in all
material respects the information required to be disclosed therein under the
Commodity Act and the rules and regulations thereunder. As to the Futures
Broker and its principals (i) the Registration Statement and

 8
 

Prospectus will contain all statements and information required to be
included therein under the Commodity Act and the rules and regulations
thereunder, (ii) the Registration Statement (with respect to the information
relating to the Futures Broker furnished to the Managing Owner) as of its
effective date did not and will not contain any misleading or untrue statement
of a material fact or omit to state a material fact which is required to be
stated therein or necessary to make the statements therein not misleading and
(iii) the Prospectus (as approved in pertinent part by the Futures Broker) at
its date of issue did not and will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein not misleading, in light of the circumstances under which such
statements were made.

(c)                                  The Futures Broker has
all federal and state governmental, regulatory and commodity exchange licenses
and approvals, and has effected all filings and registrations with federal and
state governmental and regulatory agencies required to conduct its business and
to act as described in the Registration Statement and Prospectus or required to
perform its obligations under the Customer Agreement, the Trading Advisory
Agreement and this Agreement including, without limitation, registration of the
Futures Broker as a futures commission merchant under the Commodity Act and
membership of the Futures Broker as a futures commission merchant in NFA, and
the performance of such obligations will not violate or result in a breach of
any provision of the Futures Broker’s certificate of incorporation, by-laws or
any agreement, instrument, order, law or regulation binding upon the Futures
Broker.

(d)                                 Each of the Customer
Agreement and this Agreement has been duly authorized, executed and delivered
by the Futures Broker, and this Agreement constitutes a valid, binding and
enforceable agreement of the Futures Broker in accordance with its terms.

(e)                                  Since the respective
dates as of which information will be given in the Registration Statement and
the Prospectus, except as may otherwise be stated in or contemplated by the
Registration Statement and the Prospectus, there has not been any material
adverse change in the condition, financial or otherwise, business or prospects
of the Futures Broker, whether or not arising in the ordinary course of business.

(f)                                    In the ordinary
course of its business, the Futures Broker is engaged in civil litigation and
subject to administrative proceedings. Neither the Futures Broker nor any of
its principals have been the subject of any administrative, civil, or criminal
actions within the five years preceding the date hereof that would be material
to an investor’s decision to purchase the Units which are not disclosed in the
Prospectus.

(g)                                 The execution and
delivery of this Agreement and the Customer Agreement, the incurrence of the
obligations set forth herein and therein and the consummation of the
transactions contemplated herein and therein and in the Prospectus did not and
will not constitute a breach of, or default under, any instrument by

 9
 

which the Futures Broker is bound or any order, rule or regulation
applicable to the Futures Broker of any court or any governmental body or
administrative agency having jurisdiction over the Futures Broker.

SECTION 4.                                REPRESENTATIONS
AND WARRANTIES OF JWH.

JWH represents and warrants to the Trust, the Lead
Selling Agent, the Managing Owner and the Futures Broker as follows:

(a)                                  JWH is a corporation
duly organized and validly existing and in good standing under the laws of the
State of Florida and in good standing as a foreign corporation in each other
jurisdiction in which the nature or conduct of its business requires such
qualification and the failure to be duly qualified would materially affect JWH’s
ability to perform its obligations under this Agreement and the Trading Advisory
Agreement. JWH has full corporate power and authority to perform its
obligations under this Agreement, and the Trading Advisory Agreement as
described in the Registration Statement and Prospectus.

(b)                                 All references to JWH
and its principals, and its trading systems, methods and performance in the
Registration Statement and the Prospectus are accurate and complete in all
material respects. As to JWH, each of the principals of JWH, the JWH trading
programs, and JWH’s trading systems, strategies and performance, (i) the
Registration Statement and Prospectus contain all statements and information
required to be included therein under the Commodity Act and the rules and
regulations thereunder, (ii) the Registration Statement (with respect to the
information relating to JWH furnished to the Managing Owner) as of its
effective date did not contain any misleading or untrue statement of a material
fact or omit to state a material fact which is required to be stated therein or
necessary to make the statements therein not misleading and (iii) the
Prospectus (as approved in pertinent part by JWH) at its date of issue did not
and will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein not misleading, in light
of the circumstances under which such statements were made. Except as otherwise
disclosed in the Prospectus or identified in writing to the Managing Owner on
or prior to the date hereof, the actual performance of each discretionary
account directed by JWH or any principal or affiliate of JWH for the periods
covered by the performance summaries set forth in the Prospectus is disclosed
in accordance with the requirements of the Commodity Act and the rules and
regulations thereunder (or as otherwise permitted by the Staff of the Division
of Clearing and Intermediary Oversight of the CFTC). The information,
performance summaries and monthly rates of return relating to the performance
of JWH comply in all material respects with the disclosure requirements of the
rules and regulations of the CFTC under the Commodity Act. The performance
records in the Prospectus (as applicable to JWH) have been calculated in the
manner set forth in the notes thereto.

(c)                                  The Trading Advisory
Agreement and this Agreement have each been duly and validly authorized,
executed and delivered on behalf of JWH and each

 10
 

constitutes a valid, binding and enforceable agreement of JWH in
accordance with its terms.

(d)                                 JWH has all federal
and state governmental, regulatory and commodity licenses and approvals and has
effected all filings and registrations with federal and state governmental and
regulatory agencies required to conduct its business and to act as described in
the Registration Statement and Prospectus or required to perform its
obligations under this Agreement and the Trading Advisory Agreement (including,
without limitation, registration of JWH as a commodity trading advisor under
the Commodity Act and membership of JWH as a commodity trading advisor in NFA),
and the performance of such obligations will not violate or result in a breach
of any provision of JWH’s Certificate of Incorporation, by-laws or any
agreement, instrument, order, law or regulation binding on JWH. The principals
of JWH are duly listed as such on JWH’s commodity trading advisor Form 7-R
registration.

