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<![CDATA[FORM OF THIRD AMENDMENT & RESTATED DECLARATION OF TRUST & TRUST AGREEMENT ]]>

 Exhibit 4.1 
 THIRD AMENDED AND RESTATED 
 DECLARATION OF TRUST 

AND 

TRUST AGREEMENT 
 OF 
 BNP PARIBAS EXCHANGE TRADED TRUST 

Dated as of [-], 2012 
 By and Between 
 BNP PARIBAS QUANTITATIVE STRATEGIES, LLC 

and 

WILMINGTON TRUST COMPANY 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS; THE TRUST	  
			
	 SECTION 1.1
	 	 Definitions
	  	 	1	  
	 SECTION 1.2
	 	 Name
	  	 	9	  
	 SECTION 1.3
	 	 Delaware Trustee; Business Offices
	  	 	9	  
	 SECTION 1.4
	 	 Declaration of Trust
	  	 	9	  
	 SECTION 1.5
	 	 Purposes and Powers
	  	 	10	  
	 SECTION 1.6
	 	 Tax Treatment
	  	 	10	  
	 SECTION 1.7
	 	 Legal Title
	  	 	11	  
	 SECTION 1.8
	 	 Series Trust
	  	 	11	  
	 SECTION 1.9
	 	 Commencement of Business
	  	 	11	  
	 SECTION 1.10
	 	 Officers of the Trust
	  	 	11	  
	
	ARTICLE II	  
	
	THE TRUSTEE	  
			
	 SECTION 2.1
	 	 Term; Resignation
	  	 	12	  
	 SECTION 2.2
	 	 Powers
	  	 	12	  
	 SECTION 2.3
	 	 Compensation and Expenses of the Trustee
	  	 	12	  
	 SECTION 2.4
	 	 Indemnification
	  	 	13	  
	 SECTION 2.5
	 	 Successor Trustee
	  	 	13	  
	 SECTION 2.6
	 	 Liability of Trustee
	  	 	14	  
	 SECTION 2.7
	 	 Reliance; Advice of Counsel
	  	 	15	  
	 SECTION 2.8
	 	 Payments to the Trustee
	  	 	15	  
	
	ARTICLE III	  
	
	UNITS; CREATION BASKETS	  
			
	 SECTION 3.1
	 	 General
	  	 	16	  
	 SECTION 3.2
	 	 Establishment of Series, or Funds, of the Trust
	  	 	17	  
	 SECTION 3.3
	 	 Establishment of Classes and Sub-Classes
	  	 	17	  
	 SECTION 3.4
	 	 Offer of Units; Procedures for Creation and Issuance of Creation Baskets
	  	 	17	  
	 SECTION 3.5
	 	 Book-Entry-Only System, Fund Global Securities
	  	 	19	  
	 SECTION 3.6
	 	 Assets
	  	 	22	  
	 SECTION 3.7
	 	 Distributions
	  	 	22	  
	 SECTION 3.8
	 	 Liabilities of the Funds
	  	 	22	  
	 SECTION 3.9
	 	 Distributions to Classes of Units
	  	 	24	  
	 SECTION 3.10
	 	 Equality
	  	 	25	  

  
 i 

							
	ARTICLE IV	  
	
	THE MANAGING OWNER	  
			
	 SECTION 4.1
	 	 Management of the Trust and the Funds
	  	 	25	  
	 SECTION 4.2
	 	 Authority of Managing Owner
	  	 	25	  
	 SECTION 4.3
	 	 Obligations of the Managing Owner
	  	 	26	  
	 SECTION 4.4
	 	 General Prohibitions
	  	 	29	  
	 SECTION 4.5
	 	 Liability of Covered Persons
	  	 	30	  
	 SECTION 4.6
	 	 Fiduciary Duty
	  	 	30	  
	 SECTION 4.7
	 	 Indemnification of the Managing Owner
	  	 	32	  
	 SECTION 4.8
	 	 Expenses and Limitations Thereon
	  	 	33	  
	 SECTION 4.9
	 	 Compensation of the Managing Owner
	  	 	35	  
	 SECTION 4.10
	 	 Other Business of Unitholders
	  	 	35	  
	 SECTION 4.11
	 	 Voluntary Withdrawal of the Managing Owner
	  	 	35	  
	 SECTION 4.12
	 	 Authorization of Acts Described in a Registration Statement
	  	 	35	  
	 SECTION 4.13
	 	 Litigation
	  	 	36	  
	
	ARTICLE V	  
	
	TRANSFERS OF UNITS	  
			
	 SECTION 5.1
	 	 General Prohibition
	  	 	36	  
	 SECTION 5.2
	 	 Transfer of Managing Owner’s Units
	  	 	36	  
	 SECTION 5.3
	 	 Transfer of Units by Limited Owners
	  	 	37	  
	
	ARTICLE VI	  
	
	ALLOCATIONS AND DISTRIBUTIONS	  
			
	 SECTION 6.1
	 	 Capital Accounts
	  	 	37	  
	 SECTION 6.2
	 	 Periodic Closing of Books
	  	 	38	  
	 SECTION 6.3
	 	 Periodic Allocations
	  	 	38	  
	 SECTION 6.4
	 	 Code Section 754 Adjustments
	  	 	39	  
	 SECTION 6.5
	 	 Allocation of Profit and Loss for U.S. Federal Income Tax Purposes
	  	 	39	  
	 SECTION 6.6
	 	 Effect of Section 754 Election
	  	 	40	  
	 SECTION 6.7
	 	 Allocation of Distributions
	  	 	40	  
	 SECTION 6.8
	 	 Admissions of Unitholders; Transfers
	  	 	40	  
	 SECTION 6.9
	 	 Liability for State and Local and Other Taxes
	  	 	41	  
	 SECTION 6.10
	 	 Consent to Methods
	  	 	41	  
	
