Document:

Exhibit 10.1

 

FORM OF COMMODITY SUBADVISORY AGREEMENT

 

THIS COMMODITY SUBADVISORY
AGREEMENT (this “Agreement”) is made as of this 4th day of January, 2016, effective as of the
1st day of January, 2016 (the “Effective Date”), by and among GreenHaven Continuous Commodity Index
Master Fund, a Delaware statutory trust (to be renamed WisdomTree Continuous Commodity Index Master Fund, the “Fund”),
GreenHaven Commodity Services, LLC, a Delaware limited liability company (to be renamed WisdomTree Commodity Services, “Manager”),
and GreenHaven Advisors, LLC, a Delaware limited liability company (“Commodity Subadvisor”).

 

WHEREAS, Manager
serves as the investment manager for the Fund, pursuant to that certain Declaration of Trust and Trust Agreement for the Fund (as
such agreement may be modified from time to time); and

 

WHEREAS, Manager
desires to retain Commodity Subadvisor to furnish certain sub-investment advisory services for the Fund upon the terms and conditions
hereafter set forth.

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

 

1.          Appointment.
Manager hereby appoints Commodity Subadvisor to provide sub-investment advisory services to the Fund in the management of the Fund’s
Commodity Interests and Collateral (as each term is defined in Section 2 below) for the period commencing on the Effective Date
and on the terms set forth in this Agreement. Commodity Subadvisor accepts such appointment and agrees to furnish the services
herein set forth for the compensation herein provided. All references to “person” hereon shall include an individual
or entity.

 

2.          Services
to be Performed. Subject always to the supervision of Manager, Commodity Subadvisor will furnish an investment program in respect
of, make investment decisions for, and place all orders for the purchase and sale of futures contracts, forward contracts, options
on futures contracts and other commodity interests (“Commodity Interests”) and securities issued by the United
States Department of the Treasury (“Collateral”), all on behalf of the Fund and as described in the Fund’s
registration statement on Form S-1 as declared effective by the United States Securities and Exchange Commission (the “Registration
Statement”), consistent with the investment objectives and restrictions of the Fund described therein. In the performance
of its activities and duties, Commodity Subadvisor will satisfy its fiduciary duties to the Fund, will select and monitor on at
least a daily basis the Fund’s investments in Commodity Interests and Collateral, and will comply with the provisions of
the Fund’s Declaration of Trust and Trust Agreement (the “Trust Agreement”) as filed with the Registration
Statement, as the Trust Agreement may be amended from time to time (to the extent Commodity Subadvisor has been provided with amendments),
and the Fund’s investment objectives, policies and restrictions as disclosed in the Registration Statement, as such investment
objectives, policies and restrictions may be amended from time to time (to the extent Commodity Subadvisor has been provided such
amendments). Commodity Subadvisor acknowledges receipt of the Fund’s organizational documents, prospectus and amendments
thereto as of the date hereof.

 

     

     

    

 

All commissions and expenses
arising from the trading of Commodity Interests, or other transactions in the course of the administration of the Fund’s
account, shall be charged to the Fund’s account with its clearing broker(s). Manager shall deliver to Commodity Subadvisor,
and renew when necessary, a commodity trading authorization appointing Commodity Subadvisor as the Fund’s agent and attorney-in-fact
for the purpose of trading Commodity Interests and Collateral on behalf of the Fund. Commodity Subadvisor may place orders for
Commodity Interest transactions and purchases and sales of Collateral for the Fund through broker/dealers and futures commission
merchants (“FCMs”) selected by Commodity Subadvisor; provided that Commodity Subadvisor will provide Manager
and the Fund on a quarterly basis (or more frequently as reasonably requested by Manager) with a list of the broker/dealers and
FCMs Commodity Subadvisor is then using (as of the date hereof, the initial list is set forth on Exhibit A hereto), and Manager
may, after receiving such list, object in its sole discretion to the use of one or more broker/dealers or FCMs due to, among other
reasons, a reasonable belief by Manager that the use of such broker/dealer(s) or FCM(s) would be detrimental to the Fund and its
investors, and Commodity Subadvisor shall cease using such broker/dealers or FCMs on behalf of the Fund. Commodity Subadvisor shall
use its commercially reasonable efforts to obtain a combination of best price and execution, taking into account all appropriate
factors, including price, commission, and the size and difficulty of the transaction. In no instance will a Commodity Interest
or Collateral be purchased from the Fund or sold by the Fund to Commodity Subadvisor or any affiliated person of the Fund or Commodity
Subadvisor, except with the written consent of the Manager.

 

Commodity Subadvisor further
agrees that it:

 

a)        Will exercise its
commercially reasonable judgment and will act in good faith and use reasonable care in performing the activities and duties hereunder;

 

b)        Will conduct its
activities and duties under this Agreement in accordance with, and consistent with, any applicable laws, regulations and governmental
or self-regulatory authority including, without limitation, all applicable rules and regulations of the United States Commodity
Futures Trading Commission (the “CFTC”), in all material respects;

 

c)        Will report regularly
to Manager and will make appropriate persons available for the purpose of reviewing with representatives of the Manager on a regular
basis the management of the Fund’s Commodity Interests and Collateral, including, without limitation, review of the general
investment strategies of the Fund with respect to Commodity Subadvisor’s management of the Fund’s Commodity Interests
and Collateral, and the performance of the Fund’s Commodity Interests and Collateral in relation to standard industry indices
and passively managed commodity index tracking funds and general conditions affecting the marketplace, and will provide various
other reports from time to time as reasonably requested by Manager;

 

d)        Will submit such
reports or information as the Manager may reasonably request to assist the Fund’s custodian, administrator, accounting agent,
transfer agent and/or independent public accountants (and all other agents, representatives and service providers to the Fund or
the Manager) in the performance of their activities or duties, cooperate with such persons, take action to make information in
the Commodity Subadvisor’s possession available to such persons for the performance of their activities or duties and requests
made in connection therewith, and

 

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establish and maintain appropriate
operational structure and programs, procedures and interfaces with such persons so as to promote the efficient exchange of information
and compliance with applicable law and regulation, and the investment strategies, guidelines and other restrictions and policies
of the Fund;

 

e)        Will reasonably assist
in the preparation of periodic reports by the Fund to its limited owners and to meet other regulatory or tax requirements applicable
to the Fund;

 

f)         Will
reasonably cooperate with any third-party audit arranged by the Manager or the Fund to evaluate the effectiveness of compliance
controls;

 

g)        Will not, without
the prior written approval of Manager, materially deviate or change the Fund’s investment strategies, guidelines and other
restrictions and policies;

 

h)        Will monitor the
pricing of the Fund’s Commodity Interests and Collateral, and events relating to the commodity markets in which the Fund
trades or applicable securities markets, and will notify Manager promptly of any market events or other situations that come to
Commodity Subadvisor’s attention (particularly those that may occur after the close of a foreign market in which the Fund’s
Commodity Interests may primarily trade but before the time at which the Fund’s Commodity Interests are priced on a given
day) that may materially impact the pricing of one or more of the Fund’s Commodity Interests or Collateral. In addition,
Commodity Subadvisor will assist Manager in evaluating the impact that such an event may have on the net asset value of the Fund
and in determining a recommended fair value of the affected asset or assets;

 

i)         Other
than with respect to the preparation of books and records typically produced by others (such as by FCMs, custodians and broker/dealers),
will prepare such books and records with respect to the Fund’s Commodity Interests and Collateral as reasonably requested
by Manager and will furnish Manager such periodic and special reports and certifications as Manager may reasonably request;

 

j)         Will
promptly notify the Fund and the Manager of any material fact known to the Commodity Subadvisor respecting or relating to the Commodity
Subadvisor or the Fund that is not contained in the Registration Statement, or any amendment or supplement thereto, but that is
required to be disclosed therein, and of any statement contained therein that is or becomes untrue in any material respect; and

 

k)         Will promptly notify
the Manager and the Fund of any actual or expected change of control for the Commodity Subadvisor, and of any changes to executive
officers, members or key personnel of the Commodity Subadvisor including, without limitation, personnel who are portfolio manager(s)
with respect to the Fund.

 

l)         Will
obtain and maintain at its sole expense errors and omission insurance in a reasonable scope and amount. For as long as the net
value of the Fund’s assets calculated in the manner set forth in the Fund’s Prospectus (as defined below) (the “Assets
Under Management”), together with the net value of the assets of the WisdomTree Coal Fund (“TONS”)
calculated in the manner set forth in TONS’s prospectus and the net value of the assets of WisdomTree Commodity Index Fund
(“GCC”) calculated in the manner set forth in GCC’s prospectus, are 

 

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less than $500,000,000 in the aggregate, $1,000,000 shall be deemed
a reasonable amount of errors and omissions insurance coverage. If the Assets Under Management of the Fund, TONS and GCC exceed
$500,000,000 in the aggregate, the Commodity Subadvisor will increase its errors and omissions insurance coverage by an appropriate
amount.

 

The Commodity Subadvisor
is authorized to and may employ, associate or contract with such person or persons as the Commodity Subadvisor may deem desirable
to assist it in performing its activities and duties under this Agreement (including portfolio managers), including Grain Service
Corporation, Inc. (“Grain Service”); provided, however, the compensation of such person or persons shall be
paid by the Commodity Subadvisor, and the Commodity Subadvisor shall be as fully responsible to the Fund and the Manager for the
acts and omissions of any such person or persons as it is for its own acts and omissions. As may be mutually agreed by the Fund,
Manager and the Commodity Subadvisor, but in any event at least annually, the Commodity Subadvisor shall discuss with the Fund
and Manager any assistance the Commodity Subadvisor has deemed desirable in performing its duties under this Agreement (including
person or persons involved therewith).

 

3.          Preparation
of Materials. Commodity Subadvisor will reasonably cooperate with Manager and the Fund in the Fund’s endeavors to prepare
and update, if necessary, the Registration Statement and a prospectus and disclosure document included therein (the “Prospectus”),
promotional brochures or other marketing materials as well as any other materials reasonably requested or required by Manager in
connection with the organization, operation, or marketing of the Fund or the registration or renewal of registration of the Shares
(as defined in the Prospectus) for sale to the public in all applicable jurisdictions (collectively, with the Registration Statement
and Prospectus, the “Materials”). In this regard, Commodity Subadvisor will furnish to Manager such information
as may be reasonably requested for inclusion in such Materials. Moreover, Commodity Subadvisor agrees to provide to Manager such
information as Manager reasonably requests in order for Manager to make all necessary disclosures regarding Commodity Subadvisor,
its principals, its trading performance, customer accounts and otherwise as are required in the reasonable judgment of Manager
to be made in such Materials.

 

4.          Representations
and Warranties of Manager. Manager hereby represents and warrants to Commodity Subadvisor that this Agreement has been duly
and validly executed and delivered by, and is a valid and binding contract of, Manager, enforceable in accordance with its terms
and conditions, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to
or affecting the rights of creditors generally and except as such enforceability of this Agreement is subject to the application
of general principles of equity (regardless of whether considered in a proceeding in equity or at law).

 

5.          Representations
and Warranties of Commodity Subadvisor. Commodity Subadvisor hereby represents and warrants to the Fund and Manager that:

 

a)         The information and
materials relating to Commodity Subadvisor, its businesses, principals, and past performance record that has been requested by
Manager, has been delivered to Manager and is current, accurate and complete in all material respects, and notwithstanding Commodity
Subadvisor’s relief from certain requirements in Part 4 of the CFTC’s regulations, the Commodity Subadvisor is in compliance
with all other applicable laws, rules and regulations.

