Document:

mchx-ex1042_452.htm

Exhibit 10.42

AMENDMENT NO. 5 TO

PAY-FOR-CALL DISTRIBUTION AGREEMENT

This Amendment No. 5 (“Amendment No. 5”), effective as of December 31, 2019 (the “Amendment 5 Effective Date”), is being entered into by and between Marchex Sales LLC, a Delaware limited liability company formerly known as Marchex Sales, Inc., which is a wholly-owned subsidiary of Marchex, Inc. (“Marchex”), and Thryv, Inc. (f/k/a Dex Media, Inc), successor in interest to YellowPages.com LLC formerly doing business as AT&T Interactive or ATTi (“Thryv”), to amend the Pay-For-Call Distribution Agreement entered between Thryv and Marchex effective as of January 1, 2011, as amended by Amendment 1 effective December 31, 2012, Amendment 2 effective June 25, 2015, Amendment 3 effective December 15, 2016, and Amendment 4 effective December 31, 2018 (together, the “Agreement”). Thryv and Marchex may hereinafter be referred to individually as “Party” and collectively as “Parties.” Capitalized terms used herein but not defined shall have the respective meanings ascribed to them in the Agreement.

WHEREAS, Marchex provides certain pay-for-call advertising services to Thryv pursuant to the terms of the Agreement; and

WHEREAS, the Parties desire to extend the term and amend certain provisions of the Agreement;

NOW, THEREFORE, in consideration of the mutual acknowledgements and agreements hereinafter contained, including to be legally bound, the Parties agree as follows:

	
 
	
1.
	
Term - Section 7.1. In accordance with the language in Section 7.1 of the Agreement, the Parties hereby agree to renew the Agreement through and including December 31, 2020.  Thus, unless otherwise terminated in accordance with the terms of the Agreement, the Agreement shall continue in full force and effect through and including December 31, 2020.  

	
 
	
2.
	
Party References. Any reference to DexYP in the Agreement shall be replaced with or deemed to refer to Thryv.

	
 
	
3.
	
Other Terms of Agreement Unchanged. Except as set forth herein, all other terms and conditions of the Agreement shall remain unchanged and in full force and effect.

	
 
	
4.
	
Authority. Each person signing this Amendment hereby represents and warrants that he or she has full authority to execute this Amendment for the Party on whose behalf he or she is signing.

	
 
	
5.
	
Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. A signature received electronically via facsimile or email shall be as legally binding for all purposes as an original signature.

IN WITNESS WHEREOF, the Parties have executed this Amendment No. 5 effective as of the Amendment 5 Effective Date.

 

	
THRYV, INC.
	
 
	
MARCHEX SALES LLC

	
 
	
 
	
 

	
 
	
 
	
 

	
BY:
	
 
	
/s/ John Gregory
	
 
	
BY:
	
 
	
/s/ Debora Autry

	
Name:
	
 
	
John Gregory
	
 
	
Name:
	
 
	
Debora Autry

	
Title:
	
 
	
V.P.
	
 
	
Title:
	
 
	
Vice PresidentExhibit 4.1

 

DESCRIPTION OF SECURITIES

 

As of December 31, 2019, United States
Natural Gas Fund, LP (the “Company,” the “Partnership,” “UNG,” “we,” “us”
or “our”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: shares of beneficial interest in the Partnership (the “shares”).

 

Capitalized terms used but not defined
herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached
as an exhibit.

 

Shares of Beneficial
Interest in the Partnership 

 

The statements made under this caption
include summaries of certain provisions contained in our Certificate of Limited Partnership, as amended, (the “Certificate”)
and the Fifth Amended and Restated Agreement of Limited Partnership, as amended, (the “Partnership Agreement”) and
the Sixth Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) of our general partner, United
States Commodity Funds LLC (“USCF”), each of which is incorporated by reference as an exhibit to our Annual Report
on Form 10-K (the “Annual Report”) of which this Exhibit 4.1 is a part. This summary does not purport to be complete
and is qualified in its entirety by reference to the Certificate, the Partnership Agreement and the LLC Agreement, and the applicable
provisions of the Revised Uniform Limited Partnership Act and Limited Liability Company Act, in each case, of the State of Delaware.

