Document:

tct_ex1011.htm

EXHIBIT 10.11

 

FIRST AMENDMENT 

TO THE FUND ACCOUNTING SERVICING AGREEMENT 

 

THIS FIRST AMENDMENT effective as of January 1, 2021, to the Fund Accounting Servicing Agreement (the “Agreement”) dated as of August 14, 2015, is entered into by and between TEUCRIUM COMMODITY TRUST, a Delaware statutory trust (the “Trust”), TEUCRIUM TRADING, LLC, a Delaware limited liability company, the sponsor of the Funds (the “Sponsor”), and U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES, a Wisconsin limited liability company (“USBFS”).

 

RECITALS 

 

WHEREAS, the parties have entered into the Agreement; and 

 

WHEREAS, the parties desire to extend the term of the Agreement and to amend the fee schedule set forth on Exhibit B to the Agreement, and

 

WHEREAS, Section 15 of the Agreement allows for its amendment by a written instrument executed by all parties. 

 

NOW, THEREFORE, the parties agree as follows: 

 

	
 
	
1. 
	Section 15 of the Agreement will be replaced with the following Section 15. 
	
 
	
 
	
 

	
 
	
 
	
Section 15. Term of Agreement; Amendment

	
 
	
 
	
 

	
 
	
 
	
The Term of the Agreement will be extended until January 1, 2024. After January 1, 2024, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of another party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust, and authorized or approved by the Sponsor.

  

	
 
	
2. 
	Effective, January 1, 2021, Exhibit B of the Agreement is hereby superseded and replaced in its entirety with Exhibit B attached hereto.

 

Except to the extent amended hereby, the Agreement shall remain in full force and effect. 

 

Signatures on the following page

 

	 
	
	
	 

 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above. 

  

TEUCRIUM COMMODITY TRUST 

 

By:_______________________________

 

Name:_____________________________ 

 

Title:______________________________ 

 

 

TEUCRIUM TRADING, LLC 

 

By:________________________________

 

Name: _____________________________ 

 

Title: ______________________________ 

 

U.S. BANCORP FUND SERVICES, LLC 

 

By:_______________________________

 

Name: _____________________________

 

Title: Senior Vice President

 

	 
	
	
	 

  

Exhibit A to the Fund Accounting Servicing Agreement – Teucrium Commodity Trust 

 

Separate Series of Teucrium Commodity Trust 

 

	
Name of Series

Teucrium Corn Fund

Teucrium Wheat Fund

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Agricultural Fundtct_ex1013.htm

EXHIBIT 10.13

 

FIRST AMENDMENT 

TO THE FUND ADMINISTRATION SERVICING AGREEMENT 

 

THIS FIRST AMENDMENT effective as of January 1, 2021, to the Fund Administration Servicing Agreement (the “Agreement”) dated as of August 14, 2015, is entered into by and between TEUCRIUM COMMODITY TRUST, a Delaware statutory trust (the “Trust”), TEUCRIUM TRADING, LLC, a Delaware limited liability company, the sponsor of the Funds (the “Sponsor”), and U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES, a Wisconsin limited liability company (“USBFS”).

 

RECITALS 

 

WHEREAS, the parties have entered into the Agreement; and 

 

WHEREAS, the parties desire to extend the term of the Agreement and to amend the fee schedule set forth on Exhibit C to the Agreement, and;

 

WHEREAS, Section 12 of the Agreement allows for its amendment by a written instrument executed by all parties. 

 

NOW, THEREFORE, the parties agree as follows: 

 

	
 
	
1. 
	Section 12 of the Agreement will be replaced with the following Section 12. 
	
 
	
 
	
 

	
 
	
 
	
Section 12. Term of Agreement; Amendment

	
 
	
 
	
 

	
 
	
 
	
The Term of the Agreement will be extended until January 1, 2024. After January 1, 2024, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of another party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust, and authorized or approved by the Sponsor.

 

	
 
	
2. 
	
Effective, January 1, 2021, Exhibit C of the Agreement is hereby superseded and replaced in its entirety with Exhibit C attached hereto.

 

Except to the extent amended hereby, the Agreement shall remain in full force and effect. 

 

Signatures on the following page

 

	 
	
	
	 

 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above. 

