Document:

amended
and restated ADMINISTRATION AGREEMENT

 

THIS AMENDED AND RESTATED ADMINISTRATION
AGREEMENT (this “Agreement”) is made as of the 11th day of September 2012, (“Effective Date”)
by and among each Fund set forth on Schedule I of this Agreement, severally and not jointly, (each a “Fund”)
SEI Global Services, Inc. (“SEI Global”) and SEI Investments Global Funds Services (“SEI GFS”
referred to collectively with SEI Global as the “Administrator”), each such Administrator a party to this Agreement
solely with respect to the Fund(s) it serves as administrator to hereunder, as set forth on Schedule I.

 

WHEREAS, the parties acknowledge and agree
that this Agreement is deemed to constitute a separate agreement between the applicable Administrator entity and each Fund as if
each such Fund had executed a separate Agreement naming only itself as signatory thereto.  Each such deemed separate
Agreement is in this format for the sole purpose of documentary simplification.  The parties further agree and acknowledge
that the assets of one Fund will not be available to satisfy the obligations of another Fund.

 

WHEREAS, each Fund has appointed, as indicated
on Schedule I, Campbell & Company, Inc., a Maryland corporation, or Campbell & Company Investment Adviser LLC, a Delaware
limited liability company, as its investment manager (hereinafter referred to as the “Investment Manager”).

 

WHEREAS, the Administrator and each Fund
entered into an Administration Agreement (the “Original Agreement”), pursuant to which, among other things, the Administrator
agreed to provide certain administrative services with respect to each Fund.

 

WHEREAS, the parties hereto desire to amend
and restate the Original Agreement on the terms and subject to the conditions hereinafter contained.

 

NOW, THEREFORE, in consideration of the
premises and the covenants hereinafter contained and intending to be legally bound, each Fund and the Administrator hereby agree
as follows:

 

		SECTION 1	DEFINITIONS

 

		1.01	“Actions” shall have the meaning given to such term in Section 3.01.02
of this Agreement.

 

		1.02	“Administrator” shall have the meaning given to such term in the preamble of
this Agreement.

 

		1.03	“Agreement” shall have the meaning given to such term in the preamble of this
Agreement.

 

		1.04	“Authorized Person” shall include, as applicable, any managing member, general
partner, director or other Person having similar status or performing similar functions, as the case may be, acting on behalf of
a Fund.

 

		1.05	“Board” means any board of directors, board of trustees, board of managers,
managing members, general partners or other Persons having similar responsibilities to any of the foregoing.

 

		1.06	“Breach Notice” shall have the meaning given to such term in Section 9.02.01
of this Agreement.

 

		1.07	“Confidential Information” shall have the meaning given to such term in Section
11.01 of this Agreement.

 

    	 

    	 

    

 

		1.08	“Conversion” means the processes and activities required to transfer the books
and records of each Fund from the Fund or such Fund’s prior administrator, import each Fund’s data and files into the
Administrator’s system and such other processes and activities identified as the responsibility of the Administrator in accordance
with the Conversion Plan.

 

		1.09	“Conversion Plan” shall have the meaning given to such term in Section 2.05
of this Agreement.

 

		1.10	“Disclosing Party” shall have the meaning given to such term in Section 11.01
of this Agreement.

 

		1.11	“Fund” or “Funds” shall have the meaning given to such terms
in the preamble of this Agreement.

 

		1.12	“Fund Data” shall have the meaning given to such term in Section 2.04 of this
Agreement.

 

		1.13	“Initial Term” shall have the meaning given to such term in Section 9.01
of this Agreement.

 

		1.14	“Interested Party” or “Interested Parties” means the Administrator,
its subsidiaries and its affiliates and each of their respective officers, directors, employees, agents, delegates and associates.

 

		1.15	“Interests” means any partnership interest in, membership interest in, shares
of stock of or other equity interest in, as the case may be, a Fund.

 

		1.16	“Investment Manager” shall have the meaning given to such term in the preamble
of this Agreement.

 

		1.17	“Investments” shall mean such cash, securities and all other assets and property
of whatsoever nature now owned or subsequently acquired by or for the account of a Fund.

 

		1.18	“Live Date” means the date on which a Fund is launched or transferred from a
prior administrator and the Administrator begins calculating such Fund’s official net asset values (“NAV”).  

 

		1.19	“Liquidation” shall have the meaning given to such term in Section 9.02.02
of this Agreement.

 

		1.20	“Offering Memorandum” means any prospectus, private placement memorandum, notice,
circular, proxy or other client/investor communication issued by a Fund from time to time, as appropriate, including all amendments
or supplements thereto.

 

		1.21	“Organizational Documents” means, as applicable, the articles of incorporation,
certificate of formation, memorandum of association, partnership agreement, bylaws or other similar documentation setting forth
the respective rights and obligations of directors, managers and Interest holders in a Fund.

 

		1.22	“Person” shall mean any natural person, partnership, estate, association, custodian,
nominee, limited liability company, corporation, trust or other legal entity.

 

		1.23	“Pricing Sources” shall have the meaning given to such term in Section 6
of this Agreement.

 

		1.24	“Proprietary Information” shall have the meaning given to such term in Section
12.01 of this Agreement.

 

    	 

    	 

    

 

		1.25	“Reasonable Steps” shall have the meaning given to such term in Section 11.01
of this Agreement.

 

		1.26	“Receiving Party” shall have the meaning given to such term in Section 11.01
of this Agreement.

 

		1.27	“Renewal Term” shall have the meaning given to such term in Section 9.01
of this Agreement.

 

		1.28	“Services” shall have the meaning given to such term in Section 2.01
of this Agreement.

 

		1.29	“Valuation Information” shall have the meaning given to such term in Section
6 of this Agreement.

 

		1.30	“Web Access” shall have the meaning given to such term in Section 12.01
of this Agreement.

 

		SECTION 2	APPOINTMENT AND CONTROL

 

		2.01	Services.  Each Fund hereby appoints the Administrator to be, and the Administrator
agrees to act as, the administrative agent of such Fund for the term and subject to the provisions hereof.  The Administrator
shall perform (and may delegate or sub-contract, as provided below) the services set forth in this Agreement, including the services
set forth in Schedule II of this Agreement and those agreed to in writing and signed by the parties from time to time (collectively,
the “Services”).  

 

		2.02	Authority.  Each of the activities engaged in under the provisions of this Agreement
by the Administrator on behalf of any Fund shall be subject to the overall direction and control of such Fund or any Authorized
Person; provided, however, that the Administrator shall have the general authority to do all acts deemed in the Administrator’s
good faith belief to be necessary and proper to perform its obligations under this Agreement.  In performing its duties
hereunder, the Administrator shall observe and generally comply with the applicable Offering Memorandum, all applicable resolutions
and/or directives of any Authorized Person of which it has notice, and applicable laws which may from time to time apply to the
Services rendered by the Administrator.  In the event that a Fund desires to amend its Organizational Documents in any
manner that can reasonably be expected to have a material impact on the Administrator’s performance of the Services hereunder,
such Fund shall notify the Administrator in advance of such amendment and the parties will work together in good faith to minimize
the impact of such change on the Administrator’s operations and, if appropriate come to an agreement whether to compensate
the Administrator in connection therewith. The Administrator (i) shall not have or be required to have any authority to supervise
the investment or reinvestment of the securities or other properties which comprise the assets of any Fund and (ii) shall not provide
any investment advisory services to any Fund, and shall have no liability related to the foregoing.

 

		2.03	Third Parties; Affiliates.  The Administrator may delegate to, or sub-contract
with, third parties or affiliates administrative or other functions it deems necessary to perform its obligations under this Agreement;
provided, however, all fees and expenses incurred in any delegation or sub-contract shall be paid by the Administrator and the
Administrator shall remain responsible to each Fund for the acts and omissions of such other entities as if such acts or omissions
were the acts or omissions of the Administrator.  Each Fund acknowledges that during the term of this Agreement, the
services to be performed by the Administrator may be completed by one or more of the Administrator’s affiliates or third
parties located in or outside of the United States of America.

 

    	 

    	 

    

 

		2.04	Fund Data.  Each Fund shall be solely responsible for the accuracy, completeness,
and timeliness of all data and other information provided to the Administrator by or on behalf of such Fund pursuant to this Agreement
(including, without limitation, (i) prices, (ii) sufficient transaction supporting documentation, (iii) detailed accounting methodologies
with respect to such Fund’s Investments, (iv) the terms of any agreement between a Fund or its sponsor and an investor regarding
any special fee or specific fee arrangement or access to portfolio information that may impact or affect the Services, (v) trade
and settlement information from prime brokers and custodians, and (vi) the terms of any side letter or side pocket arrangements
that may impact or affect the Services) (collectively, “Fund Data”).  All Fund Data shall be provided
to the Administrator on a timely basis and in a format and medium reasonably requested by the Administrator from time to time.  Each
Fund shall have an ongoing obligation to promptly update all Fund Data so that such information remains current, complete and accurate.  All
Fund Data shall be prepared and maintained, by or on behalf of each Fund, in accordance with applicable law, the Offering Memorandum
and generally acceptable accounting principles.  The Administrator shall be entitled to rely on all Fund Data and shall
have no liability for any loss, damage or expense incurred by any Fund or any other Person to the extent that such loss, damage
or expense arises out of or is related to Fund Data that is not timely, current, complete and accurate.

 

		2.05	Conversion Plan.  Promptly following the Effective Date, the Administrator shall
prepare a project plan (“Conversion Plan”) that sets forth the respective roles and responsibilities of each
of the parties in connection with the Conversion or other implementation of each Fund onto the Administrator’s system.

