Document:

EX-10.2

 Exhibit 10.2 

BELLICUM PHARMACEUTICALS, INC. 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT, dated as of April 6, 2015 is by and between Bellicum Pharmaceuticals, Inc. a Delaware corporation (the
“Company”), having an office at 2130 West Holcombe Boulevard, Suite 800, Houston, Texas 77030 (the “Company Premises”) and Kevin M. Slawin, M.D. (the “Executive”). 

WHEREAS, Executive is currently providing services to the Company pursuant to a Third Amended and Restated Consulting Agreement with
the Company dated November 9, 2011 (the “Prior Agreement”), and the Company desires to employ Executive as its Chief Technology Officer and provide Executive with certain compensation and benefits in return for Executive’s
services, and Executive agrees to be retained by the Company in such capacity and to receive the compensation and benefits on the terms and conditions set forth herein; 

WHEREAS, the Company and Executive desire to enter into this Employment Agreement (the “Agreement”) to become
effective and replace and supersede the Prior Agreement upon execution by Executive and the Company (the “Effective Date”) in order to memorialize the terms and conditions of Executive’s employment by the Company upon and
following the Effective Date; 
 WHEREAS, Executive’s agreement to and compliance with the provisions in Sections 9 through 11
of this Agreement are a material factor, material inducement and material condition to the Company’s entering into this Agreement. Moreover, Executive acknowledges that a substantial portion of the value of the employment of Executive is
Executive’s promises to refrain from competing with the Company as identified in Sections 9 through 11 of this Agreement. 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the parties agree as follows: 

1. Term. The term of Executive’s employment with the Company shall commence on the Effective Date and remain in effect until June 30, 2016,
or until such earlier date as Executive’s employment is terminated by either the Company or Executive pursuant to the terms of Section 6 herein (the “Term”). The Term of the Agreement may be extended for an additional six
(6) month period until December 31, 2016, if the Company and Executive provide for such extension in a fully executed written agreement on or prior to June 30, 2016 (the “Agreement to Extend”). If not terminated
earlier pursuant to Section 6, then Executive’s employment will automatically expire and terminate on the expiration of the Term. 

The Board of Directors of the Company (or a duly authorized committee thereof, if applicable) (the “Board”) must approve any
Agreement to Extend or other written agreement between the Company and Executive regarding this Agreement or a material change to this Agreement. 
 2.
Position. During the Term, Executive shall serve as the Chief Technology Officer of the Company. Executive’s duties under this Agreement during the Term shall be to serve as Chief 

  
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Technology Officer with the responsibilities, rights, authority and duties pertaining to such office as are established from time to time by the Chief Executive Officer of the Company, and
Executive shall report to the Chief Executive Officer of the Company. Executive shall also act as an officer and/or director and/or manager of such Affiliates of the Company as may be designated by the Chief Executive Officer of the Company from
time to time, commensurate with Executive’s office, all without further compensation, other than as provided in this Agreement. As used herein, “Affiliate” means any entity that directly or indirectly controls, is controlled
by, or is under common control with, the Company. 
 Executive acknowledges that he has been appointed to the Board and agrees to continue
to hold office as a member of the Board, if requested by the Board, subject to election by the stockholders of the Company and in accordance with the Bylaws of the Company. 

3. Commitment. During the Term, Executive will devote substantially all of his business time and best efforts to the performance of his duties
hereunder. Notwithstanding the foregoing, Executive shall be allowed, to the extent that such activities do not interfere with or prevent the performance of his duties and responsibilities hereunder and do not conflict with the financial, fiduciary
or other interests of the Company (or its Affiliates), as determined in the sole discretion of the Chief Executive Officer of the Company, to (1) manage his passive personal investments and to serve on corporate, civic, charitable and industry
boards or committees, (2) continue to provide services to Memorial Hermann Medical Group and Memorial Hermann Hospital, or another healthcare services provider and continue such other existing relationships listed on Exhibit B attached
hereto, and (3) practice medicine in private practice and/or as an employee of a group practice or an academic institution. It is understood that some of Executive’s obligations to the Company may be discharged during non-business hours.
Notwithstanding the foregoing, Executive agrees that he shall only serve on for-profit boards of directors or for-profit advisory committees if such service is approved in advance in the sole discretion of the Chief Executive Officer of the Company.

 4. Compensation. 
 (a) Base
Salary. During Executive’s employment with the Company, effective as of March 1, 2015, the Company shall pay Executive a base salary at the annual rate of three hundred twenty thousand dollars ($320,000.00), less payroll deductions and
withholdings, which shall be payable in accordance with the standard payroll practices of the Company. Any amounts due to Executive as a result of such base salary rate being retroactively effective as of March 1, 2015 shall be paid to
Executive on the next reasonably practicable payroll date following the Effective Date. Executive’s base salary shall be subject to periodic review and adjustment by the Board from time to time in the discretion of the Board. 

(b) Annual Performance Bonus. During the Term, Executive shall be eligible to receive an annual performance bonus (“Annual
Performance Bonus”) from the Company, with the target amount of such bonus equal to thirty-five percent (35%) of Executive’s annual base salary. The Annual Performance Bonus will be based on achievement of individual and/or
Company goals which are established by the Board in its sole discretion at the beginning of each calendar year. Following the close of each calendar year, the Board will determine whether Executive has earned an Annual Performance Bonus, and the
amount of any such bonus. 

  
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Payment of the Annual Performance Bonus shall be expressly conditioned upon Executive’s employment with the Company on the date that the Annual Performance Bonus is paid, except as provided
in Section 7(b) and Section 7(c) below. The Annual Performance Bonus shall be paid within ninety (90) days after the end of the calendar year for which it relates. Executive’s target Annual Performance Bonus will be subject to
periodic review and adjustment by the Board from time to time. 
 (c) Equity Awards. Executive acknowledges that Executive was
previously granted certain stock options to purchase shares of the Company’s common stock under the terms of the Company’s 2006 Stock Option Plan and 2011 Stock Option Plan and stock option award agreements between the Executive and the
Company. In addition, in consideration of his services to the Company under this Agreement, on March 6, 2015 Executive was granted a stock option to purchase 60,000 shares of the Company’s common stock under and subject to the terms of the
Company’s 2014 Equity Incentive Plan and a stock option grant notice and award agreement between Executive and the Company. All stock options granted to Executive prior to the Effective Date will continue to be subject to the terms of the
applicable Company stock option or equity incentive plan and stock option agreement and grant notice, as applicable, under which such options were originally granted (the “Option Documents”), which specify that the vesting of
such awards will be based on Executive’s continued service to the Company as an employee, director or consultant, as further defined and described in such Option Documents, except that the potential vesting acceleration benefits described in
Section 7(c) below shall also apply to such stock options, to the extent applicable. Executive will be eligible to participate in and receive stock option or equity award grants under the Company’s equity incentive plans from time to time
in the discretion of the Board, and in accordance with the terms and conditions of such plans. 
 (d) Reimbursement of Business
Expenses. The Company shall reimburse Executive for reasonable travel and other business expenses incurred by Executive in the performance of his duties hereunder, in accordance with the Company’s policies as in effect from time to time.

 5. Benefits. Subject to applicable eligibility requirements, Executive shall be entitled to participate in all benefit plans and arrangements and
fringe benefits and programs that may be provided to senior executives of the Company from time to time, subject to plan terms and generally applicable Company policies. Executive is entitled to participate in personal time off and holiday benefits,
with personal time off to be not less than twenty-seven (27) days on an annual basis, accruing at nine (9) hours per twice monthly pay period. Ten (10) days of personal time off may be carried over to the next year. This paid time off
allowance is subject to the Company’s policies with respect to accrual of, including limitations on the maximum permitted accrual of, paid time off and is subject to change in accordance with changes in Company policy. 

6. Termination. 
 (a) Termination.
The employment of Executive under this Agreement shall terminate upon the earliest to occur of any of the following events: 
 (i) the death
of Executive; 

  
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 (ii) the termination of Executive’s employment by the Company due to Executive’s
Disability pursuant to Section 6(b) hereof; 
 (iii) the termination of Executive’s employment by Executive other than for Good
Reason (as hereinafter defined); 
 (iv) the termination of Executive’s employment by the Company without Cause; 

(v) the termination of Executive’s employment by the Company for Cause pursuant to Section 6(c) after providing the Notice of
Termination for Cause pursuant to Section 6(d); 
 (vi) the termination by Executive of Executive’s employment for Good Reason (as
hereinafter defined) pursuant to Section 6(e); 
 (vii) the termination of Executive’s employment upon mutual agreement in writing
between the Company and Executive; or 
 (viii) June 30, 2016, unless, pursuant to Section 1, (a) there is an Agreement to
Extend (in which case employment shall terminate on December 31, 2016, or (b) the Executive and the Company mutually agree in writing otherwise. 

(b) Disability. For purposes of this Agreement, “Disability” means that Executive has been unable, for ninety
(90) consecutive days, or for periods aggregating one hundred and twenty (120) business days in any period of twelve consecutive months, to perform Executive’s duties under this Agreement, as a result of physical or mental impairment,
illness or injury, as determined in good faith by the Board. A termination of Executive’s employment for Disability shall be communicated to Executive by written notice, and shall be effective on the 10th day after sending such notice to Executive (the “Disability Effective Date”), unless Executive returns to performance of Executive’s duties before the Disability Effective
Date. 
 (c) Cause. For purposes of this Agreement, the term “Cause” shall mean (i) Executive’s willful
misconduct which is demonstrably and materially injurious to the Company’s reputation, financial condition, or business relationships; (ii) the failure of Executive to attempt in good faith to follow the legal written direction of the
Board; (iii) the failure by Executive to attempt in good faith to perform the duties required of him hereunder (other than any such failure resulting from incapacity due to physical or mental illness) after a written demand for substantial
performance is delivered to Executive by the Board which specifically identifies the manner in which it is believed that Executive has failed to attempt to perform his duties hereunder; (iv) Executive being convicted of, indicted for, or
pleading guilty or nolo contendere to, a felony or any crime involving dishonesty, fraud or moral turpitude; (v) Executive’s dishonesty with regard to the Company or in the performance of his duties hereunder, which in either case has a
material adverse effect on the Company; (vi) Executive’s material breach of this Agreement unless corrected by Executive within ten (10) days of the Company’s written notification to Executive of such breach; or,
(vii) Executive’s failure to comply in any material respect with the Company’s policies and/or procedures, unless corrected by Executive within ten (10) days of the Company’s written notification to Executive of such breach.

  
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 (d) Notice of Termination for Cause. Notice of Termination for Cause shall mean a notice
to Executive that shall indicate the specific termination provision in Section 6(c) relied upon and shall set forth in reasonable detail the facts and circumstances which provide a basis for Termination for Cause. 

(e) Termination by Executive for Good Reason. Executive may terminate Executive’s employment with the Company by resigning from
employment with the Company for Good Reason. The term “Good Reason” shall mean the occurrence, without Executive’s prior written consent, of any one or more of the following: (i) a material reduction in Executive’s
base salary (unless pursuant to a salary reduction program applicable generally to the Company’s similarly situated senior executives); (ii) a material reduction in Executive’s authority, duties or responsibilities; (iii) a
relocation of Executive’s principal place of employment with the Company (or its successor, if applicable) to a place that increases Executive’s one-way commute by more than fifty (50) miles as compared to Executive’s
then-current principal place of employment immediately prior to such relocation, except for required travel by Executive on the Company’s business to an extent substantially consistent with Executive’s business travel obligations prior to
the such relocation; or (iv) any other action of inaction that constitutes a material breach by the Company (or its successor, if applicable) of any material provision of this Agreement. 

No resignation for Good Reason shall be effective unless (1) Executive provides written notice, within ninety (90) days after the
first occurrence of the event giving rise to Good Reason, to the Chairman of the Board setting forth in reasonable detail the material facts constituting Good Reason and the reasonable steps Executive believes necessary to cure, (2) the Company
has had thirty (30) business days from the date of such notice to cure any such occurrence otherwise constituting Good Reason, and (3) if such event is not reasonably cured within such period, Executive must resign from all positions
Executive then holds with the Company (including any position as a member of the Board, if requested by the Board) effective not later than ninety (90) days after the expiration of the cure period. 

7. Consequences of Termination of Employment. 

(a) General. If Executive’s employment is terminated for any reason or no reason, the Company shall pay to Executive or to
Executive’s legal representatives, if applicable: (i) any base salary earned, but unpaid; and, (ii) any unreimbursed business expenses payable pursuant to Section 4 hereof and any accrued but unused personal time off benefits and
any other payments or benefits required by applicable law (collectively “Accrued Amounts”), which amounts shall be promptly paid in a lump sum to Executive, or in the case of Executive’s death to Executive’s estate. Other
than the Accrued Amounts, Executive or Executive’s legal representatives shall not be entitled to any additional compensation or benefits if Executive’s employment is terminated for any reason other than by reason of Executive’s
Involuntary Termination (as defined in Section 7(b) below) during the Term. If Executive’s employment terminates during the Term due to an Involuntary Termination, Executive will be eligible to receive the additional compensation and
benefits described in Section 7(b) and 7(c), as applicable. 
 (b) Involuntary Termination. If during the Term, Executive’s
employment with the Company is terminated by the Company without Cause (and other than as a result of Executive’s 

  
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death or Disability) or if during the Term Executive terminates employment for Good Reason, and provided in any case such termination constitutes a “separation from service”, as defined
under Treasury Regulation Section 1.409A-1(h)) (a “Separation from Service”) (such termination described in (i) or (ii), an “Involuntary Termination”), in addition to the Accrued Amounts, Executive shall
be entitled to receive the severance benefits described below in this Section 7(b), subject in all events to Executive’s compliance with Section 7(d) below: 

(i) Executive shall receive continued payment of Executive’s Base Salary (as defined below) for the first twelve (12) months after
the date of such termination (the “Severance Period”), paid over the Company’s regular payroll schedule. 
 (ii)
Executive shall receive a lump sum amount equal to Executive’s target Annual Performance Bonus for the year of termination, pro rated based on the ratio that the number of days from the beginning of the calendar year in which such termination
occurs through the date of termination bears to 365 (the “Bonus Payment”). 
 (iii) If Executive is eligible for and timely
elects to continue the health insurance coverage under the Company’s group health plans under the Consolidated Omnibus Budget Reconciliation Act of 1985 or the state equivalent (“COBRA”) following Executive’s termination
date, the Company will pay the COBRA group health insurance premiums for Executive and Executive’s eligible dependents until the earliest of (A) the close of the Severance Period, (B) the expiration of Executive’s eligibility for
the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. For purposes of this Section, references to
COBRA premiums shall not include any amounts payable by Executive under a Section 125 health care reimbursement plan under the Internal Revenue Code of 1986, as amended and the treasury regulations thereunder (the “Code”).
Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation,
Section 2716 of the Public Health Service Act), then regardless of whether Executive elects continued health coverage under COBRA, and in lieu of providing the COBRA premiums, the Company will instead pay Executive on the last day of each
remaining month of the Severance Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Health Care Benefit Payment”). The Health Care Benefit
Payment shall be paid in monthly installments on the same schedule that the COBRA premiums would otherwise have been paid and shall be equal to the amount that the Company would have otherwise paid for COBRA premiums, and shall be paid until the
earlier of (i) expiration of the Severance Period or (ii) the date Executive voluntarily enrolls in a health insurance plan offered by another employer or entity. 