(e)                                  Management by JWH of
an account for the Trust in accordance with the terms hereof and of the Trading
Advisory Agreement, and as described in the Prospectus, did not and will not
require any registration under, or violate any of the provisions of, the
Investment Advisers Act of 1940, as amended.

(f)                                    Neither JWH nor any
principal of JWH will use or distribute any preliminary prospectus, Prospectus,
amended or supplemented Prospectus Promotional Material or selling literature,
nor engage in any selling activities whatsoever in connection with the offering
of the Units, except as may be requested by the Managing Owner pursuant to
Section 7(c) of this Agreement.

(g)                                 Since the respective
dates as of which information is given in the Registration Statement and the
Prospectus, except as may otherwise be stated in or contemplated by the
Registration Statement and the Prospectus, there has not been any material
adverse change in the condition, financial or otherwise, business or prospects
of JWH, whether or not arising in the ordinary course of business.

(h)                                 The execution and
delivery of this Agreement and the Trading Advisory Agreement, the incurrence
of the obligations herein and therein set forth and the consummation of the
transactions contemplated herein and therein and in the Prospectus did not and
will not constitute a breach of, or default under, any instrument by which JWH
is bound or any order, rule or regulation applicable to JWH of any court or any
governmental body or administrative agency having jurisdiction over JWH.

(i)                                     Except as
disclosed in the Registration Statement and Prospectus, there is not pending,
or to the best of JWH’s knowledge threatened, any action, suit or proceeding
before or by any court or other governmental body to which JWH is a party, or
to which any of the assets of JWH is subject, which might reasonably be
expected to result in any material adverse change in the condition, financial
or otherwise, business or prospects of JWH. JWH has not received any notice of

 11
 

an investigation or warning letter from NFA or the CFTC regarding
non-compliance by JWH with the Commodity Act or the regulations thereunder.

(j)                                     JWH has not
received, and is not entitled to receive, directly or indirectly, any
commission, finder’s fee, similar fee or rebate from any person in connection
with the organization or operation of the Trust.

SECTION
5.                                OFFERING AND SALE OF UNITS.

(a)                                  The Lead Selling
Agent is hereby appointed the principal selling agent of the Trust during the
term specified for the purpose of finding acceptable Additional Selling Agents
that are duly registered as a broker-dealer in each jurisdiction in which such
broker-dealer will markets Units.  Units
may be sold as of the close of business on the last day of each monthon a
continuous basis until the maximum amount of Units that are registered are sold
(the “Offering Period”; such subsequent sale dates being hereinafter referred
to as “Subsequent Closing Times”). The Managing Owner may terminate the
Offering Period at any time  subject to
the performance by the Managing Owner of all its obligations to be performed
hereunder, and to the completeness and accuracy in all material respects of all
the representations and warranties of the Managing Owner and JWH contained
herein, the Lead Selling Agent hereby accepts such agency and agrees on the
terms and conditions herein set forth to use its best efforts during the
Offering Period to retain qualified Additional Selling Agents to procure
subscribers for the Units at the current net asset value (the “Net Asset Value”)
per Unit, with each such subscriber procured by said Additional Selling Agents
being required to subscribe for at least $5,000 of Units, $2,000 of Units in
the case of trustees or custodians of eligible employee benefit plans and
individual retirement accounts and $1,000 of Units in the case of existing
holders of Units (“Unitholders”).  It is
understood that the Lead Selling Agent’s agreement to use its best efforts to
find acceptable Additional Selling Agents for the Units shall not prevent it
from acting in a similar capacity for the securities of other issuers which may
be offered or sold during the Offering Period. The agency of the Lead Selling
Agent hereunder shall continue, subject to the provisions of Section 13 of this
Agreement, for such period as the Lead Selling Agent and the Managing Owner
shall agree upon.

(b)                                 No selling commissions
will be paid from the proceeds of sales of Units. The Lead Selling Agent will
compensate its own duly licensed registered representatives (the “Registered
Representatives”) pursuant to the Lead Selling Agent’s standard compensation
procedures. The Managing Owner will pay the Lead Selling Agent a success fee
equal to 0.12% of assets raised by the Additional Selling Agents, payable
monthly in arrears. The Lead Selling Agent will cause the Managing Owner in its
capacity as the paying agent or the paying agent’s designee to pay Additional
Selling Agents selling commissions of up to 3% of the Net Asset Value of each
Unit sold by the Registered Representative of each such Additional Selling
Agent. In the case of an Additional Selling Agent introduced by a Wholesaler,
the Lead Selling Agent will cause the

 12
 

paying agent or the paying agent’s designee to pay such Wholesaler a
portion of the up to 3% per Unit selling commissions depending upon the
Wholesaler’s arrangement with the Additional Selling Agent. The Lead Selling
Agent will cause ongoing compensation to be paid, of up to 3% per annum of the
month-end Net Asset Value of the Units attributable to Units sold by a
Registered Representative of the Additional Selling Agent which remain
outstanding for more than twelve months (including the month as of the end of
which such Unit is redeemed) to the Registered Representative who, at the time
such payment is made, has agreed to provide the additional services described
below, is registered with the CFTC and has satisfied all applicable proficiency
requirements (including those imposed by FINRA as a condition of receiving “trailing
commissions”) by either passing the Series 3 National Commodity Futures Exam or
the Series 31 exam or being “grandfathered” from having to do so. In the case
of an Additional Selling Agent introduced by a Wholesaler who meets the eligibility
requirements for receipt of ongoing compensation, the Lead Selling Agent will
cause the paying agent or the paying agent’s designee to pay a portion of the
up to 1/4 of 1% monthly ongoing compensation to the Wholesaler depending upon
the Wholesaler’s arrangement with the Additional Selling Agent.