 

		SECTION 3	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE FUNDS

 

		3.01	Each Fund represents and warrants that:

 

		3.01.01.	it has full power, right and authority to execute and deliver this Agreement and to consummate
the transactions contemplated hereby; the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly and validly approved by all requisite actions on its part, and no other proceedings on its part are necessary
to approve this Agreement or to consummate the transactions contemplated hereby; this Agreement has been duly executed and delivered
by it; this Agreement constitutes a legal, valid and binding obligation, enforceable against it in accordance with its terms;

 

		3.01.02.	it is not a party to any, and there are no, pending or threatened legal, administrative, arbitral
or other proceedings, claims, actions or governmental or regulatory investigations or inquiries (collectively, “Actions”)
of any nature against it or its properties or assets which could, individually or in the aggregate, have a material effect upon
its business or financial condition.  There is no injunction, order, judgment, decree, or regulatory restriction imposed
specifically upon it or any of its properties or assets;

 

		3.01.03.	no existing Interest holder is a designated national and/or blocked person as identified on the
Office of Foreign Assets Control’s list maintained by the U.S. Department of Treasury (found at http://www.treas.gov.ofac)
or any other relevant regulatory or law enforcement agencies, as applicable to such Fund.

 

		3.01.04.	it is not in default under any contractual or statutory obligations whatsoever (including the payment
of any tax) which, individually or in the aggregate, could materially and adversely affect its business or financial condition;

 

    	 

    	 

    

 

		3.01.05.	it has obtained all consents and given all notices (regulatory or otherwise), made all required
regulatory filings and is in compliance with all applicable laws and regulations;

 

		3.01.06.	it has a valid engagement with an independent auditor, custodian and prime broker and will provide
additional information regarding such service providers, including information regarding the terms of its agreement with such service
providers, upon request;

 

		3.01.07.	it has notified the Administrator of any and all separate agreements between a Fund and any third
party that could have an impact on the Administrator’s performance of its obligations pursuant to this Agreement; and

 

		3.01.08.	it has disclosed the terms of any agreement between a Fund or its sponsor and an investor regarding
any special fee or specific fee arrangement or access to portfolio information that may impact or affect the Services.

 

		3.02	Each Fund covenants and agrees that:

 

		3.02.01.	it will furnish the Administrator from time to time with copies, authenticated or certified, of
its Organizational Documents, a current version of the applicable Offering Memorandum and with any other information or documents,
including Fund Data, that the Administrator may reasonably request;

 

		3.02.02.	it shall timely perform all obligations identified in this Agreement as obligations of such Fund,
including, without limitation, providing the Administrator with all Fund Data and Organizational Documents reasonably requested
by the Administrator;

 

		3.02.03.	it will notify the Administrator as soon as reasonably practical in advance of any matter which
could materially affect the Administrator’s performance of its duties and obligations under this Agreement, including any
amendment to the documents referenced in Section 3.02.01 above;

 

		3.02.04.	it will promptly notify the Administrator in the event that a Fund’s investment strategy
materially changes from the strategy adopted by such Fund as of the Effective Date;

 

		3.02.05.	any reference to the Administrator or this Agreement in an Offering Memorandum shall be limited
solely to the description provided by the Administrator in writing from time to time or such other description as the parties shall
mutually agree in advance and in writing;

 

		3.02.06.	except as otherwise provided by applicable law, it shall be solely responsible for its compliance
with applicable investment policies, the Offering Memorandum, and any laws and regulations governing the manner in which its assets
may be invested, and shall be solely responsible for any losses attributable to non-compliance with the Offering Memorandum, any
applicable policies, laws and regulations governing such Fund, its activities or the duties, actions or omissions of the Investment
Manager; and

 

		3.02.07.	it will promptly notify the Administrator in the event of any changes to the representations and
warranties made hereunder.

 

    	 

    	 

    

 

		SECTION 4	REPRESENTATIONS AND WARRANTIES OF THE ADMINISTRATOR

 

		4.01	The Administrator represents and warrants that:

 

		4.01.01.	it has full power, right and authority to execute and deliver this Agreement and to consummate
the transactions contemplated hereby; the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly and validly approved by all requisite action on its part, and no other proceedings on its part are necessary
to approve this Agreement or to consummate the transactions contemplated hereby; this Agreement has been duly executed and delivered
by it; this Agreement constitutes a legal, valid and binding obligation, enforceable against it in accordance with its terms.

 

		4.01.02.	it is not a party to any, and there are no, pending or threatened Actions of any nature against
it or its properties or assets which could, individually or in the aggregate, have a material effect upon its business or financial
condition.  There is no injunction, order, judgment, decree, or regulatory restriction imposed specifically upon it or
any of its properties or assets.

 

		4.01.03.	it is not in default under any statutory obligations whatsoever (including the payment of any tax)
which materially and adversely affects, or is likely to materially and adversely affect, its business or financial condition.

 

		4.01.04.	it holds all administrative licenses (if any) required to perform the services under this Agreement
..

 

		SECTION 5	LIMITATION OF LIABILITY AND INDEMNIFICATION

 

		5.01	THE DUTIES OF THE ADMINISTRATOR SHALL BE CONFINED TO THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT,
AND NO IMPLIED DUTIES ARE ASSUMED BY OR MAY BE ASSERTED AGAINST THE ADMINISTRATOR.  EXCEPT TO THE EXTENT ARISING OUT
OF THE ADMINISTRATOR’S FRAUD OR CRIMINAL MISCONDUCT WHEN PROVIDING THE SERVICES, THE ADMINISTRATOR’S AGGREGATE LIABILITY
TO THE FUNDS WILL BE LIMITED TO MONETARY DAMAGES MUTUALLY AGREED UPON FROM TIME TO TIME IN A SEPARATE WRITING EXECUTED BY THE PARTIES.  For
the avoidance of doubt, the Administrator shall not be responsible for any breach in the performance of its obligations under this
Agreement due to (i) the failure or delay of any Fund, underlying fund or either of their respective agents to perform its obligations
under this Agreement or (ii) the Administrator’s reliance on Fund Data.  Each party shall have the duty to mitigate
its damages for which another party may become responsible.  As used in this Section 5, the term “Administrator”
shall include the officers, directors, employees, affiliates and agents of the Administrator as well as that entity itself.  

 

		5.02	NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL THE ADMINISTRATOR
BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, OR OTHER NON-DIRECT DAMAGES OF ANY KIND WHETHER SUCH LIABILITY IS PREDICATED
ON CONTRACT, STRICT LIABILITY, OR ANY OTHER THEORY AND REGARDLESS OF WHETHER THE FUNDS ARE ADVISED OF THE POSSIBILITY OF ANY SUCH
DAMAGES.  FOR THE AVOIDANCE OF DOUBT, THE ADMINISTRATOR SHALL NOT BE LIABLE FOR ANY LOSS SUFFERED BY A THIRD PARTY (INCLUDING
WITHOUT LIMITATION, INVESTORS IN A FUND) FOR ANY DAMAGES, EVEN IF THE SAME ARE FORESEEABLE.

 

    	 

    	 

    

 

		5.03	The Administrator may, from time to time, provide to the Funds services and products (“Special
Third Party Services”) from external third party sources that are Pricing Sources or other similar service providers
(“Special Third Party Vendors”).  Each Fund acknowledges and agrees that the Special Third Party Services
are confidential and proprietary trade secrets of the Special Third Party Vendors.  Accordingly, each Fund shall honor
requests by the Administrator and the Special Third Party Vendors to protect their proprietary rights in their data, information
and property including requests that a Fund place copyright notices or other proprietary legends on printed matter, print outs,
tapes, disks, film or any other medium of dissemination.  Each Fund further acknowledges and agrees that all Special
Third Party Services are provided on an “AS IS WITH ALL FAULTS” basis solely for such Fund’s internal use, and
as an aid in connection with the receipt of the Services.  Each Fund may use Special Third Party Services as normally
required on view-only screens and hard copy statements, reports and other documents necessary to support such Fund’s investors,
however no Fund shall distribute any Special Third Party Services to other third parties.  THE SPECIAL THIRD PARTY VENDORS
AND THE ADMINISTRATOR MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS FOR A PARTICULAR USE, OR ANY OTHER
MATTER WITH RESPECT TO ANY OF THE SPECIAL THIRD PARTY SERVICES.  NEITHER THE ADMINISTRATOR NOR THE SPECIAL THIRD PARTY
VENDORS SHALL BE LIABLE FOR ANY DAMAGES SUFFERED BY A FUND IN THE USE OF ANY OF THE SPECIAL THIRD PARTY SERVICES, INCLUDING, WITHOUT
LIMITATION, LIABILITY FOR ANY INCIDENTAL OR SIMILAR DAMAGES AS SET FORTH IN SECTION 5.02.

 

		5.04	The Administrator may apply to any Fund, the Investment Manager or any Authorized Person acting
on a Fund’s behalf at any time for instructions and may consult counsel for any Fund or the Investment Manager or with accountants,
counsel and other experts with respect to any matter arising in connection with the Administrator’s duties hereunder, and
the Administrator shall not be liable or accountable for any action taken or omitted by it in good faith in accordance with such
instruction or with the advice of counsel, accountants or other experts.  Also, the Administrator shall not be liable
for actions taken pursuant to any document which it reasonably believes to be genuine and to have been signed by an Authorized
Person.  The Administrator shall not be held to have notice of any change of authority of any officer, employee or agent
of a Fund until receipt of written notice thereof.  To the extent that the Administrator consults with Fund counsel pursuant
to this provision, any such expense shall be borne by the applicable Fund, provided that such Fund has been notified in advance
of such consultation and has agreed.  