(c) Involuntary Termination in Connection with a Change in Control. In the event that Executive’s Involuntary Termination during
the Term occurs immediately prior to, on or within the twelve (12) months following the consummation of a Change in Control (as defined below) and subject in all events to Executive’s compliance with Section 7(d) below, then Executive
shall be entitled to the benefits provided above in Section 7(b), except that: 

  
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 (i) the Bonus Payment shall equal Executive’s full target Annual Performance Bonus for the
year of termination, rather than the pro-rated target bonus; and 
 (ii) the vesting of all of Executive’s outstanding stock options and
other equity awards that are subject to time-based vesting requirements shall accelerate in full such that all such equity awards shall be deemed fully vested as of the date of Executive’s Involuntary Termination. 

For the avoidance of doubt, in no event shall Executive be entitled to benefits under both Section 7(b) and this Section 7(c). If Executive is
eligible for benefits under both Section 7(b) and this Section 7(c), Executive shall receive the benefits set forth in this Section 7(c) and such benefits will be reduced by any benefits previously provided to Executive under
Section 7(b). 
 (d) Conditions and Timing for Severance Benefits. The severance benefits set forth in Section 7(b) and
Section 7(c) above are expressly conditioned upon: (i) Executive continuing to comply with Executive’s obligations under this Agreement, including Sections 8 through 11; and (ii) Executive signing and not revoking a general
release of legal claims in a form provided by the Company (the “Release”) within the applicable deadline set forth therein and permitting the Release to become effective in accordance with its terms, which must occur no later than
the Release Deadline (as defined in Section 14 below). The salary continuation payments described in Sections 7(b) will be paid in substantially equal installments on the Company’s regular payroll schedule and subject to standard
deductions and withholdings over the Severance Period following termination; provided, however, that no payments will be made prior to the effectiveness of the Release. On the effective date of the Release, the Company will pay Executive the
salary continuation payments that Executive would have received on or prior to such date in a lump sum under the original schedule but for the delay while waiting for the effectiveness of the Release, with the balance of the payments being paid as
originally scheduled. Bonus Payments described in Section 7(b) and 7(c) will be paid in a lump sum cash payment on the first regular payroll date of the Company following the effective date of the Release, but in no event later than
March 15 of the year following the year in which Executive’s termination of employment occurred. All severance benefits described in this Section 7 will be subject to all applicable standard required deductions and withholdings. 

(e) Definitions. 
 (i)
“Base Salary” means Executive’s annual base salary in effect immediately prior to Executive’s termination, excluding any reduction which forms the basis for Executive’s right to resign for Good Reason.

 (ii) “Change in Control” means a “Change in Control” as defined in the Company’s 2014 Equity Incentive
Plan. 
 8. Confidential Information. “Confidential Information” as used in this Agreement, includes but is not limited to,
specialized training received by Executive; products already developed or that will be developed by the Company, including but not limited to, products in the field of cancer immunotherapy, including metastatic castrate resistant prostate cancer and
graft versus host disease; research and development materials related to the manipulation of 

  
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dendritic cell signaling pathways to enhance the immune response; research and development materials, electronic databases; computer programs and technologies; marketing and/or scientific studies
and analysis; product and pricing knowledge; manufacturing methods; supplier lists and information; any and all information concerning past, present and future customers, referral sources or vendors; contracts and licenses; management structure,
company ownership, personnel information (including the performance, skills, abilities and payment of employees); purchasing, accounting and business systems; short and long range business planning; data regarding the Company’s past, current
and future financial performance, sales performance, and current and/or future plans to increase the Company’s market share by targeting specific medical issues, demographic and/or geographic markets; standard operating procedures; financial
information; trade secrets, copyrights, derivative works, patents, inventions, know-how, and other intellectual property; business policies; submissions to government or regulatory agencies and related information; methods of operation;
implementation strategies; promotional information and techniques; marketing presentations; price lists; files or other information; pricing strategies; computer files; samples; customer originals; or any other confidential information concerning
the business and affairs of the Company. The Company’s Confidential Information is also comprised of the personal information received from third parties and/or confidential and proprietary information regarding research, products, or clinical
trials received from third parties, but only if such confidential information is reduced to writing and marked “Confidential” by the third party. All such confidential information obtained by Executive, whether in writing, any other
tangible form of expression or disclosed orally or through visual means or otherwise, and regardless of whether such information bears a confidential or proprietary legend, will be presumed to be Confidential Information. Executive acknowledges that
the Confidential Information is vital, valuable, sensitive, confidential and proprietary to Company and provides Company with a competitive advantage. Executive further acknowledges that Company’s Confidential Information is dynamic, and
constantly changes in nature and/or quantity, given that Company continues to refine its Confidential Information. The obligations specified in this Section 8 shall not apply, and Executive shall have no further obligations under this Agreement
with respect to any Confidential Information that: a) is available to the public at the time of disclosure to Executive or becomes publicly known through no breach of the undertakings hereunder by Executive or to the knowledge of Executive, any
third party; b) becomes known to Executive through disclosure by sources other than the Company and its Affiliates and in the course of Executive’s service to the Company, said sources being under no obligation of confidentiality to the Company
with respect to such Confidential Information; c) is approved by the Company for release; or d) has been independently developed by Executive without benefit of the Confidential Information and on Executive’s own time and without use of Company
resources. Executive understands and agrees that the Company may require him, as a condition to continued employment, to execute and abide by the terms of a standard proprietary information and inventions agreement with the Company which will
further set forth the terms of, and prohibit the unauthorized use or disclosure of, the Company’s confidential and proprietary information (the “PIIA”) and that such PIIA shall become part of this Agreement and Executive’s
obligations under this Agreement. 

  
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 9. Non-Competition; Non-Solicitation, Etc. 

(a) Company Promises. 
 (i)
This Agreement is entered into pursuant to Executive’s agreement to these non-compete and non-solicitation provisions. Executive’s agreement to the provisions in Sections 9 through 11 is a material condition of the Company’s entering
into this Agreement and continued employment of Executive. 
 (ii) The Company agrees to provide Executive with access to Confidential
Information and in a greater quantity and/or expanded nature than any such Confidential Information that may have already been provided to Executive and with additional opportunities to broaden the Company’s services and develop the
Company’s customers in a manner not previously available to Executive including, but not limited to, information regarding the Company’s products and business plan; research results; information supporting patent applications; and Company
standard operating procedures related to the Company’s research and development efforts. 
 (iii) The Company promises that during
Executive’s employment with the Company, the Company will provide Executive with the opportunity to develop goodwill and establish rapport with the customer contacts in a greater quantity and/or expanded nature than any such opportunities that
may have already been provided to Executive. 
 (iv) The Company promises that Executive will continue to receive and have access to
Confidential Information throughout Executive’s employment with the Company. 
 (b) Executive’s Promises. In exchange for
the Company’s promises listed above and all other consideration provided pursuant to this Agreement, to which these promises are ancillary, Executive promises as follows: 

(i) Executive will not, during or after Executive’s employment with the Company, use, copy, remove, disclose or disseminate to any person
or entity, the Company’s Confidential Information, except (i) as required in the course of performing Executive’s duties with the Company, for the benefit of the Company, or (ii) when required to do so by a court of law, by any
governmental agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order Executive to divulge, disclose or make accessible such
information, it being understood that Executive will promptly notify the Company of such requirement so that the Company may seek to obtain a protective order. 

(ii) Following employment termination, Executive will immediately return to the Company all materials created, received or utilized in any way
in conjunction with Executive’s work performed with the Company that in any way incorporates, reflects or constitutes Company’s Confidential Information. 

(iii) Executive acknowledges that the market for the Company’s products, services, and activities is global, and that the products,
services and/or 

  
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activities can be provided anywhere in the world. Executive recognizes that the Company draws its customers and/or clients from around the world because it will seek to file patents and run
clinical trials in countries around the world, and sell its product to consumers around the world and/or pharmaceutical companies located around the world. Moreover, Executive recognizes that the Company’s customers may be contacted by
telephone, in person, or in writing (including e-mail via the Internet). Executive further acknowledges that due to the international scope of the Company’s customer and client base, the following non-solicitation/non-competition restriction is
necessary. 
 (iv) Executive agrees and acknowledges that Company will not be provided access to Confidential Information, as defined in
Section 8, from or belonging to a third party that Executive was exposed to or received from said third party prior to the execution date of this Agreement and that is the subject of any confidentiality requirement of any kind between Executive
and said third party. EXECUTIVE ALSO AGREES TO INDEMNIFY, REIMBURSE, AND HOLD HARMLESS THE COMPANY FOR ALL ATTORNEY FEES, EXPENSES, COSTS, HARM, OR RELATED COSTS TO COMPANY ARISING FROM OR AS A RESULT OF ANY ACTUAL CAUSE OF ACTION OR CLAIM
BROUGHT AGAINST COMPANY OR EXECUTIVE RELATED TO ANY ACTUAL BREACH OF THIS SECTION BY EXECUTIVE. Company agrees that: (A) Executive shall be allowed to participate fully in the defense of any such action against Company and in any settlement
negotiations, and (B) any payment to Company by Executive under this Section shall be only after any settlement has been consummated or judicial action has become final and non-appealable. 

(c) Non-Compete. Ancillary to the consideration reflected within this Agreement, the Company and Executive agree to the following
non-competition provisions. Executive agrees that during Executive’s employment with the Company and for a period of twelve (12) months following the termination of his employment (“Non-Compete Period”): 

(i) Executive shall not, directly or indirectly, engage in or participate (including, without limitation, as an investor, officer, employee,
director, agent, or consultant (any such capacity, being a “Participant”)) in or on behalf of any entity engaging in the “Company’s Business”, said Company’s Business being defined as: (A) genetically
modified cell products for the treatment of cancer; and (B) other genetically modified products for which the Company has an active development program at the termination or expiration of the Employment Term (the “Non-Compete
Obligations”); provided, however, that nothing herein shall prevent him from investing as a less than 5% shareholder in securities of any company listed on a national securities exchange or quoted on an automated quotation system; and
provided further that, during the Non-Compete Period, with the prior written consent of the Board, not to be unreasonably withheld, Executive may be allowed to invest in or provide services to third parties coming within the scope of clause
(A) above; 
 (ii) Geographic Limitation. The geographic limitation for the Non-Compete Obligations is North America, Europe and
Japan; and 

  
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 (iii) During Executive’s employment with the Company and for a period of twelve
(12) months after Executive’s employment has ended, Employee will not directly or indirectly become employed or otherwise associated with any of the following entities, which are direct competitors of the Company, in any geographic region:

  

			
	Adaptimmune Limited		 91 Park Drive
 Milton Park, Abingdon Oxon

OX14 4RY
 UK

		
	bluebird bio, Inc.		 150 2nd Street
 Cambridge, MA
02141

		
	Celgene Corporation		 86 Morris Avenue
 Summit, NJ 07901

		
	Cellectis		 8 rue de la Croix Jarry
 75013 Paris

France

		
	Cell Medica Limited		 1 Canal Side Studios, 8-14 St Pancras Way

London, NW1 0QG
 UK

		
	Immune Design Corp.		 1616 Eastlake Ave. E., Suite 310
 Seattle, WA
98102

		
	Intrexon Corporation		 1872 Pratt Drive
 Blacksburg, VA
24060

		
	Juno Therapeutics, Inc.		 307 Westlake Avenue North
 Suite 300

Seattle, WA 98109

		
	Kiadis Pharma B.V.		 Entrada 231-234
 1096 EG Amsterdam

The Netherlands

		
	Kite Pharma, Inc.		 2225 Colorado Avenue
 Santa Monica, CA
90404

		
	Lion Biotechnologies, Inc.		21900 Burbank Blvd., Third Floor Woodland Hills, CA 91367
		
	Medigene AG		 Lochhamer Str. 11
 82152 Planegg/Martinsried

Germany

		
	MolMed S.p.A.		 Via Olgettina, 58
 20132 Milan

Italy

		
	Novartis AG		 Basel
 Switzerland

		
	Pfizer Inc.		 235 East 42nd Street
 New York, NY
10017

		
	Unum Therapeutics		 One Broadway 4th Floor
 Cambridge, MA
02142

 Executive and the Company agree that with respect to the foregoing entities such names are the common names of such entities.
Executive and the Company agree that the restrictions contained in this Agreement are binding whether or not Executive and the Company have used the correct legal name, address, affiliated entity, or new owner of such entity, however, if said

  
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new owner of such entity has other divisions that are not involved in carrying out the work of the acquired listed entity, then Executive may be employed or otherwise associated with these other
divisions. 
 (iv) Executive agrees that Executive’s work for any third party engaged in the Company’s Business during the
Non-Compete Period inevitably would lead to Executive’s unauthorized use of Company’s Confidential Information, even if such use is unintentional. Because it would be impossible, as a practical matter, to monitor, restrain, or police
Executive’s use of such Confidential Information other than by Executive’s not working for such third party, and because the Company’s Business is highly specialized, the competitors are identifiable, the market for the Company’s
product, services, and activities is global, and the Company’s customers are located throughout the world, Executive agrees that restricting such employment as set forth in this Agreement is the narrowest way to protect Company’s
legitimate business interests, and the narrowest way of enforcing Executive’s consideration for the receipt of Company’s consideration (namely, Executive’s promise not to use or disclose Confidential Information). 

(d) Nonsolicitation of Employees. Executive agrees that during the Non-Compete Period, Executive will not, directly or indirectly,
(i) induce or solicit any person who was an employee, consultant or independent contractor of the Company or any of its Affiliates, to terminate such individual’s employment or service with the Company or any of its Affiliates or
(ii) assist any other person or entity in such activities. 
 (e) Extension of Non-Solicitation/Non-Competition and Non-Recruitment
Periods. If Executive is found by a court of competent jurisdiction to have breached any promise made in Section 9 of this Agreement, the periods specified in Section 9(c) of this Agreement shall be extended by one month for every
month in which Executive was in breach so that the Company has the full benefit of the time period specified in Section 9(c). 
 10. Injunction.
Executive recognizes that Executive’s services hereunder are of a special, unique, unusual, extraordinary and intellectual character giving them a peculiar value, the loss of which cannot be reasonably or adequately compensated for in damages.
Executive acknowledges that if Executive were to leave the employ of the Company for any reason and compete, directly or indirectly, with the Company, or solicit the Company’s employees, or use or disclose, directly or indirectly, the
Company’s Confidential Information (whether in tangible form or memorized), that such competition, solicitation, use and/or disclosure would cause the Company irreparable harm and injury for which no adequate remedy at law exists. Executive
agrees this Agreement is the narrowest way to protect the Company’s interests. Therefore, in the event of the breach or threatened breach of the provisions of this Agreement by Executive, the Company shall be entitled to obtain injunctive
relief to enjoin such breach or threatened breach, in addition to all other remedies and alternatives that may be available at law or in equity. Executive acknowledges that the remedies contained in this Agreement for violation of this Agreement are
not the exclusive remedies that the Company may pursue. 