 

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Commodity Subadvisor will
provide Manager with updated or amended copies of any such materials when and if such materials are updated or amended;

 

b)         Commodity Subadvisor
is not registered as an investment adviser with the SEC in reliance on the exception from the definition of “investment adviser”
in Section 203(a)(11)(E) of the Investment Advisers Act of 1940;

 

c)         To the extent reasonably
available to it and applicable, Commodity Subadvisor has supplied or upon request will supply, and has made available or upon request
will make available, for review by Manager or its agents substantially all documents, statements, agreements, confirmations and
work papers relating to all accounts managed by Commodity Subadvisor for the period covered in any Materials, including for the
Fund;

 

d)         Commodity Subadvisor
has met, and will continue to meet for so long as this Agreement remains in effect, any applicable federal or state requirements,
or the applicable requirements of any regulatory agency or industry self-regulatory organization, necessary to be met in order
to perform services for the Fund pursuant to this Agreement;

 

e)         Commodity Subadvisor
is a commodity trading advisor duly registered with the CFTC and is a member in good standing of the National Futures Association
(“NFA”). Commodity Subadvisor shall maintain such registration and membership in good standing during the term
of this Agreement. Further, Commodity Subadvisor agrees to notify Manager promptly upon (i) a statutory disqualification of
Commodity Subadvisor under Sections 8a(2) or 8a(3) of the Commodity Exchange Act (“CEA”), (ii) a suspension,
revocation or limitation of Commodity Subadvisor’s commodity trading advisor registration or NFA membership, or (iii) the
institution of an action or proceeding that could lead to a statutory disqualification under the CEA or an investigation by any
governmental agency or self-regulatory organization of which Commodity Subadvisor is subject or has been advised it is a target
(which investigation shall not include routine compliance examinations);

 

f)         There
are no material actions that are required to be disclosed pursuant to CFTC Rule 4.34(k);

 

g)         Commodity Subadvisor
is a Delaware limited liability company with full power and authority to enter into this Agreement;

 

h)         Commodity Subadvisor
maintains errors and omissions insurance coverage in an appropriate scope and amount and shall upon request of Manager, provide
Manager a certificate of insurance evidencing same;

 

i)         This
Agreement has been duly and validly authorized, executed and delivered by, and is a valid and binding contract of, Commodity Subadvisor
enforceable in accordance with its terms and conditions, except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws relating to or affecting the rights of creditors generally and except as such enforceability of this Agreement
is subject to the application of general principles of equity (regardless of whether considered in a proceeding in equity or at
law); and

 

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j)         The
representations and warranties made in this Agreement by Commodity Subadvisor shall be continuing during the term of this Agreement,
and if at any time any event has occurred which would make or tend to make any of the representations and warranties in this Agreement
materially untrue, Commodity Subadvisor will promptly notify Manager.

 

6.          Compensation.
For the services provided and the expenses assumed pursuant to this Agreement, Commodity Subadvisor agrees to accept as full compensation
the fee specified in Exhibit B hereto.

 

7.          Expenses.
Commodity Subadvisor will be responsible for and pay all expenses incurred by it in connection with its activities and duties under
this Agreement, including, without limitation, providing the personnel, office space and equipment, including any investment related
software or technology resources, reasonably necessary therewith; provided, however, the Commodity Subadvisor will not be responsible
for the cost of investments (including brokerage commissions and other related expenses) purchased or sold for the Fund. The Fund
pays all other costs and expenses of its operations, including custody fees, transfer agent expenses, legal fees, expenses of independent
auditors, expenses of preparing, printing and distributing shareholder reports, notices, reports to governmental agencies or self-regulatory
organizations and taxes, if any.

 

8.          Independence
of Commodity Subadvisor. Commodity Subadvisor shall for all purposes herein be deemed to be an independent contractor and shall,
unless otherwise expressly provided or authorized herein, have no authority to act for or represent Manager or the Fund in any
way or otherwise be deemed an agent of Manager or the Fund. Commodity Subadvisor shall not offer or sell or solicit any offers
to purchase the Shares. However, when requested by Manager at such reasonable times and upon adequate notice as mutually agreed
to, Commodity Subadvisor will assist in the general explanation and presentation of Commodity Subadvisor’s trading strategies
and methods. Nothing herein contained shall be deemed to require the Fund to take any action contrary to the Trust Agreement, or
any applicable statute, regulation or exchange rule or interpretation of the staff of an applicable governmental agency.

 

9.          Records
of the Fund. Commodity Subadvisor will instruct the Fund’s broker/dealer(s) and FCMs to furnish copies, and/or will otherwise
furnish copies to Manager as requested by Manager, of all trade confirmations and trading reports. Commodity Subadvisor will maintain
a record of all trading orders for the Fund’s account that have been filled and will monitor at least daily the Fund’s
open positions. Upon the request of Manager, Commodity Subadvisor shall permit Manager or its agents and representatives to inspect
such information as Manager may request for the purpose of confirming that the Fund has been treated equitably with respect to
trading conducted during the term of this Agreement with all client accounts of Commodity Subadvisor or its affiliates. The books
and records pertaining to the Commodity Subadvisor’s activities and duties hereunder shall be the property of the Fund (although
the foregoing will not prohibit the Commodity Subadvisor from maintaining copies of all such records). The Manager or its representatives
shall have access to such books and records at all times during the Commodity Subadvisor’s normal business hours. Upon the
reasonable request of the Manager, copies of any such books and records shall be provided promptly by the Commodity Subadvisor
to the Manager or its representatives.

 

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10.         Compliance.
The Commodity Subadvisor shall:

 

a)         Promptly notify the
Manager upon determination of any error (or discovery of any error by a third party, such as the Fund’s accountant) in connection
with its activities and duties hereunder, including but not limited to any trade errors. With respect to any Commodity Subadvisor
error, the Commodity Subadvisor shall provide a memorandum to the Manager that sufficiently describes any such error and the action
to be taken to prevent future occurrences of such error;

 

b)         Promptly notify the
Manager if it becomes aware of any material breach of any of the Fund’s investment strategies, guidelines or other restrictions
and policies or of any violation of applicable law or regulation. The Commodity Subadvisor shall also promptly notify the Manager
upon detection of any material violations on the Commodity Subadvisor’s own compliance policies and procedures that relate
to its activities or duties hereunder;

 

c)         Provide access to
the Manager and its agents and representatives to its policies and procedures pertaining to its activities and duties hereunder
and shall notify the Manager, via quarterly certification or otherwise at the request of the Manager, of: (1) any material changes
to its policies and procedures; (2) any new policies and procedures as they pertain to activities or duties performed hereunder;
and (3) the retirement of any policies and procedures as they pertain to activities or duties performed hereunder; and

 

d)         Promptly provide
notice to the Manager regarding any inspections, notices or inquiries from any governmental, administrative or self-regulatory
agency, including without limitation, any deficiency letter, responses to deficiency letters or similar communications or actions
(1) relating to the Commodity Subadvisor’s activities or duties that relate to the Fund or (2) that involve matters that
could reasonably be viewed as material to the Commodity Subadvisor’s ability to provide services to the Fund. To the extent
that such inspections, notices, or inquiries relate to the Fund, the Commodity Subadvisor shall promptly make available such documents
to the Manager.

 

11.         Notice
of Threatened, Pending or Completed Actions, Suits or Proceedings.

 

a)         Commodity Subadvisor
will give prompt notice to Manager of: (i) any threatened, pending or completed action, suit or proceeding (including, without
limitation, any reparations or administrative proceeding threatened or instituted under the CEA to which Commodity Subadvisor was
or is a party or is threatened to be a party; and (ii) any judgments or amounts paid by Commodity Subadvisor in settlement
in connection with any such threatened, pending or completed action, suit or proceeding.

 

b)         Written notices required
to be given pursuant to this Section 11 shall contain all pertinent information concerning the threatened, pending or completed
action, suit or proceeding and, in the case of any pending or completed action suit or proceeding, shall include a copy of the
complaint, petition or similar documents asserting a claim.

 

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12.         Indemnity.

 

a)         Commodity Subadvisor
and each of the Additional Indemnitors listed on Exhibit C hereto (each, an “Additional Indemnitor”, and collectively
with Commodity Subadvisor, the “Joint and Several Indemnitors,”) jointly and severally agree to indemnify, defend
and hold harmless the Fund and Manager and their affiliates, including their subsidiaries, directors, officers, members, managers,
trustees, employees, agents, representatives, partners and shareholders (each, an “Indemnitee”) against any
loss, liability, damage, cost, expenses (including reasonable attorneys’ fees and accountants’ fees), judgments and
amounts paid in settlement (“Losses”) by reason of: (i) any act or omission of Commodity Subadvisor relating
to the Fund (including costs and expenses of investigating and defending any claims, demand or suit and attorneys’ and accountants’
fees), including, without limitation, any willful misfeasance, bad faith or negligence on the Commodity Subadvisor’s part
in the performance of its activities and duties or by reason of the Commodity Subadvisor’s reckless disregard of its activities
and duties under this Agreement or otherwise for breach of this Agreement; or (ii) any claim, dispute or litigation arising between
Commodity Subadvisor or its affiliates and any party other than the Fund or Manager, which claim, dispute or litigation is unrelated
to the Fund’s business, and if the Fund or Manager are made a party to such claim, dispute or litigation by such other party.
In the event that the Joint and Several Indemnitors collectively fail to promptly pay for (or otherwise reimburse) any Losses,
Manager shall be entitled to deduct an amount necessary to pay (or otherwise reimburse) for such Losses from any Fees due or payable
to Commodity Subadvisor.

 

b)         Promptly after receipt
by an Indemnitee of notice of the commencement of an action as set forth in sub-section a) above, such Indemnitee shall notify
Commodity Subadvisor each of the Additional Indemnitors of the commencement thereof (such notice to Commodity Subadvisor pursuant
to Section 14 hereof shall constitute notice to each Additional Indemnitor for purposes of this Section 12); but the omission so
to notify (or the delay in notifying) the Commodity Subadvisor will not relieve the Joint and Several Indemnitors from any liability
that they may have to any Indemnitee, except to the extent that the Joint and Several Indemnitors, jointly and severally, suffer
material damage in their ability to respond to such action as a result of the omission. In case any such action is brought against
any Indemnitee, and it notified Commodity Subadvisor (and thereby each Additional Indemnitor) of the commencement thereof, the
Joint and Several Indemnitors will be entitled to participate therein and, to the extent that they may wish, assume the defense
thereof, with counsel reasonably satisfactory to such Indemnitee.

 

c)         The foregoing provisions
for indemnification shall survive the termination of this Agreement.

 

d)         Notwithstanding anything
in this Agreement to the contrary, all securities laws impose liabilities under certain circumstances on persons who act in good
faith, and, therefore, nothing in this Agreement shall constitute a waiver or limitation of liability under such laws to the extent
(but only to the extent) such liability may not be waived, modified or limited.

 

13.         Term;
Termination; Amendment.

 

a)         The term of this
Agreement shall commence on the Effective Date and shall continue until December 31, 2020, unless this Agreement is terminated
earlier as provided

 

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herein. This Agreement shall
automatically renew for one-year periods thereafter, unless either party gives at least one hundred twenty (120) days’ notice
of termination prior to the end of the then current term, or unless terminated earlier as provided herein.

 

b)         Notwithstanding the
foregoing, this Agreement may be terminated in its entirety by Manager immediately upon written notice to Commodity Subadvisor
if:

 

(1)         any
litigation or proceeding is commenced against Commodity Subadvisor, Grain Service, or any affiliate of Commodity Subadvisor that
Manager reasonably believes would have a material adverse effect on Commodity Subadvisor’s ability to perform its obligations
to provide sub-investment advisory services to Manager and the Fund;

 

(2)         Commodity
Subadvisor commits a material breach of the Agreement, and fails to remedy such breach within a period of thirty (30) business
days following receipt of written notice from Manager specifying the breach and requesting its remedy;

 

(3)         Manager
ceases to act as overall investment manager to the Fund; provided, however, that if the successor investment manager to the Fund
(the “Successor Manager”) is an affiliate of the Manager, such Successor Manager will expressly agree in writing
to assume all obligations of the Manager under this Agreement and honor its terms and conditions; provided, further, that in the
case of the foregoing, the Manager shall be released from further obligations under this Agreement and each non-assigning party
agrees to look solely to the Successor Manager for the performance of the Manager’s obligations; or

 

(4)         the
Fund closes for any reason.

 

c)         Notwithstanding the
foregoing, this Agreement may be terminated in its entirety by Commodity Subadvisor immediately upon notice to Manager if Manager
does not pay undisputed fees due Commodity Subadvisor, and Manager fails to remedy such breach within a period of thirty (30) business
days following receipt of notice from Commodity Subadvisor specifying the amount of undisputed fees believed due from Manager,
including detailed calculations regarding how the Commodity Subadvisor determined such fees.