 

		5.05	The Administrator shall have no liability for its reliance on Fund Data or the performance or omissions
of unaffiliated third parties such as, by way of example and not limitation, transfer agents, sub-transfer agents, custodians,
prime brokers, placement agents, third party marketers, asset data service providers, investment advisers (including, without limitation,
the Investment Manager) or sub-advisers, current or former third party service providers, Pricing Sources, software providers,
printers, postal or delivery services, prior administrators, telecommunications providers and processing and settlement services.  The
Administrator may rely on and shall have no duty to investigate or confirm the accuracy or adequacy of any information provided
by any of the foregoing third parties.

 

		5.06	Except as otherwise required under applicable law, the Administrator shall have no obligations
with respect to any laws relating to the purchase or sale of Interests in a Fund.  Further, each Fund assumes full responsibility
for the preparation, contents and distribution of its Offering Memorandum and its compliance with any applicable laws, rules, and
regulations.

 

    	 

    	 

    

 

		5.07	Each Fund shall indemnify, defend and hold harmless the Administrator from and against and the
Administrator shall have no liability in connection with any and all actions, suits and claims, whether groundless or otherwise,
and from and against any and all losses, damages, costs, charges, reasonable counsel fees and disbursements, payments, expenses
and liabilities (including reasonable investigation expenses) arising directly or indirectly out of: (i) any act or omission of
the Administrator in carrying out its duties hereunder or as a result of the Administrator’s reliance upon any instructions,
notice or instrument that the Administrator reasonably believes is genuine and signed or presented by an Authorized Person; provided
that this indemnification shall not apply to the extent any such loss, damage or expense is caused by or arises from the Administrator’s
bad faith or gross negligence in the performance of the Services; (ii) any violation by any Fund or the Investment Manager of any
applicable investment policy, law or regulation, (iii) any misstatement or omission in the Offering Memorandum or any Fund Data;
(iv) any breach by a Fund of any representation, warranty or agreement contained in this Agreement; (v) any act or omission of
a Fund, an underlying fund, a Fund’s former administrator, a Special Third Party Vendor or a Fund’s other service providers
(such as custodians, prime brokers, transfer agents, investment advisors and sub-advisers); (vi) any pricing error caused by the
failure of a Fund’s Investment Manager or sub-adviser to provide a trade ticket or for incorrect information included in
any trade ticket; (vii) any side pocket or side letter arrangement between an investor in a Fund and the Fund or its sponsor; or
(viii) any act or omission of the Administrator as a result of the Administrator’s compliance with applicable anti-money
laundering legislation and regulations, including, but not limited to, returning an investor’s Investment or restricting
the payment of redemption proceeds.

 

		5.08	The indemnification rights afforded to Administrator hereunder shall include the right to reasonable
advances of defense expenses on an as-incurred basis in the event of any pending or threatened litigation or Action with respect
to which indemnification hereunder may ultimately be merited, provided that the Administrator shall inform the Fund of the identity
of the counsel to be used by the Administrator and the Fund shall have the right to request that the Administrator select different
counsel within thirty days following such notice.  If in any case a Fund may be asked to indemnify or hold the Administrator
harmless, the Administrator shall promptly advise such Fund of the pertinent facts concerning the situation in question, and the
Administrator will use all reasonable care to identify and notify such Fund promptly concerning any situation which presents or
appears likely to present the probability of such a claim for indemnification, but failure to do so shall not affect the rights
hereunder.  

 

		5.09	A Fund shall be entitled to participate at its own expense or, if it so elects, to assume the defense
of any suit brought to enforce any claims subject to this indemnity provision.  If a Fund elects to assume the defense
of any such claim, the defense shall be conducted by counsel chosen by such Fund and reasonably satisfactory to the Administrator,
whose approval shall not be unreasonably withheld.  In the event that a Fund elects to assume the defense of any suit
and retain counsel, the Administrator shall bear the fees and expenses of any additional counsel retained by it.  If
a Fund does not elect to assume the defense of a suit, it will advance to the Administrator the fees and expenses of any counsel
retained by the Administrator, provided that the Administrator shall inform the Fund of the identity of the counsel to be used
by the Administrator and the Fund shall have the right to request that the Administrator select different counsel within thirty
days following such notice.  None of the parties hereto shall settle or compromise any action, suit, proceeding or claim
if such settlement or compromise provides for an admission of liability on the part of the indemnified party without such indemnified
party's written consent.

 

		5.10	The provisions of this Section 5 shall survive the termination of this Agreement.

 

    	 

    	 

    

 

		SECTION 6	VALUATION

 

The Administrator is entitled to rely on
the price and value information (hereinafter “Valuation Information”) provided by prior administrators, brokers
and custodians, investment advisors (including, without limitation, the Investment Manager), an underlying fund in which a Fund
invests, if applicable, or any third-party pricing services selected by the Administrator, the Investment Manager or a Fund (collectively
hereinafter referred to as the “Pricing Sources”) in order to calculate a Fund’s aggregate NAV (and the
value of interest holders’ capital accounts based upon such valuation).  The Administrator shall have no obligation
to obtain Valuation Information from any sources other than the Pricing Sources, and may rely on estimates provided by the Investment
Manager or the applicable underlying fund.  In the event that the Investment Manager does not provide a timely value
for an underlying fund, the Administrator shall have the right to use the prior month’s valuation in its calculation of the
current month’s NAV, and the Administrator shall have no liability and shall be indemnified by the applicable Fund in connection
with such action.  The Administrator shall have no liability or responsibility for the accuracy of the Valuation Information
provided by a Pricing Source or the delegate of a Pricing Source and the applicable Fund shall indemnify and defend the Administrator
against any loss, damages, costs, charges or reasonable counsel fees and expenses in connection with any inaccuracy of such Valuation
Information.  No Fund shall use Valuation Information for any purpose other than in connection with the Services and
in accordance with the provisions of this Agreement.

 

		SECTION 7	Allocation of Charges and Expenses

 

		7.01	The Administrator.  The Administrator shall furnish at its own expense the personnel
necessary to perform its obligations under this Agreement.  

 

		7.02	Fund Expenses.  Each Fund assumes and shall pay or cause to be paid all expenses
of such Fund not otherwise allocated in this Agreement, including, without limitation, organizational costs; taxes; expenses for
legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, Offering Memorandum,
statements of additional information, proxy solicitation and tender offer materials, and notices to existing Interest holders;
all expenses incurred in connection with issuing and redeeming Interests; the costs of Pricing Sources; the costs of loan credit
activity data; the costs of escrow and custodial services; the costs of document retention and archival services, the costs of
responding to document production requests; the cost of initial and ongoing registration of the Interests under Federal and state
securities laws; fees and out-of-pocket expenses of directors; the costs of directors’ meetings; insurance; interest; brokerage
costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of service providers to such Fund.
Each Fund shall reimburse the Administrator for its reasonable costs and out-of-pocket expenses incurred in the performance of
the Services, including all reasonable charges for independent third party audit charges, printing, copying, postage, telephone,
and fax charges incurred by the Administrator in the performance of its duties. In the event that the Administrator receives any
rebate from a Special Third Party Vendor in connection with the services provided by such Special Third Party Vendor on behalf
of the Fund, the Administrator shall pass through such rebate to the applicable Fund.

 

    	 

    	 

    

 

		SECTION 8	COMPENSATION

 

		8.01	Fees. Each Fund shall pay to the Administrator, as compensation for the services performed
and the facilities and personnel provided by the Administrator pursuant to this Agreement, as set forth in the written fee schedule
mutually agreed upon from time to time by the parties.  No Fund shall have a right of set-off.  The fees set
forth herein are determined based on the characteristics of each Fund as of the Effective Date.  Any material change
to the characteristics of a Fund may give rise to an adjustment to the fees set forth in this Agreement.  In the event
of such a change, the parties shall negotiate any adjustment to the fees payable hereunder in good faith; provided, however, that
if the parties cannot in good faith agree on such adjustment to the fees within a reasonable period of time, the Administrator
may terminate this Agreement upon ninety days prior written notice.  Each Fund shall pay the Administrator’s fees
monthly in U.S. Dollars, unless otherwise agreed to by the parties.  If this Agreement becomes effective subsequent to
the first day of any calendar month or terminates before the last day of any calendar month, the Administrator’s compensation
for that part of the month in which this Agreement is in effect shall be prorated in a manner consistent with the calculation of
the fees as set forth in the written agreement among the parties contemplated above.  The Funds agree to pay interest
on all amounts past due in an amount equal to the lesser of the maximum amount permitted by applicable law or the monthly rate
of one and one-half percent (11⁄2%) times the amount past due multiplied by the number of whole or partial months from the
date on which such amount was first due up to and including the day on which payment is received by the Administrator.  

 

		8.02	Adjustment of Fees.  The Funds acknowledge that from time to time after the first
anniversary of the Effective Date, Administrator may increase all non-asset based Fees upon thirty days written notice to the Funds,
in an amount equal to the greater of: (a) three percent; or (b) the percentage increase in the CPI since the Effective Date of
the first such increase and since the date of the immediately preceding increase with respect to all subsequent increases; provided,
however, that Administrator may not increase the Fees more than one time during any twelve-month period.  Notwithstanding
the above, in the event of an increase to Administrator’s costs for Special Third Party Services, Administrator may at any
time upon thirty days written notice increase the Fees applicable to such Special Third Party Services, provided, that such fee
increase will not exceed the applicable percentage increase in costs incurred by Administrator with respect to such Special Third
Party Services.

 

		SECTION 9	DURATION AND TERMINATION

 

		9.01	Term and Renewal.  This Agreement shall become effective as of the Effective Date
and shall remain in effect through and until July 31, 2015 (the “Initial Term”), and thereafter shall automatically
renew for successive one year terms (each such period, a “Renewal Term”) unless terminated by any party giving
written notice of non-renewal at least ninety days prior to the last day of the then current term to each other party hereto.