(c)                                  The ongoing
compensation described in the foregoing shall only be paid to any otherwise
eligible Registered Representatives, provided that the Additional Selling Agent
with which such Registered Representative is associated continues at the time
of such payment to be registered with the CFTC as a futures commission merchant
or introducing broker and continues to be a member in good standing of NFA in
such capacity, and is contingent upon the provision by a Registered
Representative (duly registered and qualified at the time of such payment as to
proficiency with the CFTC and NFA as described above) who sold outstanding
Units in his capacity as a registered representative of the Additional Selling
Agent of additional services in connection with such Units, including: (i)
inquiring of the Managing Owner from time to time, at the request of an owner
of such Units, as to the Net Asset Value of a Unit; (ii) inquiring of the
Managing Owner from time to time, at the request of an owner of such Units,
regarding the commodities markets and the Trust; (iii) assisting, at the
request of the Managing Owner, in the redemption of Units sold by such
Registered Representative; and (iv) providing such other services to the owners
of such Units as the Managing Owner may, from time to time, reasonably request.

(d)                                 Ongoing compensation
shall be paid only in respect of Units sold by Registered Representatives who
are eligible to receive such ongoing compensation as described above. No
ongoing compensation whatsoever shall be paid on any Units sold by Registered
Representatives not eligible to receive such ongoing compensation at the time
of payment. With respect to particular Units substitute Registered
Representatives who are appropriately registered and who agree in writing to
perform the services described in this Section 5(b) above with respect

 13
 

to such Units (“Substitute Registered Representatives”) may also
receive ongoing compensation with respect to such Units Such ongoing compensation
shall be paid monthly.

(e)                                  In the event that the
payment of ongoing compensation is restricted by FINRA, the payment of such
ongoing compensation shall be limited to the maximum amount permissible
pursuant to such restrictions, which is the case with respect to all Units
registered subsequent to October 2004.

(f)                                    In respect of
Correspondents selected by an Additional Selling Agent (with the consent of the
Managing Owner and the Lead Selling Agent), the Lead Selling Agent shall cause
the paying agent or the paying agent’s designee to pay such Additional Selling
Agent selling commissions and ongoing compensation or installment sales
commissions as set forth above, a portion (as agreed between such Additional
Selling Agent and each such Correspondent) of which shall be passed on by the
Additional Selling Agent to such Correspondents.

(g)                                 Ongoing compensation
which cannot be paid because an Additional Selling Agent or a Correspondent (or
a Registered Representative of either) has not met the eligibility requirements
shall be retained by the paying agent.

(h)                                  The Lead Selling
Agent will use its best efforts to find eligible Additional Selling Agents to
market the Units on the terms stated herein and in the Registration Statement
and Prospectus. It is understood that the Lead Selling Agent has no commitment
with regard to the appointment of Additional Selling Agents other than to use
its best efforts. In connection with the appointment of  Additional Selling Agents, the Lead Selling
Agent represents that it will comply fully with all applicable laws, and the
rules of FINRA, the SEC, the CFTC, state securities administrators and any
other regulatory body. In particular, and not by way of limitation, the Lead
Selling Agent represents and warrants that it is aware of FINRA Rule 2810
formerly Appendix F of FINRA Rules of Fair Practice) and that it will comply
fully with all the terms thereof in connection with the offering and sale of
the Units.  The Lead Selling Agent shall
cauuse the Additional Selling Agents that it shall appoint to  not execute any sales of Units from a
discretionary account over which it has control without prior written approval
of the customer in whose name such discretionary account is maintained.

(i)                                     The Lead Selling
Agent shall cause any Additional Selling Agents that it shall appoints to agree
not to recommend the purchase of Units to any subscriber unless the Additional
Selling Agent shall have reasonable grounds to believe, on the basis of
information obtained from the subscriber concerning, among other things, the
subscriber’s investment objectives, other investments, financial situation and
needs, that the subscriber is or will be in a financial position appropriate to
enable the subscriber to realize to a significant extent the benefits of the
Trust, including tax benefits described in the Prospectus; the subscriber has a
fair market net worth sufficient to sustain the risks inherent in participating
in the Trust, including loss of investment and lack of liquidity; and

 14
 

the Units are otherwise a suitable investment for the subscriber. The
Lead Selling Agent shall cause any Additional Selling Agent that it shall
appoint to maintain files of information disclosing the basis upon which the
AdditionalSelling Agent determined that the suitability requirements of Section
(b)(2) of FINRA Rule 2810 were met as to each subscriber (the basis for
determining suitability may include the Subscription Agreements and Powers of
Attorney and other certificates submitted by subscribers). The Lead Selling
Agent represents and warrants that it has reasonable grounds to believe, based
on information in the Prospectus and information to which the Lead Selling
Agent has otherwise had access from RJOFM, that all material facts relating to
an investment in the Units are adequately and accurately disclosed in the
Prospectus. In connection with making the foregoing representations and
warranties, the Lead Selling Agent further represents and warrants that it has,
among other things, examined the following sections in the Prospectus and
obtained such additional information from RJOFM regarding the information set
forth thereunder as the Lead Selling Agent has deemed necessary or appropriate
to determine whether the Prospectus adequately and accurately discloses all
material facts relating to an investment in the Trust and provides an adequate
basis to subscribers for evaluating an investment in the Units:

(i)                         “Summary”

(ii)                      “The Risks You Face”

(iii)                   “How the Trust Works”

(iv)                  “John W. Henry & Company, Inc.”