	ARTICLE VII	  
	
	REDEMPTIONS	  
			
	 SECTION 7.1
	 	 Redemption of Redemption Baskets
	  	 	41	  
	 SECTION 7.2
	 	 Other Redemption Procedures
	  	 	43	  

  
 ii 

					
	ARTICLE VIII
	
	THE LIMITED OWNERS
			
	 SECTION 8.1
	 	 No Management or Control; Limited Liability; Exercise of Rights through DTC
	  	 43

	 SECTION 8.2
	 	 Rights and Duties
	  	 44

	 SECTION 8.3
	 	 Limitation of Liability
	  	 44

	
	ARTICLE IX
	
	BOOKS OF ACCOUNT AND REPORTS
			
	 SECTION 9.1
	 	 Books of Account
	  	 45

	 SECTION 9.2
	 	 Annual Reports, Monthly Statements and Periodic Reports
	  	 45

	 SECTION 9.3
	 	 Tax Information
	  	 46

	 SECTION 9.4
	 	 Calculation of Net Asset Value
	  	 46

	 SECTION 9.5
	 	 Maintenance of Records
	  	 46

	
	ARTICLE X
	
	FISCAL YEAR; TAX YEAR
			
	 SECTION 10.1
	 	 Fiscal Year
	  	 46

	 SECTION 10.2
	 	 Tax Year
	  	 46

	
	ARTICLE XI
	
	AMENDMENT OF TRUST AGREEMENT; MEETINGS
			
	 SECTION 11.1
	 	 Amendments to the Trust Agreement
	  	 47

	 SECTION 11.2
	 	 Meetings of the Trust
	  	 48

	 SECTION 11.3
	 	 Action Without a Meeting
	  	 49

	 SECTION 11.4
	 	 Record Dates
	  	 49

	 SECTION 11.5
	 	 Voting Powers
	  	 50

	 SECTION 11.6
	 	 Adjourned Meeting; Notice
	  	 50

	 SECTION 11.7
	 	 Voting Procedure
	  	 51

	 SECTION 11.8
	 	 Quorum And Required Vote
	  	 51

	
	ARTICLE XII
	
	TERM
			
	 SECTION 12.1
	 	 Term
	  	 51

	
	ARTICLE XIII
	
	TERMINATION
			
	 SECTION 13.1
	 	 Events Requiring Dissolution of the Trust or any Fund
	  	 51

	 SECTION 13.2
	 	 Distributions on Dissolution
	  	 53

	 SECTION 13.3
	 	 Termination; Certificate of Cancellation
	  	 53

  
 iii

							
	
	ARTICLE XIV	  
	
	MISCELLANEOUS	  
			
	 SECTION 14.1
	 	 Governing Law
	  	 	54	  
	 SECTION 14.2
	 	 Provisions In Conflict With Law or Regulations
	  	 	54	  
	 SECTION 14.3
	 	 Merger and Consolidation
	  	 	55	  
	 SECTION 14.4
	 	 Construction
	  	 	55	  
	 SECTION 14.5
	 	 Notices
	  	 	55	  
	 SECTION 14.6
	 	 Counterparts
	  	 	55	  
	 SECTION 14.7
	 	 Binding Nature of Trust Agreement
	  	 	55	  
	 SECTION 14.8
	 	 No Legal Title to Trust Estate
	  	 	56	  
	 SECTION 14.9
	 	 Creditors
	  	 	56	  
	 SECTION 14.10
	 	 Integration
	  	 	56	  
	 SECTION 14.11
	 	 Goodwill; Use of Name
	  	 	56	  

  

					
	 EXHIBIT A
	  			
	 Description of the Indexes
	  	 	A-1	  
	 EXHIBIT B
	  			
	 Form of Global Certificate
	  	 	B-1	  
	 EXHIBIT C
	  			
	 Form of Participant Agreement
	  	 	C-1	  
	 EXHIBIT D
	  			
	 Form of Initial Purchaser Agreement
	  	 	D-1	  
	 SCHEDULE A
	  			
	 Certificate of Trust and Certificates of Amendment to Certificate of Trust
	  	 	SCH. A-1	  

  

  
 iv 

 BNP PARIBAS EXCHANGE TRADED TRUST 

THIRD AMENDED AND RESTATED 
 DECLARATION OF TRUST 
 AND TRUST AGREEMENT 

This THIRD AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT of BNP Paribas Exchange Traded Trust is made and entered into as
of the [-] day of [-], 2011, by and between BNP Paribas Quantitative Strategies, LLC, a Delaware limited liability company, and Wilmington Trust Company, a Delaware trust company, as trustee. 