 

TEUCRIUM COMMODITY TRUST 

 

By:_______________________________

 

Name:_____________________________ 

 

Title:______________________________ 

 

 

TEUCRIUM TRADING, LLC 

 

By:_______________________________

 

Name: ____________________________ 

 

Title: _____________________________

 

U.S. BANCORP FUND SERVICES, LLC 

 

By:________________________________ 

 

Name: _____________________________

 

Title: Senior Vice President

 

	 
	
	
	 

  

Exhibit A to the Fund Administration Servicing Agreement – Teucrium Commodity Trust

 

Separate Series of Teucrium Commodity Trust 

 

	
Name of Series

Teucrium Corn Fund

Teucrium Wheat Fund

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Agricultural Fundtct_ex1015.htm

EXHIBIT 10.15

 

FIRST AMENDMENT

TO THE TRANSFER AGENT SERVICING AGREEMENT 

 

THIS FIRST AMENDMENT effective as of January 1, 2021, to the Transfer Agent Servicing Agreement (the “Agreement”) dated as of August 14, 2015, is entered into by and between TEUCRIUM COMMODITY TRUST, a Delaware statutory trust (the “Trust”), TEUCRIUM TRADING, LLC, a Delaware limited liability company, the sponsor of the Funds (the “Sponsor”), and U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES, a Wisconsin limited liability company (“USBFS”).

 

RECITALS 

 

WHEREAS, the parties have entered into the Agreement; and 

 

WHEREAS, the parties desire to extend the term of the Agreement and to amend the fee schedule set forth on Exhibit B to the Agreement, and

 

WHEREAS, Section 12 of the Agreement allows for its amendment by a written instrument executed by all parties. 

 

NOW, THEREFORE, the parties agree as follows: 

 

	
 
	
1. 
	Section 12 of the Agreement will be replaced with the following Section 12. 
	
 
	
 
	
 

	
 
	
 
	
Section 12. Term of Agreement; Amendment

	
 
	
 
	
 

	
 
	
 
	
The Term of the Agreement will be extended until January 1, 2024. After January 1, 2024, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of another party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust, and authorized or approved by the Sponsor.

 

	
 
	
2. 
	
Effective, January 1, 2021, Exhibit B of the Agreement is hereby superseded and replaced in its entirety with Exhibit B attached hereto.

 

Except to the extent amended hereby, the Agreement shall remain in full force and effect. 

 

Signatures on the following page

 

	 
	
	
	 

 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above. 

 

TEUCRIUM COMMODITY TRUST 

 

By:_______________________________

 

Name:_____________________________ 

 

Title:______________________________ 

 

 

TEUCRIUM TRADING, LLC 

 

By:_______________________________

 

Name: _____________________________ 

 

Title: ______________________________ 

 

 

U.S. BANCORP FUND SERVICES, LLC

     

By:_______________________________

 

Name: _____________________________

 

Title: Senior Vice President

 

	 
	
	
	 

  

Exhibit A to the Transfer Agent Servicing Agreement – Teucrium Commodity Trust 

 

Separate Series of Teucrium Commodity Trust 

  

	
Name of Series

Teucrium Corn Fund

Teucrium Wheat Fund

Teucrium Soybean Fund

Teucrium Sugar Fund

Teucrium Agricultural FundExhibit 4.2

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

Our authorized capital stock consists of (i) 35 million shares of Class A common stock, (ii) 200 million shares of Class B common stock, and (iii) 10 million shares of Preferred Stock.

 

The following description of our classes of authorized stock does not purport to be complete and is subject to and qualified in its entirety by reference to our charter and bylaws, copies of which are filed as exhibits to the Annual Report on Form 10-K to which this Exhibit 4.2 is a part.

 

Class A Common Stock

 

Holders of shares of our Class A common stock are entitled to three votes for each share on all matters to be voted on by the stockholders. Holders of our Class A common stock are entitled to share ratably in dividends, if any, as may be declared from time to time by the Board of Directors in its discretion from funds legally available therefor. Each share of our Class A common stock may be converted, at any time and at the option of the holder, and automatically converts upon transfers to unaffiliated parties, into one fully paid and non-assessable share of our Class B common stock.

 

As of March 12, 2021, there were 1,574,326 shares of our Class A common stock outstanding.