  
 12 

 11. Inventions. 

(a) Inventions Retained and Licensed. Executive has attached hereto as Exhibit A, a list describing all inventions, original
works of authorship, derivative works, developments, improvements and trade secrets that (i) were made by Executive prior to his employment with the Company, (ii) belong to Executive, (iii) relate to the Company’s proposed
business, products or research and development and (iv) are not assigned to the Company hereunder (collectively, “Prior Inventions”); or, if no such list is attached, Executive represents that there are no such Prior
Inventions. Executive agrees that Executive will not incorporate, or permit to be incorporated, any Prior Invention owned by Executive or in which Executive has an interest into a Company product, process or service without the Company’s prior
written consent. Nevertheless, if, in the course of Executive’s employment with the Company, Executive incorporates into a Company product, process or service a Prior Invention owned by Executive or in which Executive has an interest, Executive
hereby grants to the Company a nonexclusive, royalty-free, fully paid-up, irrevocable, perpetual, transferable, sublicensable, worldwide license to reproduce, make derivative works of, distribute, perform, display, import, make, have made, modify,
use, sell, offer to sell, and exploit in any other way such Prior Invention as part of or in connection with such product, process or service, and to practice any method related thereto. 

(b) Assignment of Inventions. Executive agrees that Executive will promptly make full written disclosure to the Company, will hold in
trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all Executive’s right, title, and interest in and to any and all inventions, original works of authorship, derivative works, developments,
concepts, modifications, improvements (including improvements to Confidential Information), designs, discoveries, ideas, know-how, trademarks, trade dress, trade secrets or other intellectual property, whether or not patentable or registrable under
copyright or similar laws, which Executive may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, whether or not reduced to drawings, written descriptions, documentation or
other tangible form, as applicable, during the period of time Executive is employed by the Company (collectively, “Inventions”), except as provided in Section 11(f) below. Executive further acknowledges that all original works
of authorship which are made by Executive (solely or jointly with others) within the scope of and during the period of Executive’s employment with the Company and which are protectable by copyright are “works made for hire” as that
term is defined in the United States Copyright Act. Executive understands and agrees that the decision whether or not to commercialize or market any Invention is within the Company’s sole discretion and for the Company’s sole benefit and
that no royalty will be due to Executive as a result of the Company’s efforts to commercialize or market any such Invention, 
 (c)
Inventions Assigned to the United States. Executive agrees to assign to the United States government all Executive’s right, title, and interest in and to any and all Inventions whenever such full title is required to be in the United
States by a contract between the Company and the United States or any of its agencies. 
 (d) Maintenance of Records. Executive
agrees to keep and maintain adequate and current written records of all Inventions during the term of Executive’s employment with the Company. The records will be in the form of notes, sketches, drawings and any other format that may be
specified by the Board. The records will be available to and remain the Company’s sole property at all times. 

  
 13 

 (e) Patent and Copyright Registrations. Executive agrees to assist the Company, or its
designee, at the Company’s expense, in every proper way to secure the Company’s rights in any Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries,
including, but not limited to, the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, declarations, assignments and all other instruments that the Company
deems necessary in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights,
patents, mask work rights or other intellectual property rights relating thereto. Executive further agrees that Executive’s obligations to execute or cause to be executed, when it is in Executive’s power to do so, any such instrument or
papers shall continue after the termination of this Agreement. If the Company is unable because of Executive’s mental or physical incapacity or for any other reason to secure Executive’s signature to apply for or to pursue any application
for any United States or foreign patents or copyright registrations covering any Inventions or original works of authorship assigned to the Company as above, then Executive hereby irrevocably designates and appoints the Company and its duly
authorized officers and agents as Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and
issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by Executive. 
 (f)
Exception to Assignments. Executive understands that the provisions of this Agreement requiring assignment of Inventions to the Company does not apply to any Invention that Executive has developed entirely on Executive’s own time without
using the Company’s equipment, supplies, facilities, trade secret information or Confidential Information (an “Other Invention”), except for those Other Inventions that either (i) relate in any way at the time of
conception or reduction to practice of such Other Invention to the Company’s Business or (ii) result from any work that Executive performed for the Company. Executive will advise the Company promptly in writing, under a confidentiality
agreement, of any Invention that Executive believes constitutes an Other Invention and is not otherwise disclosed on Exhibit A. Executive agrees that Executive will not incorporate, or permit to be incorporated, any Other Invention owned by
Executive or in which Executive has an interest into a Company product, process or service without the Company’s prior written consent. Notwithstanding the foregoing sentence, if, in the course of Executive’s employment with the Company,
Executive incorporates into a Company product, process or service an Other Invention owned by Executive or in which Executive has an interest, Executive hereby grants to the Company a nonexclusive, royalty-free, fully paid-up, irrevocable,
perpetual, transferable, sublicensable, worldwide license to reproduce, make derivative works of, distribute, perform, display, import, make, have made, modify, use, sell, offer to sell, and exploit in any other way such Other Invention as part of
or in connection with such product, process or service, and to practice any method related thereto. 
 12. Disputes. Any dispute or controversy
between the Company and Executive, arising out of or relating to this Agreement, the breach of this Agreement, the Company’s employment of Executive, or otherwise, shall be settled by binding arbitration conducted by and before a single

  
 14 

 
arbitrator in Houston, Texas administered by the American Arbitration Association in accordance with its Employment Arbitration Rules (the “AAA Rules”) then in effect and
judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Both Employee and the Company hereby waive the right to a trial by jury or judge, or by administrative proceeding, for any covered claim or
dispute. To the extent the AAA Rules conflict with any provision or aspect of this Agreement, this Agreement shall control. The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or
grant, including, without limitation, the issuance of an injunction. However, either party may, without inconsistency with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim
provisional, injunctive or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to
obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of the Company and Executive. All claims, disputes, or causes of action under this
Agreement, whether by Employee or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the
claims of any other person or entity. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. This Agreement is made under the provisions of the
Federal Arbitration Act (9 U.S.C., Sections 1-14) (“FAA”) and will be construed and governed accordingly. It is the parties’ intention that both the procedural and the substantive provisions of the FAA shall apply. Questions
of arbitrability (that is whether an issue is subject to arbitration under this agreement) shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the final disposition are also matters for
the arbitrator. However, where a party already has initiated a judicial proceeding, a court may decide procedural questions that grow out of the dispute and bear on the final disposition of the matter. Each party shall bear its or his costs and
expenses in any arbitration hereunder and one-half of the arbitrator’s fees and costs; provided, however, that the arbitrator shall have the discretion to award the prevailing party reimbursement of its or his reasonable attorney’s fees
and costs, unless such award is prohibited by applicable law. Notwithstanding the foregoing, Executive and the Company shall each have the right to resolve any dispute or cause of action involving trade secrets, proprietary information, or
intellectual property (including, without limitation, inventions assignment rights, and rights under patent, trademark, or copyright law) by court action instead of arbitration. 

13. Notices. All notices given under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered personally,
(b) three business days after being mailed by first class certified mail, return receipt requested, postage prepaid, (c) one business day after being sent by a reputable overnight delivery service, postage or delivery charges prepaid, or
(d) on the date on which a facsimile is transmitted to the parties at their respective addresses stated below. Any party may change its address for notice and the address to which copies must be sent by giving notice of the new addresses to the
other party in accordance with this Section 13, except that any such change of address notice shall not be effective unless and until received. 

  
 15 

 If to the Company: 

2130 West Holcombe Boulevard, Suite 800 

Houston, Texas 77030 

Attention: Chairman of the Board of Directors 

with a copy (which shall not constitute notice) to: 

Cooley LLP 

4401 Eastgate Mall 

San Diego, California 92121 

Attention: Julie Robinson 

If to Executive, to Executive’s address on file with the Company 

14. Tax Provisions. 
 (a)
Section 409A. Notwithstanding anything in this Agreement to the contrary, the following provisions apply to the extent severance benefits provided herein are subject to the provisions of Section 409A of the Code and the regulations
and other guidance thereunder and any state law of similar effect (collectively “Section 409A”). Severance benefits shall not commence until Executive’s Separation from Service. Each installment of severance benefits is a
separate “payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i), and the severance benefits are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections
1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if such exemptions are not available and Executive is, upon Separation from Service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary
to avoid adverse personal tax consequences under Section 409A, the timing of the severance benefits payments shall be delayed until the earlier of (i) six (6) months and one day after Executive’s Separation from Service, or
(ii) Executive’s death. Executive shall receive severance benefits only if Executive executes and returns to the Company the Release within the applicable time period set forth therein and permits such Release to become effective in
accordance with its terms, which date may not be later than sixty (60) days following the date of Executive’s Separation from Service (such latest permitted date, the “Release Deadline”). If the severance benefits are not
covered by one or more exemptions from the application of Section 409A and the Release could become effective in the calendar year following the calendar year in which Executive’s Separation from Service occurs, the Release will not be
deemed effective any earlier than the Release Deadline. None of the severance benefits will be paid or otherwise delivered prior to the effective date of the Release. Except to the minimum extent that payments must be delayed because Executive is a
“specified employee” or until the effectiveness of the Release, all amounts will be paid as soon as practicable in accordance with the schedule provided herein and in accordance with the Company’s normal payroll practices. The
severance benefits are intended to qualify for an exemption from application of Section 409A or comply with its requirements to the extent necessary to avoid adverse personal tax consequences under Section 409A, and any ambiguities herein
shall be interpreted accordingly. 

  
 16 

 (b) Section 280G. If any payment or benefit Executive will or may receive from the
Company or otherwise (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment pursuant to this Agreement or otherwise (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount” shall be
either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount
(i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results
in Executive’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence
and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for Executive. If more than
one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). 

Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes
pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes
pursuant to Section 409A as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic benefit for Executive as determined on an after-tax basis; (B) as a second priority,
Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred
compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A. 

Unless Executive and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax compliance purposes as of
the day prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity
or group effecting the change in control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such
accounting firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting
documentation, to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right to a 280G Payment becomes reasonably likely to occur (if requested at that time by Executive or the Company) or such
other time as requested by Executive or the Company. 
 If Executive receives a Payment for which the Reduced Amount was determined pursuant to clause
(x) of the first paragraph of this Section 14(b) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Executive 

  
 17 

 
shall promptly return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph of this Section 14(b) so that no portion of the
remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) in the first paragraph of this Section 14(b), Executive shall have no obligation to return any portion
of the Payment pursuant to the preceding sentence. 
 15. Miscellaneous. 

(a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas without reference
to principles of conflict of laws. 
 (b) Entire Agreement/Amendments. This Agreement and the instruments contemplated herein contain
the entire understanding of the parties with respect to the service of Executive to the Company from and after the Effective Date and supersede any prior agreements or promises between the Company and Executive, including but not limited to the
Prior Agreement, except for any outstanding stock option or other equity award agreement previously entered into between Executive and the Company. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the
parties with respect to the subject matter herein other than those expressly set forth herein and therein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 

(c) No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be
considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any such waiver must be in writing and signed by Executive or an
authorized officer of the Company, as the case may be. 
 (d) Assignment. This Agreement shall be binding upon and inure to the
benefit of the Company and Executive and their respective successors, assigns, executors and administrators. This Agreement shall not be assignable by Executive. 

(e) Representation. Executive represents that Executive’s employment by the Company and the performance by Executive of his
obligations under this Agreement do not, and shall not, breach any agreement, including, but not limited to, any agreement that obligates him to keep in confidence any trade secrets or confidential or proprietary information of his or of any other
party, to write or consult to any other party or to refrain from competing, directly or indirectly, with the business of any other party. Executive shall not disclose to the Company or use any trade secrets or confidential or proprietary information
of any other party. 
 (f) Successors; Binding Agreement; Third Party Beneficiaries. This Agreement shall inure to the benefit of and
be binding upon the personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees and permitted assignees of the parties hereto. 

  
 18 

 (g) Withholding Taxes. The Company shall withhold from any and all compensation, severance
and other amounts payable under this Agreement such Federal, state, local or other taxes as may be required to be withheld pursuant to any applicable law or regulation. 

(h) Survivorship. The respective rights and obligations of the parties hereunder, including without limitation Sections 8 through 11
hereof, shall survive any termination of Executive’s employment and the Term to the extent necessary to the agreed preservation of such rights and obligations. 

(i) Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 
 (j) Headings. The headings of the sections contained in this
Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 

Signature Page Follows 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	By: Bellicum Pharmaceuticals, Inc.
		
	 By:
	 	/s/ Thomas J. Farrell
	 Name: Thomas J. Farrell

	 Title: President and Chief Executive Officer

  

	
	 /s/ Kevin M. Slawin

	 Name: Kevin M. Slawin, M.D.

  
 Signature Page to
Agreement 

 EXHIBIT A 
  

	 	1.	INVENTIONS Novel hereditary renal and prostatic cancer syndrome 

  

	 	2.	Novel molecular forms of PSA including proPSA and BPSA 

  
 Exhibit A 

 EXHIBIT B 

EXISTING RELATIONSHIPS 
  

	 	1.	Director, Vanguard Urologic Institute at Memorial Hermann Medical Group 

  

	 	2.	Director, Vanguard Urologic Research Foundation 

  

	 	3.	Director of Urology, Memorial Hermann Hospital 

  

	 	4.	Clinical Professor of Urology, Baylor College of Medicine 

  

	 	5.	Adjunct Professor, Center for Clinical and Translational Sciences, UTHSC-H 

  

	 	6.	Consultant to various clinical laboratories related to the use of invention “Novel molecular forms of PSA including proPSA and BPSA (see Exhibit A)” including but not limited to the Prostate Health Index
(Beckman Coulter, Inc.) 