(v)                     “The Managing Owner”

(vi)                  “Charges”

(vii)               “Redemptions;

(viii)            Net Asset Value”

(ix)                    “Conflicts of Interest”

(x)                       “The Trust and the Trustee”

(xi)                    “Tax Consequences”

(xii)                 “Plan of Distribution”

(j)                                     In connection with
making the representations and warranties set forth in this paragraph, the Lead
Selling Agent has not relied on inquiries made by or on behalf of any other
parties.

(k)                                  The Lead Selling
Agent agrees to cause any Additional Selling Agents that it may appoint to  inform all prospective purchasers and
marketers of Units of all pertinent facts relating to the liquidity and
marketability of the Units as set forth in the Prospectus.

 15
 

(l)                                     None of the Lead
Selling Agent, the Trust or the Managing Owner shall, directly or indirectly,
pay or award any finder’s fees, commissions or other compensation to any person
engaged by a potential investor for investment advice as an inducement to such
advisor to advise the purchase of Units; provided, however, the normal sales
commissions payable to a registered broker-dealer or other properly licensed
person for selling Units shall not be prohibited hereby.

(m)                               All payments for
subscriptions shall be made by transfer of funds to the escrow account of the
Trust as described in the Prospectus, provided that any such arrangements, must
comply in all relevant respects with SEC Regulations 10b-9 and 15c2-4.

(n)                                 Upon the reasonable
request of the Lead Selling Agent, RJOFM agrees to cause its counsel to prepare
and deliver to the Lead Selling Agent a Blue Sky Survey which shall set forth,
for the guidance of the Lead Selling Agent, in which United States
jurisdictions the Units may be offered and sold. It is understood and agreed
that the Lead Selling Agent may rely, in connection with the offering and sale
of Units in any jurisdiction, on advice given by such counsel as to the
legality of the offer or sale of the Units in such jurisdiction, provided,
however, that the Lead Selling Agent and each Wholesaler, Additional Selling
Agent and Correspondent shall be responsible for compliance with all applicable
laws, rules and regulations with respect to the actions of its employees,
acting as such, in connection with sales of Units in any jurisdiction.

SECTION 6.                                COVENANTS
OF THE MANAGING OWNER.

(a)                                  The Managing Owner
will notify the Lead Selling Agent and JWH and confirm such notification in
writing (i) when any amendment to the Registration Statement shall have become
effective, (ii) of the receipt of any comments from the SEC, CFTC or any other
federal or state regulatory body with respect to the Registration Statement,
(iii) of any request by the SEC, CFTC or any other federal or state regulatory
body for any amendment to the Registration Statement or any amendment or
supplement to the Prospectus or for additional information relating thereto and
(iv) of the issuance by the SEC, CFTC or any other federal or state regulatory
body of any order suspending the effectiveness of the Registration Statement
under the 1933 Act, the CFTC registration or NFA membership of the Managing
Owner as a commodity pool operator, or the registration of Units under the Blue
Sky or securities laws of any state or other jurisdiction or any order or
decree enjoining the offering or the use of the then current Prospectus or of
the institution, or notice of the intended institution, of any action or
proceeding for that purpose.

(b)                                 The Managing Owner
will deliver to the Lead Selling Agent, as soon as available, a signed copy of
each amendment to the Registration Statement as originally filed and the
exhibits thereto, and will also deliver to the Lead Selling Agent such number
of conformed copies of the Registration Statement as

 16
 

originally filed and of each amendment thereto (without exhibits) as
the Lead Selling Agent shall reasonably require.

(c)                                  The Managing Owner
will deliver to the Lead Selling Agent as promptly as practicable from time to
time during the period when the Prospectus is required to be delivered under
the 1933 Act, such number of copies of the Prospectus (as amended or
supplemented) as the Lead Selling Agent, Wholesalers, Additional Selling Agents
and Correspondents may reasonably request for the purposes contemplated by the
1933 Act or the SEC Regulations.

(d)                                 During the period when
the Prospectus is required to be delivered pursuant to the 1933 Act, the
Managing Owner and the Trust will use best efforts to comply with all
requirements imposed upon them by the 1933 Act and the Commodity Act, each as
now and hereafter amended, and by the SEC Regulations and rules and regulations
of the CFTC, as from time to time in force, so far as necessary to permit the
continuance of sales of, or dealings in, the Units during such period in
accordance with the provisions hereof and as set forth in the Prospectus.

(e)                                  If any event relating
to or affecting the Managing Owner or the Trust shall occur as a result of
which it is necessary, in the reasonable opinion of the Managing Owner or the
Lead Selling Agent, to amend or supplement the Prospectus in order to make the
Prospectus not materially misleading in light of the circumstances existing at
the time it is delivered to a subscriber, the Managing Owner and the Trust will
forthwith prepare and furnish to the Lead Selling Agent, at the expense of the
Managing Owner, a reasonable number of copies of an amendment or amendments of,
or a supplement or supplements to, the Prospectus which will amend or
supplement the Prospectus so that as amended or supplemented it will not
contain an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in light of the
circumstances existing at the time the Prospectus is delivered to a subscriber,
not misleading. No such amendment or supplement shall be filed without the
approval of the Lead Selling Agent and JWH and their counsel.

(f)                                    The Managing Owner
will use best efforts to qualify the Units for offer and sale under applicable
securities or “Blue Sky” laws and continue such qualification throughout the
Offering Period, provided that in no event shall the Managing Owner or the
Trust be obligated to (i) take any action which would subject it to service of
process in suits other than those arising out of the offering or sale of the
Units, or taxes, in any jurisdiction where any of them is not now so subject,
(ii) change any material term in the Registration Statement, or (iii) expend a
sum of money considered unreasonable by RJOFM.