*        *        * 

RECITALS 
 WHEREAS, the Trust was formed on April 30, 2010 pursuant to the execution and filing with the Secretary of State of the State of Delaware by the Trustee of the Certificate of Trust on April 30,
2010 and the execution and delivery by each of the Trustee and the Managing Owner of a Declaration of Trust and Trust Agreement dated as of April 30, 2010 (as amended on May 13, 2011, collectively, the “Original
Agreement”); 
 WHEREAS, currently, there are and have not been any Limited Owners; 

WHEREAS, the Managing Owner and the Trustee entered into a Second Amended and Restated Declaration of Trust and Trust
Agreement dated as of June 29, 2011 (as amended from time to time, the “Existing Agreement”) to amend and restate the Original Agreement; 

WHEREAS, the Trustee and the Managing Owner desire to amend and restate the Existing Agreement to make the amendments
effectuated hereby; 
 NOW, THEREFORE, pursuant to Section 8 of the Existing Agreement, the Trustee and
the Managing Owner hereby amend and restate the Existing Agreement in its entirety as set forth below. 
 ARTICLE I

 DEFINITIONS; THE TRUST 
 SECTION 1.1            Definitions. As used in this Trust Agreement, the following terms shall have the following meanings unless the
context otherwise requires: 
 “Adjusted Capital Account” means, for each Fund, as of the last
day of a taxable period, a Unitholder’s Capital Account as maintained pursuant to Section 6.1, increased by any amounts which such Unitholder is obligated to restore pursuant to any provision of this Trust

 
Agreement or is deemed to be obligated to restore pursuant to Treasury Regulation Section 1.704-2 and decreased by the amount of all losses and deductions that, as of the end of the taxable
period, are reasonably expected to be allocated to such Unitholder in subsequent years under Sections 704(e)(2) and 706(d) of the Code and the amount of all distributions that, as of the end of such taxable period, are reasonably expected to be made
to such Unitholder in subsequent years in accordance with the terms of this Trust Agreement or otherwise to the extent they exceed offsetting increases to such Capital Account that are reasonably expected to occur during or prior to the year in
which such distributions are reasonably expected to be made. The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith. 
 “Adjusted Property” means any property the adjusted basis of which
has been adjusted pursuant to Sections 6.1(a) and (b). 
 “Administrator” means any Person from
time to time engaged to perform administrative services for the Trust and each Fund pursuant to authority delegated by the Managing Owner. 
 “Affiliate” – An “Affiliate” of a Person means (i) any Person directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding
voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such Person, (iii) any Person, directly or indirectly,
controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member, manager or partner, any
Person for which such Person acts in any such capacity. 
 “Alternative Financial Instruments”
shall have the meaning set forth in the Prospectus of each Fund. 
 “Applicable Series” shall
have the meaning assigned thereto in Section 3.8(b)(i). 
 “Basket” means a Creation
Basket or a Redemption Basket, as the context may require. 
 “Beneficial Owners” shall have
the meaning assigned to such term in Section 3.5(d). 
 “Book-Tax Disparity” means with
respect to any item of Adjusted Property, as of the date of any determination, the difference between the adjusted value of such property and the adjusted basis thereof for U.S. federal income tax purposes as of such date. For each Fund, a
Unitholder’s portion of such Fund’s Book-Tax Disparities in all of its Adjusted Property will be reflected by the difference between such Unitholder’s Capital Account balance as maintained pursuant to Section 6.1 and the
hypothetical balance of such Unitholder’s Capital Account computed as if it had been maintained strictly in accordance with U.S. federal income tax accounting principles. 

“Brokerage Commissions and Fees” shall have the meaning assigned thereto in Section 4.8(b).

 “Business Day” shall have the meaning set forth in the Prospectus of each Fund. 

  
 2 

 “Capital Account” means the capital account maintained for
a Unitholder pursuant to Section 6.1. 
 “Capital Contributions” means the amounts of cash
contributed and agreed to be contributed to any Fund by any Participant or by the Managing Owner, as applicable, in accordance with Article III hereof. 
 “Cash Instruments” shall have the meaning set forth in the Prospectus of each Fund. 
 “CE Act” means the Commodity Exchange Act, as amended. 
 “Certificate of Trust” means the Certificate of Trust of the Trust, including all amendments thereto, in the form attached to Schedule A hereto, filed with the Secretary of State of the
State of Delaware pursuant to Section 3810 of the Delaware Trust Statute. 
 “CFTC” means
the Commodity Futures Trading Commission. 
 “Claims” shall have the meaning assigned thereto
in Section 3.8(a)(i). 
 “Cleared Swaps” shall have the meaning set forth in the
Prospectus of each Fund. 
 “Code” means the Internal Revenue Code of 1986, as amended.

 “Commodity Broker” means any person who engages in the business of effecting transactions in
Designated Contracts, Cleared Swaps, Substitute Contracts, or Alternative Financial Instruments, as applicable, for the account of others or for his or her own account. 

“Conflicting Provisions” shall have the meaning assigned thereto in Section 14.2(a). 

“Corporate Trust Office” means the principal office at which at any particular time the corporate trust
business of the Trustee is administered, which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001. 

“Covered Person” means the Managing Owner and its respective Affiliates. 

“Creation Basket” means the minimum number of Units of a Fund that may be created at any one time, which
shall be 40,000 or such greater or lesser number as the Managing Owner may determine from time to time for each Fund. 
 “Creation Basket Capital Contribution” of a Fund means a Capital Contribution made by a Participant in connection with a Purchase Order Subscription Agreement and the
creation of a Creation Basket in an amount equal to the product obtained by multiplying (i) the number of Creation Baskets set forth in the relevant Purchase Order Subscription Agreement by (ii) the Net Asset Value per Basket of a Fund as
of the close of the NYSE Arca Core Trading Session or the last to close of the exchanges on which a Fund’s Designated Contracts or Substitute Contracts are traded, whichever is later, on the Purchase Order Subscription Date. 