 

The Shares

 

The shares are
registered as securities under the Securities Act of 1933 (“1933 Act”). The shares may only be redeemed when aggregated
in Redemption Baskets and limited partners will have limited voting rights as discussed under “Who is the General Partner?”
below. The shares issued by UNG may only be purchased by Authorized Participants and only in blocks of 50,000 shares called “Creation
Baskets” through the Marketing Agent. Similarly, only Authorized Participants may redeem shares and only in blocks of 50,000
shares called “Redemption Baskets”. While UNG only issues and redeems shares in Creation Baskets or Redemption Baskets,
as applicable, shares of UNG are listed on the NYSE Arca and investors may purchase and sell shares at market prices like any security.

 

The limited partners
and shareholders take no part in the management or control, and have a minimal voice in UNG’s operations or business. Limited
partners and shareholders must therefore rely upon the duties and judgment of USCF to manage UNG’s affairs. Limited partners
and shareholders have no right to elect USCF on an annual or any other continuing basis. UNG may terminate at any time, regardless
of whether UNG has incurred losses, subject to the terms of the Partnership Agreement. In particular, unforeseen circumstances,
including the adjudication of incompetence, bankruptcy, dissolution, or removal of USCF as the general partner of UNG could cause
UNG to terminate unless a majority interest of the limited partners within 90 days of the event elects to continue the partnership
and appoints a successor general partner, or the affirmative vote of a majority in interest of the limited partners subject to
certain conditions. However, no level of losses will require USCF to terminate UNG. UNG’s termination would cause the liquidation
and potential loss of an investor’s investment. Termination could also negatively affect the overall maturity and timing
of an investor’s investment portfolio.

 

As discussed
in the Partnership Agreement, upon our liquidation, our assets will be distributed pro rata to limited partners based upon the
number of shares held. Each limited partner will receive its share of the assets in cash or in kind, and the proportion of such
share that is received in cash may vary from partner to partner, as our general partner, United States Commodity Funds LLC (“USCF”),
in its sole discretion may decide.

 

Creation and Redemption of Shares

 

UNG creates and redeems shares from time
to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only made in
exchange for delivery to UNG or the distribution by UNG of the amount of Treasuries and any cash represented by the baskets being
created or redeemed, the amount of which is based on the combined NAV of the number of shares included in the baskets being created
or redeemed determined as of 4:00 p.m. New York time on the day the order to create or redeem baskets is properly received.

 

Authorized Participants are the only persons
that may place orders to create and redeem baskets. Authorized Participants must be (1) registered broker-dealers or other securities
market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage
in securities transactions described below, and (2) DTC Participants. To become an Authorized Participant, a person must enter
into an Authorized Participant Agreement with USCF. The Authorized Participant Agreement provides the procedures for the creation
and redemption of baskets and for the delivery of the Treasuries and any cash required for such creation and redemptions. The Authorized
Participant Agreement and the related procedures attached thereto may be amended by UNG, without the consent of any limited partner
or shareholder or Authorized Participant. Authorized Participants will pay a transaction fee of $1,000 to UNG for each order they
place to create or redeem one or more baskets. Authorized Participants who make deposits with UNG in exchange for baskets receive
no fees, commissions or other form of compensation or inducement of any kind from either UNG or USCF, and no such person will have
any obligation or responsibility to USCF or UNG to effect any sale or resale of shares.

 

Certain Authorized Participants are expected
to be capable of participating directly in the physical natural gas market and the natural gas futures market. In some cases, Authorized
Participants or their affiliates may from time to time buy natural gas or sell natural gas or Natural Gas Interests and may profit
in these instances. USCF believes that the size and operation of the natural gas market make it unlikely that an Authorized Participant’s
direct activities in the natural gas or securities markets will significantly affect the price of natural gas, Natural Gas Interests,
or the price of the shares.

 

     

     

    

 

Each Authorized Participant is required
to be registered as a broker-dealer under the Exchange Act and is a member in good standing with FINRA, or exempt from being or
otherwise not required to be registered as a broker-dealer or a member of FINRA, and qualified to act as a broker or dealer in
the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated
under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal
controls and information barriers as it determines is appropriate in light of its own regulatory regime.

 

Under the Authorized Participant Agreement,
USCF, and UNG under limited circumstances, have agreed to indemnify the Authorized Participants against certain liabilities, including
liabilities under the 1933 Act, and to contribute to the payments the Authorized Participants may be required to make in respect
of those liabilities.

 

The following description of the procedures
for the creation and redemption of baskets is only a summary and an investor should refer to the relevant provisions of the Partnership
Agreement and the form of Authorized Participant Agreement for more detail, each of which is incorporated by reference into the
prospectus.