 

14.         Notices.
All notices, requests, claims, demands and other communications required or permitted to be given under this Agreement shall be
in writing and shall be delivered by hand or sent by an internationally recognized overnight courier service with signature required
for delivery, by facsimile where a confirmation of receipt is obtained, provided, however, that if sent by facsimile the written
communication must also be sent by next business day delivery via an internationally recognized overnight courier service
with signature required for delivery, or by registered or certified mail (postage prepaid, return receipt requested) to the respective
parties hereto at the following addresses:

 

If to Manager or the Fund:

 

WisdomTree Commodity Services, LLC

 

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c/o WisdomTree Investments, Inc.

245 Park Avenue, 35th Fl.

New York, NY 10167

Attention: Peter Ziemba

Facsimile: (917) 267-3851

  

If to Commodity Subadvisor:

 

GreenHaven Advisors, LLC

c/o Grain Service Corporation, Inc.

3340 Peachtree Road, Suite 1910

Atlanta, GA 30326

Attention: Ashmead Pringle

Facsimile: (404) 261-5468

 

All such communications so addressed shall
be deemed given (i) when delivered, if delivered personally to the intended recipient, or if sent by an internationally recognized
courier service with signature required for delivery, or if sent by facsimile and a confirmation of receipt is obtained, and the written
communication has also be sent for next business day delivery via an internationally recognized courier service with signature
required for delivery, or (ii) three business days after being mailed if sent by certified or registered mail, postage prepaid,
return receipt requested, or upon delivery if actual delivery occurs earlier.

 

15.         Confidentiality.
Each party agrees that it will treat confidentially all information provided by the other party regarding such other party’s
business and operations, including without limitation, with respect to the Commodity Subadvisor, the investment activities and
holdings of the Fund and all information obtained in the ordinary course of performing its activities and duties hereunder about
the Fund’s prior, present or potential limited owners. All confidential information provided by a party hereto shall be used
by any other party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and, except as may
be required in carrying out this Agreement, shall not be disclosed to any third party. The foregoing shall not be applicable to
any information (i) that is publicly available when provided or thereafter becomes publicly available, other than through a breach
of this Agreement, (ii) that is independently derived by either party hereto without the use of any information provided by the
other party hereto in connection with this Agreement, (iii) that is disclosed, upon prior notice to the party whose information
is being disclosed (to the extent such notice is permissible), in the manner and to the extent required in any legal or regulatory
proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of
law or regulation, or (iv) where the party seeking to disclose has received the prior written consent of the party providing the
information, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, each party acknowledges that the
other party may provide access to and use of confidential information relating to the other party to the disclosing party’s
employees, contractors, agents, professional advisors, auditors or persons performing similar functions, as necessary solely for
the purpose of rendering services under this Agreement, provided that each person or entity shall be subject to confidentiality
obligations substantially similar to those set forth herein. If either party becomes aware of a breach of this confidentiality
provision, it will notify promptly the other party of such breach and provide such details as it

 

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deems appropriate and in
accordance with the standard of care hereunder regarding the extent of the breach of confidentiality. Each party’s obligations
under this clause shall survive for a period of one (1) year following the expiration or termination of this Agreement.

 

16.         Business
Continuity. The Commodity Subadvisor shall maintain business continuity, disaster recovery, and backup capabilities and facilities,
through which the Commodity Subadvisor will be able to perform its activities and duties hereunder with minimal disruptions or
delays. The Commodity Subadvisor will employ reasonable safeguards designed to protect the Fund’s confidential information.
Upon request, the Commodity Subadvisor shall provide to the Manager copies of its written business continuity, disaster recovery
and backup plan(s) or sufficient information and written certification regarding such plans to satisfy the Manager. The Commodity
Subadvisor represents that it tests its plan(s) on at least an annual basis, and shall, at the Manager’s request, provide
the Manager with information regarding the results of its testing.

 

17.         Assignment
and Successors. This Agreement may not be assigned without the express written consent of the other party, which consent shall
not be unreasonably withheld. No activities or duties hereunder may delegated by either party, except as expressly set forth in
Section 2. This Agreement is made solely for the benefit of, and shall be binding upon, the parties and their respective permitted
successors and assigns, and no other person shall have any right or obligation under it. Any assignment in violation of this Agreement
shall be void and of no effect. Notwithstanding the foregoing, in the event that the Manager engages in any (a) merger or consolidation
into or with any other corporation or entity, (b) sale, conveyance, transfer, license, lease or other disposition of all or substantially
all of the assets of the Manager or (c) acquisition by any person of more than fifty percent (50%) of the voting power of all securities
of the Manager (collectively, a “Change of Control”), the Manager may, in its sole discretion and without the
consent of the Commodity Subadvisor or any other party hereto, assign this Agreement in connection with such Change of Control
and, upon such assignment and Change of Control, the successor-in-interest to Manager as a result of the Change in Control will
expressly agree in writing to assume this Agreement and honor its terms and conditions, and Manager shall be released from further
obligations under this Agreement and each non-assigning Party agrees to look solely to the successor-in-interest of the Manager
for the performance of the Manager’s obligations.

 

18.         Miscellaneous.
The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions
hereof or otherwise affect their construction or effect. If any provision of this Agreement is held or made invalid by a court
decision, statute, rule or otherwise, the remainder of this Agreement will not be affected thereby.

 

19.         Applicable
Law, Entire Agreement, Amendments. This Agreement shall be construed in accordance with applicable federal law and the laws
of the State of New York, without reference to any conflict of law principles to the contrary. Commodity Subadvisor consents to
jurisdiction and venue of the state and federal courts sitting in the State of New York, County of New York, U.S.A. This Agreement
is the entire agreement of the parties in respect of the subject matter and may be amended only by a writing signed by the parties.

 

    11 

     

    

 

20.         Obligations
of Fund Only. This Agreement is executed on behalf of the Fund by officers of the Manager as officers and not individually
and the obligations imposed upon the Fund by this Agreement are not binding upon any of the Fund’s trustees or shareholders
individually but are binding only upon the assets and property of the Fund.

 

21.         Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
shall, together, constitute only one instrument.

 

22.         Commodity
Subadvisor’s Rule 4.7 Advisory and Fund Consent. PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION
IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT
BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING
PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION
HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

 

The Fund consents to its
account being managed by Commodity Subadvisor being an exempt account under CFTC Rule 4.7.

 

[SIGNATURES ON NEXT PAGE]

 

    12 

     

    

 

IN WITNESS WHEREOF,
Manager, the Fund and Commodity Subadvisor have caused this Agreement to be executed as of the day and year first above written.

  

GREENHAVEN COMMODITY SERVICES, LLC

(to be renamed WISDOMTREE COMMODITY SERVICES, LLC),

a Delaware limited liability company

 

By: WisdomTree Investments, Inc.

Its: Sole Member

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

GREENHAVEN CONTINUOUS COMMODITY

INDEX MASTER FUND

(to be renamed WISDOMTREE CONTINUOUS COMMODITY INDEX

MASTER FUND),

a Delaware statutory trust

 

By: GREENHAVEN COMMODITY SERVICES, LLC

(to be renamed WISDOMTREE COMMODITY SERVICES, LLC),

its Manager

 

By: WisdomTree Investments, Inc.

Its: Sole Member

 

	By:  	 	 
	Name:	 	 
	Title:	 	 

 

[SIGNATURE PAGE TO COMMODITY SUBADVISORY AGREEMENT
– GREENHAVEN CONTINUOUS COMMODITY INDEX MASTER FUND]

 

     

     

    

 

IN WITNESS WHEREOF,
Manager, the Fund and Commodity Subadvisor have caused this Agreement to be executed as of the day and year first above written.

  

GREENHAVEN ADVISORS, LLC,

a Delaware limited liability company

 

	By: 	 	 
	Name: 	Ashmead Pringle	 
	Title: 	Managing Member	 

 

AGREED, FOR THE LIMITED PURPOSES SET FORTH IN SECTION 12:

 

ADDITIONAL INDEMNITORS, EACH IN THEIR INDIVIDUAL CAPACITIES

 

	By: 	 	 
	Name: 	Ashmead Pringle	 

 

	By:	 	 
	Name: 	Thomas Cooper Anderson 	 

 

	By:	 	 
	Name: 	Thomas J. Fernandes	 

 

[SIGNATURE PAGE TO COMMODITY SUBADVISORY AGREEMENT
– GREENHAVEN CONTINUOUS COMMODITY INDEX MASTER FUND]

 

     

     

    

 

EXHIBIT A

 

List of Broker/Dealers and FCMs

 

Morgan Stanley & Co. LLC

 

     

     

    

 

EXHIBIT B

 

Compensation

 

a)         For the services
provided and the expenses assumed pursuant to this Agreement, Commodity Subadvisor agrees to accept as full compensation an annual
fee equal to twenty percent (20%) of the Manager’s management fee plus twenty percent (20%) of the Fund’s other expense
accrual (excluding brokerage expense accrual) based on the Fund’s average daily net assets (the “Fee”);
provided, however the minimum annual Fee that Commodity Subadvisor will be paid shall be $200,000 (the “Minimum Annual
Fee”). The Fee shall accrue on each calendar day and shall be paid by Manager within seven (7) days after the first business
day of the next succeeding calendar month. The daily fee accrual shall be computed by multiplying the fraction of one divided by
the number of days in the calendar year by the applicable annual rate of fee, and multiplying this product by the net assets of
the Fund as of the close of business on the last preceding business day on which the Fund’s net asset value was determined.
The Fund’s net asset value for this purpose shall be calculated as provided in the Fund’s prospectus then in effect.
If, at the end of each calendar year that this Agreement remains in effect, beginning January 1, 2016, and each monthly Fee has
been calculated and paid to Commodity Subadvisor (other than the payment for the last month of the calendar year), Commodity Subadvisor
has not received Fees equal to the Minimum Annual Fee, then Manager shall pay the shortfall amount to Commodity Subadvisor at the
same time that Manager makes the payment to Commodity Subadvisor for the last month of the applicable calendar year.

 

b)         For the month and
year in which this Agreement becomes effective or terminates, there shall be an appropriate proration of the Fee on the basis of
the number of days that the Agreement is in effect during the month and year, respectively. By way of example, if this Agreement
were to terminate on the 100th day of a calendar year because the Fund closed on that day, then the Minimum Annual Fee for that
partial year would be $200,000 x (100/365).

 

    16 

     

    

 

EXHIBIT C

 

Additional Indemnitors

 

Ashmead Pringle

Thomas Cooper Anderson

Thomas J. Fernandes

 

    17Exhibit
10.2

 

Form Of Master Custodian
Agreement

 

This Agreement made
as of January 4, 2016, and to have an effective date on January 1, 2016, is by and between each commodity pool entity set forth
on Schedule A hereto (each such commodity pool entity and each commodity pool entity made subject to this Agreement in accordance
with Section 22.5 below shall hereinafter be referred to as a “Fund”) and State
Street Bank and Trust Company, a Massachusetts trust company (the “Custodian”).

 

Witnesseth:

 

Whereas,
the Fund is authorized to issue common units of beneficial interest (“Shares”);

 

Whereas,
the Fund will issue and redeem Shares only in aggregations known as “Baskets,” generally in exchange
for a specified cash payment, as more fully described in the currently effective prospectus and statement of additional information
of the Fund related to the Fund (collectively, the “Prospectus”);

 

Whereas,
WisdomTree Commodity Services, LLC or WisdomTree Coal Services, LLC, as applicable, serves as the managing owner and/or
sponsor, and commodity pool operator, of the Fund (the “Managing Owner” or “Sponsor”);
and

 

Whereas,
the Sponsor on behalf of the Fund has selected and desires to retain the Custodian to act as custodian of Fund assets, and the
Custodian is willing to provide such services to the Fund upon the terms and conditions hereinafter set forth.

 

Now,
Therefore, in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto
agree as follows:

 

Section
1.     Employment of Custodian and Property to be Held by It

 

The Sponsor on behalf of the Fund hereby
employs the Custodian as a custodian of assets of the Fund, including securities which the Fund desires to be held in places within
the United States (“domestic securities”) and securities it desires to be held outside the United States
(“foreign securities”). The Fund agrees to deliver to the Custodian all securities and cash of the Fund,
and all payments of income, payments of principal or capital distributions received by it with respect to all securities owned
by the Fund from time to time, and the cash consideration received by it for such shares as may be issued or sold from time to
time. The Custodian shall not be responsible for any property of a Fund which is not received by it or which is delivered out in
accordance with Proper Instructions (as such term is defined in Section 8 hereof), so long as the Custodian has met its standard
of care as specified in Section 16.1 of this Agreement.