  
 3 

 “Custodian” means any Person from time to time engaged to
perform custodial services for the Trust and each of the Funds pursuant to authority delegated by the Managing Owner. 
 “Delaware Trust Statute” means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time.

 “Depository” means The Depository Trust Company, New York, New York, or such other
depository of Units as may be selected by the Managing Owner as specified herein. 
 “Depository
Agreement” means the Blanket Issuer Letter of Representations relating to each Fund from the Managing Owner to the Depository, as the same may be amended or supplemented from time to time. 

“Designated Contracts” shall have the meaning set forth in the Prospectus of each Fund. 

“Direct Participants” shall have the meaning assigned to such term in Section 3.5(c). 

“DTC” shall have the meaning assigned thereto in the legend contained in Section 3.5(b).

 “DTCC” shall have the meaning assigned to such term in Section 3.5(c). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Event of Withdrawal” shall have the meaning set forth in Section 13.1(a) hereof. 

“Exchange” means NYSE Arca, or, if the Units of any Fund shall cease to be listed on NYSE Arca and are
listed on one or more other exchanges, the exchange on which the Units of such Fund are principally traded, as determined by the Managing Owner. 
 “Expenses” shall have the meaning assigned to such term in Section 2.4. 
 “Fiscal Year” shall have the meaning set forth in Article X hereof. 
 “Fund” means a Fund established and designated as a series of the Trust as provided in Section 3.2(a). 

“Fund Portfolio” shall have the meaning set forth in the Prospectus of each Fund. 

“Global Security” means the global certificate for each Fund issued to the Depository as provided in the
Depository Agreement, each of which shall be in substantially the form attached hereto as Exhibit B. 

“Indemnified Parties” shall have the meaning assigned thereto in Section 2.4. 

“Index” or “Indexes” means the Index that each Fund is designed to track (or,
collectively, the Indexes) as more fully described in Exhibit A hereto, as it may be amended from time to time. 

  
 4 

 “Indirect Participants” shall have the meaning assigned
thereto in Section 3.5(c). 
 “Initial Purchaser” means BNP Paribas Securities Corp.

 “Initial Purchaser Agreement” means an agreement among the Trust, the Managing Owner and the
Initial Purchaser, substantially in the form of Exhibit D hereto, as it may be amended from time to time in accordance with its terms. 
 “Instruments” means, as applicable, positions in Designated Contracts, Cleared Swaps, Substitute Contracts, Alternative Financial Instruments, foreign exchange positions and traded
physical commodities, as well as cash commodities resulting from any of the foregoing positions. 

“Internal Revenue Service” or “IRS” means the U.S. Internal Revenue Service or any
successor thereto. 
 “Limited Owner” means any person or entity who is or becomes a Beneficial
Owner of Units of a Fund other than the Managing Owner. 
 “Liquidating Trustee” shall have the
meaning assigned thereto in Section 13.2. 
 “Losses” means, in respect of each Tax Year
of a Fund, losses of such Fund as determined for U.S. federal income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof. 

“Management Fee” shall have the meaning assigned thereto in Section 4.9. 

“Managing Owner” means BNP Quantitative Strategies, LLC, or any substitute therefor as provided herein,
or any successor thereto by merger or operation of law. 
 “Margin Call” means a demand for
additional funds after the initial good faith deposit required to maintain a customer’s account in compliance with the requirements of a particular commodity exchange or of a commodity broker. 

“Marketing Agent” means any Person from time to time engaged to provide distribution services or related
services to the Trust and each of the Funds pursuant to authority delegated by the Managing Owner. 

“Net Asset Value of a Fund” means the total assets of the Trust Estate of a Fund including, but not
limited to, all cash and cash equivalents or other debt securities less total liabilities of such Fund, each determined on the basis of generally accepted accounting principles. In particular, Net Asset Value includes any unrealized profit or loss
on Cleared Swaps, Alternative Financial Instruments (if any) and any other credit or debit accruing to such Fund but unpaid or not received by such Fund. All open futures contracts traded on a U.S. or non-U.S. exchange will be calculated at their
then current market value, which will be based upon the settlement price for that particular futures contract traded on the applicable U.S. or non-U.S. exchange on the date with respect to which Net Asset Value is being determined; provided, that if
a futures contract traded on a U.S. or non-U.S. exchange could not be liquidated on such 

  
 5 

 
day, due to the operation of daily limits (if applicable) or other rules of the exchange upon which that position is traded or otherwise, the settlement price on the most recent day on which the
position could have been liquidated will be the basis for determining the market value of such position for such day. The Managing Owner may in its discretion (and under extraordinary circumstances, including, but not limited to, periods during
which a settlement price of a futures contract is not available due to exchange limit orders or force majeure type events such as systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption
or any similar intervening circumstance) value any asset of the Fund pursuant to such other principles as the Managing Owner deems fair and equitable so long as such principles are consistent with normal industry standards. Interest earned on each
Fund’s commodity brokerage accounts is expected to accrue at least monthly. The amount of any distribution will be a liability of each Fund from the day when the distribution is declared until it is paid. 