 

		9.02	Termination for Cause.  

 

		9.02.01.	This Agreement may be terminated by any party giving at least thirty days prior notice in writing
to the other parties if at anytime the other party or parties have been first (i) notified in writing that such party shall have
materially failed to perform its duties and obligations under this Agreement (such notice shall be of the specific asserted material
breach) (“Breach Notice”) and (ii) the party receiving the Breach Notice shall not have remedied the noticed
failure within thirty days after receipt of the Breach Notice requiring it to be remedied.  

 

		9.02.02.	This Agreement may be terminated by any party giving ninety days prior notice in writing to the
other parties prior to the Liquidation (as hereinafter defined) of a Fund.  For purposes of this Section 9.02.02
the term “Liquidation” shall mean a transaction in which all the assets of a Fund are sold or otherwise disposed
of and proceeds there from are distributed in cash to the Interest holders in complete liquidation of the interests of Interest
holders in such Fund.  A termination pursuant to this Section 9.02.02 shall be effective as of the date of such
Liquidation. Notwithstanding the foregoing, the right to terminate set forth in this Section 9.02.02 shall not relieve the
liquidating Fund of its obligation to pay the fees set forth on the written agreement contemplated in Section 8.01 for the
remainder of the ninety day period set forth in this Section 9.02.02, which amount shall be payable prior to the effective
date of such Liquidation.

 

    	 

    	 

    

 

		9.02.03.	If the Administrator is unable to successfully convert any Fund to its operational environment
within a reasonable period of time following the Effective Date due to untimely, inaccurate or incomplete Fund Data, the Administrator
shall have the right to terminate this Agreement, in its entirety or solely with respect to such Fund, upon written notice and
such termination shall be effective upon the date set forth in such notice.  

 

		9.02.04.	Notwithstanding anything contained in this Agreement to the contrary, in the event of a merger,
acquisition, change in control, re-structuring, re-organization or any other decision involving a Fund or any affiliate (as defined
in the 1940 Act) of a Fund that causes such Fund to cease to use the Administrator as a provider of the Services in favor of another
service provider prior to the last to occur of (a) the date that is the fifth anniversary of the Live Date and (b) the expiration
of the then current term of this Agreement, the Administrator shall use reasonable efforts to facilitate the deconversion of the
Funds to such successor service provider; provided, however that the Administrator makes no guaranty that such deconversion shall
happen as of any particular date.  In connection with the foregoing and prior to the effective date of such deconversion,
the deconverting Funds shall pay to the Administrator (1) all fees and other costs as set forth in the written agreement contemplated
in Section 8.01 as if the Administrator had continued providing Services until the expiration of the then current term and
calculated based upon the assets of the deconverting Fund on the date notice of termination in accordance with this Section was
given.  This Agreement shall terminate effective as of the conclusion of the deconversion as set forth in this Section.

 

		9.03	Effect of Termination.  

 

		9.03.01.	The termination of this Agreement shall be without prejudice to any rights that may have accrued
hereunder to any party hereto prior to such termination.

 

		9.03.02.	After termination of this Agreement and upon payment of all accrued fees, reimbursable expenses
and other moneys owed to the Administrator, the Administrator shall deliver to the applicable Fund, or as it shall direct, all
books of account, records, registers, correspondence, documents and assets relating to the affairs of or belonging to such Fund
in the possession of or under the control of the Administrator or any of its agents or delegates.

 

		9.03.03.	In the event any and all accrued fees, reimbursable expenses and other moneys owed to the Administrator
hereunder remain unpaid in whole or in part for more than thirty days past due, the Administrator, without further notice, may
take any and all actions it deems necessary to collect such amounts due, and in the event that the parties incur legal costs in
pursuing and defending such claims, the non-prevailing party shall be responsible for any and all costs and fees associated with
such claim paid by the prevailing party, including, without limitation, administrative costs, attorneys fees, court costs, collection
agencies or agents and interest.

 

    	 

    	 

    

 

		9.03.04.	Notwithstanding the foregoing, in the event this Agreement is terminated and for any reason the
Administrator, with the written consent of the applicable Fund, in fact continues to perform any one or more of the services contemplated
by this Agreement, the pertinent provisions of this Agreement, including without limitation, the provisions dealing with payment
of fees and indemnification shall continue in full force and effect.  The Administrator shall be entitled to collect
from the Funds, in addition to the compensation described in the written agreement contemplated in Section 8.01, the amount
of all of the Administrator’s expenses in connection with the Administrator’s activities following such termination,
including without limitation, the delivery to the applicable Fund and/or its designees of such Fund's property, records, instruments
and documents.  

 

		SECTION 10	CONFLICTS OF INTEREST

 

		10.01	Non-Exclusive.  The services of the Administrator rendered to any Fund are not
deemed to be exclusive.  The Administrator is free to render such services to others.  The Administrator shall
not be deemed to be affected by notice of, or to be under any duty to disclose to any Fund or Person acting on such Fund’s
behalf, information which has come into its possession or the possession of an Interested Party in the course of or in connection
with providing administrative or other services to any other Person or in any manner whatsoever other than in the course of carrying
out its duties pursuant to this Agreement.

 

		10.02	Rights of Interested Parties.  Subject to applicable law, nothing herein contained
shall prevent:

 

		10.02.01.	an Interested Party from buying, holding, disposing of or otherwise dealing in any Interests for
its own account or the account of any of its customers or from receiving remuneration in connection therewith, with the same rights
which it would have had if the Administrator were not a party to this Agreement; provided, however, that the prices quoted by the
Administrator are no more favorable to the Interested Party than to a similarly situated investor in or redeeming holder of Interests;

 

		10.02.02.	an Interested Party from buying, holding, disposing of or otherwise dealing in any securities or
other investments for its own account or for the account of any of its customers and receiving remuneration in connection therewith,
notwithstanding that the same or similar securities or other investments may be held by or for the account of any Fund; the Administrator
represents to such Fund that the Administrator has sufficient compliance policies and procedures, to protect the confidentiality
of the Fund’s position and trading information and to prevent Interested Parties from trading based on knowledge of the Fund’s
positions or trades and from the dissemination of that information to others.

 

		10.02.03.	an Interested Party from receiving any commission or other remuneration which it may negotiate
in connection with any sale or purchase of Interests or Investments effected by it for the account of any Fund; provided, however,
that the amount of such commission or other remuneration is negotiated at arm’s length; and

 

    	 

    	 

    

 

		10.02.04.	an Interested Party from contracting or entering into any financial, banking or other transaction
with any Fund or from being interested in any such contract or transaction; provided, however, that the terms of such transaction
are negotiated at arm's length.

 

		SECTION 11	Confidentiality

 

		11.01	Confidential Information.  The Administrator and each Fund (in such capacity,
the “Receiving Party”) acknowledge and agree to maintain the confidentiality of Confidential Information (as
hereinafter defined) provided by the Administrator and any Fund (in such capacity, the “Disclosing Party”) in
connection with this Agreement.  The Receiving Party shall not disclose or disseminate the Disclosing Party’s Confidential
Information to any Person other than those employees, agents, contractors, subcontractors and licensees of the Receiving Party,
or with respect to the Administrator as a Receiving Party, to those employees, agents, contractors, subcontractors and licensees
of any agent or affiliate, who have a need to know it in order to assist the Receiving Party in performing its obligations, or
to permit the Receiving Party to exercise its rights under this Agreement.  In addition, the Receiving Party (a) shall
take all Reasonable Steps (as hereinafter defined) to prevent unauthorized access to the Disclosing Party’s Confidential
Information, and (b) shall not use the Disclosing Party’s Confidential Information, or authorize other Persons to use the
Disclosing Party’s Confidential Information, for any purposes other than in connection with performing its obligations or
exercising its rights hereunder.  As used herein, “Reasonable Steps” means steps that a party takes
to protect its own, similarly confidential or proprietary information of a similar nature, which steps shall in no event be less
than a reasonable standard of care.

 

The
term “Confidential Information,” as used herein, means any of the Disclosing Party’s proprietary or confidential
information including, without limitation, the terms of (or any exercise of rights granted by) this Agreement, technical data;
position and trade information, trade secrets; know-how; business processes; product plans; product designs; service plans; services;
customer lists and customers; markets; software; developments; inventions; processes; formulas; technology; designs; drawings;
and marketing, distribution or sales methods and systems; sales and profit figures or other financial information that is disclosed,
directly or indirectly, to the Receiving Party by or on behalf of the Disclosing Party, whether in writing, orally or by other
means and whether or not such information is marked as confidential.

 

		11.02	Exclusions.  The provisions of this Section 11 respecting Confidential
Information shall not apply to the extent, but only to the extent, that such Confidential Information: (a) is already known to
the Receiving Party free of any restriction at the time it is obtained from the Disclosing Party, (b) is subsequently learned from
an independent third party free of any restriction and without breach of this Agreement; (c) is or becomes publicly available through
no wrongful act of the Receiving Party or any third party; (d) is independently developed by or for the Receiving Party without
reference to or use of any Confidential Information of the Disclosing Party; or (e) is required to be disclosed pursuant to an
applicable law, rule, regulation, government requirement or court order, or the rules of any stock exchange (provided, however,
that the Receiving Party shall advise the Disclosing Party of such required disclosure promptly upon learning thereof in order
to afford the Disclosing Party a reasonable opportunity to contest, limit and/or assist the Receiving Party in crafting such disclosure).  

 

    	 

    	 

    

 

		11.03	Permitted Disclosure.  The Receiving Party shall advise its employees, agents,
contractors, subcontractors and licensees, and shall require its affiliates to advise their employees, agents, contractors, subcontractors
and licensees, of the Receiving Party’s obligations of confidentiality and non-use under this Section 11, and shall
be responsible for ensuring compliance by its and its affiliates’ employees, agents, contractors, subcontractors and licensees
with such obligations.  In addition, the Receiving Party shall require all Persons that are provided access to the Disclosing
Party’s Confidential Information, other than the Receiving Party’s accountants and legal counsel, to execute confidentiality
or non-disclosure agreements containing provisions substantially similar to those set forth in this Section 11.  The
Receiving Party shall promptly notify the Disclosing Party in writing upon learning of any unauthorized disclosure or use of the
Disclosing Party’s Confidential Information by such Persons.