 

With respect to uncertificated shares or
other interests (the “Underlying Shares”) in collective investment vehicles, including, among others,
registered “investment companies” (as defined in Section 3(a)(1) of the Investment Company Act of 1940, as amended
from time to time, the holding of confirmation statements that identify the shares as being recorded in the Custodian’s name
on behalf of the Fund will be deemed custody for purposes hereof.

 

      

     

    

 

Upon receipt of Proper Instructions, the
Custodian shall on behalf of the Fund appoint one or more banks, trust companies or other entities located in the United States
and designated in such Proper Instructions to act as a sub-custodian for the purposes of effecting such transaction(s) as may be
designated by the Fund. Each such designated sub-custodian is referred to herein as a “Special Sub-Custodian.”
The Custodian may place and maintain the Fund’s foreign securities with foreign banking institution sub-custodians employed
by the Custodian and/or foreign securities depositories, in accordance with the applicable provisions of Sections 3 and 4 hereof.

 

Section
2.     Duties of the Custodian with Respect to Property of the Fund to be Held in the United States

 

Section
2.1      Holding Securities. The Custodian
shall hold and physically segregate for the account of the Fund all non-cash property to be held by it in the United States, including
all domestic securities owned by such Fund other than (a) securities which are maintained pursuant to Section 2.9 in a clearing
agency which acts as a securities depository or in a book-entry system authorized by the U.S. Department of the Treasury (each,
a “U.S. Securities System”) and (b) Underlying Shares owned by the Fund which are maintained pursuant
to Section 2.11 hereof in an account with State Street Bank and Trust Company or such other entity which may from time to time
be appointed by the Fund to act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided
with Proper Instructions (the “Underlying Transfer Agent”).

 

Section
2.2      Delivery of Domestic Securities.
The Custodian shall release and deliver domestic securities owned by a Fund held by the Custodian, in a U.S. Securities System
account of the Custodian or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf
of the applicable Fund, specifying (a) the domestic securities of the Fund to be delivered and (b) the person or persons to whom
delivery of such securities shall be made.

 

Section
2.3      Registration of Securities.
Domestic securities held by the Custodian (other than bearer securities) shall be registered in the name of the Fund or in the
name of any nominee of the Fund or of any nominee of the Custodian which nominee shall be assigned exclusively to the Fund, unless
the Fund has authorized in writing the appointment of a nominee to be used in common with other investment companies or funds having
the same investment adviser or managing owner as the Fund, or in the name or nominee name of any agent appointed pursuant to Section
2.8 or in the name or nominee name of any sub-custodian appointed pursuant to Section 1. All securities accepted by the Custodian
on behalf of the Fund under the terms of this Agreement shall be in “street name” or other good delivery form. If,
however, the Fund directs the Custodian to maintain securities in “street name”, the Custodian shall utilize reasonable
efforts only to timely collect income due the Fund on such securities and to notify the Fund of relevant corporate actions including,
without limitation, pendency of calls, maturities, tender or exchange offers.

 

Section
2.4      Payment of Fund Monies. The
Custodian shall pay out monies of the Fund upon receipt of Proper Instructions on behalf of the Fund, specifying (a) the
amount of such payment and (b) the person or persons to whom such payment is to be made.

 

    	 	-2-	 

     

    

 

Section
2.5      Bank Accounts. The Custodian
shall open and maintain a separate bank account or accounts in the United States in the name of the Fund, subject only to draft
or order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to
the provisions hereof, all cash received by it from or for the account of the Fund. Funds held by the Custodian for the Fund may
be deposited by it to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies
as it may in its discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified
to act as a custodian and that each such bank or trust company and the funds to be deposited with each such bank or trust company
shall on behalf of the Fund as approved by the Fund or its Sponsor. Such funds shall be deposited by the Custodian in its capacity
as Custodian and shall be withdrawable by the Custodian only in that capacity.

 

Section
2.6      Determination of Fund Deposit, etc.
Subject to and in accordance with the directions of the Sponsor, the Custodian shall determine for the Fund after the end
of each trading day on the New York Stock Exchange (the “NYSE”), in accordance with the respective Fund’s
policies as adopted from time to time and in accordance with the procedures set forth in the Prospectus, the amount of cash or
cash equivalent proceeds required for the issuance or redemption, as the case may be, of Shares in Basket aggregations of such
Fund on such date. The Custodian shall provide or cause to be provided this information to the Funds’ distributor and other
persons according to the policy established by the Fund and shall disseminate such information on each day that the NYSE is open,
including through the facilities of the National Securities Clearing Corporation, prior to the opening of trading on the NYSE.

 

Section 2.6A.    Allocation
of Deposit Security Shortfalls. While the Fund does not anticipate that its Baskets will generally contain securities (“Deposit
Securities”), the Fund acknowledges that the Custodian maintains only one account on the books of the National Securities
Clearing Corporation (the “NSCC”) for the benefit of all exchange traded funds for which the Custodian
serves as custodian, including the Fund (collectively, the “ETF Custody Clients”). In the event that
(a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Basket, and (b) the NSCC,
pursuant to its Continuous Net Settlement system, delivers to the Custodian’s NSCC account less than the full amount of such
Deposit Security necessary to satisfy in full each affected ETF Custody Client’s required amount (a “Common Deposit
Security Shortfall”), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied
in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received
in the Custodian’s NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security
Shortfall, and then to satisfy the current Common Deposit Security Shortfall.

 

Section
2.7     Collection of Income. Subject to the provisions of Section 2.3, the Custodian shall
collect on a timely basis all income and other payments with respect to registered domestic securities held hereunder to which
the Fund shall be entitled either by law or pursuant to custom in the securities business, and shall collect on a timely basis
all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, such securities
are held by the Custodian or its agent thereof, and shall credit such income, as collected, to such Fund’s custodian account.
The Custodian shall present for payment all income items requiring presentation

 

    	 	-3-	 

     

    

 

as and when they become due and shall collect
interest when due on securities held hereunder. Income due each Fund on securities loaned shall be the responsibility of the Fund.
The Custodian will have no duty or responsibility in connection therewith, other than to provide the Fund with such information
or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the
Fund is properly entitled.

 

Section
2.8    Appointment of Agents. The Custodian may
at any time or times in its discretion appoint (and may at any time remove) any other bank or trust company which is itself qualified
to act as a custodian, as its agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time
direct; provided, however, that the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities
hereunder. The Underlying Transfer Agent shall not be deemed an agent or sub-custodian of the Custodian for purposes of this Agreement.

 

Section
2.9    Deposit of Fund Assets in U.S. Securities Systems.
The Custodian may deposit and/or maintain securities owned by the Fund in a U.S. Securities System in accordance with applicable
Securities and Exchange Commission rules and regulations, if any, and to the extent applicable hereto.

 

Section
2.10   Segregated Account. Upon receipt of Proper Instructions,
the Custodian shall on behalf of the Fund establish and maintain a segregated account or accounts for and on behalf of such Fund
for any purpose, into which account or accounts may be transferred cash and/or securities, including securities maintained in an
account by the Custodian pursuant to Section 2.9 hereof.

 

Section
2.11   Deposit of Fund Assets with the Underlying Transfer Agent.
Underlying Shares beneficially owned by the Fund shall be deposited and/or maintained in an account or accounts maintained with
an Underlying Transfer Agent and the Custodian’s only responsibilities with respect thereto shall be limited to the following:

 

		1)	Upon receipt of a confirmation or statement from an Underlying Transfer Agent that such Underlying
Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the
benefit of a Fund, the Custodian shall identify by book-entry that such Underlying Shares are being held by it as custodian for
the benefit of such Fund.

 

		2)	In respect of the purchase of Underlying Shares for the account of a Fund, upon receipt of Proper
Instructions, the Custodian shall pay out monies of such Fund as so directed, and record such payment from the account of such
Fund on the Custodian’s books and records.

 

		3)	In respect of the sale or redemption of Underlying Shares for the account of a Fund, upon receipt
of Proper Instructions, the Custodian shall transfer such Underlying Shares as so directed, record such transfer from the account
of such Fund on the Custodian’s books and records and, upon the Custodian’s receipt of the proceeds

 

    	 	-4-	 

     

    

 

therefor, record such payment for
the account of such Fund on the Custodian’s books and records.

 

		4)	The Custodian will implement procedures to ensure that the Underlying Transfer Agent’s records
of the Fund’s holdings of Underlying Shares are properly reconciled with the Custodian’s records.

 

Section
2.12  Ownership Certificates for Tax Purposes. The Custodian
shall execute ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt
of income or other payments with respect to domestic securities of the Fund held by it and in connection with transfers of securities.

 

Section
2.13  Proxies. The Custodian shall deliver to the Fund, in
the most expeditious manner practicable, all forms of proxies, all notices of meetings, and any other notices or announcements
affecting or relating to securities owned by the Fund that are received by the Custodian, any Sub-Custodian, or any nominee of
either of them (or with the exercise of reasonable care that the Custodian, any Sub-Custodian, or any nominee of either of them
should have become aware), and, upon receipt of Proper Instructions, the Custodian shall execute and deliver, or cause such Sub-Custodian
or nominee to execute and deliver, such proxies or other authorizations as may be required. The Custodian recognizes that this
requirement applies to all securities and that the Fund’s investments in non-U.S. securities may entail proxies and notices,
which, for the avoidance of doubt, are subject to this Agreement. Except as directed pursuant to Proper Instructions, neither the
Custodian nor any Sub-Custodian or nominee shall vote upon any such securities, or execute any proxy to vote thereon, or give any
consent or take any other action with respect thereto. In the event that the Custodian is unable to vote upon any such securities
in accordance with Proper Instructions for any reason including, but not limited to, the failure of the Fund to deliver any necessary
powers of attorney or other documentation, the Custodian shall promptly notify (subject to market practices and rules) the Fund.
The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other
factors may have the effect of severely limiting the ability of the Fund to exercise shareholder rights.

 

Section
2.14  Communications Relating to Domestic Fund Securities.
Subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the Fund all written information received by
the Custodian from issuers of the securities being held for the Fund. With respect to tender or exchange offers, the Custodian
shall transmit promptly to the Fund all written information received by the Custodian from issuers of the securities whose tender
or exchange is sought and from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable
for any untimely exercise of any tender, exchange or other right or power in connection with domestic securities or other property
of the Fund at any time held by it unless (i) the Custodian is in actual possession of such domestic securities or property and
(ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur
at least three business days prior to the date on which the Custodian is to take action to exercise such right or power. The Custodian
shall also transmit promptly to the Fund all written information received by the Custodian regarding any class action or other
collective litigation in connection with Fund securities or other assets issued in the United States and then held, or previously
held, during the

 

    	 	-5-	 

     

    

 

relevant class-action period during the
term of this Agreement by the Custodian for the account of the, including, but not limited to, opt-out notices and proof-of-claim
forms. The Custodian will not support class-action participation by the Fund beyond such forwarding of written information received
by the Custodian. For the avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect
to the Fund the Custodian shall have no responsibility to so transmit any information under this Section 2.14.

 

Section
2.15.  Provision of Information. At the request of the Fund, the
Custodian shall promptly provide to the Fund all information relating to the Fund, or any of its Fund’s, cash, securities,
and other assets which may be reasonably requested by the Fund in order to determine the amount to be paid to the Custodian under
Section 15 hereof. Such information shall be delivered to the Fund at such time(s) and in such form(s) specified by the Fund.

 

Section
3.     [Reserved]

 

Section
4.     Activities of the Custodian with Respect to Property
Held Outside the United States

 

Section
4.1.   Appointment of Foreign Sub-Custodians. The Fund hereby
authorizes and instructs the Custodian to employ as sub-custodians for the Fund's securities and other assets maintained outside
the United States in the countries listed on Schedule A (“foreign countries”) the foreign banking institutions
and foreign securities depositories designated on Schedule A hereto (“foreign sub-custodians”).

 

Section
4.2.   Foreign Securities Systems. Except as may otherwise
be agreed upon in writing by the Custodian and the Fund, assets of the Fund shall be maintained in a clearing agency which acts
as a securities depository or in a book-entry system for the central handling of securities located outside the United States (each,
a “Foreign Securities System”) only through arrangements implemented by the foreign banking institutions
serving as sub-custodians pursuant to the terms hereof.