The value of Cleared Swaps shall be determined based on the value of the Designated Contract underlying the Index
Commodity in connection with each specific Cleared Swap. 
 In calculating the Net Asset Value of each Fund, the
settlement value of a Cleared Swap (if any) and an Alternative Financial Instrument (if any) shall be determined by either applying the then-current disseminated value for the Designated Contracts or the terms as provided under the applicable
Cleared Swaps or Alternative Financial Instrument, as applicable. However, in the event that the Designated Contracts are not trading due to the operation of daily limits or otherwise, the Managing Owner may in its sole discretion choose to value
the particular Fund’s Cleared Swaps or Alternative Financial Instruments (if any) on a fair value basis in order to calculate the Fund’s Net Asset Value. 

“Net Asset Value Per Unit of a Fund” means the Net Asset Value of a Fund divided by the number of Units
of such Fund outstanding on the date of calculation. 
 “NFA” means the National Futures
Association. 
 “NYSE Arca” means NYSE Arca, Inc. 

“NYSE Arca Core Trading Session” shall have the meaning set forth in the Prospectus of each Fund.

 “Organization and Initial Offering Expenses; Continuous Offering Fees and Expenses” shall
have the meaning assigned thereto in Section 4.8(a)(iii). 
 “Participant” means a Person
(1) that is a registered broker dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker dealer to engage in securities transactions, (2) is a Direct
Participant, and (3) has entered into a Participant Agreement which, at the relevant time, is in full force and effect. 
 “Participant Agreement” means an agreement among a Fund, the Managing Owner and a Participant, substantially in the form of Exhibit C hereto, as it may be amended or supplemented
from time to time in accordance with its terms. 

  
 6 

 “Percentage Interest” shall be a fraction, the numerator of
which is the number of the Unitholder’s Units of a Fund and the denominator of which is the total number of Units of such Fund outstanding as of the date of determination. 

“Person” means any natural person, partnership, limited liability company, statutory trust, corporation,
association, or other legal entity. 
 “Pit Brokerage Fee” shall include floor brokerage,
clearing fees, NFA fees and exchange fees. 
 “Profits” means, in respect of each Tax Year of a
Fund, profits of such Fund as determined for U.S. federal income tax purposes, and each item of income, gain, loss or deduction entering into the computation thereof. 

“Prospectus” means the final prospectus and disclosure document of a Fund, constituting a part of a
Registration Statement, as filed with the SEC and declared effective thereby, or becoming automatically effective, as the same may at any time and from time to time be amended or supplemented. 

“Purchase Order Subscription Agreement” shall have the meaning assigned thereto in
Section 3.4(a)(i). 
 “Purchase Order Subscription Date” shall have the meaning assigned
thereto in Section 3.4(a)(i). 
 “Pyramiding” means the use of unrealized profits on
existing Instruments to provide margin for additional Instruments positions of the same or related Instrument. 

“Reconstituted Trust” shall have the meaning assigned thereto in Section 13.1(a). 

“Redemption Basket” means the minimum number of Units that may be redeemed pursuant to Section 7.1,
which shall be the number of Units constituting a Creation Basket on the relevant Redemption Order Date. 

“Redemption Distribution” means the cash delivered in satisfaction of a redemption of a Redemption
Basket in accordance with Section 7.1(c). 
 “Redemption Order” shall have the meaning
assigned thereto in Section 7.1(a). 
 “Redemption Order Date” shall have the meaning
assigned thereto in Section 7.1(b). 
 “Redemption Settlement Time” shall have the meaning
assigned thereto in Section 7.1(d). 
 “Registration Statement” means a registration
statement on Form S-1, or any other form, as applicable, as it may be amended from time to time, filed with the SEC pursuant to which a Fund registered its Units, as the same may at any time and from time to time be further amended or supplemented.

  
 7 

 “Routine Operational, Administrative and Other Ordinary Fees and
Expenses” shall have the meaning assigned thereto in Section 4.8(c). 
 “SEC”
means the U.S. Securities and Exchange Commission. 
 “Subscribing Participant” means a
Participant who has submitted a Purchase Order Subscription Agreement to create one or more Units that has not yet been filled or accepted by the Managing Owner. 

“Subordinated Claims” shall have the meaning assigned thereto in Section 3.8(b)(i). 

“Substitute Contracts” shall have the meaning set forth in the Prospectus of each Fund. 

“Tax Matters Partner” shall have the meaning assigned thereto in Section 1.6(b). 

“Tax Year” shall have the meaning assigned thereto in Article X hereof. 

“Transaction Fee” shall have the meaning assigned to such term in Section 3.4(e). 

“Transfer Agent” means any Person from time to time engaged to perform services as a transfer agent for
the Trust pursuant to authority delegated by the Managing Owner. 
 “Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other
successor Treasury Regulations. 
 “Trust” means BNP Paribas Exchange Traded Trust, a Delaware
statutory trust formed in separate series pursuant to the Certificate of Trust, the business and affairs of which are governed by this Trust Agreement. 
 “Trust Agreement” means this Third Amended and Restated Declaration of Trust and Trust Agreement, as it may at any time or from time to time be amended. 

“Trust Estate” means, with respect to a Fund, any cash, futures (including Designated Contracts and
Substitute Contracts), forward and option contracts, Cleared Swaps and Alternative Financial Instruments, all funds on deposit in a Fund’s accounts, and any other property held by such Fund, and all proceeds therefrom, including any rights of
such Fund pursuant to any other agreements to which such Fund is a party. 
 “Trustee” means
Wilmington Trust Company or any substitute therefor as provided herein, acting not in its individual capacity but solely as trustee of the Trust. 
 “Unitholders” means the Managing Owner and all Limited Owners, as holders of Units of a Fund where no distinction is required by the context in which the term is used. 