  
 Exhibit BEXHIBIT10.1

 Exhibit 10.1 

FORM OF 
 UNITED STATES
12 MONTH NATURAL GAS FUND, LP 
 AUTHORIZED PURCHASER AGREEMENT 

This United States 12 Month Natural Gas Fund, LP Authorized Purchaser Agreement (the “Agreement”), dated as of
[                    ], is entered into by and among United States 12 Month Natural Gas Fund, LP (the “Fund”), United States Commodity
Funds LLC, a Delaware limited liability company and the general partner of United States 12 Month Natural Gas Fund, LP (the “General Partner”), on behalf of itself and as General Partner of United States 12 Month Natural Gas Fund, LP, and
[                    ], a [                    ]
(the “Authorized Purchaser”). 
 SUMMARY 

The General Partner serves in its capacity as General Partner of United States 12 Month Natural Gas Fund, LP (the “Fund”) pursuant
to the Limited Partnership Agreement dated as of the day the first Creation Basket is sold and the proceeds are invested (substantially in the form attached hereto) between the General Partner and the Limited Partners of the Fund (the
“Partnership Agreement”). Brown Brothers Harriman Co. (the “Administrator” or “Custodian”) and ALPS Distributors (the “Marketing Agent”) each serve as agents of the General Partner for all purposes of this
Agreement, and all references to agreements, obligations or duties of the Administrator, Custodian or Marketing Agent herein shall be deemed references to agreements, obligations of duties of the General Partner acting through the relevant agent. As
provided in the Partnership Agreement and described in the Fund’s prospectus (the “Prospectus”), as supplemented and amended from time to time, Units of fractional undivided beneficial interest in and ownership of the limited
partnership (the “Units”) may be created or redeemed through the Marketing Agent by the Authorized Purchaser in aggregations of fifty thousand (50,000) Units (each aggregation, a “Creation Basket” or “Redemption
Basket,” respectively; collectively, “Baskets”). Creation Baskets are offered only pursuant to the most recent registration statement of the Fund, as declared effective by the Securities and Exchange Commission (the “SEC”)
and as the same may be amended from time to time thereafter (collectively, the “Registration Statement”). Authorized Purchasers are the only persons that may place orders to create and redeem Creation Baskets or Redemption Baskets. 

Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Prospectus. To the extent there
is a conflict between any provision of this Agreement other than the indemnities provided in Section 9 and the provisions of the Prospectus, the provisions of the Prospectus shall control. 

To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree
as follows: 

 Section 1. Order Placement. 

To place an order for the creation or redemption of one or more Baskets, an Authorized Purchaser must follow the procedures for creation and
redemption referred to in Section 3 of this Agreement and attached to this Agreement as Exhibit A; provided, however, that in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the
Baskets are to be offered and sold, the procedures for creation will be as attached to this Agreement as Exhibit A-1. 
 Section 2.
Status and Obligations of Authorized Purchaser. 
 The Authorized Purchaser represents and warrants and covenants the following: 

(a) The Authorized Purchaser is a participant of the Depository Trust Company (“DTC”) (as such a participant, a “DTC
Participant”). If the Authorized Purchaser ceases to be a DTC Participant, the Authorized Purchaser shall give prompt notice to the General Partner of such event, and this Agreement shall terminate immediately as of the date the Authorized
Purchaser ceased to be a DTC Participant. 
 (b) Unless Section 2(c) applies, the Authorized Purchaser either (i) is registered as
a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”), or (ii) is exempt from being, or
otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. The Authorized
Purchaser will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Purchaser will comply with all applicable federal law, the laws of the
states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, including, but not limited to those applicable to securities and commodities transactions, and with the Constitution, By-Laws and Conduct Rules of FINRA
(if it is a FINRA member) to the extent the foregoing relate to the Authorized Purchaser’s transactions in, and activities with respect to the Baskets. The Authorized Purchaser will not directly or indirectly offer or sell Units in or from any
state or jurisdiction where they may not lawfully be offered or sold. 
 (c) If the Authorized Purchaser is offering or selling Units in
jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(b) above, the Authorized Purchaser will
(i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the full disclosure requirements of the Securities Act of 1933, as amended (the “1933 Act”) and the Commodities
Exchange Act (the “CEA”), and the rules and regulations promulgated thereunder, and (iii) conduct its business in accordance with the spirit of the FINRA Conduct Rules, in each case to the extent the foregoing relate to the Authorized
Purchaser’s transactions in, and activities with respect to the Baskets. 
 (d) The Authorized Purchaser has written policies and
procedures reasonably designed to comply with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “PATRIOT Act”),
and the regulations promulgated thereunder, if the Authorized Purchaser is subject to the requirements of the PATRIOT Act. 

  
 2 

 (e) The Authorized Purchaser has the capability to send and receive communications via an
authenticated telecommunication facility to and from the General Partner and its agents, ALPS Distributors, Inc. and Brown Brothers Harriman & Co. The Authorized Purchaser shall confirm such capability to the satisfaction of the General
Partner and the Marketing Agent by the end of the Business Day (as defined in Section 6) before placing its first order with the Marketing Agent (whether such order is to create or to redeem Baskets). If required by the Marketing Agent, the
Administrator or the Custodian with respect to authorized telecommunications by telephonic facsimile, the Authorized Purchaser shall enter into a separate agreement with the Marketing Agent, the Administrator or the Custodian, as the case may be,
indemnifying such party with respect to its communications by telephonic facsimile. 
 (f) Because new Baskets can be created and Units
therein issued on an ongoing basis, at any point during the life of the partnership, a “distribution,” as such term is used in the 1933 Act, may be occurring with respect to resales of these Units. The Authorized Purchaser is cautioned
that some of its activities may result in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized
Purchaser should review the “What is the Plan of Distribution?” portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (as defined in Section 3). In addition to
satisfying the prospectus-delivery and disclosure requirements of the 1933 Act, the Authorized Purchaser and any other participant in the distribution of the Units purchased by the Authorized Purchaser also has the obligation to comply with
applicable disclosure delivery requirements under the CEA. To the extent the Authorized Purchaser has distributed a Preliminary Prospectus to prospective investors, if the Authorized Purchaser has been notified by the General Partner of material
changes made to that document as compared to the final Prospectus, the Authorized Purchaser shall give notice to any prospective investor who received the Preliminary Prospectus of such material change prior to consummating a sale. 

Section 3. Orders. 

(a) All orders to create or redeem Baskets shall be made in accordance with the terms of the Prospectus, this Agreement and the creation and
redemption procedures attached hereto as Exhibit A (the “ Procedures”), except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold
which will be governed by the procedures set forth in Exhibit A-1. Each party will comply with such foregoing terms to the extent applicable to it. The General Partner may issue additional or other procedures from time to time relating to the manner
of creating or redeeming Baskets and the Authorized Purchaser will comply with such procedures. The General Partner and Authorized Purchaser hereby consent to the use of recorded telephone lines. 

(b) The Authorized Purchaser acknowledges and agrees it is acting for its own account or on behalf of another party (whether such party is a
customer or otherwise), and that each order to create a Basket (a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order,” and each Purchase Order and Redemption Order, an “Order”) may not be withdrawn
by the Authorized Purchaser. A form of Purchase/Redemption Order is attached hereto as Exhibit B. 

  
 3 

 Section 4. Fees. 

In connection with each Order by an Authorized Purchaser to create or redeem one or more Baskets, the General Partner shall charge, and the
Authorized Purchaser shall pay to the General Partner, the transaction fee (“Transaction Fee”) prescribed in the Prospectus applicable to such creation or redemption. The initial Transaction Fee shall be one thousand dollars ($1,000). The
Transaction Fee may be adjusted from time to time as set forth in the Prospectus. 
 Section 5. Authorized Persons. 

Concurrently with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Purchaser shall
deliver to the General Partner and the Marketing Agent, notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit C setting forth the names and signatures of all persons
authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Purchaser (each, an “Authorized Person”). The General Partner or the Marketing Agent
may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the General Partner receives a superseding certificate bearing a subsequent
date. Upon the termination or revocation of authority of any Authorized Person by the Authorized Purchaser, the Authorized Purchaser shall give immediate written notice of such fact to the General Partner and the Marketing Agent, and such notice
shall be effective upon receipt by the General Partner. 
 Section 6. Creation Procedures. 

On any Business Day, an Authorized Purchaser may place an order with the Marketing Agent to create one or more Creation Baskets in accordance
with this Agreement and the Procedures. For purposes of processing Purchase and Redemption Orders, a “Business Day” means any day other than a day when any of the NYSE Arca, ICE Futures Exchange or the New York Stock Exchange is closed for
regular trading. Purchase orders must be placed by 12:00 PM New York time or the close of regular trading on NYSE Arca, whichever is earlier, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets
on the first day the Baskets are to be offered and sold, when such orders shall be placed by 9:00 AM New York time on the day agreed to by the General Partner and the Authorized Purchaser. The day on which the Marketing Agent receives a valid
Purchase Order is the Purchase Order Date. By placing a Purchase Order, an Authorized Purchaser agrees to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund, and (2) if required by the
General Partner in its sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable broker) with the Fund for the
purchase of a number and type of futures contracts at the closing settlement price for such contracts on the Purchase Order Date, as specified in the Purchase Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result
in the cancellation of the order. The number and type of contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund’s investment objective and shall be purchased as a result of the Authorized
Purchaser’s purchase of Units. 

  
 4 

 Prior to the delivery of Baskets for a Purchase Order, the Authorized Purchaser must also have
wired to the Custodian the non-refundable transaction fee due for the Purchase Order. “ Treasuries” shall be any U.S. treasury security with two years or less remaining to maturity with an aggregate market value, as determined in the sole
discretion of the Administrator using the valuation procedures set forth in Exhibit D, that together with any cash amount, will equal the purchase price of the Creation Basket being purchased. 

The total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of Treasuries and/or cash that is in
the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to purchase is accepted as the number of Units to be created under the Purchase Order is in
proportion to the total number of Units outstanding on the date the order is received. 
 The General Partner determines, directly in its
sole discretion, or in consultation with the Administrator, the requirements for Treasuries and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries and cash, that may be included
in deposits to create Baskets. The Marketing Agent will publish such requirements at the beginning of each business day. Unless otherwise determined by the General Partner, if Treasuries and cash are to be deposited, the amount of the cash deposit
required will be the difference between (i) the aggregate market value of the Treasuries required to be included in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit. 

An Authorized Purchaser who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian the required
amount of Treasuries and/or cash by the end of the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets on the first day the Baskets are to
be offered and sold when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order was accepted by the Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number
of Baskets ordered to the Authorized Purchaser’s DTC account on the third Business Day following the Purchase Order Date, except in the case of an Authorized Purchaser’s initial order to purchase one or more Creation Baskets, when the
Administrator will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such
Treasuries have been received by the Custodian on behalf of the Fund shall be borne solely by the Authorized Purchaser. 

Section 7. Redemption Procedures. 

On any Business Day, an Authorized Purchaser may place an order with the Marketing Agent to redeem one or more Redemption Baskets in accordance
with this Section 7 and the Procedures. Redemption Orders must be placed by 12:00 PM New York time or the close of regular trading on NYSE Arca, whichever is earlier. A Redemption Order so received is effective on the date it is received in
satisfactory form by the Marketing Agent. The day on which the Marketing Agent receives a valid Redemption Order is the “Redemption Order Date”. By placing a Redemption Order, an Authorized Purchaser agrees to (1) deliver the
Redemption Basket to be redeemed through DTC’s book-entry system to the Fund’s account with the Custodian not later than 3:00 PM 

  
 5 

 
New York time on the third Business Day following the effective date of the Redemption Order (“Redemption Distribution Date”), and (2) if required by the General Partner in its
sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable broker) with the Fund for the sale of a number and
type of futures contracts at the closing settlement price for such contracts on the Redemption Order Date, as specified in the Redemption Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result in the cancellation
of the order. The number and type of contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund’s investment objective and shall be sold as a result of the Authorized Purchaser’s sale of Units.
Prior to the delivery of the redemption distribution for a Redemption Order, the Authorized Purchaser must also have wired to the Fund’s account at the Custodian the non-refundable Transaction Fee due for the Redemption Order. 

The redemption distribution from the Fund consists of a transfer to the redeeming Authorized Purchaser of an amount of Treasuries and/or cash
with a value that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to redeem is properly received as the number of Units to be redeemed under
the Redemption Order is in proportion to the total number of Units outstanding on the date the order is received. The General Partner, directly or in consultation with the Administrator, will determine the requirements for Treasuries and/or the
amount of cash, including the maximum permitted remaining maturity of a Treasury, and the proportions of Treasuries and cash, that may be included in distributions to redeem Baskets. The Marketing Agent will publish such requirements shortly after
4:00 p.m. New York time on the Redemption Order Date. 
 The redemption distribution due from the Fund is delivered to the Authorized
Purchaser on the Redemption Distribution Date if, by 3:00 PM New York time on such Redemption Distribution Date, the Fund’ s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited
with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent of remaining
whole Baskets received if the Fund receives the fee applicable to the extension of the Redemption Distribution Date which the General Partner may, from time to time, determine and the remaining Baskets to be redeemed are credited to the Fund’s
DTC account by 3:00 PM New York time on such next Business Day. Any further outstanding amount of the Redemption Order may be cancelled at the election of the General Partner. Any further remaining amount of the redemption order shall be cancelled
and the Participant will indemnify the Partnership for any losses, if any, due to such cancellation, including but not limited to the difference in the price of investments sold as a result of the redemption order and investments made to reflect
that such order has been cancelled. Pursuant to instruction from the General Partner, the Custodian may also deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 3:00
PM New York time on the Redemption Distribution Date if the Authorized Purchaser has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the General Partner may from time to time determine. 

  
 6 

 Section 8. Role of Authorized Purchaser. 

(a) The Authorized Purchaser acknowledges that, for all purposes of this Agreement, the Authorized Purchaser is and shall be deemed to be an
independent contractor and has and shall have no authority to act as agent for the Fund, the Marketing Agent, the Administrator, the Custodian or the General Partner in any matter or in any respect. 

(b) The Authorized Purchaser will, to the extent reasonably practicable, make itself and its employees available, upon request, during normal
business hours to consult with the General Partner and the Marketing Agent concerning the performance of the Authorized Purchaser’s responsibilities under this Agreement; provided that the Authorized Purchaser shall be under no obligation to
divulge or otherwise discuss any information that the Authorized Purchaser believes (i) is confidential or proprietary in nature or (ii) the disclosure of which to third parties would be prohibited. 

(c) Notwithstanding the provisions of Section 8(b), the Authorized Purchaser will maintain records of all sales of Creation Baskets made
by or through it and, upon reasonable request of the General Partner, except if prohibited by applicable law and subject to any privacy obligations or other obligations arising under federal or state securities laws it may have to its customers,
will furnish the General Partner with the names and addresses of the purchasers of such Creation Baskets and the number of Creation Baskets purchased if and to the extent that the General Partner has been requested to provide such information to the
Commodities Futures Trading Commission, Securities Exchange Commission, Financial Industry Regulatory Authority, or Internal Revenue Service (“Fund Regulators”). For the avoidance of doubt, all such information provided by the Authorized
Purchaser shall be Confidential Information (as defined in Section 18) and shall not be used for any purpose other than to satisfy requests of Fund Regulators. 