 

Section
4.4.   Holding Securities. Foreign securities and other
financial assets held outside of the United States shall be maintained in a Foreign Securities System in a foreign country through
arrangements implemented by the Custodian or foreign sub-custodian, as applicable, in the foreign country. The Custodian shall
identify on its books as belonging to the Fund the foreign securities and other financial assets held by each foreign sub-custodian
or Foreign Securities System. The Custodian may hold foreign securities and other financial assets for all of its customers, including
the Fund, with any foreign sub-custodian in an account that is identified as the Custodian’s account for the benefit of its
customers; provided however, that (a) the records of the Custodian with respect to foreign securities or other financial assets
of the Fund maintained in the account shall identify those securities and other financial assets as belonging to the Fund and (b)
to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities
and other financial assets so held by the foreign sub-custodian be held separately from any assets of the foreign sub-custodian
or of other customers of the foreign sub-custodian.

 

    	 	-6-	 

     

    

 

Section
4.4.    Registration of Foreign Securities. Foreign securities and other financial assets held
outside of the United States maintained in the custody of foreign sub-custodian and that are not bearer securities shall be registered
in the name of the Fund or in the name of the Custodian or in the name of any foreign sub-custodian or in the name of any nominee
of any of the foregoing. The Fund agrees to hold any such nominee harmless from any liability as a holder of record of the foreign
securities or other financial assets. The Custodian or foreign sub-custodian reserves the right not to accept securities or other
financial assets on behalf of the Fund under the terms of this Agreement unless the form of the securities or other financial
assets and the manner in which they are delivered are in accordance with local market practice.

 

Section
4.5    Agreements with Foreign Banking Institutions. The Custodian shall use commercially reasonable
efforts to require that each agreement with a foreign banking institution employed as a foreign sub-custodian shall provide that:
(a) the Fund's assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the foreign
banking institution or its creditors or agent, except a claim of payment for their safe custody or administration or, in the case
of cash deposits, liens or rights in favor of creditors of the foreign banking institution arising under bankruptcy, insolvency
or similar laws; (b) beneficial ownership of the Fund's assets will be freely transferable without the payment of money or value
other than for custody or administration; (c) adequate records will be maintained identifying the assets as belonging to the Fund;
(d) officers of (references to officers and/or trustees of the Fund as used herein shall be deemed to include officers and/or trustees/directors
of the Sponsor) or auditors employed by, or other representatives of the Fund, including to the extent permitted under applicable
law the independent public accountants for the Fund, will be given access to the books and records of the foreign banking institution
relating to its actions under its agreement with the Custodian; and (e) assets of the Fund held by the foreign sub-custodian will
be subject only to the instructions of the Custodian or its agents.

 

Section
4.6    Access of Independent Accountants of the Fund. Upon request
of the Fund, the Custodian will use commercially reasonable efforts to arrange for the independent accountants of the Fund to be
afforded access to the books and records of any foreign banking institution employed as a foreign sub-custodian insofar as such
books and records relate to the performance of such foreign banking institution under its agreement with the Custodian.

 

Section
4.7.   Reports by Custodian. The Custodian will supply to the Fund from time to time, as mutually
agreed upon, statements in respect of the securities and other assets of the Fund held by foreign sub-custodians, including but
not limited to an identification of entities having possession of the Fund's foreign securities and other assets and advices or
notifications of any transfers of securities to or from each custodial account maintained by a foreign banking institution for
the Custodian on behalf of the Fund indicating, as to foreign securities acquired for the Fund, the identity of the entity having
physical possession of such securities.

 

Section
4.8   Bank Accounts.

 

4.8.1   General.
The Custodian shall identify on its books as for the account of the Fund the amount of cash (including cash denominated in foreign
currencies) deposited with the Custodian. The Custodian shall maintain cash deposits in on book currencies on its balance sheet.

 

    	 	-7-	 

     

    

 

The Custodian shall be liable for such
balances. If the Custodian is unable to maintain, or market practice does not facilitate the maintenance for the Fund of a cash
balance in a currency as an on book currency, a deposit account shall be opened and maintained by the Custodian outside the United
States on behalf of the Fund with foreign sub-custodian. The Custodian shall not maintain the cash deposit on its balance sheet.
The foreign sub-custodian will be liable for such balance directly to the Fund. All deposit accounts referred to in this Section
shall be subject only to draft or order by the Custodian or, if applicable, the foreign sub-custodian acting pursuant to the terms
of this Agreement. Cash maintained in a deposit account and denominated in an “on book” currency will be maintained
under and subject to the laws of The Commonwealth of Massachusetts. The Custodian will not have any deposit liability for deposits
in any currency that is not an “on book” currency.

 

4.8.2   Non-U.S.
Branch and Non-U.S. Dollar Deposits. In accordance with the laws of the Commonwealth of Massachusetts, the Custodian
shall not be required to repay any deposit made at a non-U.S. branch of the Custodian or any deposit made with the Custodian and
denominated in a non-U.S. dollar currency, if repayment of the deposit or the use of assets denominated in the non-U.S. dollar
currency is prevented, prohibited or otherwise blocked due to (a) an act of war, insurrection or civil strife; (b) any action by
a non-U.S. government or instrumentality or authority asserting governmental, military or police power of any kind, whether such
authority be recognized as a de facto or a de jure government, or by any entity, political or revolutionary movement or otherwise
that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of a non-U.S.
branch in order to prevent, in the reasonable judgment of the Custodian, harm to the employees or property of the Custodian.

 

Section
4.9.   Collection of Income. The Custodian shall use reasonable commercial
efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which the Fund shall be
entitled. If extraordinary measures are required to collect the income or payment, the Fund and the Custodian shall consult as
to such measures and as to the compensation and expenses of the Custodian relating to such measures. The
Custodian shall credit income to the Company as such income is received or in accordance with the Custodian’s then current
payable date income schedule. Any credit to the Company in advance of receipt may be reversed when the Custodian determines that
payment will not occur in due course, and the Company may be charged at the Custodian’s applicable rate for time credited.
Income on securities or other financial assets loaned other than from the Custodian’s securities lending program shall be
credited as received. 

 

    	 	-8-	 

     

    

 

Section
4.10.   Transactions in Foreign Custody Account.

 

4.10.1  Delivery
Out. The Custodian or a foreign sub-custodian shall release and deliver foreign securities or other financial assets
held outside of the United States owned by the Fund and held by the Custodian or such foreign sub-custodian, or in a Foreign Securities
System account, only upon receipt of Proper Instructions, specifying the foreign securities to be delivered and the person or persons
to whom delivery is to be made. The Custodian shall pay out, or direct the respective foreign sub-custodian or the respective Foreign
Securities System to pay out, cash of the Fund only upon receipt of Proper Instructions specifying the amount of the payment and
the person or persons to payment is to be made.

 

4.10.2  Market
Conditions. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets
received for the account of the Fund and delivery of Foreign Assets maintained for the account of the Fund may be effected in accordance
with the customary established securities trading or processing practices and procedures in the country or market in which the
transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or
an agent for such purchaser or dealer) with the expectation of receiving later payment for the Foreign Assets from such purchaser
or dealer.

 

Section
4.11  Shareholder or Bondholder Rights. The Custodian
shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder and bondholder rights with respect
to foreign securities and other financial assets held outside the United States, subject always to the laws, regulations and practical
constraints that may exist in the country where the securities or other financial assets are issued. The Custodian may utilize
Broadridge Financial Solutions, Inc. or another proxy service firm of recognized standing as its delegate to provide proxy services
for the exercise of shareholder and bondholder rights. Local conditions, including lack of regulation, onerous procedural obligations,
lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise shareholder and bondholder
rights.

 

Section
4.12.  Communications. The Custodian shall transmit
promptly to the Fund written information with respect to materials received by the Custodian through foreign sub-custodian from
issuers of the foreign securities and other financial asset assets being held outside the United States for the account of the
Fund. The Custodian shall transmit promptly to the Fund written information with respect to materials so received by the Custodian
from issuers of foreign securities whose tender or exchange is sought or from the party or its agent making the tender or exchange
offer. The Custodian shall also transmit promptly to the Fund all written information received by the Custodian through foreign
sub-custodian from issuers of the foreign securities or other financial assets issued outside of the United States and being held
for the account of the Fund regarding any class action or other collective litigation relating to the Fund’s foreign securities
or other financial assets issued outside the United States and then held, or previously held, during the relevant class-action
period during the term of this Agreement by the Custodian via a foreign sub-custodian for the account of the Fund, including, but
not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by the Fund
beyond such forwarding of written information received by the Custodian.

 

    	 	-9-	 

     

    

 

Section
5.     Contractual Settlement Services (Purchase / Sales)

 

Section
5.1  The Custodian shall, in accordance with the terms set out in this section,
debit or credit the appropriate cash account of theFund in connection with (i) the purchase of securities for theFund, and (ii)
proceeds of the sale of securities held on behalf of the Fund, on a contractual settlement basis.

 

Section
5.2  The services described above (the “Contractual Settlement
Services”) shall be provided for such instruments and in such markets as the Custodian may advise from time to time.
The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services under this Agreement at
its sole discretion immediately upon notice to the, including, without limitation, in the event of force majeure events affecting
settlement, any disorder in markets, or other changed external business circumstances affecting the markets or the Fund, provided
that the Custodian shall be acting within the standard of care set forth in Section 16.1.

 

Section
5.3  The consideration payable in connection with a purchase transaction shall
be debited from the appropriate cash account of the Fund as of the time and date that monies would ordinarily be required to settle
such transaction in the applicable market. The Custodian shall promptly recredit such amount at the time that the Fund or the Fund
notifies the Custodian by Proper Instruction that such transaction has been canceled.

 

Section
5.4  With respect to the settlement of a sale of securities, a provisional
credit of an amount equal to the net sale price for the transaction (the “Settlement Amount”) shall be
made to the account of the Fund as if the Settlement Amount had been received as of the close of business on the date that monies
would ordinarily be available in good funds in the applicable market. Such provisional credit will be made conditional upon the
Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable; and the
Custodian or its agents having possession of the asset(s) (which shall exclude assets subject to any third party lending arrangement
entered into by a Fund) associated with the transaction in good deliverable form and not being aware of any facts which would lead
them to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable
market.

 

Section
5.5.  Simultaneously with the making of such provisional credit, the Fund agrees that the Custodian shall have, and hereby
grants to the Custodian, a security interest in any property at any time held for the account of the Fund to the full extent of
the credited amount, and each Fund hereby pledges, assigns and grants to the Custodian a continuing security interest and a lien
on any and all such property under the Custodian’s possession, in accordance with the terms of this Agreement. In the event
that the Fund fails to promptly repay any provisional credit, the Custodian shall have all of the rights and remedies of a secured
party under the Uniform Commercial Code of The Commonwealth of Massachusetts.

 

Section
5.6  The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual
Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle
in accordance with its terms or amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided
Proper Instructions with respect thereto, as applicable, and the Fund shall be responsible

 

    	 	-10-	 

     

    

 

for any costs or liabilities resulting
from such reversal. Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the
Fund to the Custodian and may be debited from any cash account held for benefit of the Fund.

 

Section
5.7   In the event that the Custodian is unable to debit an account
of the Fund, and the Fund fails to pay any amount due to the Custodian at the time such amount becomes payable in accordance with
this Agreement, (i) the Custodian may charge the Fund for reasonable costs and expenses associated with providing the provisional
credit, including without limitation the cost of funds associated therewith, (ii) the amount of any accrued dividends, interest
and other distributions with respect to assets associated with such transaction may be set off against the credited amount, (iii)
the provisional credit and any such costs and expenses shall be considered an advance of cash for purposes of the Agreement and
(iv) the Custodian shall have the right to setoff against any property and to sell, exchange, convey, transfer or otherwise dispose
of any property at any time held for the account of the Fund to the full extent necessary for the Custodian to make itself whole.

 

Section
6.     Foreign Exchange.

 

Section
6.1.   Generally. Upon receipt of Proper Instructions,
which for purposes of this section may also include security trade advices, the Custodian shall facilitate the processing and settlement
of foreign exchange transactions. Such foreign exchange transactions do not constitute part of the services provided by the Custodian
under this Agreement.