  
 8 

 “Units” means the common units of fractional undivided
beneficial interest with limited liability in the profits, losses, distributions, capital and assets of, and ownership of, a Fund. Units need not be represented by certificates. 

“Unrealized Gain” attributable to Fund property means, as of any date of determination, the excess, if
any, of the fair market value of such property as of such date over the property’s adjusted basis for U.S. federal income tax purposes as of the date of determination. 

“Unrealized Loss” attributable to Fund property means, as of any date of determination, the excess, if
any, of the property’s adjusted basis for U.S. federal income tax purposes as of the date of determination over the fair market value of such property as of such date of determination. 

SECTION 1.2            Name.  The name of
the Trust is “BNP Paribas Exchange Traded Trust” in which name the Managing Owner may engage in the business of the Trust, make and execute contracts and other instruments in the name and on behalf of the Trust in connection with each Fund
and sue and be sued in the name and on behalf of the Trust. 
 SECTION
1.3            Delaware Trustee; Business Offices. 
 (a)      The sole Trustee of the Trust is Wilmington Trust Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the
Trustee may designate in writing to the Unitholders. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event Wilmington Trust Company resigns or is removed as the Trustee, the Trustee
of the Trust in the State of Delaware shall be the successor Trustee, subject to Section 2.5. 

(b)      The principal office of the Trust, and such additional offices as the Managing
Owner may establish, shall be located at such place or places inside or outside the State of Delaware as the Managing Owner may designate from time to time in writing to the Trustee and the Unitholders. Initially, the principal office of the Trust
shall be at c/o BNP Quantitative Strategies, LLC, 787 Seventh Avenue, New York, NY 10019. 

SECTION 1.4            Declaration of
Trust.  The Managing Owner hereby acknowledges that the Trust has received the sum of $100,000 for each Fund in bank accounts in the name of each Fund controlled by the Managing Owner, and hereby declares that it shall hold such sum in
trust, upon and subject to the conditions set forth herein for the use and benefit of the Unitholders of each Fund. It is the intention of the parties hereto that the Trust shall be a statutory trust organized in series, or Funds, under the Delaware
Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Trust and the Funds. It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint
stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust except to the extent that each Fund is deemed to constitute a partnership under the Code and applicable state and local tax laws.
Nothing in this Trust Agreement shall be construed to make the Unitholders partners or members of a joint stock association except to the extent such Unitholders are deemed to be partners under the Code and applicable state and local tax laws.
Notwithstanding the foregoing, it is the intention of the Managing Owner to create a 

  
 9 

 
partnership among the Unitholders for purposes of taxation under the Code and applicable state and local tax laws. Effective as of the date hereof, the Trustee and the Managing Owner shall have
all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust
Statute in connection with the formation of the Trust under the Delaware Trust Statute. 
 SECTION
1.5            Purposes and Powers. The purposes of the Trust and each Fund shall be: (a) directly or indirectly to trade, buy, sell, spread or otherwise acquire, hold or
dispose of the Instruments with a view to tracking the changes in the level of the applicable Index over time; (b) to enter into any lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing
purposes; and (c) as determined from time to time by the Managing Owner, to engage in any other lawful business or activity for which a statutory trust may be organized under the Delaware Trust Statute. The Trust shall have all of the powers
specified in Section 14.1 hereof, including, without limitation, all of the powers which may be exercised by a Managing Owner on behalf of the Trust and each Fund under this Trust Agreement. 

SECTION 1.6            Tax Treatment. 

(a)      Each of the parties hereto, by entering into this Trust Agreement,
(i) expresses its intention that the Units of each Fund will qualify under applicable tax law as interests in a partnership which holds the Trust Estate of such Fund, (ii) agrees that it will file its own U.S. federal, state and local
income, franchise and other tax returns in a manner that is consistent with the classification of such Fund as a partnership in which each of the Unitholders thereof is a partner, and (iii) agrees to use reasonable efforts to notify the
Managing Owner promptly upon a receipt of any notice from any taxing authority having jurisdiction over such holders of Units of such Fund with respect to the treatment of the Units of such Fund as anything other than interests in a partnership.

 (b)      The Tax Matters Partner (as defined in Section 6231 of the Code
and any corresponding state and local tax law) (“Tax Matters Partner”) of each Fund initially shall be the Managing Owner. The Tax Matters Partner, with respect to and at the expense of each Fund, (i) shall prepare or cause to
be prepared and filed such Fund’s tax returns as a partnership for U.S. federal, state and local tax purposes and (ii) shall be authorized to perform all duties imposed by Section 6221 et seq. of the Code, including, without
limitation, (A) the power to conduct all audits and other administrative proceedings with respect to such Fund’s tax items; (B) the power to extend the statute of limitations for all Unitholders with respect to such Fund’s tax
items; (C) the power to file a petition with an appropriate U.S. federal court for review of a final administrative adjustment of such Fund; and (D) the power to enter into a settlement with the IRS on behalf of, and binding upon, those
Limited Owners having less than 1% interest in such Fund, unless a Limited Owner shall have notified the IRS and the Managing Owner that the Managing Owner shall not act on such Limited Owner’s behalf. The designation made pursuant to this
Section 1.6(b) is hereby approved by each Unitholder of such Fund as an express condition to becoming a Unitholder. Each Unitholder agrees to take any further action as may be required by regulation or otherwise to effectuate such designation.
Subject to Section 4.7, each Fund hereby indemnifies, to the full extent permitted by law, the Managing Owner from and against any damages or losses (including attorneys’ fees) arising out of or incurred in connection