 

		11.04	Effect of Termination.  Upon the Disclosing Party’s written request following
the termination of this Agreement, the Receiving Party promptly shall return to the Disclosing Party, or destroy, all Confidential
Information of the Disclosing Party provided under or in connection with this Agreement, including all copies, portions and summaries
thereof.  Notwithstanding the foregoing sentence, (a) the Receiving Party may retain one copy of each item of the Disclosing
Party’s Confidential Information for purposes of identifying and establishing its rights and obligations under this Agreement,
for archival or audit purposes and/or to the extent required by applicable law, and (b) the Administrator shall have no obligation
to return or destroy Confidential Information of a Fund that resides in save tapes of Administrator; provided, however, that in
either case all such Confidential Information retained by the Receiving Party shall remain subject to the provisions of Section
11 for so long as it is so retained.  The Administrator agrees to return to the Fund or make available to a subsequent
administrator hired by the Fund all information that constitutes the legally-required books and records of the Fund in accordance
with Section 9.03.02.  If requested by the Disclosing Party, the Receiving Party shall certify in writing its
compliance with the provisions of this Section 11.04.

 

		SECTION 12	privacy

 

		12.01	To the effect the purposes of this Agreement, each Fund may from time-to-time provide Administrator
with certain nonpublic personal information as defined by the Gramm-Leach-Bliley Act of 1999 and the rules and regulations promulgated
thereunder (collectively, the “Gramm Leach Act”) as well as applicable state privacy laws.  The Funds shall
only provide Administrator with nonpublic personal information as is necessary for the Administrator to perform under this Agreement.  To
protect the privacy of nonpublic personal information received from the Funds or customers of a Fund (“NPI”), Administrator
shall for so long as it retains nonpublic personal information:

 

		(a)	maintain the confidentiality of the NPI as set forth in Section 12 of this Agreement; and

 

		(b)	implement appropriate administrative, technical and physical safeguards designed to ensure the
security and confidentiality of NPI, protect against any anticipated threats or hazards to the security or integrity of such NPI
and protect against unauthorized access to or use of such NPI that could result in substantial harm or inconvenience to the Fund
or a customer of the Fund.

 

		12.02	The Administrator will notify a Fund in the event there is a breach of its policies, which result
in unauthorized access to or use of the Fund or its customer’s NPI.  The parties agree to work together to respond
to and resolve such incidents as may be necessary.  

 

    	 

    	 

    

 

		SECTION 13	Miscellaneous provisions

 

		13.01	Internet Access.  Data and information may be made electronically accessible to
a Fund, its adviser and/or sub-adviser(s) and its investors through Internet access to one or more web sites provided by the Administrator
(“Web Access”).  As between any Fund and the Administrator, the Administrator shall own all right,
title and interest to such Web Access, including, without limitation, all content, software, interfaces, documentation, data, trade
secrets, design concepts, “look and feel” attributes, enhancements, improvements, ideas and inventions and all intellectual
property rights inherent in any of the foregoing or appurtenant thereto including all patent rights, copyrights, trademarks, know-how
and trade secrets (collectively, the “Proprietary Information”).  Each Fund recognizes that the Proprietary
Information is of substantial value to the Administrator and no Fund shall use or disclose the Proprietary Information except as
specifically authorized in writing by the Administrator.  Use of the Web Access by a Fund or its agents or investors
will be subject to any additional terms of use set forth on the web site.  All Web Access and the information (including
text, graphics and functionality) on the web sites related to such Web Access is presented “as is” and “as available”
without express or implied warranties including, but not limited to, implied warranties of non-infringement, merchantability and
fitness for a particular purpose.  The Administrator neither warrants that the Web Access will be uninterrupted or error
free, nor guarantees the accessibility, reliability, performance, timeliness, sequence, or completeness of information provided
on the Web Access.   

 

		13.02	Independent Contractor.  In making, and performing under, this Agreement, the
Administrator shall be deemed to be acting as an independent contractor of each Fund and neither the Administrator nor its employees
shall be deemed an agent, affiliate, legal representative, joint venturer or partner of any Fund.  No party is authorized
to bind any other party to any obligation, affirmation or commitment with respect to any other Person.

 

		13.03	Assignment; Binding Effect.  No party may assign, delegate or transfer, by operation
of law or otherwise, this Agreement (in whole or in part), or any of such party’s obligations hereunder, without the prior
written consent of the other party, which consent shall not be unreasonably withheld or delayed.  Subject to the foregoing,
all of the terms, conditions and provisions of this Agreement shall be binding upon and shall inure to the benefit of each party’s
successors and permitted assigns.  Any assignment, delegation, or transfer in violation of this provision shall be void
and without legal effect.

 

		13.04	Agreement for Sole Benefit of the Administrator and the Funds.  This Agreement
is for the sole and exclusive benefit of the Administrator and the Funds and will not be deemed to be for the direct or indirect
benefit of either (i) the clients or customers of the Administrator or any Fund or (ii) the Investment Manager.  The
clients or customers of the Administrator or any Fund will not be deemed to be third party beneficiaries of this Agreement nor
to have any other contractual relationship with the Administrator by reason of this Agreement and, pursuant to Section 5.07
of this Agreement, each party hereto agrees to indemnify and hold harmless each other party from any claims of its clients or customers
against each other party including any attendant expenses and attorneys’ fees, based on this Agreement or the services provided
hereunder.

 

		13.05	Governing Law; Jurisdiction.  This Agreement shall be governed by and construed
in accordance with the laws of the State of New York without giving effect to any choice or conflict of law provision or rule that
would cause the application of the laws of any other jurisdiction.  Each party to this Agreement, by its execution hereof,
(i) hereby irrevocably submits to the nonexclusive jurisdiction of the state courts of the State of New York or the United States
District Courts for the Southern District of New York for the purpose of any action between the parties arising in whole or in
part under or in connection with this Agreement, and (ii) hereby waives to the extent not prohibited by applicable law, and agrees
not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to
the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such action
brought in one of the above-named courts should be dismissed on grounds of forum non conveniens, should be transferred or removed
to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some other proceeding in
any other court other than one of the above-named courts, or that this Agreement or the subject matter hereof may not be enforced
in or by such court.

 

    	 

    	 

    

 

		13.06	Equitable Relief.  Each party agrees that any other party’s violation of
the provisions of Section 11 (Confidentiality) may cause immediate and irreparable harm to the other party for which money
damages may not constitute an adequate remedy at law.  Therefore, the parties agree that, in the event either party breaches
or threatens to breach said provision or covenant, the other party shall have the right to seek, in any court of competent jurisdiction,
an injunction to restrain said breach or threatened breach, without posting any bond or other security.

 

		13.07	Dispute Resolution.  Whenever either party desires to institute legal proceedings
against the other concerning this Agreement, it shall provide written notice to that effect to such other party.  The
party providing such notice shall refrain from instituting said legal proceedings for a period of thirty days following the date
of provision of such notice.  During such period, the parties shall attempt in good faith to amicably resolve their dispute
by negotiation among their executive officers.  This Section 12.07 shall not prohibit either party from seeking,
at any time, equitable relief as permitted under Section 12.06.

 

		13.08	Notice.  All notices provided for or permitted under this Agreement (except for
correspondence between the parties related to operations in the ordinary course) shall be deemed effective upon receipt, and shall
be in writing and (a) delivered personally, (b) sent by commercial overnight courier with written verification of receipt, or (c)
sent by certified or registered U.S. mail, postage prepaid and return receipt requested, to the party to be notified, at the address
for such party set forth below, or at such other address of such party specified in the opening paragraph of this Agreement.  Notices
to the Administrator shall be sent to the attention of: General Counsel, SEI Investments Global Funds Services, One Freedom Valley
Drive, Oaks, Pennsylvania 19456, with a copy, given in the manner prescribed above, to the applicable Fund’s current relationship
manager.  Notices to a Fund shall be sent to the persons specified in Schedule IV.

 

		13.09	Entire Agreement; Amendments.  This Agreement sets forth the entire understanding
of the parties with respect to the subject matter hereof.  This Agreement supersedes all prior or contemporaneous representations,
discussions, negotiations, letters, proposals, agreements and understandings between the parties hereto with respect to the subject
matter hereof, whether written or oral.  This Agreement may be amended, modified or supplemented only by a written instrument
duly executed by an authorized representative of each of the parties.

 

		13.10	Severability.  Any provision of this Agreement that is determined to be invalid
or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability in such jurisdiction,
without rendering invalid or unenforceable the remaining provisions of this Agreement or affecting the validity or enforceability
of such provision in any other jurisdiction.  If a court of competent jurisdiction declares any provision of this Agreement
to be invalid or unenforceable, the parties agree that the court making such determination shall have the power to reduce the scope,
duration, or area of the provision, to delete specific words or phrases, or to replace the provision with a provision that is valid
and enforceable and that comes closest to expressing the original intention of the parties, and this Agreement shall be enforceable
as so modified.

 

		13.11	Waiver.  Any term or provision of this Agreement may be waived at any time by
the party entitled to the benefit thereof by written instrument executed by such party.  No failure of either party hereto
to exercise any power or right granted hereunder, or to insist upon strict compliance with any obligation hereunder, and no custom
or practice of the parties with regard to the terms of performance hereof, will constitute a waiver of the rights of such party
to demand full and exact compliance with the terms of this Agreement.