 

Class B Common Stock

 

Holders of shares of our Class B common stock are entitled to one tenth of one vote for each share on all matters to be voted on by the stockholders. Holders of our Class B common stock are entitled to share ratably in dividends, if any, as may be declared from time to time by the Board of Directors in its discretion from funds legally available therefor. Our Class B common stock is listed on the NYSE.

 

As of March 12, 2021, there were 24,786,062 shares of our Class B common stock outstanding.

 

Preferred Stock

 

The Board of Directors has the authority to fix the price, rights, preferences, privileges and restrictions, including voting rights, of those shares without any further vote or action by the stockholders.

 

The Series 2012-A preferred stock was established by resolutions of the Board of Directors of the Company on July 30, 2012. Holders of our Series 2012-A Preferred Stock are entitled to one tenth of one vote for each share on all matters to be voted on by the stockholders. Our Series 2012-A preferred stock is listed on the NYSE.

 

Each share of our Series 2012-A preferred stock has a liquidation preference of $8.50 (the “Liquidation Preference”), and is entitled to receive an annual dividend per share equal to the sum of (i) $0.6375 (the “Base Dividend”) plus (ii) seven and one-half percent (7.5%) of the quotient obtained by dividing (A) the amount by which the EBITDA for a fiscal year of our retail energy provider business exceeds $32 million by (B) 8,750,000 (the “Additional Dividend”), payable in cash. EBITDA consists of income (loss) from operations exclusive of depreciation and amortization and other operating gains (losses).

 

The Series 2012-A Preferred Stock is redeemable, in whole or in part, at our option following October 11, 2017 at 101% of the Liquidation Preference plus accrued and unpaid dividends, and 100% of the Liquidation Preference plus accrued and unpaid dividends following October 11, 2018. 

 

During any period when we have failed to pay a dividend on the Series 2012-A preferred stock and until all unpaid dividends have been paid in full, we are prohibited from paying dividends or distributions on our Class B or Class A common stock.

  

The Base Dividend is payable (if declared by our Board of Directors, and accrued, if not declared) quarterly on each February 15, May 15, August 15 and November 15, and to the extent that there is any Additional Dividend payable with respect to a fiscal year, it will be paid to holders of Series 2012-A preferred stock with the May dividend. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series 2012-A preferred stock is equal in rank to all other equity securities we issue, the terms of which specifically provide that such equity securities rank on a parity with the Series 2012-A preferred stock with respect to dividend rights or rights upon our liquidation, dissolution or winding up; senior to our common stock; and junior to all of our existing and future indebtedness.

 

As of March 12, 2021, there were 2,322,699 shares of our Series 2012-A preferred stock outstanding.

 

Anti-Takeover Effects of Our Charter and By-Laws

 

Some provisions of Delaware law and our Certificate of Incorporation and By-Laws could make the following more difficult:

 

	
 

	
●

	
acquisition of us by means of a tender offer;

	
 

	
 

	
 

	
 

	
●

	
acquisition of us by means of a proxy contest or otherwise; or

	
 

	
 

	
 

	
 

	
●

	
removal of our incumbent officers and directors.

 

These provisions, summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions also are designed to encourage persons seeking to acquire control of us to first negotiate with our Board of Directors. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us and outweigh the disadvantages of discouraging those proposals because negotiation of them could result in an improvement of their terms. 

 

Certificate of Incorporation; By-Laws

 

Our Certificate of Incorporation and By-Laws contain provisions that could make more difficult the acquisition of us by means of a tender offer, a proxy contest or otherwise. These provisions are summarized below.

 

Undesignated Preferred Stock. The authorization of our undesignated preferred stock makes it possible for our Board of Directors to issue our preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deferring hostile takeovers or delaying changes of control of our management.

 

Size of Board and Vacancies. Our Certificate of Incorporation provides that the number of directors on our Board of Directors will be fixed exclusively by our Board of Directors. Newly created directorships resulting from any increase in our authorized number of directors or any vacancies in our Board of Directors resulting from death, resignation, retirement, disqualification, removal from office or other cause will be filled solely by the vote of our remaining directors in office.

 

Stockholder Meetings. Under our By-Laws, only our (i) Chairman of the Board, (ii) Chief Executive Officer, (iii) President or (iv) Corporate Secretary may call special meetings of our stockholders.  

	1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]