  
 10 

 
with any action taken or omitted to be taken by it in carrying out its responsibilities as Tax Matters Partner, provided such action taken or omitted to be taken does not constitute fraud,
gross negligence, bad faith or willful misconduct. 
 SECTION
1.7            Legal Title.  Legal title to all of the Trust Estate of each Fund shall be vested on a Fund by Fund basis in the Trust as a separate legal entity;
provided, however, that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Managing Owner may cause legal title to the Trust Estate or any portion thereof to be held by or in the
name of the Managing Owner or any other Person (other than a Unitholder) as nominee. 
 SECTION
1.8            Series Trust.  The Units of the Trust shall be divided into series, each a Fund, as provided in Section 3806(b)(2) of the Delaware Trust Statute.
Accordingly, it is the intent of the parties hereto that all applicable Articles of this Trust Agreement shall apply also with respect to each such Fund, as if each such Fund were a separate statutory trust under the Delaware Trust Statute, and each
reference to the term “Trust” in such Articles shall be deemed to be a reference to each Fund, separately to the extent necessary to give effect to the foregoing intent, as the context may require. The use of the terms
“Trust”, “Fund” or “Series” in this Trust Agreement shall in no event alter the intent of the parties hereto that the Trust receive the full benefit of the limitation on interseries liability as set
forth in Section 3804 of the Delaware Trust Statute. 
 SECTION
1.9            Commencement of Business.  The commencement of the Trust’s business and the sale of the Units of each Fund to the Initial Purchaser pursuant to the
applicable Initial Purchaser Agreement shall commence at such time as the Managing Owner shall determine. 

SECTION 1.10          Officers of the Trust. 

(a)      The Managing Owner may, but is not obligated to, appoint officers of the Trust,
who shall be agents of the Trust and each Fund with such titles and duties as the Managing Owner shall specify. Any number of offices may be held by the same person. 

(b)      The officers of the Trust shall be appointed by the Managing Owner, and each
shall serve at the pleasure of the Managing Owner, subject to the rights, if any, an officer may have under any contract of employment. 
 (c)      Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Managing Owner. Any
officer may resign at any time by giving written notice to the Managing Owner. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice; and unless otherwise specified in that notice,
the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Trust or a Fund, as applicable, under any contract to which the officer is a party. 

(d)      Subject to the supervision and oversight of the Managing Owner, the officers of
the Trust are delegated the authority to act on behalf of the Trust and each Fund consistent with the parameters and powers of their position as outlined from time to time by the 

  
 11 

 
Managing Owner, including to prepare, negotiate, deliver and execute documents, agreements, plans, registration statements, any and all applications for exemptive orders, and any amendments or
supplements thereto, that the officers or any of them believe, with advice of counsel, are necessary or desirable for the Trust and the Funds. 
 ARTICLE II 
 THE TRUSTEE 

SECTION 2.1            Term; Resignation. 

(a)       Wilmington Trust Company has been appointed and hereby agrees to serve as the
Trustee of the Trust. The Trust shall have only one Trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is
appointed by the Managing Owner in accordance with the terms of Section 2.5 hereof. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of
the Delaware Trust Statute that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Managing Owner
and shall have no obligation to supervise or monitor the Managing Owner or otherwise manage the Trust. 

(b)      The Trustee may resign at any time upon the giving of at least sixty
(60) days’ advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If
the Managing Owner does not act within such sixty (60) day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 

SECTION 2.2            Powers.  Except to
the extent expressly set forth in Section 1.3 and this Article II, the duty and authority to manage the business and affairs of the Trust or any Fund is vested in the Managing Owner, which duty and authority the Managing Owner may further
delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Trust Statute. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution
of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under Section 3811 of the Delaware Trust Statute, and (iii) any other duties specifically allocated to
the Trustee in this Trust Agreement. The Trustee shall provide prompt notice to the Managing Owner of its performance of any of the foregoing. The Managing Owner shall reasonably keep the Trustee informed of any actions taken by the Managing Owner
with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the Delaware Trust Statute. 

SECTION 2.3            Compensation and Expenses of the
Trustee.  The Trustee shall be entitled to receive from the Managing Owner reasonable compensation for its services hereunder 

  
 12 

 
as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Trust for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder,
including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other agents as the Trustee may employ in connection with the exercise and performance of its rights and duties hereunder. As a
security for any amounts owed the Trustee hereunder, the Trustee shall have a lien against the Trust Estate of each applicable Fund, which lien shall be prior to the rights of the Managing Owner or any other Beneficial Owner of the Trust or any
Fund. 
 SECTION
2.4            Indemnification.  The Trust, whether or not any of the transactions contemplated hereby shall be consummated, shall be liable for, and does hereby indemnify,
protect, save and keep harmless the Trustee (in its capacity as Trustee and individually) and its successors, assigns, legal representatives, officers, directors, employees, agents and servants (the “Indemnified Parties”) from and
against any and all liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes payable by the Trustee on or measured by any compensation received by the Trustee for its services hereunder or any indemnity payments received by
the Trustee pursuant to this Section 2.4), claims, actions, suits, costs, expenses or disbursements (including legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”), which may be imposed on,
incurred by or asserted against the Indemnified Parties in any way relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of any other agreements to which the Trust is a party or
the action or inaction of the Trustee hereunder or thereunder, except for Expenses resulting from the gross negligence or willful misconduct of the Indemnified Parties. If the Trust shall have insufficient assets or improperly refuses to pay an
Indemnified Person within 60 days of a request for payment owed hereunder, the Managing Owner shall compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary indemnitor hereunder;
provided, however, that the Managing Owner shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct or gross negligence of an Indemnified Person. 