 17
 

SECTION 7.                                COVENANTS
OF JWH.

(a)                                  JWH agrees to
cooperate, to the extent reasonably requested by the Managing Owner, in the
preparation of any amendments or supplements relating to itself to the
Registration Statement and the Prospectus.

(b)                                 During the period when
the Prospectus is required to be delivered under the 1933 Act, JWH agrees to
notify the Managing Owner immediately upon discovery of any untrue or
misleading statement regarding it, its operations or any of its principals or
of the occurrence of any event or change in circumstances which would result in
there being any untrue or misleading statement or an omission in the Prospectus
or Registration Statement regarding it, its operations or any of its principals
or result in the Prospectus not including all information relating to JWH and
its principals required pursuant to CFTC regulations. During such period, JWH
shall promptly inform the Managing Owner if it is necessary to amend or
supplement the Prospectus in order to make the Prospectus not materially
misleading in light of the circumstances existing at the time the Prospectus is
delivered to a subscriber.

(c)                                  JWH agrees to assist,
and cause its principals or agents to assist, at its own expense in “road show”
presentations relating to the initial and ongoing offering of the Units at the
reasonable request of the Lead Selling Agent and at the expense of JWH,
provided that no such assistance shall result in any action which any such
principal or agent reasonably believes may require registration of JWH or any
such principal or agent as a broker-dealer or salesman.

SECTION 8.                                PAYMENT
OF EXPENSES AND FEES.

RJOFM, as necessary, will advance the expenses
incident to the performance of the obligations of the Managing Owner and the
Trust hereunder, including: (i) the printing and delivery to the Lead Selling
Agent and Additional Selling Agents in quantities as hereinabove stated of
copies of the Registration Statement and all amendments thereto, of the
Prospectus and any supplements or amendments thereto, and of any supplemental
sales materials; (ii) the reproduction of this Agreement and the printing and
filing of the Registration Statement and the Prospectus (and, in certain cases,
the exhibits thereto) with the SEC, CFTC and NFA; (iii) the qualification of
the Units under the securities or “Blue Sky” laws in the various jurisdictions,
including filing fees and the fees and disbursements of RJOFM’s counsel
incurred in connection therewith; (iv) the services of counsel and accountants
for RJOFM and the Trust, including certain services of CF & Co LLP in
connection with their review of the performance records in the Prospectus; (v)
the printing or reproduction and delivery to the Lead Selling Agent of such
number of copies as it may reasonably request of the Blue Sky Survey; and (vi) “road
show” presentations (not including the expenses of JWH and their personnel
which shall be borne by JWH).

The Managing Owner and the Lead Selling Agent are each
aware of the limitations imposed by FINRA Rule 2810 on the aggregate
compensation which may be received by the Lead Selling Agent in connection with
the offering and sale of the Units registered after October 2004. The Lead
Selling Agent will in no event make any payments to its own Registered
Representatives or cause any payments to be made to any Additional Agent as
described above, which, when added to the up to 3%

 18
 

selling commissions which the Lead Selling Agent may
pay with respect to the sales of such Units, would exceed 10% of the gross
proceeds of such Units sold to the public. RJOFM shall not reimburse the Lead
Selling Agent for any due diligence expenses in connection with the offering.

SECTION 9.                                CONDITIONS
OF CLOSING.

The obligations of each of the parties hereunder are
subject to the accuracy of the representations and warranties of the other
parties hereto, to the performance by such other parties of their respective
obligations hereunder and to the following further conditions:

(a)                                  At each Subsequent
Closing Time no order suspending the effectiveness of the Registration
Statement shall have been issued under the 1933 Act or proceeding therefor
initiated or threatened by the SEC and no objection to the content thereof
shall have been expressed or threatened by the CFTC or NFA.

(b)                                 Upon the request of
any party hereto, the parties hereto shall have been furnished with such
information, opinions and documents  as
the parties hereto may reasonably require for the purpose of enabling them to
perform their respective obligations contemplated herein.

(c)                                  The representations
and warranties set forth herein shall be deemed restated as of each Subsequent
Closing Time as if made as of the date thereof.

SECTION 10.                          INDEMNIFICATION
AND EXCULPATION.

(a)                                  Indemnification By
The Managing Owner. The Managing Owner agrees to indemnify and hold harmless
the Lead Selling Agent, JWH, any Wholesaler, Additional Selling Agent, and
Correspondent and each person, if any, who controls any of the foregoing within
the meaning of Section 15 of the 1933 Act, and the Trust agrees to indemnify
and hold harmless JWH and each person, if any, who controls JWH within the
meaning of Section 15 of the 1933 Act as follows:

(i)                         against any and all loss,
liability, claim, damage and expense whatsoever arising out of any untrue
statement or alleged untrue statement of a material fact contained in the
Registration Statement (or any amendment thereto) or any omission or alleged
omission therefrom of a material fact required to be stated therein or
necessary in order to make the statements therein not misleading or arising out
of any untrue statement or alleged untrue statement of a material fact
contained in the Prospectus (or any amendment or supplement thereto) or the
omission or alleged omission therefrom of a material fact necessary in order to
make the statements therein, in light of the circumstances under which they
were made, not misleading; and

(ii)                      against any and all loss,
liability, claim, damage and expense whatsoever to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding
by any governmental agency or body commenced or threatened, or of any claim
whatsoever based upon any such

 19
 

untrue statement or omission or any such alleged untrue statement or
omission (any settlement to be subject to indemnity hereunder only if effected
with the written consent of the Managing Owner); and

(iii)                   against any and all expense
whatsoever (including the fees and disbursements of counsel and, in the case of
the Lead Selling Agent, any indemnification of a Wholesaler, Additional Selling
Agent or Correspondent made pursuant to a Wholesaling Agreement, Additional
Selling Agent Agreement, or Correspondent Selling Agreement, as the case may
be) reasonably incurred in investigating, preparing or defending against
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such untrue
statement or omission, or any such alleged untrue statement or omission, to the
extent that any such expense is not paid under clauses (i) or (ii) above.