 

Creation Procedures 

 

On any business day, an Authorized Participant
may place an order with the Marketing Agent to create one or more baskets. For purposes of processing purchase and redemption orders,
a “business day” means any day other than a day when any of the NYSE Arca, the NYMEX or the New York Stock Exchange
is closed for regular trading. Purchase orders must be placed by 12:00 p.m. New York time or the close of regular trading on the
NYSE Arca, whichever is earlier. The day on which the Marketing Agent receives a valid purchase order is referred to as the purchase
order date.

 

By placing a purchase order, an Authorized
Participant agrees to deposit Treasuries, cash or a combination of Treasuries and cash, as described below. Prior to the delivery
of baskets for a purchase order, the Authorized Participant must also have wired to the Custodian the nonrefundable transaction
fee due for the purchase order. Authorized Participants may not withdraw a creation request, except as otherwise set forth in the
procedures in the Authorized Participant Agreement.

 

The manner by which creations are made
is dictated by the terms of the Authorized Participant Agreement. By placing a purchase order, an Authorized Participant agrees
to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the fund, and (2) if required by
USCF in its sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other
OTC energy transaction (through itself or a designated acceptable broker) with the fund for the purchase of a number and type of
futures contracts at the closing settlement price for such contracts on the purchase order date. If an Authorized Participant fails
to consummate (1) and (2), the order shall be cancelled. The number and types of contracts specified shall be determined by USCF,
in its sole discretion, to meet UNG’s investment objective and shall be purchased as a result of the Authorized Participant’s
purchase of shares.

 

Determination of Required Deposits

 

The total deposit required to create each
basket (“Creation Basket Deposit”) is the amount of Treasuries and/or cash that is in the same proportion to the total
assets of UNG (net of estimated accrued but unpaid fees, expenses and other liabilities) on the purchase order date as the number
of shares to be created under the purchase order is in proportion to the total number of shares outstanding on the purchase order
date. USCF determines, directly in its sole discretion or in consultation with the Administrator, the requirements for Treasuries
and the amount of cash, including the maximum permitted remaining maturity of a Treasury and proportions of Treasury and cash that
may be included in deposits to create baskets. The Marketing Agent will publish such requirements at the beginning of each business
day. The amount of cash deposit required is the difference between the aggregate market value of the Treasuries required to be
included in a Creation Basket Deposit as of 4:00 p.m. New York time on the date the order to purchase is properly received and
the total required deposit.

 

Delivery of Required Deposits

 

An Authorized Participant who places a
purchase order is responsible for transferring to UNG’s account with the Custodian the required amount of Treasuries and
cash by the end of the second business day following the purchase order date. Upon receipt of the deposit amount, the Administrator
directs DTC to credit the number of baskets ordered to the Authorized Participant’s DTC account on the second business day
following the purchase order date. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been
received by the Custodian on behalf of UNG shall be borne solely by the Authorized Participant.

 

Because orders to purchase baskets must
be placed by 12:00 p.m., New York time, but the total payment required to create a basket during the continuous offering period
will not be determined until after 4:00 p.m., New York time, on the date the purchase order is received, Authorized Participants
will not know the total amount of the payment required to create a basket at the time they submit an irrevocable purchase order
for the basket. UNG’s NAV and the total amount of the payment required to create a basket could rise or fall substantially
between the time an irrevocable purchase order is submitted and the time the amount of the purchase price in respect thereof is
determined.

 

    2 

     

    

 

Rejection of Purchase Orders

 

USCF acting by itself or through the Marketing
Agent shall have the absolute right but no obligation to reject a purchase order or a Creation Basket Deposit if:

 

		•	it determines that the investment alternative available to UNG at that time will not enable it
to meet its investment objective;

		•	it determines that the purchase order or the Creation Basket Deposit is not in proper form;

		•	it believes that the purchase order or the Creation Basket Deposit would have adverse tax consequences
to UNG, the limited partners or its shareholders;

		•	the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to USCF,
be unlawful; or

		•	circumstances outside the control of USCF, Marketing Agent or Custodian make it, for all practical
purposes, not feasible to process creations of baskets.

 

None of USCF, the Marketing Agent or the
Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit.