 

    	 

    	 

    

 

		13.12	Anti-Money Laundering Laws. Each Fund shall be solely responsible for its compliance with
applicable anti-money laundering legislation and regulations, and the Administrator shall not be obligated to perform any services
in connection therewith. Notwithstanding the foregoing, it shall be a condition precedent to providing the Services to any Fund
under this Agreement that the Administrator is satisfied, in its absolute discretion, that it has sufficient and appropriate information
to discharge its obligations under applicable anti-money laundering legislation and regulations. Without in any way limiting the
foregoing, each Fund acknowledges that the Administrator is authorized to return an investor’s Investment in any Fund and
take any action necessary to restrict repayment of redemption proceeds so as to comply with its obligations pursuant to the applicable
law.

 

		13.13	Force Majeure. No breach of any obligation of a party to this Agreement (other than obligations
to pay amounts owed) will constitute an event of default or breach to the extent it arises out of a cause, existing or future,
that is beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation:
work action or strike; lockout or other labor dispute; flood; war; riot; theft; act of terrorism, earthquake or natural disaster.
Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to
the other party prompt notice of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice
thereof to the other party.

 

		13.14	Equipment Failures. In the event of equipment failures beyond the Administrator’s
control, the Administrator shall take reasonable and prompt steps to minimize service interruptions but shall have no liability
with respect thereto. The Administrator shall develop and maintain a plan for recovery from equipment failures which may include
contractual arrangements with appropriate parties making reasonable provision for emergency use of electronic data processing equipment
to the extent appropriate equipment is available.

 

		13.15	Non-Solicitation. During the term of this Agreement and for a period of one year thereafter,
neither party shall solicit, make an offer of employment to, hire, or enter into a consulting relationship with, any person who
was an employee of the other party during the term of this Agreement. If a party breaches this provision, such party shall pay
to the other party liquidated damages equal to 100% of the most recent twelve month salary of the aggrieved party’s former
employee together with all legal fees reasonably incurred by the aggrieved party in enforcing this provision. The foregoing restriction
on solicitation does not apply to unsolicited applications for jobs, responses to public advertisements or candidates submitted
by recruiting firms, provided that such firms have not been contacted to circumvent the spirit and intention of this Section
12.15.

 

		13.16	Headings. All Section headings contained in this Agreement are for convenience of reference
only, do not form a part of this Agreement and will not affect in any way the meaning or interpretation of this Agreement.

 

		13.17	Counterparts. This Agreement may be executed in two or more counterparts, all of which shall
constitute one and the same instrument. Each such counterpart shall be deemed an original, and it shall not be necessary in making
proof of this Agreement to produce or account for more than one such counterpart. This Agreement shall be deemed executed by each
party when any one or more counterparts hereof or thereof, individually or taken together, bears the original, facsimile or scanned
signatures of each of the parties.

 

    	 

    	 

    

 

		13.18	Publicity. Except to the extent required by applicable law, neither the Administrator nor
any Fund shall issue or initiate any press release arising out of or in connection with this Agreement or the Services rendered
hereunder.

 

[The remainder of this page has intentionally
been left blank.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Agreement as of the Effective Date.

 

	FUNDS:	 	ADMINISTRATOR:
	 	 	 
	CAMPBELL FUND TRUST	 	SEI INVESTMENTS GLOBAL FUNDS SERVICES
	 	 	 
	By: 	 	 	 	 
	Name:	 	 
	Title:	 	By:	 
	 	 	Name:  
	By: 	 	 	Title:  
	Name:	 	 
	Title:	 	 
	 	 	 
	CAMPBELL MULTI-STRATEGY TRUST	 	 
	 	 	 
	By:	 	 	SEI GLOBAL SERVICES, INC.
	Name:	 	 
	Title:	 	 
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name: 
	Title:	 	Title: 
	 	 	 
	CAMPBELL GLOBAL TREND FUND, L.P.	 	 
	By: 	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

SCHEDULE
I

 

Funds/Segregated Accounts

 

	Fund or Segregated
 Account	 	Jurisdiction of
 Formation	 	Investment Manager	 	SEI Administrator
	 	 	 	 	 	 	 
	Campbell Fund Trust	 	Delaware	 	Campbell & Company, Inc.	 	SEI Global
	 	 	 	 	 	 	 
	Campbell Multi-Strategy Trust	 	Delaware	 	Campbell & Company Investment Adviser, LLC	 	SEI GFS
	 	 	 	 	 	 	 
	Campbell Global Trend Fund, L.P.	 	Delaware	 	Campbell & Company, Inc.	 	SEI Global

 

 

    	 

    	 

    

 

SCHEDULE
II

 

List of Services

 

NOTE: SEI is under no duty to supervise
a Fund’s investments, or to advise or make any recommendation to a Fund with respect to the purchase or sale of any securities,
funds or cash investments or movements.

 

		I.	PORTFOLIO ACCOUNTING SERVICES

 

	Portfolio
 Accounting
 Services	 	
Administrator Services	 	Fund Responsibility
	Trade Capture	 	
        ·     Set
        up and maintain securities in the Administrator’s portfolio accounting system

        ·     Pre-process
        trade files for automated trade processing, if applicable

        ·     Record
        trade activity in the portfolio accounting system on a daily basis as reported by the investment manager or sub-adviser
	 	
        ·     Provide
        trade activity details in electronic format, on a daily basis

        ·     Notify
        the Administrator prior to any contemplated changes in the format, timing, delivery or content of trade files

        ·     Provide
        a daily operations contact person to whom the Administrator should direct queries on trade activity

	 	 	 	 	 
	Income Accruals	 	·     Calculate, accrue and verify interest and amortization accruals for fixed income instruments for each valuation date	 	 
	 	 	 	 	 
	Corporate Action Activity Processing	 	·     Independently apply corporate actions to securities held in the portfolio on a daily basis via standard 3rd party independent pricing agents, when available, for each valuation date	 	 
	 	 	 	 	 
	Bank Loan Activity Processing	 	
        ·     Independently
        apply global and position level activity for syndicated bank loan securities on a daily basis via notices received directly from
        agent banks, or 3rd party providers

        ·     Apply
        global and position level activity for private loans on a daily basis via information provided by the investment manager

        ·     Verify
        open income accruals for loan securities at each valuation date to a secondary source, where available
	 	·     Provide activity details for loan information not available from a 3rd party source. i.e.-private loans and loan origination

 

 

    	 

    	 

    

 

	Prime Broker / Custodian Reconciliation	 	
        ·     Reconcile
        portfolio cash and security balances and activity between a Fund's trading account(s) at the prime broker/custodian and the Administrator’s
        portfolio accounting system on a daily basis

        ·     Identify
        and label each reconciliation break with its date of occurrence and cause

        ·     Research
        and resolve reconciliation breaks with the prime broker/custodian and the Investment Manager

        ·     Correct
        breaks identified during the reconciliation process in the Administrator’s portfolio accounting system
	 	
        ·     Authorize
        and ensure daily access or reporting for a Fund's trading account activity and balances at the prime broker/custodian to the Administrator

        ·     Ensure
        adequate and complete transaction and balance reporting details to the Administrator

        ·     Provide
        an operations contact person to whom the Administrator should direct queries on reconciliation issues

        ·     Notify
        the Administrator in advance of new trading accounts or changes to an existing trading account

	 	 	 	 	 
	Month-end Valuation	 	
        ·     Apply
        prices and foreign exchange rates to securities held in the portfolio via standard 3rd party independent pricing agents
        in accordance with a Fund’s pricing policy for each valuation date

        ·     Apply
        prices to securities held in the portfolio provided by the Investment Manager or a Fund’s pricing committee in accordance
        with such Fund’s pricing policy for each valuation date

        ·     Ensure
        pricing completeness for each valuation date

        ·     Perform
        internal pricing controls and procedures as outlined in the Administrator’s pricing and valuation policy
	 	
        ·     Provide
        timely prices or other changes to market value to the Administrator for positions that are "manager marked" or “committee
        based” for each valuation date

        ·     Provide
        written backup and data inputs to support the valuation of “manager marked” and “committee based” securities
        for each valuation date.

        ·     Review
        and provide written approval of portfolio positions & prices for each valuation date in accordance with the agreed upon timeline

 

 

    	 

    	 

    

 

		II.	DAILY PROFIT & LOSS

 

	Daily Profit &
 Loss	 	

SEI Responsibility	 	Fund Responsibility
	Daily Pricing	 	
        ·     Apply
        security prices and foreign exchange rates to securities held in the portfolio on a daily basis via 3rd party pricing agents

        ·     Apply
        broker quotes and investment manager supplied prices on a daily basis, as required

        ·     Ensure
        pricing completeness on a daily basis
	 	·     Provide broker quotes and manager supplied prices on a daily basis in electronic format, if applicable 
	 	 	 	 	 
	P&L reporting	 	
        ·     Generate
        daily profit and loss by security and perform reasonableness reviews

        ·     Provide
        daily profit and loss reporting at the security, account and group level
	 	 

 

		III.	FUND ACCOUNTING SERVICES

 

	Fund Accounting
 Services	 	Administrator Services	 	Fund Responsibility
	
        Capital Activity

         
	 	
        ·     Record
        and reconcile net investor capital activity in the Administrator’s accounting system as reported by a Fund's transfer agent

        ·     Record
        and reconcile net capital activity between fund structure entities (i.e.-master/feeder, etc) as reported by a Fund
	 	
        ·     Provide
        net capital activity to the Administrator

        ·     Provide
        capital activity between fund structure entities in writing (i.e. master / feeder activity, fund of fund rebalancing, etc.)