In no case shall the Managing Owner or the Trust be
liable under this indemnity: (a) to JWH if such untrue statement or omission or
alleged untrue statement or omission was made in reliance upon and in
conformity with information relating to JWH and furnished or approved in
writing by JWH, or (b) to the Lead Selling Agent if such untrue statement or
omission or alleged untrue statement or omission was made in reliance upon and
in conformity with information relating to the Lead Selling Agent and furnished
or approved by the Selling Agent, or (c) to any Wholesaler, Additional Selling
Agent or Correspondent, if such untrue statement or alleged untrue statement
was made in reliance upon and in conformity with information (including any
material omission from such information), if any, relating to, such Wholesaler,
Additional Selling Agent or Correspondent and furnished or approved by such
party.

In no case shall the Managing Owner or the Trust be
liable under this indemnity agreement with respect to any claim made against
any indemnified party unless the Managing Owner or the Trust shall be notified
in writing of the nature of the claim within a reasonable time after the
assertion thereof, but failure to so notify the Managing Owner or the Trust
shall not relieve the Managing Owner or the Trust from any liability which they
may have than on account of this indemnity agreement unless such failure to
notify shall materially prejudice the Managing Owner or the Trust. The Managing
Owner and the Trust shall be entitled to participate at their own expense in
the defense or, if they so elect within a reasonable time after receipt of such
notice, to assume the defense of that portion of any suit so brought relating
to the Managing Owner’s or the Trust’s indemnification obligations hereunder,
which defense shall be conducted by counsel chosen by them and satisfactory to
the indemnified party or parties, defendant or defendants therein. In the event
that the Managing Owner or the Trust elects to assume the defense of any such
suit and retain such counsel, the indemnified party or parties, defendant or
defendants in the suit, shall, in the absence of conflicting claims, bear the
fees and expenses of any additional counsel thereafter retained by it or them.

In no event, however, shall the Managing Owner be
obligated to indemnify the Lead Selling Agent hereunder, and the Lead Selling
Agent agrees not to attempt to obtain any indemnity from the Managing Owner
hereunder, to the extent that the Managing Owner and the Lead Selling Agent are
advised by counsel reasonably satisfactory to the Managing Owner and the Lead
Selling Agent that

 20
 

payment of such indemnity could adversely affect the
classification of the Trust as a partnership for Federal income tax purposes.

The Managing Owner agrees to notify JWH and the Lead
Selling Agent within a reasonable time of the assertion of any claim in
connection with the sale of the Units against it or any of its officers or
directors or any person who controls either of the Managing Owner within the
meaning of Section 15 of the 1933 Act.

(b)           Indemnification By JWH. JWH
agrees to indemnify and hold harmless the Lead Selling Agent, the Managing
Owner, the Trust and each person, if any, who controls any of the foregoing
within the meaning of Section 15 of the 1933 Act (and, in the case of the
Managing Owner and the Trust, each person who signed the Registration Statement
or is a director of the Managing Owner), to the same extent as the indemnity
from the Managing Owner set forth in Section 10(a) hereof, but only insofar as
the losses, claims, damages, liabilities or expenses indemnified against arise
out of or are based upon any untrue statement or omission or alleged untrue
statement or omission relating or with respect to JWH or any principal of JWH,
or their operations, trading systems, methods or performance, which was made in
any preliminary prospectus, the Registration Statement or the Prospectus or any
amendment or supplement thereto and furnished by or approved in writing by JWH
for inclusion therein.

(c)           Indemnification By The Lead
Selling Agent. The Lead Selling Agent agrees to indemnify and hold harmless
the Trust, the Managing Owner, JWH and each person, if any, who controls the
Trust, the Managing Owner or JWH within the meaning of Section 15 of the 1933
Act (and in the case of the Managing Owner and the Trust, each person who
signed the Registration Statement or is a director of the Managing Owner), (i)
to the same extent as the indemnity from the Managing Owner set forth in 10(a)
hereof, but only insofar as the losses, claims, damages, liabilities or
expenses indemnified against arise out of or are based upon any untrue
statement or omission or alleged untrue statement or omission relating or with
respect to the Lead Selling Agent or any of its principals, or their
operations, which was made in any preliminary prospectus, the Registration
Statement or the Prospectus or any amendment or supplement thereto and
furnished by or approved by the Lead Selling Agent for inclusion therein and
(ii) against any and all loss, liability, claim, damage and expense whatsoever
resulting from a demand, claim, lawsuit, action or proceeding relating to the
actions or capacities of the Lead Selling Agent (including a breach of its
obligations hereunder) and any Wholesaler, Additional Selling Agent, or
Correspondent relating to the offering of Units under this Agreement or any
Wholesaling Agreement, Additional Selling Agent Agreement, or Correspondent
Selling Agreement, as the case may be.

(d)           Contribution. If the
indemnification provided for in this Section 10 is not permitted under
applicable law under subsection (a) or (b) above in respect of any losses,
claims, damages or liabilities (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages
or liabilities (or actions in respect thereof) in such proportion as is
appropriate to reflect the relative benefits received by JWH, on the one hand,
and, the Lead Selling Agent, futures broker and the Managing Owner, on the other,
from the offering of the Units.