 

Redemption Procedures

 

The procedures by which an Authorized Participant
can redeem one or more baskets mirror the procedures for the creation of baskets. On any business day, an Authorized Participant
may place an order with the Marketing Agent to redeem one or more baskets. Redemption orders must be placed by 12:00 p.m. New York
time or the close of regular trading on the NYSE Arca, whichever is earlier. A redemption order so received will be effective on
the date it is received in satisfactory form by the Marketing Agent (“Redemption Order Date”). The redemption procedures
allow Authorized Participants to redeem baskets and do not entitle an individual shareholder to redeem any shares in an amount
less than a Redemption Basket, or to redeem baskets other than through an Authorized Participant.

 

By placing a redemption order, an Authorized
Participant agrees to deliver the baskets to be redeemed through DTC’s book-entry system to UNG, as described below. Prior
to the delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to UNG’s
account at the Custodian the non-refundable transaction fee due for the redemption order. An Authorized Participant may not withdraw
a redemption order, except as otherwise set forth in the procedures in the Authorized Participant Agreement.

 

The manner by which redemptions are made
is dictated by the terms of the Authorized Participant Agreement. By placing a redemption order, an Authorized Participant agrees
to (1) deliver the Redemption Basket to be redeemed through DTC’s book-entry system to UNG’s account with the Custodian
not later than 3:00 p.m. New York time on the second business day following the effective date of the redemption order (“Redemption
Distribution Date”), and (2) if required by USCF in its sole discretion, enter into or arrange for a block trade, an exchange
for physical or exchange for swap, or any other OTC energy transaction (through itself or a designated acceptable broker) with
the fund for the sale of a number and type of futures contracts at the closing settlement price for such contracts on the Redemption
Order Date. If an Authorized Participant fails to consummate (1) and (2) above, the order shall be cancelled. The number and type
of contracts specified shall be determined by USCF, in its sole discretion, to meet UNG’s investment objective and shall
be sold as a result of the Authorized Participant’s sale of shares.

 

Determination of Redemption Distribution

 

The redemption distribution from UNG consists
of a transfer to the redeeming Authorized Participant of an amount of Treasuries and/or cash that is in the same proportion to
the total assets of UNG (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to redeem
is properly received as the number of shares to be redeemed under the redemption order is in proportion to the total number of
shares outstanding on the date the order is received. USCF, directly or in consultation with the Administrator, determines the
requirements for Treasuries and the amounts of cash, including the maximum permitted remaining maturity of a Treasury, and the
proportions of Treasuries and cash that may be included in distributions to redeem baskets. The Marketing Agent will publish an
estimate of the redemption distribution per basket as of the beginning of each business day.

 

Delivery of Redemption Distribution

 

The redemption distribution due from UNG
will be delivered to the Authorized Participant by 3:00 p.m. New York time on the second business day following the redemption
order date if, by 3:00 p.m. New York time on such second business day, UNG’s DTC account has been credited with the baskets
to be redeemed. If UNG’s DTC account has not been credited with all of the baskets to be redeemed by such time, the redemption
distribution will be delivered to the extent of whole baskets received. Any remainder of the redemption distribution will be delivered
on the next business day to the extent of remaining whole baskets received if UNG receives the fee applicable to the extension
of the redemption distribution date which USCF may, from time to time, determine and the remaining baskets to be redeemed are credited
to UNG’s DTC account by 3:00 p.m. New York time on such next business day. Any further outstanding amount of the redemption
order shall be cancelled. Pursuant to information from USCF, the Custodian will also be authorized to deliver the redemption distribution
notwithstanding that the baskets to be redeemed are not credited to UNG’s DTC account by 3:00 p.m. New York time on the second
business day following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the
baskets through DTC’s book entry-system on such terms as USCF may from time to time determine.

 

    3 

     

    

 

Suspension or Rejection of Redemption
Orders

 

USCF may, in its discretion, suspend the
right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca or the NYMEX is
closed other than customary weekend or holiday closings, or trading on the NYSE Arca or the NYMEX is suspended or restricted, (2)
for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Treasuries is not reasonably
practicable, or (3) for such other period as USCF determines to be necessary for the protection of the limited partners or shareholders.
For example, USCF may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of UNG’s
assets at an appropriate value to fund a redemption. If USCF has difficulty liquidating its positions, e.g., because of
a market disruption event in the futures markets, a suspension of trading by the exchange where the futures contracts are listed
or an unanticipated delay in the liquidation of a position in an over the counter contract, it may be appropriate to suspend redemptions
until such time as such circumstances are rectified. None of USCF, the Marketing Agent, the Administrator, or the Custodian will
be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

 

Redemption orders must be made in whole
baskets. USCF will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. USCF may also reject a redemption order if
the number of shares being redeemed would reduce the remaining outstanding shares to 100,000 shares (i.e., one basket) or
less, unless USCF has reason to believe that the placer of the redemption order does in fact possess all the outstanding shares
and can deliver them.