	 	 	 	 	 
	Expense Budget	 	·     Prepare and maintain annual expense budget for fixed (budgeted) expenses and organizational costs	 	
        ·     Review
        and approve annual expense budget for fixed expenses & organizational costs

        ·     Review
        and approve proposed changes to the expense budget accruals, as deemed necessary

 

 

    	 

    	 

    

 

	Operating Account Reconciliation	 	
        ·     Reconcile
        cash balances and cash activity (including cash equivalents) between a Fund's operating account(s) and the Administrator’s
        accounting system

        ·     Identify
        and label each reconciliation break with its date of occurrence and cause

        ·     Research
        and resolve reconciliation breaks with the prime broker/custodian/bank and the Investment Manager

        ·     Correct
        breaks identified during the reconciliation process in the Administrator’s accounting system
	 	
        ·     Authorize
        and ensure access or reporting for a Fund's operating account activity and balances at the prime broker/custodian/bank to the Administrator

        ·     Provide
        an operations contact person to whom the Administrator should direct queries on reconciliation issues

        ·     Notify
        the Administrator in advance of new operating accounts added or changes to an existing operating account

 

    	 

    	 

    

 

	Expense Calculations and Accruals	 	
        ·     Accrue
        fixed expenses and organizational costs for a Fund based upon the established budget provided by a Fund

        ·     Calculate
        and accrue asset based fees for a Fund, as applicable in accordance with the 3rd party contractual agreements

        ·     Calculate
        and accrue management fee for each class/series of shares outstanding and each investor capital account, in accordance with a Fund's
        legal operating terms & side letter agreements, as applicable

        ·     Calculate
        and accrue incentive/performance fee for each class/series of shares outstanding and each investor capital account, in accordance
        with a Fund's legal operating terms and side letter agreements between an investor and the Fund, as applicable

        ·     Calculate
        and apply incentive/performance fee equalization adjustments to investor accounts, as applicable

        ·     Calculate
        and accrue Fund expense limitations/caps in accordance with a Fund legal operating terms, as applicable
	 	
        ·     Provide
        clarification on interpretation of asset based or incentive based fee calculations as documented in a Funds legal operating documents,
        if requested by the Administrator

        ·     Provide
        side letter agreements related to unique management and/or incentive fee terms between a Fund and an investor

        ·     Track
        side letter agreements and associated rebates and/or adjustments that do not exist between a Fund and an investor (i.e. between
        the investor or distributor and the management company/ general partner)

	 	 	 	 	 
	Income/Expense Allocations	 	·     Allocate income and expense to each class and series of shares outstanding, as applicable in accordance with a Fund's legal operating terms	 	·     Provide side letter agreements related to uneven allocation of income or expenses
	 	 	 	 	 
	NAV Calculation (Dealing NAV)	 	·     Calculate the net asset value (“NAV”) of a Fund and for each class and series of shares outstanding, as applicable in accordance with a Fund's legal operating terms for each valuation date	 	·     Provide written approval of a Fund's NAV for each valuation date in accordance with the agreed upon timeline

 

 

    	 

    	 

    

 

	3rd Party Reporting	 	
        ·     Prepare
        and distribute Fund NAVs and other financial information to the regulatory agency for a Funds jurisdiction or a Fund’s listing
        agent, if applicable

        ·     Prepare
        and distribute Fund financial information to a 3rd party as instructed and authorized by a Fund
	 	
        ·     Timely
        notification of any changes to jurisdictional registration of a Fund

        ·     Provide
        written instruction to the Administrator in order to distribute Fund NAVs or other requested financial information to a 3rd party

 

		IV.	ADMINISTRATION SERVICES

 

	Fund
 Administration
 Services	 	Administrator Services	 	Fund Responsibility
	Board Support	 	
        ·     Provide
        financial information for board meetings, as requested, in an agreed upon format

        ·     Attend
        meetings, if requested and provided that the Administrator’s out-of-pocket expenses are reimbursed by the applicable Fund
	 	·     Provide the request for information in a specified format and/or participation in a timely manner prior to such board meeting
	 	 	 	 	 
	Audit Support	 	
        ·     Coordinate
        audits and timelines with Fund auditors and a Fund’s Manager/Sponsor including hosting on-site visits to the Administrator

        ·     Provide
        quarterly review support for form 10-Q filings

        ·     Provide
        standard data extracts from the Administrator’s accounting systems to a Fund's audit firm

        ·     Provide
        book basis audit assistance schedules to Fund's audit firm

        ·     Prepare
        1st draft of audited financial statements and footnotes utilizing template provided by audit firm in accordance with AICPA guidelines
        and prior years completed financial statements

        ·     Distribute
        a copy of the final audited financial statements to 3rd parties as authorized by each Fund. (I.e. sponsoring broker
        for funds listed with an exchange, regulators for the jurisdiction of the Fund, etc.)
	 	
        ·     Engage
        independent Fund audit firm to perform annual audit function

        ·     Ensure
        that the independent audit firm provides the Administrator with templates of the audited financial statements

	 	 	 	 	 
	Tax Support	 	·     Provide portfolio lot level trade activity for the tax year in electronic format	 	·     Engage tax preparation firm to analyze tax adjustments, perform tax allocations and prepare tax forms for a Fund and it’s partners

 

    	 

    	 

    

 

	Business Continuity and Disaster Recovery Services	 	·     Maintain a business continuity and disaster recovery plan for the Administrator’s operations, systems hardware, software and data	 	 

 

		V.	IMPLEMENTATION SERVICES

 

	Implementation Services	 	Administrator Services	 	Fund Responsibility
	Project Management	 	
        ·     Establish
        key deliverables and timelines

        ·     Establish
        and maintain project plan

        ·     Communicate
        project status and escalate milestones “at risk”

        ·     Coordinate
        operations units between SEI and a Fund
	 	
        ·     Communicate
        key deliverables and timelines

        ·     Provide
        information requested per target dates established in the project plan

        ·     Participate
        in planning and coordination activities

	 	 	 	 	 
	On boarding Activities	 	
        ·     Assess
        operational requirements for each Fund

        ·     Identify
        customization, where necessary

        ·     Determine
        system platform setup 

        ·     Complete
        implementation activities that support services required by a Fund
	 	·     Provide detailed business requirements 

 

		VI.	CONVERSION SERVICES 

 

	Conversion
 Services	 	Administrator Services	 	Fund Responsibility
	Portfolio Security Balances	 	·     Set up securities and convert security tax lot level balances to the Administrator’s portfolio accounting system that correspond to the last “official” month-end NAV “as of” the most recent valuation date prior to the Administrator becoming the official books and records for each Fund	 	
        ·     Provide
        accurate and complete security holdings information and tax lot level balances by the date requested

        ·     Ensure
        that the total amount, cost and market value of the portfolio securities reconcile to the financial statements and prime broker(s)
        counterparties as of the conversion date

 

 

    	 

    	 

    

 

	General Ledger Balances	 	·     Convert general ledger balances to the Administrator’s accounting system that correspond to the last “official” month-end NAV “as-of” the most recent valuation date prior to the Administrator becoming the official books and records for each Fund	 	
        ·     Provide
        accurate and complete general ledger balance information by the date requested

        ·     Ensure
        that the supporting schedules reconcile to the general ledger balances as of the conversion date

 

		VII.	ONLINE REPORTING SOLUTIONS

 

	SEI Manager Dashboard	 	
         

        SEI Responsibility
	 	Fund Responsibility
	Implementation	 	
        ·     Aggregate
        and consolidate data from source systems based upon service levels of outsourcing agreement with SEI

        ·     Provide
        web-based reporting to investment managers for access to fund, position, and transaction data from source systems

        ·     Provide
        flexible reporting tool which allows users to customize reports

        ·     Provide
        online document retrieval tool via the SEI manager dashboard 

        ·     Set
        up and configure investment manager users and provide training
	 	
        ·     Provide
        users and their permissions to be set-up

        ·     Provide
        requirements for initial configuration

	 	 	 	 	 
	Production	 	
        ·     Create
        and maintain users and entitlements on the website

        ·     Maintain
        daily controls and reconciliation of data loaded to the data warehouse from the source systems
	 	·     Provide any ongoing user permission changes or new user setups

 

		VIII	REGISTERED FUND SERVICES 

 

	Registered Fund
 Services	 	Administrator Services	 	Fund Responsibility
	Seed Audit	 	Provide guidance on preparation and format of Seed audit financials and filing with the SEC	 	Coordinate filing of Seed audit financials with the SEC

 

 

    	 

    	 

    

 

	Regulatory Filings	 	
        N-Q: Prepare and file quarterly SOI with the SEC and provide
        sub-certification to Fund’s CCO

        N-SAR: Supply required financial information for the completion
        of the semi-annual and annual N-SAR questionnaire and coordinate filing with the SEC

        N-CSR: Supply sub-certification on the semi-annual and annual
        N-CSR to the Fund’s CCO and coordinate filing with the SEC

        N-PX: Coordinate the EDGAR filing with the printing vendor

        N-2 & POS-AMI: Provide and/or verify financial information
        available from the Fund’s books and records

        10-Q: Provide and/or verify financial information available
        from the Fund’s books and records

        10-K: Provide and/or verify financial information available
        from the Fund’s books and records
	 	
        N-Q: Review and approve SOI and provide certification for SEC
        filing

        N-SAR: Provide responses on demographic questions and review
        and approve document for SEC filing

        N-CSR: Provide Directors’ certification for SEC filing

        N-PX – Gather all required information for the filing;
        Coordinate with Fund’s legal counsel to prepare and file annual proxy report

        N-2 & POS-AMI: Manage the production process and EDGAR review

        10-Q: Manage the production process and EDGAR review

        10-K: Manage the production process and EDGAR review

        Coordinate and file security count testing with Fund auditors
        and legal counsel

	 	 	 	 	 
	Financial Statements	 	Prepare annual, semi-annual, and/or quarterly financial statements, as required.  Quarterly financial statement preparation will be provided solely as necessary in connection with a Fund’s required 10-Q filings and will be provided within 13 days of period end.	 	Review, provide feedback and approve financial statements prior to distribution

 

 

    	 

    	 

    

 

Schedule
III

 

Reserved

 

    	 

    	 

    

 

Schedule
IV

 

Notice Instruction Form

 

TO WHOM NOTICES SHOULD BE SENT PURSUANT
TO SECTION 12.08 OF THE AGREEMENT (ONE CONTACT PER FUND PARTY, PLEASE):

 

	Name of Party or Parties:	Campbell & Company, Inc.
	 	 