 21
 

(e)           Limitation On Certain
Indemnifications And Exculpations. The exculpation provisions in the
Trading Advisory Agreement shall not relieve JWH from any liability it may have
or incur to the Trust, the Managing Owner or the Lead Selling Agent under this
Agreement (including, without limitation, pursuant to the provisions of Section
10(b) hereof). Nor shall JWH be entitled to be indemnified by the Managing
Owner, pursuant to the indemnification provisions contained in the Trading
Advisory Agreement, against any loss, liability, damage, cost or expense it may
incur under this Agreement. The Managing Owner shall not be entitled to be
indemnified by the Trust, pursuant to the indemnification provisions contained
in the Declaration and Agreement of Trust against any loss, liability, damage,
cost or expense it may incur under this Agreement.

SECTION 11.                          STATUS
OF PARTIES.

In selling the Units for the Trust, the Lead Selling
Agent is acting solely as an agent for the Trust and not as a principal. The
Lead Selling Agent will use its best efforts to assist the Trust in obtaining
performance by each purchaser whose offer to purchase Units from the Trust has
been accepted on behalf of the Trust, but the Lead Selling Agent shall not have
any liability to the Trust in the event that Subscription Agreements and Powers
of Attorney are improperly completed or any such purchase is not consummated
for any reason. Except as specifically provided herein, the Lead Selling Agent
shall in no respect be deemed to be an agent of the Trust.

SECTION 12.                          REPRESENTATIONS,
WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY.

All representations, warranties and agreements
contained in this Agreement or contained in certificates of any party hereto
submitted pursuant hereto shall remain operative and in full force and effect,
regardless of any investigation made by, or on behalf of, the Lead Selling
Agent, the Managing Owner, the Trust, the Futures Broker,  JWH or any person who controls any of the
foregoing.

SECTION 13.                          TERMINATION.

(a)                                  This Agreement shall
terminate on the earlier of (i) such date as the Lead Selling Agent may
determine by giving 30 days’ prior written notice to the other parties to this
Agreement, (ii) such date as the Trust may determine by giving 30 days’ prior
written notice to the Lead Selling Agent or, without such notice, upon
termination of the offering of the Units or (iii) by the Trust, without notice,
upon breach by the Lead Selling Agent of, or non-compliance by the Lead Selling
Agent with, any material term of this Agreement.

(b)                                 The termination of
this Agreement for any reason set forth in Sections 13(a)(i) or 9(a)(ii) shall
not affect:

(i)                         the ongoing obligations of the
Trust to pay selling commissions, ongoing compensation or installment selling
commissions accrued prior to the termination hereof, or

(ii)                      the indemnification obligations
under Section 10 hereof. In the event this Agreement is terminated pursuant to
Section 13(a)(iii), the Managing Owner

 22
 

may withhold accrued but unpaid selling commissions and ongoing
compensation or installment selling commissions due the Lead Selling Agent
until the Trust has been put in the same financial position as it would have
been absent such breach or non-compliance.

SECTION 14.                          ASSIGNMENT.

This Agreement may be transferred and assigned by any
party hereto only with the prior express written consent of all other
parties.  The Lead Selling Agent may
transfer and assign any agreement with an Additional Selling Agent only with
the prior express written consent of the Additional Selling Agent that is a
party to that agreement and of the Managing Owner.

SECTION 15.                          NOTICES
AND AUTHORITY TO ACT.

All communications hereunder shall be in writing and,
if sent to the Lead Selling Agent, RJOFM, the Futures Broker or the Trust,
shall be mailed, delivered or telegraphed and confirmed to it at R.J. O’Brien
Fund Management, LLC., 222 S Riverside Plaza Suite 900, Chicago, Illinois
60606, Attention Annette A. Cazenave; if sent to JWH, shall be mailed,
delivered or telegraphed and confirmed at 301 Yamato Road, Suite 2200, Boca
Raton, Florida 33431, Attention: Mr. Ken Webster Notices shall be effective
when actually received.

SECTION 16.                          PARTIES.

This Agreement shall inure to the benefit of and be
binding upon the Lead Selling Agent, the Trust, the Managing Owner, the Futures
Broker, JWH and such parties’ respective successors to the extent provided
herein. This Agreement and the conditions and provisions hereof are intended to
be and are for the sole and exclusive benefit of the parties hereto and their
respective successors, assigns and controlling persons and parties indemnified
hereunder, and for the benefit of no other person, firm or corporation. No
purchaser of a Unit shall be considered to be a successor or assign solely on
the basis of such purchase.

The parties acknowledge that the obligations of this
Agreement are not binding against the Unitholders individually but are binding
only upon the assets and property of the Trust, and in the event of any
obligation or claim arising hereunder against the Trust, no resort shall be had
to the personal property of any Unitholder for the satisfaction of such
obligation or claim.

SECTION 17.                          GOVERNING
LAW.

This agreement and the rights and obligations of the
parties created hereby shall be governed by the laws of the State of Illinois
without regard to the principles of choice of law thereof.

SECTION 18.                          REQUIREMENTS
OF LAW.

Whenever in this Agreement it is stated that a party
will take or refrain from taking a particular action, such party may
nevertheless refrain from taking or take such action if advised by counsel that
doing so is required by law or advisable to ensure compliance with law, and
shall not be subject to any liability hereunder for doing so, although such action
shall permit termination of the Agreement by the other parties hereto.

 23
 

If the foregoing is in accordance with each party’s
understanding of its agreement, each party is requested to sign and return to
RJOFM as Managing Owner a counterpart hereof, whereupon this instrument along
with all counterparts will become a binding agreement between us in accordance
with its terms.