 

Creation and Redemption Transaction
Fee

 

To compensate UNG for its expenses in connection
with the creation and redemption of baskets, an Authorized Participant is required to pay a transaction fee to UNG of $1,000 per
order to create or redeem baskets, regardless of the number of baskets in such order. An order may include multiple baskets. The
transaction fee may be reduced, increased or otherwise changed by USCF. USCF shall notify DTC of any change in the transaction
fee and will not implement any increase in the fee for the redemption of baskets until thirty (30) days after the date of the notice.

 

Tax Responsibility

 

Authorized Participants are responsible
for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable
to the creation or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized
Participant, and agree to indemnify USCF and UNG if they are required by law to pay any such tax, together with any applicable
penalties, additions to tax and interest thereon.

 

Secondary Market Transactions

 

As noted, UNG creates and redeems shares
from time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only
made in exchange for delivery to UNG or the distribution by UNG of the amount of Treasuries and cash represented by the baskets
being created or redeemed, the amount of which will be based on the aggregate NAV of the number of shares included in the baskets
being created or redeemed determined on the day the order to create or redeem baskets is properly received.

 

As discussed above, Authorized Participants
are the only persons that may place orders to create and redeem baskets. Authorized Participants must be registered broker-dealers
or other securities market participants, such as banks and other financial institutions that are not required to register as broker-dealers
to engage in securities transactions. An Authorized Participant is under no obligation to create or redeem baskets, and an Authorized
Participant is under no obligation to offer to the public shares of any baskets it does create. Authorized Participants that do
offer to the public shares from the baskets they create will do so at per-share offering prices that are expected to reflect, among
other factors, the trading price of the shares on the NYSE Arca, the NAV of UNG at the time the Authorized Participant purchased
the Creation Baskets and the NAV of the shares at the time of the offer of the shares to the public, the supply of and demand for
shares at the time of sale, and the liquidity of the Futures Contract market and the market for Other Natural Gas-Related Investments.

 

    4 

     

    

 

The prices of shares offered by Authorized
Participants are expected to fall between UNG’s NAV and the trading price of the shares on the NYSE Arca at the time of sale.
Shares initially comprising the same basket but offered by Authorized Participants to the public at different times may have different
offering prices. An order for one or more baskets may be placed by an Authorized Participant on behalf of multiple clients. Authorized
Participants who make deposits with UNG in exchange for baskets receive no fees, commissions or other forms of compensation or
inducement of any kind from either UNG or USCF, and no such person has any obligation or responsibility to USCF or UNG to effect
any sale or resale of shares. Shares trade in the secondary market on the NYSE Arca. Shares may trade in the secondary market at
prices that are lower or higher relative to their NAV per share. The amount of the discount or premium in the trading price relative
to the NAV per share may be influenced by various factors, including the number of investors who seek to purchase or sell shares
in the secondary market and the liquidity of the Futures Contracts market and the market for Other Natural Gas-Related Investments.
While the shares trade during the core trading session on the NYSE Arca until 4:00 p.m. New York time, liquidity in the market
for Futures Contracts and Other Natural Gas-Related Investments may be reduced after the close of the NYMEX at 2:30 p.m. New York
time. As a result, during this time, trading spreads, and the resulting premium or discount, on the shares may widen.

 

Who is our General Partner?

 