 

Section
6.2.   Fund Elections. The Fund (or its Sponsor acting
on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with
the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Fund and
its affiliated companies (“SSGM”), or with a sub-custodian. Where the Fund or its Sponsor gives Proper
Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the Client
Publications, the Fund (or its Sponsor) instructs the Custodian, on behalf of the Fund, to direct the execution of such foreign
exchange transaction to SSGM or, when the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian
shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Fund, its Sponsor
or any other person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility
under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction
entered into by the Fund (or its Sponsor acting on its behalf) or the reasonableness of the execution rate on any such transaction.

 

Section
6.3.  Fund Acknowledgement The Fund acknowledges that in connection
with all foreign exchange transactions entered into by the Fund (or its Sponsor acting on its behalf) with SSGM or any sub-custodian,
SSGM and each such sub-custodian:

 

		(i)	shall be acting in a principal capacity and not as broker,
agent or fiduciary to the Fund or its Sponsor;

 

    	 	-11-	 

     

    

 

		(ii)	shall seek to profit from such foreign exchange transactions,
and are entitled to retain and not disclose any such profit to the Fund or its Sponsor; and

 

		(iii)	shall enter into such foreign exchange transactions pursuant
to the terms and conditions, including pricing or pricing methodology, (a) agreed with the Fund or its Sponsor from time to time
or (b) in the case of an indirect foreign exchange service, (i) as established by SSGM and set forth in the Client Publications
with respect to the particular foreign exchange execution services selected by the Fund or the Sponsor or (ii) as established
by the sub-custodian from time to time.

 

Section
6.4.   Transactions by State Street. The Custodian or
its affiliates, including SSGM, may trade based upon information that is not available to the Fund (or its Sponsor acting on its
behalf), and may enter into transactions for its own account or the account of clients in the same or opposite direction to the
transactions entered into with the Fund (or its Sponsor), and shall have no obligation, under this Agreement, to share such information
with or consider the interests of their respective counterparties, including, where applicable, the Fund or the Sponsor.

 

Section
7.     Payments for Sales or Repurchases or Redemptions
of Shares

 

The Custodian shall receive from the distributor
of the Shares or from the Fund’s transfer agent (the “Transfer Agent”), as the case may be, and
deposit into the account of the appropriate Fund such payments as are received for Shares, in Basket aggregations, thereof issued
or sold from time to time by the Fund. The Custodian will provide timely notification to the Fund and the Transfer Agent of any
receipt by it of payments for shares of such Fund.

 

From such funds and securities as may be
available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds and securities
available for payment to, or in accordance with the instructions of, Authorized Participants (as defined in the Prospectus) who
have delivered to the Transfer Agent proper instructions for the redemption or repurchase of their shares, in Basket aggregations,
which shall have been accepted by the Transfer Agent, the applicable Fund Securities (as defined in the Prospectus) (or such securities
in lieu thereof as may be designated by the Sponsor of the Fund in accordance with the Prospectus) for such Fund and the Cash Redemption
Amount (as defined in the Prospectus), if applicable, less any applicable Redemption Transaction Fee (as defined in the Prospectus).
The Custodian will transfer the applicable Fund Securities to or on the order of the Authorized Participant. Any cash redemption
payment (less any applicable Redemption Transaction Fee) due to the Authorized Participant on redemption shall be effected through
the DTC (as defined in the Prospectus) system or through wire transfer in the case of redemptions effected outside of the DTC system.

 

Section
8.     Proper Instructions 

 

“Proper Instructions,”
which may also be standing instructions, shall mean instructions received by the Custodian from the Fund or its Sponsor or a person
or entity duly authorized by either of them. Such instructions may be in writing signed by the authorized person or persons or
may be in a tested

 

    	 	-12-	 

     

    

 

communication or in a communication utilizing
access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary
systems and utilities as may be agreed from time to time by the Custodian and the person(s) or entity giving such instruction,
provided that the Fund has followed any security procedures agreed to from time to time by the Fund and the Custodian including,
but not limited to, the security procedures selected by the Fund via the form of Funds Transfer Addendum hereto, the terms of which
are hereby agreed to. The Custodian may agree to accept oral instructions, and in such case oral instructions will be considered
Proper Instructions. The Fund shall cause all oral instructions to be confirmed in writing. The Custodian shall be entitled conclusively
to rely and act upon Proper Instructions until the Custodian has received notice of any change from the Fund and has had a reasonable
time to implement such change. The Custodian may act on a Proper Instruction if it reasonably believes it contains sufficient information,
and may refrain from acting on any Proper Instructions until such time that it has determined, in its sole discretion, that is
has received any required clarification and/or authentication of Proper Instructions, provided the Custodian shall be acting within
the standard of care set forth in Section 16.1. The Custodian may rely upon and shall be protected in acting upon any instructions,
notice, request, consent, certificate or other instrument or paper believed by it in good faith to be genuine and to have been
properly executed by or on behalf of the Fund.

 

If the Custodian is not provided with reasonable
time to execute a Proper Instruction (including any Proper Instruction not to execute, or any other modification to, a prior Proper
Instruction) the Custodian will use good faith efforts to execute the Proper Instruction but will not be responsible or liable
if such efforts are not successful (including any inability to change any actions that the Custodian had taken pursuant to the
prior Proper Instruction) provided that the Custodian has acted within the standard of care set forth in Section 16.1. The inclusion
of a statement of purpose or intent (or any similar notation) in a Proper Instruction shall not impose any additional obligations
on the Custodian or condition or qualify its authority to effect such Proper Instruction. The Custodian will not assume a duty
to ensure that the stated purpose or intent is fulfilled, and will have no responsibility or liability when it follows the Proper
Instruction without regard to such purpose or intent provided that the Custodian has acted within the standard of care set forth
in Section 16.1.

 

Concurrently with the execution of this
Agreement, and from time to time thereafter, as appropriate, the Fund shall deliver to the Custodian an officer’s certificate
setting forth the names, titles, signatures and scope of authority of all persons authorized to give Proper Instructions or any
other notice, request, direction, instruction, certificate or instrument on behalf of the Fund. Such certificate may be accepted
and conclusively relied upon by the Custodian and shall be considered to be in full force and effect until receipt by the Custodian
of a similar certificate to the contrary.

 

Section
9.     [Reserved]

 

    	 	-13-	 

     

    

 

Section
10.    Actions Permitted without Express Authority

 

The Custodian may in its discretion, without
express authority from the,but otherwise acting within the standard of care set forth in Section 16.1:

 

		1)	Make payments to itself or others for minor expenses
of handling securities or other similar items relating to its duties under this Agreement; provided that all such payments shall
be accounted for to the Fund;

 

		2)	Surrender securities in temporary form for securities
in definitive form;

 

		3)	Endorse for collection, in the name of the Fund, checks,
drafts and other negotiable instruments; and

 

		4)	In general, attend to all non-discretionary details in
connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and property of the
Fund except as otherwise directed by the Fund.

 

		Section 11.	Duties of Custodian
with Respect to the Books of Account and Calculation of Net Asset Value and Net Income

 

The Custodian shall cooperate with and
supply necessary information to the entity or entities appointed by the Fund or Sponsor on the Fund’s behalf to keep the
books of account of each Fund and/or compute the net asset value per share of the outstanding shares or, if directed in writing
to do so by the Fund on behalf of a Fund, shall itself keep such books of account and/or compute such net asset value per share.
The Custodian shall transmit the net asset value per share of theFund to the Transfer Agent, the Distributor, the NYSE and such
other entities as directed in writing by the Fund. If and as so directed, the Custodian shall also calculate daily the net income
of the Fund as described in the Prospectus and shall advise the Fund and the Transfer Agent daily of the total amounts of such
net income and, if instructed in writing by an officer of the Fund to do so, shall advise the Transfer Agent periodically of the
division of such net income among its various components. The calculations of the net asset value per Share and the daily income
of the Fund shall be made at the time or times described from time to time in the Prospectus. The Custodian shall on each day a
Fund is open for the purchase or redemption of shares of the Fund compute the number of shares of each Deposit Security (as defined
in the Prospectus) to be included in the current Fund Deposit (as defined in the Prospectus) and the Fund Securities (as defined
in the Prospectus) and shall transmit such information to the NSCC.

 

The Fund acknowledges and agrees that,
with respect to investments maintained with the Underlying Transfer Agent, the Underlying Transfer Agent is the sole source of
information on the number of shares of a fund held by it on behalf of the Fund and that the Custodian has the right to rely on
holdings information furnished by the Underlying Transfer Agent to the Custodian in performing its duties under this Agreement,
including without limitation, the duties set forth in this Section 11 and in Section 12 hereof; provided, however, that the Custodian
shall be obligated to reconcile information as to purchases and sales of Underlying Shares contained in trade instructions and
confirmations received by the Custodian and to report promptly any discrepancies to the Underlying Transfer Agent.

 

    	 	-14-	 

     

    

 

Section
12.    Records

 

The Custodian shall with respect to the
Fund create and maintain all records relating to its activities and obligations under this Agreement. All such records shall be
the property of the Fund, copies shall be furnished promptly to the Fund or any successor custodian upon request and shall at all
times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents
of the Fund and employees and agents of the SEC. The Custodian shall, at the Fund’s request, supply the Fund with a tabulation
of securities owned by the Fund and held by the Custodian and shall, when requested to do so by the Fund and for such compensation
as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations. In the event that
the Custodian is requested or authorized by the Fund, or required by subpoena, administrative order, court order or other legal
process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Fund
by state or federal regulatory agencies, to produce the records of the Fund or the Custodian’s personnel as witnesses or
deponents, the Fund agrees to pay the Custodian for the Custodian’s time and reasonable expenses, as well as the reasonable
fees and expenses of the Custodian’s counsel, incurred in such production.

 

Section
13.    Opinion of Fund’s Independent Accountant

 

The Custodian shall cooperate reasonably
with the the Fund’s independent accountants.

 

Section
14.    Reports to Fund by Independent Public Accountants

 

The Custodian shall provide the Fund at
such times as the Fund may reasonably require, with reports by independent public accountants on the accounting system, internal
accounting control and procedures for safeguarding securities, futures contracts and options on futures contracts, including securities
deposited and/or maintained in a U.S. Securities System or a Foreign Securities System (either, a “Securities System”),
relating to the services provided by the Custodian under this Agreement; such reports, shall be of sufficient scope and in sufficient
detail, as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies would be disclosed
by such examination, and, if there are no such inadequacies, the reports shall so state.

 

Section
15.    Compensation of Custodian

 

The Custodian shall be entitled to reasonable
compensation for its services and reasonable expenses as Custodian, as agreed upon from time to time between the Fund and the Custodian.

 

Section
16.    Responsibility of Custodian

 

Section
16.1  Standard of Care. In performing the services hereunder, the
Custodian shall act without negligence, willful misconduct, willful misfeasance, fraud, bad faith, reckless disregard of its duties
and obligations under this Agreement and with the reasonable care, prudence,

 

    	 	-15-	 

     

    

 

diligence, and skill that may be reasonably
expected of a leading provider of custody services in carrying out all of its duties and obligations under this Agreement. The
Custodian shall be kept indemnified by and shall be without liability to the Fund for any action taken or omitted by it in good
faith without negligence; provided that, the Custodian shall not be indemnified against any liability (or any expenses incident
to such liability) arising out of the Custodian’s failure to exercise its standard of care set out in this Section 16.1.

 

Except as may arise from the Custodian’s
failure to exercise its standard of care, the Custodian shall be without liability to the Fund for any loss or expense resulting
from or caused by: (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities
System or any agent or nominee of any of the foregoing, including, without limitation, the interruption, suspension or restriction
of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer
viruses or communications disruptions, work stoppages, natural disasters, or other similar events or acts; (ii) errors by the Fund
or its duly authorized investment manager or Sponsor in their instructions to the Custodian provided such instructions have been
in accordance with this Agreement; (iii) any delay or failure of any broker, agent or intermediary, central bank or other commercially
prevalent payment or clearing system to deliver to the Custodian’s sub-custodian or agent securities purchased or in the
remittance or payment made in connection with securities sold; (iv) any delay or failure of any company, corporation, or other
body in charge of registering or transferring securities in the name of the Custodian, the Fund, the Custodian’s sub-custodians,
nominees or agents or any consequential losses arising out of such delay or failure to transfer such securities including non-receipt
of bonus, dividends and rights and other accretions or benefits; (v) delays or inability to perform its duties due to any disorder
in market infrastructure with respect to any particular security or Securities System; and (vi) any provision of any present or
future law or regulation or order of the United States of America, or any state thereof, or any foreign country, or political subdivision
thereof or of any court of competent jurisdiction. The Custodian shall be without liability to the Fund for any loss or expense
resulting from or caused by anything that is part of Country Risk.