(d) The Fund may from time to time be obligated to deliver prospectuses, proxy materials, annual or other reports of the Fund or other similar
information (“Fund Documents”) to its limited partners. The Authorized Purchaser agrees (i) subject to any privacy obligations or other obligations arising under federal or state securities laws it may have to its customers, to
reasonably assist the General Partner in ascertaining certain information regarding sales of Creation Baskets made by or through the Authorized Purchaser that is necessary for the Fund to comply with such obligations upon written request of the
General Partner or (ii) in lieu thereof, and at the option of the Authorized Purchaser, the Authorized Purchaser may undertake to deliver Fund Documents to the Authorized Purchaser’s customers that custody Units with the Authorized
Purchaser, after receipt from the Fund of sufficient quantities of such Fund Documents to allow mailing thereof to such customers. The expenses associated with such transmissions shall be borne by the General Partner in accordance with usual custom
and practice in respect of such communications. The General Partner agrees that the names, addresses and other information concerning the Authorized Purchaser’s customers are and shall remain the sole property of the Authorized Purchaser, and
none of the General Partner, the Fund or any of their respective affiliates shall use such names, addresses or other information for any purposes except in connection with the performance of their duties and responsibilities hereunder and except to
the extent necessary for the Fund to meet its regulatory requirements as set forth in Section 8(b) and in this Section 8(c) of the Agreement. 

  
 7 

 Section 9. Indemnification. 

(a) Indemnification of Authorized Purchaser. The General Partner agrees to indemnify, defend and hold harmless the Authorized Purchaser, its
partners, stockholders, members, directors, officers, employees, affiliates, agents and any person who controls such persons within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns
of all of the foregoing persons (each a “GP Indemnified Person”), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees and the reasonable cost of investigation) which the Authorized Purchaser
or any such person may incur under the 1933 Act, the Exchange Act, the CEA, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon: 

 

	 	 (1)
	 any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as
amended or supplemented) or in a Prospectus (the term Prospectus for the purpose of this Section 9 being deemed to include the Prospectus and the Prospectus as amended or supplemented) or any omission or alleged omission to state a material
fact required to be stated in either such Registration Statement or such Prospectus or necessary to make the statements made therein not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon
any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information concerning the Authorized Purchaser furnished in writing by or on behalf of the Authorized Purchaser to the General Partner expressly
for use in such Registration Statement; 

  

	 	 (2)
	 any untrue statement or alleged untrue statement of a material fact or breach by the General Partner of any representation or warranty contained in
this Agreement; 

  

	 	 (3)
	 the failure by the General Partner, the Fund or their respective agents to perform when and as required, any agreement, obligation, duty or
covenant contained herein; 

  

	 	 (4)
	 the failure by the General Partner, the Fund or their respective agents to comply with applicable laws and the rules and regulations of any
governmental entity or any self-regulatory organization to the extent the foregoing relates to transactions in, and activities with respect to Baskets; or 

  

	 	 (5)
	 the Authorized Purchaser’s performance of its duties under this Agreement except in the case of this clause (5), for any loss, damage,
expense, liability or claim resulting from the gross negligence or willful misconduct of the Authorized Purchaser. 

 In
no case is the indemnity of the General Partner in favor of the Authorized Purchaser and such other persons as are specified in this Section 9(a) to be deemed to protect the Authorized Purchaser and such persons against any liability to the
General Partner or the Fund to which the Authorized Purchaser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and
duties under this Agreement. 

  
 8 

 If any action, suit or proceeding (each, a “Proceeding”) is brought against a GP
Indemnified Person or any such person in respect of which indemnity may be sought against the General Partner pursuant to the foregoing paragraph, such GP Indemnified Person shall promptly notify the General Partner in writing of the institution of
such Proceeding, provided, however, that the omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have to the GP Indemnified Person except to the extent that it has been
materially prejudiced by such failure and has not otherwise learned of such Proceeding. The GP Indemnified Person shall have the right to employ its own counsel in any such case and the fees and expenses of such counsel shall be borne by the General
Partner and the Fund and paid as incurred (it being understood, however, that the General Partner shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related
Proceedings in the same jurisdiction representing the GP Indemnified Persons who are parties to such Proceeding) or for the expenses and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph. A
GP Indemnified Person shall give the General Partner reasonable prior notice of settlement of any Proceeding in respect of which indemnity may be sought against the General Partner pursuant to this Section 9(a), provided, however that the
omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have to the GP Indemnified Person. 

(b) The Authorized Purchaser agrees to indemnify, defend and hold harmless each of the Fund, the General Partner and its partners,
stockholders, members, directors, officers, employees and any person who controls the General Partner within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors and assigns of all of the
foregoing persons (each, an “AP Indemnified Person”), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees and the reasonable cost of investigation) which the AP Indemnified Person may incur as
a result of or in connection with any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information furnished in writing by or on behalf of the Authorized Purchaser to the General Partner expressly
for use in the Registration Statement (or in the Registration Statement as amended or supplemented by any post-effective amendment thereof) or in a Prospectus, or arises out of or is based upon any omission or alleged omission to state a material
fact in connection with such information required to be stated in such Registration Statement or such Prospectus or necessary to make such information not misleading. 

The Authorized Purchaser will also indemnify each AP Indemnified Person from and against any loss, damage, expense, liability or claim
(including the reasonable cost of investigation) which such AP Indemnified Person may incur as a result of or in connection with any actions of an AP Indemnified Person in accordance with any instructions by the Authorized Purchaser except in the
case of any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct of an AP Indemnified Person. In no case is the indemnity of the Authorized Purchaser in favor of each AP Indemnified Person to be deemed
to protect the AP Indemnified Person and such persons against any liability to the Authorized Purchaser to which the AP Indemnified Person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance
of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement. 

  
 9 

 If any Proceeding is brought against an AP Indemnified Person, such AP Indemnified Person shall
promptly notify the Authorized Purchaser in writing of the institution of such Proceeding; provided, however, that the omission to so notify the Authorized Purchaser shall not relieve the Authorized Purchaser from any liability which it may have to
such AP Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The AP Indemnified Person or such person shall have the right to employ its own counsel and the
fees and expenses of such counsel shall be borne by the Authorized Purchaser and paid as incurred (it being understood, however, that the Authorized Purchaser shall not be liable for the expenses of more than one separate counsel (in addition to any
local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the AP Indemnified Persons who are parties to such Proceeding) or for the expenses and fees incurred with respect to matters that are not
indemnifiable in accordance with the preceding paragraph. An AP Indemnified Person shall give the Authorized Purchaser reasonable prior notice of settlement of any Proceeding in respect of which indemnity may be sought against the Authorized
participant pursuant to this Section 9(b), provided, however that the omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have to the GP Indemnified Person. 

(c) The indemnity agreements contained in this Section 9 and the covenants, warranties and representations of the General Partner
contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Purchaser, its partners, stockholders, members, directors, officers, employees and or any person (including each
partner, stockholder, member, director, officer or employee of such person) who controls the Authorized Purchaser within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, or by or on behalf of each of the General
Partner, the Fund, their partners, stockholders, members, directors, officers, employees or any person who controls the General Partner or the Fund within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and
shall survive any termination of this Agreement or the initial issuance and delivery of the Units. The General Partner and the Authorized Purchaser agree promptly to notify each other of the commencement of any Proceeding against it and, in the case
of the General Partner, against any of the General Partner’s officers or directors in connection with the issuance and sale of the Units, or in connection with the Registration Statement or the Prospectus. 

Section 10. 
 (a)
Limitation of Liability. 
 None of the General Partner, the Authorized Purchaser, the Marketing Agent, the Administrator, or the Custodian,
shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Purchaser, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other
information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them. 

(b) Tax Liability. 
 The
Authorized Purchaser shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made
pursuant to this Agreement, regardless 

  
 10 

 
of whether or not such tax or charge is imposed directly on the Authorized Purchaser. To the extent the General Partner or the Fund is required by law to pay any such tax or charge, the
Authorized Purchaser agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. 

Section 11. Acknowledgment. 

The Authorized Purchaser acknowledges receipt of a copy of the Prospectus and represents that it has reviewed and understands such document.

 Section 12. Effectiveness and Termination. 

Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the date first set forth
above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a); (ii) upon notice to the Authorized Purchaser by
the General Partner in the event of a breach by the Authorized Purchaser of this Agreement or the procedures described or incorporated herein; or (iii) at such time as the Fund is terminated. 

Section 13. Marketing Materials; Representations Regarding Baskets; Identification in Registration Statement. 

(a) The Authorized Purchaser represents, warrants and covenants that, (i) without the written consent of the General Partner, the
Authorized Purchaser will not make, or permit any of its representatives to make, in connection with any sale or solicitation of a sale of Baskets any representations concerning the Units or the General Partner, the Fund or any AP Indemnified Person
other than representations consistent with (A) the then-current Prospectus of the Fund, (B) printed information approved by the General Partner as information supplemental to such Prospectus or (C) any promotional materials or sales
literature furnished to the Authorized Purchaser by the General Partner, and (ii) the Authorized Purchaser will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Baskets, any AP
Indemnified Person or the Fund that is not consistent with the Fund’s then current Prospectus. Copies of the then-current Prospectus of the Fund and any such printed supplemental information will be supplied by the General Partner to the
Authorized Purchaser in reasonable quantities upon request. 
 (b) The Authorized Purchaser agrees to comply with applicable prospectus and
disclosure delivery requirements of the federal securities and commodities laws. In connection therewith, the Authorized Purchaser will provide, to the extent required, each prospective purchaser, as required, with a copy of the Fund’s
Prospectus. 
 (c) The Authorized Purchaser hereby agrees that for the term of this Agreement the General Partner or its agent, the
Marketing Agent, may deliver the then-current Prospectus, and any supplements or amendments thereto or recirculation thereof, to the Authorized Purchaser in Portable Document Format (“PDF”) via electronic mail to
[                    ] in lieu of delivering the Prospectus in paper form. The Authorized Purchaser may revoke the foregoing agreement at any time by
delivering written notice to the General Partner and, whether or not such agreement is in effect, the Authorized Purchaser may, at any time, request reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation
thereof, in paper form 

  
 11 

 
from the General Partner or its agent, the Marketing Agent. The Authorized Purchaser acknowledges that it has the capability to access, view, save and print material provided to it in PDF and
that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The General Partner will, when requested by the Authorized Purchaser, make available at no cost the software and technical assistance
necessary to allow the Authorized Purchaser to access, view and print the PDF version of the Prospectus. 
 (d) For as long as this
Agreement is effective, the Authorized Purchaser agrees to be identified as an authorized purchaser of the Fund at the General Partner’s discretion (i) in the section of the Prospectus included within the Registration Statement entitled
“Creation and Redemption of Units,” and in any other section as may be required by the SEC and (ii) on the Fund’s website. Upon the termination of this Agreement, (i) during the period prior to when the General Partner
qualifies and elects to file on Form S-3, the General Partner will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the
period after when the General Partner qualifies and elects to file on Form S-3, the General Partner will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Purchaser as an authorized purchaser of the Fund and
(ii) the General Partner will promptly update the Fund’s website to remove any identification of the Authorized Purchaser as an authorized purchaser of the Fund. 

Section 14. Certain Covenants of the General Partner. 

The General Partner, on its own behalf and on behalf of the Fund, covenants and agrees: 

(a) to notify the Authorized Purchaser promptly of the happening of any event during the term of this Agreement which could require the making
of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which
they are made, not misleading, and, during such time, to prepare and deliver or otherwise make available, at the expense of the Fund, to the Authorized Purchaser copies of such amendments or supplements to such Prospectus as may be necessary to
reflect any such change at such time and in such numbers as necessary to enable the Authorized Purchaser to comply with any obligation it may have to deliver such revised, supplemented or amended Prospectus to customers. 

(b) to notify the Authorized Purchaser when a revised, supplemented, or amended Prospectus is available and to deliver or otherwise make
available to the Authorized Purchaser copies of such revised, supplemented or amended Prospectus at such time and in such numbers as to enable the Authorized Purchaser to comply with any obligation it may have to deliver such revised, supplemented
or amended Prospectus to customers, provided that as a general matter the General Partner will make such revised, supplemented or amended Prospectus available to the Authorized Purchaser on or before its effective date; 

(c) to cause Spicer Jeffries, LLP, accountants to the Fund, to deliver, at each time (i) the Registration Statement or the Prospectus is
amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated
by reference into the Registration Statement or the Prospectus, letters dated such dates and addressed 

  
 12 

 
to the Authorized Purchaser, containing statements and information of the type ordinarily included in accountants’ letters to underwriters with respect to the financial statements and other
financial information contained in or incorporated by reference into the Registration Statement and the Prospectus; 
 (d) to deliver to the
Authorized Purchaser, at each time (i) the Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in
reliance on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus, a certification by a duly authorized officer of the General Partner in the form attached
hereto as Exhibit E. In addition, any certificate signed by any officer of the General Partner and delivered to the Authorized Purchaser or counsel for the Authorized Purchaser pursuant hereto shall be deemed to be a representation and warranty by
the General Partner as to matters covered thereby to the Authorized Purchaser; 
 (e) to furnish directly or through the Marketing Agent to
the Authorized Purchaser, at each time (i) the Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in
reliance on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus, such documents and certificates in the form as reasonably requested; and 

(f) to cause the Fund to file a supplement to the Registration Statement no less frequently than once per calendar quarter on or about the
same time that the Fund files a quarterly or annual report pursuant to Section 13 or 15(d) of the Exchange Act (including the information contained in such report), until such time as the Fund’s reports filed pursuant to Section 13 or
15(d) of the Exchange Act are incorporated by reference in the Registration Statement. 
 Section 15. Third Party Beneficiaries.

 Each AP Indemnified Person, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may
proceed directly against the Authorized Purchaser (including by bringing proceedings against the Authorized Purchaser in its own name) to enforce any obligation of the Authorized Purchaser under this Agreement which directly or indirectly benefits
such AP Indemnified Person. Each GP Indemnified Person, to the extent it is not a party to this Agreement, is a third-party beneficiary of this Agreement and may proceed directly against the General Partner, the Fund or their respective agents
(including by bringing proceedings against the General Partner, the Fund or their respective agents in its own name) to enforce any obligation of the General Partner, the Fund or their agents under this Agreement which directly or indirectly
benefits such GP Indemnified Person. 
 Section 16. Force Majeure. 

No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under
this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or
computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations 

  
 13 

 
and rules of any governmental or supra national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason, to
perform its obligations. 
 Section 17. Miscellaneous. 

(a) Entire Agreement. This Agreement (including any schedules and exhibits attached hereto and thereto) contains all of the agreements among
the parties hereto (and thereto) with respect to the transactions contemplated hereby (and thereby) and supersedes all prior agreements or understandings, whether written or oral, among the parties with respect thereto. 