USCF is a single member limited liability
company that was formed in the state of Delaware on May 10, 2005. USCF maintains its main business office at 1850 Mt. Diablo Boulevard,
Suite 640, Walnut Creek, California 94596. USCF is a wholly-owned subsidiary of Wainwright Holdings, Inc., a Delaware corporation
(“Wainwright”), which is a wholly owned subsidiary of Concierge Technologies, Inc. (publicly traded under the ticker
CNCG) (“Concierge”). Mr. Nicholas D. Gerber (discussed below), along with certain family members and certain other
shareholders, owns the majority of the shares in Concierge. Wainwright is a holding company that currently holds both USCF, as
well as USCF Advisers LLC, an investment adviser registered under the Investment Advisers Act of 1940, as amended. USCF Advisers
LLC serves as the investment adviser for the USCF SummerHaven SHPEN Index Fund (“BUYN”), the USCF SummerHaven SHPEI
Index Fund (“BUY”) and USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (“SDCI”), each a series
of the USCF ETF Trust. USCF Advisers LLC also served as the investment adviser to the USCF Commodity Strategy Fund, a series of
the USCF Mutual Funds Trust, which liquidated all of its assets and distributed cash pro rata to all remaining shareholders in
March 2019. USCF ETF Trust and USCF Mutual Funds Trust are registered under the Investment Company Act of 1940, as amended (the
 “1940 Act”). The Board of Trustees for USCF ETF Trust and USCF Mutual Funds Trust consist of different independent
trustees than those independent directors who serve on the Board of Directors of USCF. USCF is a member of the National Futures
Association (the “NFA”) and registered as a commodity pool operator (“CPO”) with the Commodity Futures
Trading Commission (the “CFTC”) on December 1, 2005 and as a swaps firm on August 8, 2013.

 

USCF serves as general partner of the United
States Oil Fund, LP (“USO”), the United States 12 Month Oil Fund, LP (“USL”), the United States Gasoline
Fund, LP (“UGA”), the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil
Fund, LP (“BNO”). USCF previously served as the general partner for the United States Short Oil Fund, LP (“DNO”)
and the United States Diesel-Heating Oil Fund, LP (“UHN”), both of which were liquidated in 2018.

 

USCF is also the sponsor of the United
States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”), and the USCF Crescent
Crypto Index Fund (“XBET”), each a series of the United States Commodity Index Funds Trust (“USCIFT”).
XBET is currently in registration and has not commenced operations. USCF previously served as the sponsor for the United States
Agriculture Index Fund (“USAG”), which was liquidated in 2018. 

 

In addition, USCF is the sponsor of the
USCF Funds Trust, a Delaware statutory trust, and each of its series, the United States 3x Oil Fund (“USOU”) and the
United States 3x Short Oil Fund (“USOD”), which listed their shares on the NYSE Arca on July 20, 2017 under the ticker
symbols “USOU” and “USOD”, respectively. Each of USOU and USOD liquidated all of its assets and distributed
cash pro rata to all remaining shareholders in December 2019.

 

USO, UNG, UGA, UNL, USL, BNO, USCI and
CPER are referred to collectively herein as the “Related Public Funds.”

 

The Related Public Funds are subject to
reporting requirements under the Exchange Act.

 

USCF is required to evaluate the credit
risk of UNG to the FCM, oversee the purchase and sale of UNG’s shares by the Authorized Participants, review daily positions
and margin requirements of UNG and manage UNG’s investments. USCF also pays the fees of ALPS Distributors, which serves as
the Marketing Agent, and BBH&Co., which serves as the Administrator and the Custodian for UNG.

 

Limited partners have no right to elect
USCF as the general partner on an annual or any other continuing basis. If USCF voluntarily withdraws as general partner, however,
the holders of a majority of UNG’s outstanding shares (excluding for purposes of such determination shares owned, if any,
by the withdrawing USCF and its affiliates) may elect its successor. USCF may not be removed as general partner except upon approval
by the affirmative vote of the holders of at least 66 and 2/3 percent of UNG’s outstanding shares (excluding shares owned,
if any, by USCF and its affiliates), subject to the satisfaction of certain conditions set forth in the Partnership Agreement.

 

    5 

     

    

 

UNG has no executive officers or employees.
Pursuant to the terms of the Partnership Agreement, UNG’s affairs are managed by USCF.

 

The business and affairs of USCF are managed
by the Board, which is comprised of four Management Directors, each of whom are also executive officers or employees of USCF, and
three independent directors who meet the independent director requirements established by the NYSE Arca Equities Rules and the
Sarbanes-Oxley Act of 2002. The Management Directors have the authority to manage USCF pursuant to the terms of the LLC Agreement.
Through its Management Directors, USCF manages the day-to-day operations of UNG. The Board has an audit committee which is made
up of the three independent directors (Gordon L. Ellis, Malcolm R. Fobes III and Peter M. Robinson). For additional information
relating to the audit committee, please see “Item 10. Directors, Executive Officers and Corporate Governance – Audit
Committee” in the Annual Report.

 

    6

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