 

Section
16.2  Disaster Recovery/Business Continuity. The Custodian shall,
at no additional expense to the Fund, take reasonable steps to minimize service interruptions in the event of equipment failure,
work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Custodian’s
control. The Custodian shall enter into and shall maintain in effect at all times during the term of this Agreement with appropriate
parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect
to the Fund and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. Upon reasonable
request, the Custodian shall discuss with the Fund any business continuity/disaster recovery plan of the Custodian and/or provide
a high-level presentation summarizing such plan. The Custodian represents that its business continuity plan is appropriate for
its business as a provider of custodian services to a registered commodity pool.

 

Section
16.3  Special or Consequential Damages. Notwithstanding anything
contained herein to the contrary, neither party shall be liable for any indirect, special or consequential damages; provided that
the foregoing limitation shall not apply with respect to damages or claims arising out of or relating to that party’s fraud
or willful misconduct.

 

    	 	-16-	 

     

    

 

Section
16.4  Payment of Money. If the Fund requires the Custodian to take
any action with respect to securities, which action involves the payment of money or which action may, in the opinion of the Custodian,
result in the Custodian or its nominee assigned to the Fund being liable for the payment of money or incurring liability of some
other form, the Fund, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian
in an amount and form satisfactory to it.

 

Section
16.5  Mitigation by Custodian. Upon the occurrence of any event
which causes or may cause any loss, damage or expense to the Fund, (i) the Custodian shall promptly notify the Fund of the occurrence
of such event, (ii) the Custodian shall cause any applicable sub-custodian to, and (iii) the Custodian shall use its best efforts
to cause any applicable sub-custodian or Eligible Securities Depository to, use all commercially reasonable efforts and take all
reasonable steps under the circumstances to mitigate the effects of such event and to avoid continuing harm to the Fund.

 

Section
16.6.  Advice of Counsel. The Custodian shall be entitled to rely
on and may act upon advice of counsel (who may be counsel for the Fund) on all matters, and shall be without liability for any
action reasonably taken or omitted pursuant to such advice provided however, with respect to the performance of any action or omission
of any action upon such advice, the Custodian shall be acting within the standard of care set forth in Section 16.1. The Custodian
shall promptly notify the Fund of the receipt of such advice.

 

Section
16.7.  Lien  If the Custodian, its affiliates, subsidiaries or
agents advances cash or securities to the Fund for any purpose (including but not limited to securities settlements, foreign exchange
contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges,
expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from
its or its nominee’s own negligent action, negligent failure to act or willful misconduct, or if the Fund fails to compensate
the Custodian pursuant to Section 15 hereof, any property at any time held for the account of the Fund shall be security therefor
and should the Fund fail to pay or reimburse the Custodian promptly, the Custodian shall be entitled to utilize available cash
and to dispose of such Fund’s assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any
time decline to follow Proper Instructions to deliver out to the Fund cash or securities if the Custodian determines in its reasonable
discretion that, after giving effect to the Proper Instructions, the cash or securities remaining will not have sufficient value
fully to secure the Fund's payment or reimbursement obligations, whether contingent or otherwise, and Custodian shall promptly
notify the Fund of such action.

 

Section
17. Liability of Custodian for Actions of Other Persons.

 

Section
17.1  Domestic Sub-Custodians, Foreign Sub-Custodians. The Custodian
shall be liable for the actions or omissions of any domestic sub-custodian or any foreign sub-custodian to the same extent as if
such action or omission was performed by the Custodian itself, taking into account established market practices and local laws
prevailing in the jurisdiction in which the acts and omissions of such sub-custodian occur. In the event of any loss, damage or
expense suffered or

 

    	 	-17-	 

     

    

   

incurred by the Fund caused by or resulting from the actions or omissions of any domestic sub-custodian or
foreign sub-custodian for which the Custodian would otherwise be liable, the Custodian shall promptly reimburse the Fund in the
amount of any such loss, damage or expense. The Custodian shall be without liability for any loss, damage or expense caused by
or resulting from the insolvency of any domestic sub-custodian or foreign sub-custodian that is not a wholly-owned subsidiary of
the Custodian; provided, however, that the foregoing exculpation of the Custodian with respect to the insolvency of a particular
foreign sub-custodian shall not be applicable if the Custodian fails to comply with its obligations under this Agreement or as
a Foreign Custody Manager pursuant to Rule 17f-5 with respect to such foreign sub-custodian. For the avoidance of doubt, if the
Custodian has met its standard of care hereunder and has fulfilled its obligations as a Foreign Custody Manager pursuant to Rule
17f-5 with respect to a foreign sub-custodian, then the Custodian shall be without liability for any loss, damage or expense caused
by or resulting from the insolvency of such foreign sub-custodian.

 

Section
17.2  Special Sub-Custodians And Additional Custodians. Except as
otherwise provided in any sub-custodian agreement to which the Custodian, the Fund and any Special Sub-Custodian or additional
custodian are parties, the Custodian shall not be liable to the Fund for any loss, damage or expense suffered or incurred by the
Fund resulting from the actions or omissions of a Special Sub-Custodian or additional custodian, unless such loss, damage or expense
is caused by, or arises from, the failure of the Custodian to meet its standard of care as set out in Section 16.1 of this Agreement;
provided however, that in the event of any such loss, damage or expense, the Custodian shall take all reasonable steps to enforce
such rights as it may have against any Special Sub-Custodian or additional custodian to protect the interests of the Fund. The
Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of any Special
Sub-Custodian or additional custodian.

 

Section
17.3  Securities Systems. The Custodian shall not be liable to the
Fund for any loss, damage or expense suffered or incurred by the Fund resulting from the use by the Custodian of a Securities System,
unless such loss, damage or expense is caused by, or arises from the failure of the Custodian to meet its standard of care as set
out in Section 16.1 of this Agreement; provided however, that in the event of any such loss, damage or expense, the Custodian shall
take all reasonable steps to enforce such rights as it may have against the Securities System to protect the interests of the Fund.
Notwithstanding the foregoing, the Custodian shall be without liability for any loss, damage or expense caused by or resulting
from the insolvency of any Securities System.

 

Section
18.    Effective Period, Termination and Amendment.

 

This Agreement shall remain in full force
and effect for an initial term ending March 31, 2019 (the “Initial Term”). After the expiration of the
Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a “Renewal Term”)
unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration
of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate
this Agreement: (i) in the event of the other party’s material breach of a material provision of this Agreement that the
other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within
60 days’ written notice of such breach,

 

    	 	-18-	 

     

    

 

(ii) in the event of the appointment of
a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate
agency or court of competent jurisdiction, or (iii) based upon the Fund’s determination that there is a reasonable basis
to conclude that the Custodian is insolvent or that the financial condition of the Custodian is deteriorating in any material respect.

 

Upon termination of this Agreement pursuant
to this Section with respect to the Fund, the Fund shall pay Custodian its compensation due and shall reimburse Custodian for its
costs, expenses and disbursements except, if termination is based on termination for a material breach of this Agreement coupled
with the Custodian’s failure to meet its standard of care under this Agreement, less any losses or damages caused by such
event.

 

The provisions of Sections 6, 15, 16, 17
and 22.10 of this Agreement shall survive termination of this Agreement for any reason.

 

This Agreement may be amended by a written
agreement executed by both parties.

 

Section
19.    Successor Custodian

 

If a successor custodian for the Fund shall
be appointed by the Fund, the Custodian shall, upon termination, deliver to such successor custodian at the office of the Custodian,
duly endorsed and in the form for transfer, all securities, funds and other properties of the Fund then held by it hereunder and
shall transfer to an account of the successor custodian all of the securities of the Fund held in a Securities System or at the
Underlying Transfer Agent. If directed by the Fund, the Custodian will provide the services hereunder until a replacement custodian
is in place, for a reasonable period of time not to exceed nine months, subject to the terms of this Agreement, including compensation. 
The Custodian will also provide reasonable assistance to its successor, for such transfer, subject to the payment of such reasonable
expenses and charges as the Custodian customarily charges for such assistance.

 

If no such successor custodian shall be
appointed, the Custodian shall, in like manner, upon receipt of a Proper Instruction, deliver at the office of the Custodian and
transfer such securities, funds and other properties in accordance with such Proper Instruction.

 

In the event that no Proper Instruction
designating a successor custodian or alternative arrnagments shall have been delivered to the Custodian on or before the date when
such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company, doing business
in Boston, Massachusetts, or New York, New York and providing custody services to registered commodity pools, of its own selection,
all securities, funds and other properties held by the Custodian hereunder and all instruments held by the Custodian relative thereto
and all other property held by it under this Agreement on behalf of the Fund, and to transfer to an account of such successor custodian
all of the Fund’s securities held in any Securities System or at the Underlying Transfer Agent. Thereafter, such bank or
trust company shall be the successor of the Custodian under this Agreement.

 

    	 	-19-	 

     

    

 

In the event that securities, funds and
other properties remain in the possession of the Custodian after the date of termination hereof owing to failure of the Fund to
to provide Proper Instructions as aforesaid, the Custodian shall be entitled to fair compensation for its services during such
period as the Custodian retains possession of such securities, funds and other properties and the provisions of this Agreement
relating to the duties and obligations of the Custodian shall remain in full force and effect.

 

Section
20. Remote Access Services Addendum. The Custodian and the Fund agree to be bound by the terms of the Remote Access
Services Addendum hereto.

 

Section
21. Loan Services Addendum. In the event the Fund directs
Custodian in writing to perform loan services, Custodian and the Fund hereby agree to be bound by the terms of the Loan Services
Addendum attached hereto and the Fund shall reimburse Custodian for its fees and expenses related thereto as agreed upon from time
to time in writing by the Fund and Custodian.

 

Section
22. General.

 

Section
22.1 Governing Law. This Agreement shall be construed and the provisions thereof interpreted under and in accordance
with laws of state of New York.

 

Section
22.2 Prior Agreements. This Agreement supersedes and terminates, as of the date hereof, all prior agreements between
the Fund and the Custodian relating to the custody of the Fund’s assets. 

 

Section
22.3 Assignment. This Agreement may not be assigned by (a) the Fund
without the written consent of the Custodian or (b) by the Custodian without the written consent of the Fund, except that the Custodian
may assign this Agreement to a successor of all or a substantial portion of its business, or to a party controlling, controlled
by or under common control with the Custodian.

 

Section
22.4 Interpretive and Additional Provisions. In connection with the operation
of this Agreement, the Custodian and the Fund, may from time to time agree on such provisions interpretive of or in addition to
the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such
interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional
provisions shall contravene any applicable laws or regulations or any provision of the Fund’s articles of organization and
by-laws or agreement or declaration of trust, as applicable, and Prospectus (collectively, “Governing Documents”).
No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this
Agreement.

 

Section
22.5 Additional Funds. In the event that any commodity pool entity
in addition to those listed on the Schedule A hereto desires to have the Custodian render services as custodian under the terms
hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, which shall
not be unreasonably withheld, such commodity pool entityshall become a Fund hereunder and be bound by all terms and conditions
and provisions hereof including, without limitation, the representations and warranties set forth in Section 22.6 below.