SECTION  19.                       EXHIBITS

(a)                                  EXHIBIT A: R.J. O’Brien
Securities LLC Privacy Policy

(b)                                 EXHIBIT B: R.J. O’Brien
Securities LLC Business Continuity Plan Summary

	
  

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  JWH GLOBAL TRUST

  
	
   

  	
   

  	
  BY: RJ O’Brien Fund Management, Inc.

  
	
   

  	
   

  	
  Managing Owner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  R.J. O’BRIEN SECURITIES LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  John W. Henry & Company, Inc.

  

 

 24
 

 

	
  

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  RJ O’Brien & Associates, LLC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title

  

 

 25
 

EXHIBIT  A.

R.J. O’Brien
Securities, LLC

PRIVACY
POLICY

Respecting the privacy
and security of personal information is important to us.  Please read this Privacy Policy carefully.

We do not disclose any
nonpublic personal information about our customers or former customers to
anyone, except as permitted by law.

Collection
of Information

We collect nonpublic
personal information about you from the following sources:

·                  Information we
receive from you on applications or other forms;

·                  Information about
your transactions with us, our affiliates or others; and

·                  Information we
receive from a consumer reporting agency.

SECTION 19.

Information
Sharing with Nonaffiliated Third Parties as Permitted by Law

We are permitted by law
to share all the information we collect, as described above, with (1) companies
that perform marketing services on our behalf and (2) other third parties that
assist us with preparing and processing orders and statements.

SECTION 20.

Confidentiality
and Security

We restrict access to
nonpublic personal information about you to those employees who need to
know    that information to provide
products or services to you.  We maintain
physical, electronic and procedural safeguards that are designed to protect
your nonpublic information.

 26
 

EXHIBIT
B

R.J. O’Brien
Securities, LLC’s Business Continuity Planning

R.J. O’Brien Securities, LLC
has developed a Business Continuity Plan on how we will respond to events that
significantly disrupt our business. 
Since the timing and impact of disasters and disruptions is
unpredictable, we will have to be flexible in responding to actual events as
they occur.  With that in mind, we are
providing you with this information on our business continuity plan.

Contacting Us – If after a significant business disruption
you cannot contact us as you usually do at (312) 373-5000, you should call our
alternative number (312) 451-6830.

Our
Business Continuity Plan
– We plan to quickly recover and resume business operations after a significant
business disruption and respond by safeguarding our employees and property,
making a financial and operational assessment, protecting the firm’s books and
records, and allowing our customers to transact business.  In short, our business continuity plan is
designed to permit our firm to resume operations as quickly as possible, given
the scope and severity of the significant business disruption.

Our business continuity plan
addresses: data back up and recovery; all mission critical systems; financial
and operational assessments; alternative communications with customers,
employees, business constituents, and regulators; alternate physical location
of employees; critical supplier, contractor, bank and counter-party impact; and
regulatory reporting.

Varying Disruptions – Significant business disruptions can vary in their scope, such as
only our firm, a single building housing our firm, the business district where
our firm is located, the city where we are located, or the whole region.  Within each of these areas, the severity of
the disruption can also vary from minimal to severe.  In a disruption to only our firm or a
building housing our firm, we will transfer our operations to a local site when
needed and expect to recover and resume business within one day.  In a disruption affecting our business
district, city, or region, we will transfer our operations to a site outside of
the affected area, and recover and resume business within 2 days.  In either situation, we plan to continue in
business, and notify you through telephone or email with information on how to
contact us.  If the significant business
disruption is so severe that it prevents us from remaining in business, we will
assure our customer’s prompt access to their funds and securities.

For more information – If you have questions about our business continuity planning, you
can contact us at 312-373-5000 or at info@rjosecurities.com

 27Exhibit 10.04

FIRST AMENDMENT TO

TRADING ADVISORY AGREEMENT

This
Amendment (“Amendment”) to the Trading Advisory Agreement (the “Agreement”)
dated as of April 3, 1997, by and among JWH GLOBAL TRUST (the “Trust”), CIS
INVESTMENTS, INC. (the “Managing Owner”), and JOHN W. HENRY & COMPANY,
INC. (the “Advisor”), and agreed to as to Section 4 by Cargill Investor
Services, Inc., is made this 29th day of September, 2000.

W
I T N E S S E T H:

WHEREAS, the parties
hereto entered into the Agreement to set forth the terms and conditions upon
which the Advisor renders advisory services in connection with the Trust’s commodity
interest trading activities; and

WHEREAS, the parties
hereto desire to amend the Agreement to reflect a change in the management and
incentive fees paid by the Trust to the Advisor.

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency
of all of which are hereby acknowledged, the parties hereto agree as follows:

1.   Amendment.   Section
5 of the Agreement shall be amended as follows:

(a)           in the third line of the first
paragraph, “1/3 of 1%” shall be stricken and replaced with “1/6 of 1%”; and

(b)           in the seventh line of the first
paragraph, “15%” shall be stricken and replaced with “20%”.

2.   Effective
Date.   The effective date of this Amendment shall be October 1, 2000.

3.   Miscellaneous.

(a)           Except as amended hereby, the
Agreement shall remain in full force and effect and is hereby ratified and
confirmed.

(b)           This Amendment may be executed in any
number of counterparts, each of which shall be deemed to be an original, but
all such separate counterparts shall constitute but one and the same
instrument.

IN
WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the date first written above.

 

	
  

  	
  JWH GLOBAL TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  CIS Investments,
  Inc., its Managing Owner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CIS INVESTMENTS,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JOHN W. HENRY
  & COMPANY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

Agreed to and Acknowledged by:

CARGILL INVESTOR SERVICES,
INC.

	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

 2

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