(b) Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written instrument executed by all the
parties. 
 (c) Successors and Assigns; Assignment. All the terms and provisions of this Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and permitted assigns. This Agreement shall not be assigned by any party without the prior written consent of the other parties and any assignment without such consent shall be null and void.
Notwithstanding the foregoing, in the event that Authorized Purchaser files for protection under the United States Bankruptcy Code, the trustee of Authorized Purchaser’s bankruptcy estate may assume this Agreement or any of its rights, duties
and/or obligations hereunder or thereunder upon written notice to the Fund and the General Partner hereby consent to such assumption. In addition, Authorized Purchaser may assign the Agreement or any of its rights, duties and/or obligations
hereunder or thereunder upon written notice to the Fund and the General Partner to (a) any Authorized Purchaser Affiliate; (b) in the case of any merger or sale of its stock or assets, to the successor in a merger of Authorized Purchaser
or to any entity that acquires all or a substantial portion of its stock or assets, or (c) any service provider contracted by Authorized Purchaser to perform data processing, facilities management or other outsourced services on Authorized
Purchaser’s behalf. 
 (d) Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to
comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such waiver, or the failure to insist upon
strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure or breach. 

(e) Severability. The parties hereto desire that the provisions of this Agreement be enforced to the fullest extent permissible under the law
and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement would be held in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such
provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction. 

  
 14 

 (f) Notices. All notices, waivers, or other communications pursuant to this Agreement shall be in
writing and shall be deemed to be sufficient if delivered personally, by facsimile (and, if sent by facsimile, followed by delivery by nationally-recognized express courier), sent by nationally-recognized express courier or mailed by registered or
certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 

 

	 	 (1)
	 if to General Partner, to: 

United States Commodity Funds LLC 

c/o Nicholas D. Gerber 

1999 Harrison Street 

Suite 1530 

Oakland, CA 94612 
  

	 	 (2)
	 if to the Authorized Purchaser, to: 

All such notices and other communications shall be deemed to have been delivered and received (i) in the case of personal delivery or
delivery by facsimile or e-mail, on the date of such delivery if delivered during business hours on a Business Day or, if not delivered during business hours on a Business Day, the first Business Day thereafter, (ii) in the case of delivery by
nationally-recognized express courier, on the first Business Day following dispatch, and (iii) in the case of mailing, on the third Business Day following such mailing. 

(g) Governing Law; Jurisdiction. 
  

	 	 (1)
	 All questions concerning the construction, interpretation and validity of this Agreement and all transactions hereunder shall be governed by and
construed and enforced in accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether in the State of New York or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of New York. In furtherance of the foregoing, the internal law of the State of New York will control the interpretation and construction of this Agreement, even if under such
jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily or necessarily apply. 

  
 15 

	 	 (2)
	 Each party irrevocably consents and agrees, for the benefit of the other parties, that any legal action, suit or proceeding against it with respect
to its obligations, liabilities or any other matter arising out of or in connection with this Agreement or any related agreement may be brought in the courts of the State of New York and hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself and in respect of its properties, assets and revenues. Each party irrevocably waives any immunity to jurisdiction to
which it may otherwise be entitled or become entitled (including sovereign immunity, immunity to pre-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Agreement or any related
agreement or the transactions contemplated hereby or thereby which is instituted in any court of the State of New York. 

The provisions of this Section 17(g) shall survive any termination of this Agreement, in whole or in part. 

(h) No Partnership. Nothing in this Agreement is intended to, or will be construed to constitute the General Partner or the Fund, on the one
hand, and the Authorized Purchaser or any of its Affiliates, on the other hand, as partners or joint venturers; it being intended that the relationship between them will at all times be that of independent contractors. 

(i) Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the
agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (j) No Strict Construction. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

(k) Counterparts; Facsimile Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument. Facsimile counterpart signatures to this Agreement shall be acceptable and binding. 

(l) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental
agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not limited to.” 

Section 18. Confidentiality. 

(a) The General Partner, the Fund and the Authorized Purchaser shall maintain in confidence, use only for the purposes provided for in this
Agreement, and not disclose to any third party, without first obtaining the other party’s consent in writing, any and all Confidential Information (as defined below) such party receives from the other party; provided, however, that either party
may disclose Confidential Information received from the other party to those of its internal and external representatives as may be necessary for such party to carry out its obligations under this Agreement. 

  
 16 

 “Confidential Information” shall mean all information or data of a
party or its customers that is disclosed to or received by the other party, whether orally, visually or in writing, in any form, including, without limitation, information or data which relates to such party’s business or operations, research
and development, marketing plans or activities, or actual or potential products. 
 (b) Notwithstanding the provisions of this Agreement to
the contrary, a party shall have no liability to the other party for the disclosure or use of any Confidential Information of the other party if the Confidential Information: 
  

	 	 (1)
	 is known to such party at the time of disclosure other than as the result of a breach of this Section 18 by such party; 

 

	 	 (2)
	 has been or becomes publicly known, other than as the result of a breach of this Section 18 by such party, or has been or is publicly
disclosed by the other party; 

  

	 	 (3)
	 is received by such party after the date of this Agreement from a third party (unless such third party breaches an obligation of confidentiality to
the other party); or 

  

	 	 (4)
	 is required to be disclosed by law or similar compulsion or in connection with any legal proceeding or request for information on behalf of a
governmental authority or self-regulatory organization, provided that such party shall promptly inform the other party in writing of such requirement and that such disclosure shall be limited to the extent so required. 

(c) The parties recognize and acknowledge that a breach or threatened breach by a party of the provisions of this Section 18 may cause
irreparable and material loss and damage to the other party which cannot be adequately remedied at law and that, accordingly, in addition to, and not in lieu of, any damages or other remedy to which the non-breaching party may be entitled, the
issuance of an injunction or other equitable remedy (without the requirement that a bond or other security be posted) is an appropriate remedy for the non-breaching party for any breach or threatened breach of the obligations set forth in this
Section 18. 
 (d) Each party agrees that it will use the same degree of care, but no less than a reasonable degree of care, in
safeguarding the Confidential Information of the other party as it uses for its own Confidential Information of a similar nature. Each party shall promptly notify the other party in writing of any misuse, misappropriation or unauthorized disclosure
of the Confidential Information of the other party that may come to such party’s attention. 
 (e) Upon the termination of this
Agreement, if requested in writing by the other party, each party shall, at such party’s option, promptly destroy or return to the other party all Confidential Information received from the other party, all copies and extracts of such
Confidential Information and all documents or other media containing any such Confidential Information. 

  
 17 

 IN WITNESS WHEREOF, the Authorized Purchaser and the General Partner have caused
this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
 UNITED STATES COMMODITY
FUNDS LLC 
  

							
			 By:
		  

					 Name:
		
					 Title:
		 Management Director

					 Address:
		 1999 Harrison Street, Suite 1530, Oakland CA 94612

					 Telephone:
		 510-522-9600

					 Facsimile:
		 510-522-9604

 UNITED STATES 12 MONTH NATURAL GAS FUND, LP 

 

									
			 By:
		 United States Commodity Funds LLC, as General Partner

				
					 By:
		  

							 Name:
		
							 Title:
		 Management Director

							 Date:
		

[                       
                                 ] 

							
			 By:
		  

					 Name:
		
					 Title:
		
					 Address:
		
					 Telephone:
		
					 Facsimile:
		

  
 18 

 EXHIBIT A 

UNITED STATES 12 MONTH NATURAL GAS FUND, LP 

CREATION AND REDEMPTION PROCEDURES 

Scope of Procedures and Overview 

These procedures (the “Procedures”) describe the processes by which one or more Baskets of United States 12 Month Natural Gas Fund,
LP Units (the “Units”) may be purchased by an Authorized Purchaser, or, once Units have been issued, redeemed by an Authorized Purchaser. Units may be created or redeemed only in blocks of 50,000 Units (each such block, a
“Basket”). 
 For purposes of these Procedures, a “Business Day” is defined as any day other than a day when any of the
NYSE Arca, the ICE Futures Exchange (the “ICE”), or the New York Stock Exchange is closed for regular trading. 
 Baskets are
issued pursuant to the Prospectus, which will be delivered by the Marketing Agent to each Authorized Purchaser prior to its execution of the Authorized Purchaser Agreement, and are issued and redeemed in accordance with the Authorized Purchaser
Agreement. Baskets may be issued and redeemed on any Business Day by the Marketing Agent in exchange for cash and/or Treasuries, which the Custodian receives from Authorized Purchasers or transfers to Authorized Purchasers, in each case on behalf of
the Fund. 
 Upon acceptance of the Authorized Purchaser Agreement, the Marketing Agent will assign a personal identification number (a
“PIN number”) to each Authorized Person authorized to act for the Authorized Purchaser. This will allow the Authorized Purchaser through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) for Baskets. 

Important Notes: 
 Any Order is
subject to rejection by the General Partner or the Marketing Agent, as agent of the General Partner, for the reasons set forth in the Authorized Purchaser Agreement. 

All Orders are subject to the provisions of the Partnership Agreement, the Prospectus and the Authorized Purchaser Agreement relating to
unclear or ambiguous instructions. 
 The Authorized Purchaser, and each distributor offering and selling Units as part of the distribution
of such Units, shall comply with applicable prospectus delivery and disclosure requirements of the 1933 Act as well as the analogous requirements under the CEA, including, the requirement, to the extent required, that prospective investors provide
an acknowledgement of receipt of such disclosure materials prior to the payment for any Units to the extent the foregoing relates to the Authorized Purchaser’s transactions in, and activities with respect to, Units. 

  
 19 

 CREATION PROCESS 

An Order to purchase one or more Baskets placed by an Authorized Purchaser with the Marketing Agent by 12:00 PM New York time or the close of
regular trading on NYSE Arca, whichever is earlier (the “Order Cut-Off Time”) on a Business Day (such day, “CREATION T”) results in the transfer to the Authorized Purchaser’s account at The Depository Trust Company
(“DTC”) of Baskets the Authorized Purchaser has purchased, in most instances, by 9:00 AM New York time on CREATION T+3: 
 CREATION
PROCEDURES 
  

	 1.
	 By the Order Cut-Off Time, an Authorized Person of the Authorized Purchaser calls the Marketing Agent at (303) 623-2577 to notify such agent
that the Authorized Purchaser wishes to place a Purchase Order to create an identified number of Baskets and to request that it be provided with an order number (an “Order Number”). The Authorized Person provides a PIN number as
identification. The Marketing Agent provides the Authorized Purchaser with an Order Number for the Authorized Purchaser’s Purchase Order Form. The Authorized Purchaser then completes and faxes to the Marketing Agent the Purchase Order Form
included as Exhibit B to the Authorized Purchaser Agreement. The Purchase Order Form must include the Authorized Person’s signature, the number of Baskets being purchased, and the Order Number. 

 

	 2.
	 If the Marketing Agent has not received the Purchase Order Form from the Authorized Purchaser within 15 minutes after the Marketing Agent receives
the phone call from the Authorized Purchaser referenced in item (1) above, the Marketing Agent places a phone call to the Authorized Purchaser to enquire about the status of the Order. If the Authorized Purchaser does not fax the Purchase Order
Form to the Marketing Agent within 15 minutes after the Marketing Agent’s phone call, the Authorized Purchaser’s Order is cancelled. The Marketing Agent will then notify the Authorized Purchaser that the Order has been cancelled via
telephone call. 

  

	 3.
	 By placing a Purchase Order, an Authorized Purchaser agrees to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the
Custodian of the Fund, and (2) if required by the General Partner in its sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter energy transaction (through itself
or a designated acceptable broker) with the Fund for the purchase of a number and type of futures contracts at the closing settlement price for such contracts on the Purchase Order Date, as specified in the Purchase Order Form (see Exhibit B).
Failure to consummate (1) and (2) above shall result in the cancellation of the order. The number and type of contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund ’s investment
objective and shall be purchased as a result of the Authorized Purchaser’s purchase of Units. If the Marketing Agent has received the Authorized Purchaser’s Purchase Order Form on time in accordance with the preceding timing rules, then by
1:00 PM New York time the Marketing Agent returns to the Authorized Purchaser a copy of the Purchase Order Form submitted, marking it “Affirmed.” The Marketing Agent shall indicate on the Purchase Order Form the details of the method of
payment to be used for the Transaction Fee. The Marketing Agent 

  
 20 

	 	
shall also have completed Part II of the Purchase Order Form, which includes the specific number and type of futures contracts to be purchased at the closing settlement price on the Purchase
Order Date. 

  

	 4.
	 Based on the Purchase Orders placed with it on CREATION T, the Marketing Agent sends a facsimile to the Transfer Agent indicating the total number
of creation Units and total amount of cash and/or Treasuries for which the Marketing Agent will require an allocation into the custodial accounts of, respectively, the Authorized Purchaser and the Fund on CREATION T+3. If the Marketing Agent
rejects a Purchase Order pursuant to the Authorized Purchaser Agreement after the foregoing messages are given to the Custodian, the Marketing Agent will notify the Transfer Agent of such rejection as soon as practicable but, in any event, by 1:30
PM New York time the same day, identifying the Authorized Purchaser whose Purchase Order was rejected and the amount of Units contained in the rejected Purchase Order. The Transfer Agent will address any such rejection notifications received after
1:30 PM New York time only on a best efforts basis. 

  

	 5.
	 The General Partner acting by itself or through the Marketing Agent shall have the absolute right, but shall have no obligation, to reject any
Purchase Order or Creation Basket Deposit (as defined in Section 6) (i) if the General Partner determines that the Purchase Order or Creation Basket Deposit is not in proper form; (ii) that the General Partner, in its sole discretion,
believes would have adverse tax consequences to the Fund, Limited Partners, or unitholders; (iii) the acceptance or receipt of which would, in the opinion of counsel to the General Partner, be unlawful; or (iv) if circumstances outside the
control of the General Partner, the Marketing Agent or the Custodian make it for all practical purposes not feasible to process creations of Creation Baskets (including if the General Partner determines that the investments available to the Fund at
that time will not enable it to meet its investment objective). None of the General Partner, the Marketing Agent or the Custodian shall be liable to any person by reason of the rejection of any Purchase Order or Creation Basket Deposit.

 REDEMPTION PROCESS 

An order to redeem one or more Baskets placed by an Authorized Purchaser with the Marketing Agent by 12:00 PM New York time or the close of
regular trading on NYSE Arca, whichever is earlier, on a Business Day (such day, “REDEMPTION T”) results in the following taking place by 3:00 p.m. New York time on REDEMPTION T+3: 

Transfer to the account at DTC and the subsequent cancellation of the relevant number of the Authorized Purchaser’s Baskets; and 

Transfer to the Authorized Purchaser by credit to the Authorized Purchaser’s account of cash and Treasuries, if any, in the relevant
amount(s) corresponding to the Baskets delivered for redemption (the “Redemption Distribution”). 