 

    	 	-20-	 

     

    

 

Section
22.6 The Parties. In the case of a series corporation, trust or other entity, all references herein to the “Fund”
are to the individual series or portfolio of such corporation, trust or other entity, or to such corporation, trust or other entity
on behalf of the individual series or portfolio, as appropriate. Any reference in this Agreement to “the parties” shall
mean the Custodian and the Fund. The Fund hereby represents and warrants that (a) it is a statutory trust, duly organized, existing
and in good standing under the laws of its state of formation; (b) it has the requisite power and authority under applicable laws
and by its Declaration of Trust and By-laws to enter into and perform this Agreement; (c) all requisite proceedings have been taken
to authorize it to enter into and perform this Agreement; (d) it is a commodity pool that has properly registered its securities
with the SEC under the applicable U.S. securities laws; (e) the Registration Statement been filed and will be effective and remain
effective during the term of this Agreement; the Fund also warrants to the Custodian that as of the effective date of this Agreement,
all necessary filings under the securities laws of the states in which the Trust offers or sells its shares have been made; (f)
no legal or administrative proceedings have been instituted or threatened which would impair the Fund’s ability to perform
its duties and obligations under this Agreement; (g) its entrance into this Agreement will not cause a material breach or be in
material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it; (h) as of the close
of business on the date of this Agreement, the Fund is authorized to issue unlimited shares of beneficial interest; and (i) it
has all necessary right, title, intellectual property, licenses, consents and content as may be necessary for the Fund to operate
as presently contemplated. The Custodian hereby represents and warrants that (a) it is a Massachusetts trust company, duly organized
and existing under the laws of The Commonwealth of Massachusetts; (b) it has the organizational power and authority to carry on
its business in The Commonwealth of Massachusetts; (c) all requisite organizational proceedings have been taken to authorize it
to enter into and perform this Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would
materially impair the Custodian’s ability to perform its duties and obligations under this Agreement; (e) its entrance into
this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Custodian
or any law or regulation applicable to it; (f) it has and will continue to have access to the necessary facilities, equipment and
personnel to perform its duties and obligations under this Agreement; (g) it will promptly notify the Fund in the event that the
Custodian is for any reason unable to perform any of its obligations under this Agreement;(h) it will promptly notify the Fund,
except as may be prohibited by applicable law, of any legal, regulatory or administrative proceedings that have been instituted,
which would materially impair the Custodian’s ability to perform its duties and obligations under this Agreement; and (i)
the various procedures and systems which it has implemented with regard to safeguarding from loss or damage attributable to fire,
theft or any other cause, the Fund’s records and other data and the Custodian’s records, data equipment facilities
and other property used in the performance of its obligations hereunder are adequate and it will make such changes therein from
time to time as it may deem reasonably necessary for the secure performance of its obligations hereunder. Each of the Fund and
the Custodian further represents and warrants that it will promptly notify the other party if any of the above representations
and warranties applicable to it ceases to be true or if it is unable to perform its obligations under this Agreement for any reason.

 

    	 	-21-	 

     

    

 

Section
22.7 Notices. All notices, requests, claims, demands and other communications
required or permitted to be given under this agreement shall be in writing and shall be delivered by hand or sent by an internationally
recognized overnight courier service with signature required for delivery, by facsimile where a confirmation of receipt is obtained,
provided, however, that if sent by facsimile the written communication must also be sent by next business day delivery via
an internationally recognized overnight courier service with signature required for delivery, or by registered or certified mail
(postage prepaid, return receipt requested) to the respective parties hereto at the following addresses:

 

	To the Fund:	WisdomTree Commodity Pool
	 	245 Park Avenue, 35th  Floor
	 	New York, NY 10167
	 	Attn: Legal Department 
	 	Facsimile: 917-267-3851
	 	 
	To the Custodian:	State Street Bank and Trust Company
	 	1200 Crown Colony Drive
	 	Quincy, MA  02169
	 	Attention: Matthew H. Malkasian  
	 	Telephone: 617-537-4685
	 	Facsimile: 617-451-4786
	 	 
	with a copy to:	State Street Bank and Trust Company
	 	2 Avenue de Lafayette
	 	Boston, MA  02111
	 	Attention:  US Investor Services Legal Team, Senior Managing Counsel
	 	Telephone:  (617) 662-1783
	 	Facsimile:  (617) 662-2702

 

All such communications so addressed
shall be deemed given (i) when delivered, if delivered personally to the intended recipient, or if sent by an internationally
recognized courier service with signature required for delivery, or if sent by facsimile and a confirmation of receipt is obtained,
and the written communication has also be sent for next business day delivery via a internationally recognized courier
service with signature required for delivery (ii) three business days after being mailed if sent by certified or registered
mail, postage prepaid, return receipt requested, or upon delivery if actual delivery occurs earlier.

 

Section
22.8 Counterparts. This Agreement may be executed in several counterparts,
each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement.
Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document
format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

 

    	 	-22-	 

     

    

 

Section
22.9 Severability. If any provision or provisions of this Agreement
shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired. The failure of a party hereto to insist upon strict adherence to any term of this Agreement
on any occasion or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement
shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies, and no single or partial
exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise
of any other right or remedy. Any waiver must be in writing signed by the waiving party.

 

Section
22.10 Confidentiality. The parties hereto agree that each shall treat confidentially all information provided by
each party to the other party regarding its business and operations, including information related to the development of new Funds(“Confidential
Information”). All Confidential Information provided by a party hereto shall be used by any other party hereto solely
for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying out this
Agreement, shall not be disclosed to any third party. The foregoing shall not be applicable to any information (i) that is publicly
available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (ii) that is independently
derived by any party hereto without the use of any information provided by the other party hereto in connection with this Agreement,
(iii) that is disclosed, upon prior notice to the party whose information is being disclosed (to the extent that such notice is
permissible), in the manner and to the extent required in any legal or regulatory proceeding, investigation, audit, examination,
subpoena, civil investigative demand or other similar process, or by operation of law or regulation, or (iv) where the party seeking
to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably
withheld. Notwithstanding anything herein to the contrary, the Custodian and its affiliates may report and use nonpublic portfolio
holdings information of its clients, including the Fund, on an aggregated basis with all or substantially all other client information
and without specific reference to any Fund, provided that the Custodian shall be acting within the standard of care set forth in
Section 16.1. Notwithstanding the foregoing, each party acknowledges that the other party may provide access to and use of confidential
information relating to the other party to the disclosing party’s employees, affiliates, contractors, agents, professional
advisors, auditors or persons performing similar functions, as necessary solely for the purpose of rendering services under this
Agreement , provided that each person or entity shall be subject to confidentiality obligations substantially similar to those
set forth herein. Further, each party agrees and represents that in no case would information it receives under this Agreement
be used against the other party in a manner that is adverse to the other party’s interests (including the other party’s
interests in competitive businesses). Nothing herein shall prohibit or restrict the right of each party (or its affiliates) to
develop, use or market products or services similar to or competitive with those of the other party (or its affiliates) provided
that any such development, use or marketing does not violate the confidentiality obligations set forth herein. Additionally, each
party acknowledges that the other party (or its affiliates) may already possess or have developed products or services similar
to or competitive with those of the other party.

 

The Custodian will
employ reasonable safeguards designed to protect the Fund’s Confidential Information, which may include but are not limited
to the use of encryption

 

    	 	-23-	 

     

    

 

technologies, passwords and any other safeguards
the Custodian may choose to employ. To the extent that Custodian’s affiliates or other permitted agents or subcontractors
have access to Confidential Information, Custodian shall require that such entities are subject to terms governing confidentiality
and security of such information that are substantially similar to those set forth in this Agreement. At all times, Custodian shall
remain responsible and liable for such entities’ compliance with the terms of Section 22.13.

 

Custodian agrees to
notify promptly the Fund of any breach of this Section 22.10 or Section 22.13 and to provide the Fund with details as to the nature
and extent of the breach, including, but not limited to, the type of confidential or personal information disclosed and the identity
of the recipients of such information.

 

To the extent reasonably
possible, shareholder information made available to third parties by Custodian will be provided on a non-disclosed basis (that
is, without information disclosing the identity of the shareholder).

 

Section
22.11 Reproduction of Documents. This Agreement and all schedules, addenda, exhibits, appendices, attachments and
amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar
process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in
any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was
made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction
shall likewise be admissible in evidence.

 

Section
22.12 Regulation GG. The Fund hereby represents and warrants that it does not engage in an “Internet gambling
business,” as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) (“Regulation
GG”). The Fund hereby covenants that it shall not engage in an Internet gambling business. In accordance with Regulation
GG, the Fund is hereby notified that “restricted transactions,” as such term is defined in Section 233.2(y) of Regulation
GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto.

 

Section
22.13 Data Privacy. The Custodian will implement and maintain a written information security program that contains
appropriate security measures to safeguard the personal information of the Fund’s shareholders, employees, directors and/or
officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services
hereunder.  For these purposes, “personal information” shall mean (i) an individual’s name (first initial
and last name or first name and last name), address or telephone number plus (a) Social Security number, (b) driver’s
license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal
identification number or password that would permit access to a person’s account, or (ii) any combination of the foregoing
that would allow a person to log onto or access an individual’s account.  Notwithstanding the foregoing “personal
information” shall not include information that is lawfully obtained from publicly available

 

    	 	-24-	 

     

    

 

information, or from federal, state or
local government records lawfully made available to the general public.

 

Section
22.14 Shareholder Communications Election. SEC Rule 14b-2 requires banks which hold securities for the account of
customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities
of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order
to comply with the rule, as may be applicable, the Custodian needs the Fund to indicate whether it authorizes the Custodian to
provide the Fund’s name, address, and share position to requesting companies whose securities the Fund owns. If the Fund
tells the Custodian “no,” the Custodian will not provide this information to requesting companies. If the Fund tells
the Custodian “yes” or does not check either “yes” or “no” below, the Custodian is required
by the rule, as applicable, to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund
or any funds or accounts established by the Fund. For the Fund’s protection, the rule, as applicable, prohibits the requesting
company from using the Fund’s name and address for any purpose other than corporate communications. Please indicate below
whether the Fund consents or objects by checking one of the alternatives below.

 

	YES  ̈	The Custodian is authorized to release the Fund’s name, address, and share positions.
	 	 
	NO  x	The Custodian is not authorized to release the Fund’s name, address, and share positions.

 

Section
22.15. Limitation of Liability of the Trustees and Shareholders. This Agreement is executed by the Sponsor on behalf
of the Fund and the obligations hereunder are not binding upon any of the directors/trustees, officers or shareholders of the Fund
(or its Sponsor) individually. Notwithstanding any other provision in this Agreement to the contrary, each and every obligation,
liability or undertaking of the Fund under this Agreement shall constitute solely an obligation, liability or undertaking of, and
be binding upon, the Fund and shall be payable solely from the available assets of such Fund and shall not be binding upon or affect
any assets of any other Fund (or its Sponsor).

 

Section
22.16. Insurance. The Custodian shall at all times during the term of this Agreement maintain, at its cost, insurance
coverage regarding its business in such amount and scope as it deems adequate in connection with the services provided by the Custodian
under this Agreement.  Upon the Fund’s reasonable request, which in no event shall be more than once annually, the Custodian
shall furnish to the Fund a summary of the Custodian’s applicable insurance coverage.

 

Section
22.17. Liability of Fund. The use of a single form of agreement referring to multiple Funds listed on Appendix A
is for ease of administrative purposes only. Custodian and each Fund listed on Appendix A to this Agreement shall be deemed for
all purposes to have entered into and executed a separate Agreement. The assets and liabilities of each Fund listed on Appendix
A are separate and distinct; the obligations of or arising out of this Agreement are
 binding solely upon the assets or property
of each Fund, on whose behalf this Agreement has been executed.

 

[Remainder of page intentionally left
blank]

 

    	 	-25-	 

     

    

 

EXECUTION

 

Signature
Page

 

In
Witness Whereof, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized
representative under seal as of the date first above-written.

 

	 	Each Commodity Pool Entity
	 	Identified On Schedule A hereto
	 	 
	 	By its Managing Owner And/Or Sponsor
	 	 	 
	 	By:	 
	 	 	Gregory Barton 
	 	 	President
	 	 	 
	 	State Street Bank and Trust Company
	 	 	 
	 	By:	 
	  	 	Gunjan Kedia 
	 	 	Executive Vice President

 

Master Custodian Agreement

 

     

     

    

 

Schedule
A

to

Master Custodian Agreement

 

WisdomTree Continuous Commodity Index Fund
(f/k/a GreenHaven Continuous Commodity Index Fund) and its master fund

 

WisdomTree Coal Fund (f/k/a GreenHaven Coal
Fund)

 

    	 	App-1	 

     

    

 

SCHEDULE
D

to

Master Custodian Agreement

 

Special Sub-Custodians

 

None

  

    	 	D-1

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