	Name of Contact:	Thomas P. Lloyd, General Counsel
	 	 
	Address:	2850 Quarry Lake Drive, Baltimore, MD 21209
	 	 
	Telephone No.:	410-413-4552
	 	 
	Facsimile No.:	410-413-4652
	 	 
	Email Address:	tom.lloyd@campbell.com
	 	 
	Name of Party or Parties:	Campbell & Company Investment Adviser, LLC
	 	 
	Name of Contact:	Gregory T. Donovan, Chief Financial Officer
	 	 
	Address:	2850 Quarry Lake Drive, Baltimore, MD 21209
	 	 
	Telephone No.:	410-413-2654
	 	 
	Facsimile No.:	410-413-2754
	 	 
	Email Address:	greg.donovan@campbell.comExhibit 4.1

                                CONSENT TO ACTION

                          BY THE BOARD OF DIRECTORS OF

                            LIBERTY COAL ENERGY INC.
                                 (the "Company")

The undersigned, being the Board of Directors of the Company, a Nevada
corporation, by unanimous consent in writing pursuant to the authority contained
in the corporate law of the State of Nevada and without the formality of
convening a meeting, do hereby consent to the following actions of the Company,
to be effective as of September 10, 2012.

Re: Liberty Coal Energy Corp.- Company Compensation Plan

RESOLVED THAT:

1. EXECUTION IN CONTERPART

It is RESOLVED that this resolution may be signed by the directors in as many
counterparts as necessary, each of which so signed shall be deemed to be an
original, (including each signed counterpart copy sent by electronic facsimile
transmission, each of which shall be deemed to be an original) and such
counterparts together shall constitute one and same instrument and
notwithstanding the date of execution shall be deemed to bear the date as set
forth below.

2. It is RESOLVED that the Board of Directors of Liberty Coal Energy hereby
approves the Company Compensation Plan dated September 10, 2012 and attached as
Schedule A.

/s/ Edwin G. Morrow                          /s/ Robert Malasek
------------------------------------         -----------------------------------
Edwin G. Morrow                              Robert Malasek
President and Director                       CFO, Secretary and Director
<PAGE>
                            Company Compensation Plan

                            LIBERTY COAL ENERGY CORP.

                             I. Purpose of the Plan.

The purpose of this Plan ("PLAN") is to further the growth of Liberty Coal
Energy Corp ("LIBERTY" or THE "COMPANY") by allowing the Company to compensate
consultants and certain other persons providing bona fide services to the
Company or to compensate officers, directors and employees for accrual of
salary, through the award of Liberty' common stock.

                                 II. Definitions

Whenever used in this Plan, the following terms shall have the meanings set
forth in this Section:

     1.   "AWARD" means any grant of Common Stock made under this Plan.
     2.   "BOARD OF DIRECTORS" means the Board of Directors of Liberty.
     3.   "CODE" means the Internal Revenue Code of 1986, as amended.
     4.   "COMMON STOCK" means the common stock, par value $0.001 per share, of
          Liberty.
     5.   "DATE OF GRANT" means the day the Board of Directors authorizes the
          grant of an Award or such later date as may be specified by the Board
          of Directors as the date a particular Award will become effective.
     6.   "EMPLOYEE" means any person or entity that renders bona fide services
          to the Company (including, without limitation, the following: a person
          or company engaged by the Company as a consultant; or a lawyer, law
          firm, accountant or accounting firm.)
     7.   "SUBSIDIARY" means any corporation that is a subsidiary with regard to
          Liberty as that term is defined in Section 424(f) of the Code.

                        III. Effective Date of the Plan

The effective date of this Plan, as amended, is September 10, 2012

                         IV. Administration of the Plan

The Board of Directors will be responsible for the administration of this Plan,
and will grant Awards under this Plan. Subject to the express provisions of this
Plan, the Board of Directors shall have full authority and sole and absolute
discretion to interpret this Plan, to prescribe, amend and rescind rules and
regulations relating to it, and to make all other determinations which it
believes to be necessary or advisable in administering this Plan. The
determinations of the Board of Directors on the matters referred to in this
Section shall be conclusive. The Board of Directors shall have sole and absolute
discretion to amend this Plan. No member of the Board of Directors shall be
liable for any act or omission in connection with the administration of this
Plan unless it resulted from the member's willful misconduct.

                                       2
<PAGE>
                          V. Stock Subject to the Plan

The maximum number of shares of Common Stock as to which Awards may be granted
under this Plan as of this date and subject to subsequent amendment is
318,158,700 shares. The Common Stock which is issued on grant of awards may be
authorized but unissued shares or shares which have been issued and reacquired
by Liberty. The Board of Directors may increase the maximum number of shares of
Common Stock as to which Awards may be granted at such time as it deems
advisable.

                     VI. Persons Eligible to Receive Awards

Subject to the provisions of the Plan, the Board of Directors, or its designee,
shall determine and designate, from time to time those consultants, advisors,
and employees of the Company, or consultants, advisors, and employees of a
parent or subsidiary corporation of the Company, to whom shares are to be issued
and/or options are to be granted hereunder and the number of shares to be
optioned from time to time to any individual or entity. In determining the
eligibility of an individual or entity to receive shares or an option, as well
as in determining the number of shares to be issued and/or optioned to any
individual or entity, the Board of Directors, or its designee, shall consider
the nature and value to the Company for the services which have been rendered to
the Company and such other factors as the Board of Directors, or its designee,
may deem relevant.

                              VII. Grants of Awards

Except as otherwise provided herein, the Board of Directors shall have complete
discretion to determine when and to which Employees or Consultants Awards are to
be granted, and the number of shares of Common Stock as to which awards granted
to each Employee or consultant will relate. No grant will be made if, in the
judgment of the Board of Directors, such a grant would constitute a public
distribution within the meaning of the Securities Act of 1933, as amended (the
"ACT"), or the rules and regulations promulgated thereunder. The Board of
Directors upon approval of the issuance of shares pursuant to this plan shall
provide as an exhibit, the party to whom shares are issued, and the number of
shares issued.

                      VIII. Delivery of Stock Certificates

As promptly as practicable after authorizing the grant of an Award, Liberty
shall deliver to the person who is the recipient of the Award, a certificate or
certificates registered in that person's name, representing the number of shares
of Common Stock that were granted.

                                       3
<PAGE>
                                 IX. Employment

Nothing in this Plan or in the grant of an Award shall confer upon any Employee
or consultant the right to continue in the employ of the Company nor shall it
interfere with or restrict in any way the rights of the Company to discharge any
employee at any time for any reason whatsoever, with or without cause.

                            X. Laws and Regulations

The obligation of Liberty to sell and deliver shares of Common Stock on the
grant of an Award under this Plan shall be subject to the condition that counsel
for Liberty be satisfied that the sale and delivery thereof will not violate the
Act or any other applicable laws, rules or regulations.

                            XI. Withholding of Taxes

If subject to withholding tax, the Company shall be authorized to withhold from
an Employee's salary or other cash compensation such sums of money as are
necessary to pay the Employee's withholding tax. The Company may elect to
withhold from the shares to be issued hereunder a sufficient number of shares to
satisfy the Company's withholding obligations. If the Company becomes required
to pay withholding tax to any federal, state or other taxing authority as a
result of the granting of an Award and the Employee fails to provide the Company
with the funds with which to pay that withholding tax, the Company may withhold
up to 50% of each payment of salary or bonus to the Employee (which will be in
addition to any other required or permitted withholding), until the Company has
been reimbursed for the entire withholding tax it was required to pay.

                           XII. Reservation of Shares

Liberty shall at all times keep reserved for issuance on grant of awards under
this Plan a number of authorized but un-issued or reacquired shares of Common
Stock equal to the maximum number of shares Liberty may be required to be issued
on the grant of Awards under this Plan.

                          XIII. Termination of the Plan

The Board of Directors may suspend or terminate this Plan at any time or from
time to time, but no such action shall adversely affect the rights of a person
granted an Award under this Plan prior to that date.

                              XIV. Delivery of Plan

A Copy of this Plan shall be delivered to all participants, together with a copy
of the resolution or resolutions of the Board of Directors authorizing the
granting of the Award and establishing the terms, if any, of participation.

                                       4
<PAGE>
No dealer, salesman, or any other person has been authorized by the Company to
give any information or to make any representations other than those contained
in this Plan in connection with the offering made hereby, and if given or made,
such information or representations must not be relied upon. This Plan does not
constitute an offer to sell or the solicitation of an offer to buy any
securities other than those specifically offered hereby or an offer to sell, or
a solicitation of an offer to buy, to any person in any jurisdiction in which
such offer or sale would be unlawful. Neither the delivery of this Plan nor any
sale made hereunder shall under any circumstances create any implication that
there has been no change in the affairs of the Company since any of the dates as
of which information is furnished or since the date of this Plan.

IN WITNESS WHEREOF, the Company has caused this amended Plan to be executed on
its behalf by its President and attested by its Secretary effective the day and
year first above written.

Liberty Coal Energy Corp.

Dated: September 10, 2012

/s/ Edwin G. Morrow                          /s/ Robert Malasek
------------------------------------         -----------------------------------
Edwin G. Morrow                              Robert Malasek
President and Director                       CFO, Secretary and Director

                                       5

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