  
 21 

 REDEMPTION PROCEDURES 

REDEMPTION T (REDEMPTION ORDER TRADE DATE) 
  

	 1.
	 By the Order Cut-off Time, an Authorized Person of the Authorized Purchaser calls the Marketing Agent at (303) 623-2577 to notify the
Marketing Agent that the Authorized Purchaser wishes to place a Redemption Order with the Marketing Agent to redeem an identified number of Baskets and to request that the Marketing Agent provide an Order Number. The Authorized Person provides a PIN
number as identification to the Marketing Agent. The Marketing Agent provides the Authorized Purchaser with an Order Number for the Authorized Purchaser’s Redemption Order Form. The Authorized Purchaser then completes and faxes to the Marketing
Agent the Redemption Order Form included as Exhibit B to the Authorized Purchaser Agreement. The Redemption Order Form must include the Authorized Person’s signature, the number of Baskets being redeemed, and the Order Number previously
provided by the Marketing Agent. 

  

	 2.
	 If the Marketing Agent has not received the Redemption Order Form from the Authorized Purchaser within 15 minutes after the Marketing Agent
receives the phone call from the Authorized Purchaser referenced in item (1) above, the Marketing Agent places a phone call to the Authorized Purchaser to enquire about the status of the Order. If the Authorized Purchaser does not fax the
Redemption Order Form to the Marketing Agent within 15 minutes after the Marketing Agent’s phone call, the Authorized Purchaser’ s Order is cancelled. The Marketing Agent will then notify the Authorized Purchaser that the Order has been
cancelled via telephone call and via fax. 

  

	 3.
	 By placing a Redemption Order, an Authorized Purchaser agrees to (1) deliver the Redemption Basket to be redeemed through DTC’s
book-entry system to the Fund’ s account with the Custodian not later than 3:00 PM New York time on the third Business Day following the effective date of the Redemption Order, and (2) if required by the General Partner in its sole
discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable broker) with the Fund for the sale of a number and type
of futures contracts at the closing settlement price for such contracts on the Redemption Order Date, as specified in the Redemption Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result in the cancellation of
the order. The number and type of contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund ’s investment objective and shall be sold as a result of the Authorized Purchaser’s sale of Units.
If the Marketing Agent has received the Authorized Purchaser’s Redemption Order Form on time in accordance with the preceding timing rules, then by 1:00 PM New York time the Marketing Agent returns to the Authorized Purchaser a copy of the
Redemption Order Form submitted, marking it “Affirmed.” The Marketing Agent shall indicate on the Redemption Order Form the amount of Treasuries and/or cash, if any, to be delivered in the Redemption Distribution, and provides details of
the method of payment to be used for the Transaction Fee and the method of delivery of the Treasuries and/or cash portion, if any, of the Redemption Distribution. The Marketing Agent shall also indicate on the returned Redemption Order Form the
specific number and type of futures contracts to be sold at the closing settlement price for such contracts on the Redemption Order Date. 

  
 22 

	 4.
	 By 1:00 PM New York time, the Marketing Agent sends a facsimile containing instructions to the Transfer Agent to transfer on REDEMPTION T+3 from
the custodial accounts of, respectively, the Authorized Purchaser and the Fund (“deallocate”) the total number of redemption Units and the total amount of cash and/or Treasuries required to settle the Redemption Orders received by the
Marketing Agent on REDEMPTION T. If the Marketing Agent rejects a Redemption Order pursuant to the Authorized Purchaser Agreement after the foregoing message is sent, the Marketing Agent will notify the Transfer Agent of such rejection as soon as
practicable but, in any event, by 1:30 pm New York time the same day, identifying the Authorized Purchaser whose Redemption Order was rejected and the amount of Units contained in the rejected Redemption Order. The Transfer Agent will address any
such rejection notifications received after 1:30 pm New York time only on a best efforts basis. 

  

	 5.
	 The General Partner acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the General
Partner determines that the Redemption Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, or (iii) if circumstances outside the control of the General
Partner, the Marketing Agent or the Custodian make it for all practical purposes not feasible for the Units to be delivered under the Redemption Order. The General Partner may also reject a redemption order if the number of units being redeemed
would reduce the remaining outstanding units to 100,000 units (i.e., two baskets) or less, unless the General Partner has reason to believe that the placer of the redemption order does in fact possess all the outstanding units and can deliver them.

  

	 6.
	 The General Partner may, in its discretion, suspend the right of redemption, or postpone the Redemption Distribution Date, (1) for any period
during which NYSE Arca or the ICE is closed other than customary weekend or holiday closings, or trading on the NYSE Arca or the ICE is suspended or restricted, (2) for any period during which an emergency exists as a result of which delivery,
disposal or evaluation of Treasuries or other assets of the Fund is not reasonably practicable, or (3) for such other period as the General Partner determines to be necessary for the protection of the Limited Partners or Unitholders. None of
the General Partner, the Marketing Agent, the Administrator or the Custodian will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 

REDEMPTION T+3 
  

	 1.
	 By 3:00 PM New York time, the Authorized Purchaser delivers free to the relevant account at DTC the Baskets to be redeemed. 

 

	 2.
	 If the Custodian does not receive from a redeeming Authorized Purchaser all Units comprising the Baskets being redeemed by 3:00 PM New York time,
(i) the Custodian will, only upon instruction from the General Partner, settle the Redemption Order to the extent of whole Baskets received from the Authorized Purchaser and (ii) the Marketing Agent will keep the redeeming Authorized
Purchaser’s Redemption Order open until 9:00 AM New York time on 

  
 23 

	 	
the following Business Day (REDEMPTION T+4) as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). For each day (whether or not a Business Day) the
Redemption Order is held open, the Authorized Purchaser will be charged the greater of $300 or $30 times the number of Units included in the Suspended Redemption Order, as determined in the sole discretion of the Fund. 

REDEMPTION T+4 
  

	 1.
	 By 9:00 AM New York time, the redeeming Authorized Purchaser must deliver free to the account at DTC the Basket(s) comprising the Suspended
Redemption Order. The Marketing Agent will settle the Suspended Redemption Order to the extent of whole Baskets received. Any balance of the Suspended Redemption Order may be cancelled at the discretion of the General Partner. 

 

	 2.
	 The sequence of instructions and events related to the settlement of the Suspended Redemption Order on REDEMPTION T+4 will be made in the manner
provided for a Redemption Order under REDEMPTION T+3. 

 * * * * 

  
 24 

 EXHIBIT A-1 

UNITED STATES 12 MONTH NATURAL GAS FUND, LP 

INITIAL CREATION PROCEDURES 

Scope of Procedures and Overview 

These procedures (the “Initial Procedures”) describe the process by which one or more Baskets of United States 12 Month Natural Gas
Fund, LP Units (the “Units”) may be purchased by an Authorized Purchaser. Units may be created only in blocks of 50,000 Units (each such block, a “Basket”). 

For purposes of these Initial Procedures, a “Business Day” is defined as any day other than a day when any of the NYSE Arca, the ICE
Futures Exchange (the “ICE”), or the New York Stock Exchange is closed for regular trading. 
 Baskets are issued pursuant to the
Prospectus, which will be delivered by the Marketing Agent to the Authorized Purchaser prior to its execution of the Authorized Purchaser Agreement, and are issued in accordance with the Authorized Purchaser Agreement. Baskets may be issued on any
Business Day by the Marketing Agent in exchange for cash and/or Treasuries, which the Custodian receives from the Authorized Purchaser on behalf of the Fund. 

Upon acceptance of the Authorized Purchaser Agreement, the Marketing Agent will assign a personal identification number (a “PIN
number”) to the Authorized Person authorized to act for the Authorized Purchaser. This will allow the Authorized Purchaser through its Authorized Person(s) to place the initial Purchase Order for Baskets. 

It is anticipated that on the effective date (the date the SEC declares the registration statement relating to the Fund effective), the
initial Authorized Purchaser will, though it is under no obligation to do so, purchase one or more Creations Baskets at a price per Unit of $50.00 It is expected the proceeds of that purchase will be invested on that day and that Fund’s initial
per unit net asset value will be established as of 4:00 p.m. New York City time that day. The Units are expected to begin trading on the day following the effective date. Units offered in Creation Baskets on any day after the effective date will be
offered at the per Unit asset value as of the earlier of 4:00 p.m. New York time or the close of trading on the NYSE. 
 Important Notes:

 Any Order is subject to rejection by the General Partner or the Marketing Agent, as agent of the General Partner, for the reasons set
forth in the Authorized Purchaser Agreement. 
 All Orders are subject to the provisions of the Partnership Agreement, the Prospectus and
the Authorized Purchaser Agreement relating to unclear or ambiguous instructions. 
 The Authorized Purchaser, and each distributor offering
and selling Units as part of the distribution of such Units, shall comply with applicable prospectus delivery and disclosure requirements of the 

  
 25 

 
1933 Act as well as the analogous requirements under the CEA, including, the requirement that prospective investors provide an acknowledgement of receipt of such disclosure materials prior to the
payment for any Units to the extent the foregoing relates to the Authorized Purchaser’s transactions in, and activities with respect to Units. 

CREATION PROCESS 
 An Order to
purchase one or more of the initial Baskets placed by the Authorized Purchaser with the Marketing Agent by 9:00 AM New York time (the “Order Cut-Off Time”) on a Business Day (such day, “CREATION T”) results in the transfer to the
Authorized Purchaser’s account at The Depository Trust Company (“DTC”) of Baskets the Authorized Purchaser has purchased by 12:00 PM New York time on CREATION T+0 if payment for such Baskets has been received by the Custodian prior to
that time: 
 CREATION PROCEDURES 

1. By the Order Cut-Off Time (the earlier of the close of regular trading on NYSE Arca or 9:00 AM New York time), an Authorized Person of the
Authorized Purchaser calls the Marketing Agent at (303) 623-2577 to notify such agent that the Authorized Purchaser wishes to place a Purchase Order to create an identified number of Baskets and to request that it be provided with an order
number (an “Order Number”). The Authorized Person provides a PIN number as identification. The Marketing Agent provides the Authorized Purchaser with an Order Number for the Authorized Purchaser’s Purchase Order Form. The Authorized
Purchaser then completes and faxes to the Marketing Agent the Purchase Order Form included as Exhibit B to the Authorized Purchaser Agreement. The Purchase Order Form must include the Authorized Person’s signature, the number of Baskets being
purchased, and the Order Number. 
 2. If the Marketing Agent has not received the Purchase Order Form from the Authorized Purchaser within
15 minutes after the Marketing Agent receives the phone call from the Authorized Purchaser referenced in item (1) above, the Marketing Agent places a phone call to the Authorized Purchaser to enquire about the status of the Order. If the
Authorized Purchaser does not fax the Purchase Order Form to the Marketing Agent within 15 minutes after the Marketing Agent’s phone call, the Authorized Purchaser’s Order is cancelled. The Marketing Agent will then notify the Authorized
Purchaser that the Order has been cancelled via telephone call. 
 3. By placing a Purchase Order, an Authorized Purchaser agrees to
(1) deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the Fund, and (2) if required by the General Partner in its sole discretion, enter into or arrange for a block trade, an exchange for physical or
exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable broker) with the Fund for the purchase of a number and type of futures contracts at the closing settlement price for such contracts on the
Purchase Order Date, as specified in the Purchase Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result in the cancellation of the order. If the Marketing Agent has received the Authorized Purchaser’s
Purchase Order Form on time in accordance with the preceding timing rules, then by 10:00 AM New York time the Marketing Agent returns to the Authorized Purchaser a copy of the Purchase Order Form submitted, marking it “Affirmed.” The
Marketing Agent shall also have completed Part II of the Purchase Order Form, which includes the specific number and type of futures contracts to be purchased at the closing settlement price on the Purchase Order Date. 

  
 26 

 4. Based on the Purchase Orders placed with it on CREATION T, the Marketing Agent sends a
facsimile to the Transfer Agent indicating the total number of creation Units and total amount of cash and/or Treasuries for which the Marketing Agent will require an allocation into the custodial accounts of, respectively, the Authorized
Purchaser and the Fund on CREATION T+0 once the Custodian confirms to the Transfer Agent that the payment for such Baskets in same day funds has been received by it from the Authorized Purchaser. If the Marketing Agent rejects a Purchase Order
pursuant to the Authorized Purchaser Agreement after the foregoing messages are given to the Custodian, the Marketing Agent will notify the Transfer Agent of such rejection as soon as practicable but, in any event, by 10:30 AM New York time the same
day, identifying the amount of cash and/or Treasuries contained in the rejected Purchase Order. The Transfer Agent will address any such rejection notifications received after 10:30 AM New York time only on a best efforts basis. 

  
 27 

 EXHIBIT B 

UNITED STATES 12 MONTH NATURAL GAS FUND, LP 

PURCHASE/REDEMPTION ORDER FORM 

CONTACT INFORMATION FOR ORDER EXECUTION: 
  

			
	 Telephone order number:
		 Telex Number

	 Facsimile number:
		 Business Number

  

ALL ITEMS IN PART I MUST BE COMPLETED BY AN AUTHORIZED PURCHASER. THE GENERAL PARTNER AND/OR THE MARKETING AGENT, IN THEIR
DISCRETION, MAY REJECT ANY ORDER NOT SUBMITTED IN COMPLETE FORM. 
  

	 I.
	 TO BE COMPLETED BY AUTHORIZED PURCHASER: 

  

			
	 Date:
		 Time:

	 Broker Name:
		 Firm Name:

	 NSCC Participant Number:
		 DTC Participant Number:

	 Telephone Number:
		 Telex Number:

	 Fax Number:
		

  

			
		
	 Type of Order (Check One)
		
		
	 Amount Created Units (50,000 Units)
		                     

		
	 Amount Written Out
		                     

		
	 Amount Redeemed Units (50,000 Units)
		                     

		
	 Amount Written Out:
		                     

		
	 Order #:
                                        

		

 Check One: 

                 Agree to purchase or arrange to
purchase futures contracts, exchange for swaps, exchange for physical or other over-the-counter transaction in amount and type or form specified in Part II by the Marketing Agent 

                     Agree to sell
or arrange to sell futures contracts, exchange for swaps, exchange for physical or other over-the-counter transaction in amount and type specified in Part II by Marketing Agent 

Authorized Person’s Signature
                                         
                                         
                                   

  
 28 

 Pursuant to Section 17 CFR 4.21(b), United States 12 Month Natural Gas Fund, LP may not
accept or receive funds, securities or other property from a prospective participant unless it first receives from the prospective participant the following acknowledgment: 

IN ADDITION TO THE PLACEMENT OF THE ORDER ABOVE, ON BEHALF OF THE AUTHORIZED PURCHASER AS A PROSPECTIVE PARTICIPANT OF THE UNITED STATES 12
MONTH NATURAL GAS FUND, LP, I HEREBY ACKNOWLEDGE AND AFFIRM THAT I HAVE RECEIVED THE PROSPECTUS FOR THE UNITED STATES 12 MONTH NATURAL GAS FUND, LP. 
  

			
	 By:
		
                             
                                         
          , an Authorized Person

		
	 Name:
		
                             
                                         
          

 TO BE COMPLETED BY ALPS DISTRIBUTORS, INC.: 

This certifies that the above order has been: 
  

							
	  
		 Accepted by the Marketing Agent (for purchase or redemption)

 

							
	  
		 Futures contracts to be              purchased
             sold:

  

							
			 Type:
                                         
       

							
		
			 Month/ Year (e.g., 12 month strip beginning N07 and ending O08):
                                         
           

  

							
			 Quantity:
                                         
       

  

							
			 Contracts:
                                         
       

		
			 Closing Settlement Price:
                                         
           

							
		
	  
		 Exchange for swaps, exchange for physical or other over-the-counter transaction entered into in form acceptable to United States 12 Month Natural
Gas Fund, LP

  

							
				
	  
		 Declined -
		 Reason:
		

  

											
	  
				  
				  
		
	Date				Time				Authorized Signature		

  
 29 

 EXHIBIT C 

UNITED STATES 12 MONTH NATURAL GAS FUND, LP 

FORM OF CERTIFIED AUTHORIZED PERSONS 

OF AUTHORIZED PURCHASER 
 The
following are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated by the United States 12 Month Natural Gas Fund, LP Authorized Purchaser
Agreement or any other notice, request or instruction on behalf of the Authorized Purchaser pursuant to the aforementioned agreement. 

Authorized Purchaser:
                                 

Name:
                                         
    
 Title:
                                         
    
 Signature:
                                         
    
 Name:
                                         
    
 Title:
                                         
    
 Signature:
                                         
    
 Name:
                                         
    
 Title:
                                         
    
 Signature:
                                         
    

  
 30 

 EXHIBIT D 

BBH Pricing Policies 

Futures, Forwards, Swaps, Options and Treasuries 

The pricing policies stated below are used for all BBH clients, including Mutual Fund Registered Investment Companies. These policies have
been audited by numerous accounting firms during annual fund audits. 
 Futures 

Futures traded on exchanges are valued using the closing settlement prices quoted on the relevant exchange and obtained from
pricing sources, typically Bloomberg or Reuters. 
 Forward Currency Contracts 

BBH obtains the WM Reuters London Close closing spot rates and the WM Reuters London Close forward point rates on a daily
basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. The forward is valued at the net of the present value and the spot rate. 

Swaps 

Swaps and other similar derivative or contractual type instruments are valued at a price provided by a single broker or dealer,
typically the counterparty. If no such price is available, the contract is valued at a price at which the counterparty to such contract would repurchase the instrument or terminate the contract. 

Options 
 Option contracts
on securities, currencies, indices, futures contracts, commodities and other instruments shall be valued at the last sale price on the exchange or market that is the Primary Market. If a contract did not trade on the Primary Market, it shall be
valued at the last sale price on another exchange or market where it did trade. If there is no such sale price, the value shall be the most recent bid quotation. 

Sale prices and bid quotations indicated above shall be supplied by a Pricing Service (Reuters, Bloomberg, IDC, etc.). If a Pricing Service is
not able to provide such sale prices or bid quotations, the value shall be determined by taking the mean between the bid and the asked quotations provided by a single broker or dealer, unless the broker or dealer can only provide a bid quotation, in
which case the value shall be such bid quotation. 
 Except as provided below, OTC currency options are valued by uploading the applicable
implied volatility rates from Reuters or Bloomberg. Other inputs are either uploaded (interest rates, spots) or are specified when the ticker symbols are set up (expiration date, strike). OTC currency options are then priced by using the
Garman-Kohlhagen modified Black-Scholes formula, which adjusts for a constant yield versus a fixed dividend. 
 Except as provided below,
OTC equity/index options are priced according to the contract specifications (days to expiration, current spot index level, interest rates, dividends, strike price) 

 
using the Black-Scholes pricing model, modified for dividends. The volatility input assumption is interpolated from the previous day’s price. 

US Treasuries 
 BBH uses
an evaluated bid supplied by IDC for treasury prices. 

  
 2 

 EXHIBIT E 

UNITED STATES 12 MONTH NATURAL GAS FUND, LP 

OFFICER’S CERTIFICATE 
 The
undersigned, a duly authorized officer of United States Commodity Funds LLC, a Delaware limited liability company (the “General Partner”), and pursuant to Section 13(d) of the United States 12 Month Natural Gas Fund, LP Authorized
Purchaser Agreement (the “Agreement”), dated as of [                    ] by and between the General Partner and
[                    ] (“the Authorized Purchaser”), hereby certifies that: 

1. Each of the following representations and warranties of the General Partner is true and correct in all material respects as of the date
hereof: 
 (a) the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; the Registration Statement complies in all material respects with the requirements of the 1933 Act and the Prospectus
complies in all material respects with the requirements of the 1933 Act and any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement have been so described or filed; the conditions to the use of Form S-1 or S-3, if applicable, have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading and the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the General Partner makes no warranty or representation with respect to any statement contained in the Registration
Statement or any Prospectus in reliance upon and in conformity with information concerning the Authorized Purchaser and furnished in writing by or on behalf of the Authorized Purchaser to the General Partner expressly for use in the Registration
Statement or such Prospectus; and neither the General Partner nor any person known to the General Partner acting on behalf of the Fund has distributed nor will distribute any offering material other than the Registration Statement or the Prospectus;

 (b) the Fund has been duly formed and is validly existing as an investment fund under the laws of the State of Delaware, as described in
the Registration Statement and the Prospectus, and as described in the Prospectus, the Marketing Agent is authorized to issue and deliver the Baskets to the Authorized Purchaser; 

(c) the General Partner has been duly organized and is validly existing as a limited liability company in good standing under the laws of the
State of Delaware, with full power and authority to conduct its business as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement; 

  
 3 

 (d) the General Partner is duly qualified and is in good standing in each jurisdiction where the
conduct of its business requires such qualification; and the Fund is not required to so qualify in any jurisdiction; 
 (e) the outstanding
Units have been duly and validly issued and are fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 

(f) the Units conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus and the
holders of the Units will not be subject to personal liability by reason of being such holders; 
 (g) this Agreement has been duly
authorized, executed and delivered by the General Partner and constitutes the valid and binding obligations of the General Partner, enforceable against the General Partner in accordance with its terms; 

(h) the General Partner is not in breach or violation of or in default under (nor has any event occurred which with notice, lapse of time or
both would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of
such indebtedness under) its constitutive documents, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the General
Partner is a party or by which any of them or any of their properties may be bound or affected, and the execution, delivery and performance of this Agreement, the issuance and sale of Units to the Authorized Purchaser hereunder and the consummation
of the transactions contemplated hereby does not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both would result in any breach or violation of or
constitute a default under), respectively, the amended and restated limited liability company agreement of the General Partner, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any
license, lease, contract or other agreement or instrument to which the General Partner is a party or by which, respectively, the General Partner or any of its properties may be bound or affected, or any federal, state, local or foreign law,
regulation or rule or any decree, judgment or order applicable to the General Partner or the Fund; 
 (i) no approval, authorization,
consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of Creation Baskets to the Authorized Purchaser
hereunder or the consummation by the General Partner or the Fund of the transactions contemplated hereunder other than registration of the Units under the 1933 Act and the filing of the Prospectus with the National Futures Association, which has
been effected, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Units are being offered or under the rules and regulations of NYSE Arca, Inc. (“NYSE Arca”); 

(j) except as set forth in the Registration Statement and the Prospectus (i) no person has the right, contractual or otherwise, to cause
the Fund to issue or sell to it any Units or other equity 

  
 4 

 
interests of the Fund, and (ii) no person has the right to act as an underwriter or as a financial advisor to the Fund in connection with the offer and sale of the Units, in the case of each
of the foregoing clauses (i), and (ii), whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; no person has the right, contractual or otherwise, to cause the
General Partner on behalf of the Fund or the Fund to register under the 1933 Act any other equity interests of the Fund, or to include any such shares or interests in the Registration Statement or the offering contemplated thereby, whether as a
result of the filing or effectiveness of the Registration Statement or the sale of the Units as contemplated thereby or otherwise; 
 (k)
each of the General Partner and the Fund has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all
necessary authorizations, consents and approvals from other persons, in order to conduct its respective business; the General Partner is not in violation of, or in default under, or has not received notice of any proceedings relating to revocation
or modification of, any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the General Partner; 

(l) all legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts, licenses, agreements, leases or
documents of a character required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed as required; 

(m) except as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings
pending or threatened or contemplated to which the General Partner or the Fund, or any of the General Partner’s directors or officers, is or would be a party or of which any of their respective properties are or would be subject at law or in
equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency; 
 (n)
Spicer Jeffries LLP, whose report on the audited financial statements of the Fund is filed with the SEC as part of the Registration Statement and the Prospectus, are independent public accountants as required by the 1933 Act; 

(o) the audited financial statement(s) included in the Prospectus, together with the related notes and schedules, presents fairly the
financial position of the Fund as of the date indicated and has been prepared in compliance with the requirements of the 1933 Act and in conformity with generally accepted accounting principles; there are no financial statements (historical or pro
forma) that are required to be included in the Registration Statement and the Prospectus that are not included as required; and the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet
obligations), not disclosed in the Registration Statement and the Prospectus; 
 (p) subsequent to the respective dates as of which
information is given in the Registration Statement and the Prospectus, there has not been (i) any material adverse change, (ii) any transaction which is material to the General Partner or the Fund taken as a whole, (iii) any

  
 5 

 
obligation, direct or contingent (including any off-balance sheet obligations), incurred by the General Partner or the Fund, which is material to the Fund, (iv) any change in the Units
purchased by the Authorized Purchaser or outstanding indebtedness of the General Partner or the Fund or (v) any dividend or distribution of any kind declared, paid or made on such Units; 

(q) the Fund is not and, after giving effect to the offering and sale of the Units, will not be an “investment company” or an entity
“controlled” by an “investment company,” as such terms are defined in the Investment Company Act; 
 (r) except as set
forth in the Registration Statement and the Prospectus, the General Partner and the Fund own, or have obtained valid and enforceable licenses for, or other rights to use, the inventions, patent applications, patents, trademarks (both registered and
unregistered), tradenames, copyrights, trade secrets and other proprietary information described in the Registration Statement and the Prospectus as being owned or licensed by them or which are necessary for the conduct of their respective
businesses, (collectively, “Intellectual Property”); 
 (i) to the knowledge of the General Partner or the Fund, there are no
third parties who have or will be able to establish rights to any Intellectual Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the General Partner or the Fund; 

(ii) to the knowledge of the General Partner or the Fund, there is no infringement by third parties of any Intellectual Property; 

(iii) there is no pending or, to the knowledge of the General Partner or the Fund, threatened action, suit, proceeding or claim by others
challenging the General Partner or the Fund’s rights in or to any Intellectual Property, and the General Partner and the Fund are unaware of any facts which could form a reasonable basis for any such claim; 

(iv) there is no pending or, to the knowledge of the General Partner or the Fund, threatened action, suit, proceeding or claim by others
challenging the validity or scope of any Intellectual Property as to which the General Partner and the Fund have no knowledge of any such pending or threatened claims, and the General Partner and the Fund are unaware of any facts which could form a
reasonable basis for any such claim; 
 (v) there is no pending or, to the knowledge of the General Partner or the Fund, threatened action,
suit, proceeding or claim by others that the General Partner or the Fund infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the General Partner and the Fund are unaware of any
facts which could form a reasonable basis for any such claim; and 
 (vi) to the knowledge of the General Partner or the Fund, there is no
patent or patent application that contains claims that interfere with the issued or pending claims of any of the Intellectual Property; and 

(s) all tax returns required to be filed by the General Partner have been filed, and all taxes and other assessments of a similar nature
(whether imposed directly or through withholding) 

  
 6 

 
including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid; and no tax returns or tax payments are due with respect to the
Fund as of the date of this Agreement; 
 (t) the General Partner has not sent or received any communication regarding termination of, or
intent not to renew, any of the contracts or agreements referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the General Partner or any other party to any
such contract or agreement; 
 (u) on behalf of the Fund, the General Partner has established and maintains disclosure controls and
procedures (as such term is defined in Rule 13a-14 and 15d-14 under the Exchange Act, giving effect to the rules and regulations, and SEC staff interpretations (whether or not public), thereunder)); such disclosure controls and procedures are
designed to ensure that material information relating to the Fund, is made known to the General Partner, and such disclosure controls and procedures are effective to perform the functions for which they were established; on behalf of the Fund, the
General Partner has been advised of: (i) any significant deficiencies in the design or operation of internal controls which could adversely affect the Fund’s ability to record, process, summarize, and report financial data; and
(ii) any fraud, whether or not material, that involves management or other employees who have a role in the Fund’s internal controls; any material weaknesses in internal controls have been identified for the Fund’s auditors; 

(w) any statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources
that the General Partner believes to be reliable and accurate, and the General Partner has obtained the written consent to the use of such data from such sources to the extent required; and 

(x) neither the General Partner, nor any of the General Partner’s directors, members, officers, affiliates or controlling persons has
taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security or asset of the
Fund to facilitate the sale or resale of the Units. 
 For purposes hereof, the term “ Registration Statement” shall mean the
Registration Statement as amended or supplemented from time to time to the date hereof, the term “Preliminary Prospectus” shall mean the preliminary prospectus dated
                    , relating to the Units and any other prospectus dated prior to effectiveness of the Registration Statement relating to
the Units, and the term “Prospectus” shall mean the Prospectus as amended or supplemented from time to time to the date hereof. 

2. Each of the obligations of the General Partner to be performed by it on or before the date hereof pursuant to the terms of the Agreement,
and each of the provisions thereof to be complied with by the General Partner on or before the date hereof, has been duly performed and complied with in all material respects. Capitalized terms used, but not defined herein shall have the meanings
assigned to such terms in the Agreement. 

  
 7 

 IN WITNESS WHEREOF, I have hereunto, on behalf of the General Partner, subscribed my name this
            day of                    . 

 

					
					
By:                      
                                

					 Name:

					 Title:

 I,
[                    ], in my capacity as Secretary, hereby certify that
[                    ] is the duly elected President of the General Partner, and that the signature set forth immediately above is his genuine
signature. 
 IN WITNESS WHEREOF, I have hereunto set my hand as of the date first set forth above. 

 

					
					
By:                      
                                

					 Name:

					 Title: Secretary

  
 8

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