The indemnities contained in this Section 2.4 shall survive the termination of this Trust Agreement or the removal
or resignation of the Trustee. 
 SECTION
2.5            Successor Trustee.  Upon the resignation or removal of the Trustee, the Managing Owner shall appoint a successor Trustee by delivering a written instrument
to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a
written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Managing Owner and any fees and expenses due to the outgoing Trustee are paid. Following compliance with the preceding sentence, the successor
Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its
duties and obligations under this Trust Agreement. Any business entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the 

  
 13 

 
successor of the Trustee hereunder, to the fullest extent permitted by law without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

SECTION 2.6            Liability of
Trustee.  Except as otherwise provided in this Article II, in accepting the trust created hereby, Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against
Wilmington Trust Company by reason of the transactions contemplated by this Trust Agreement and any other agreement to which the Trust or any Fund is a party, shall look only to the Trust Estate of the appropriate Fund for payment or satisfaction
thereof. The Trustee shall not be liable or accountable hereunder to the Trust or to any other Person or under any other agreement to which the Trust or any Fund is a party, except for the Trustee’s own fraud, gross negligence, bad faith or
willful misconduct. In particular, but not by way of limitation: 
 (a)      The
Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character, genuineness, sufficiency, value or validity of any Trust Estate; 

(b)      The Trustee shall not be liable for any actions taken or omitted to be taken by
it in accordance with the instructions of the Managing Owner or the Liquidating Trustee; 

(c)      The Trustee shall not have any liability for the acts or omissions of the
Managing Owner or its delegatees; 
 (d)      The Trustee shall have no duty or
obligation to supervise the performance of any obligations of the Managing Owner or its delegatees or any Participant or Commodity Broker; 
 (e)      No provision of this Trust Agreement shall require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its rights or powers hereunder; 
 (f)      Under no circumstances
shall the Trustee be liable for indebtedness evidenced by, or other obligations of the Trust or any Fund arising under this Trust Agreement or any other agreements to which the Trust or any Fund is a party; 

(g)      The Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Trust Agreement, or to institute, conduct or defend any litigation under this Trust Agreement or any other agreements to which the Trust or any Fund is a party, at the request, order or direction of the Managing Owner or any
Unitholders unless the Managing Owner or such Unitholders have offered to Wilmington Trust Company (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be
incurred by Wilmington Trust Company (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby; 
 (h)      Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of
Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or

  
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other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or
any political subdivision thereof in existence as of the date hereof other than the State of Delaware becoming payable by the Trustee or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of
action arising from personal acts unrelated to the consummation of the transactions by the Trustee, as the case may be, contemplated hereby; and 
 (i)      To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Unitholders or to any
other Person, the Trustee acting under this Trust Agreement shall not be liable to the Trust, the Unitholders or to any other Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to
the extent that they restrict or eliminate the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Trustee. 

SECTION 2.7            Reliance; Advice of
Counsel.  (a) In the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Trust Agreement in determining the truth of the statements
and the correctness of the opinions contained therein, and shall incur no liability to anyone in acting on any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed
by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter pertaining to or in any such document; provided, however, that the Trustee shall have examined any
certificates or opinions so as to reasonably determine compliance of the same with the requirements of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Trustee
may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officer of the relevant party, as to such fact or matter, and such certificate shall constitute full protection
to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b)      In the exercise or administration of the Trust and each Fund hereunder and in the
performance of its duties and obligations under this Trust Agreement, the Trustee, at the expense of the Trust and each applicable Fund (as determined equitably by the Managing Owner), (i) may act directly or through its agents, attorneys,
custodians or nominees pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall
have been selected by the Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant or other such Persons. 
 SECTION 2.8            Payments to the Trustee.  Any amounts paid to the Trustee pursuant to this Article shall be deemed not
to be a part of the applicable Trust Estate 

  
 15 

 
immediately after such payment. Any amounts owing to the Trustee under this Trust Agreement shall constitute a claim against the applicable Trust Estate. 

ARTICLE III 
 UNITS; CREATION BASKETS 
 SECTION
3.1            General.  (a) The Managing Owner shall have the power and authority, without Limited Owner approval, to issue Units in one or more series, or Funds, from
time to time as it deems necessary or desirable. Each Fund shall be separate from all other Funds created as separate series of the Trust in respect of the assets and liabilities allocated to that Fund and shall represent a separate investment
portfolio, or Trust Estate, of the Trust. The Managing Owner shall have exclusive power without the requirement of Limited Owner approval to establish and designate such separate and distinct series, or Funds, as set forth in Section 3.2, and
to fix and determine the relative rights and preferences as between the Units of the Funds as to right of redemption, special and relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under
which the Funds shall have separate voting rights or no voting rights. 

(b)      The Managing Owner may, without Limited Owner approval, divide or subdivide Units
of any Fund into two or more classes or sub-classes, Units of each such class or sub-class having such preferences and special or relative rights and privileges as the Managing Owner may determine as provided in Section 3.2. The fact that a
Fund shall have been initially established and designated without any specific establishment or designation of classes or sub-classes, shall not limit the authority of the Managing Owner to divide Units of a Fund and establish and designate separate
classes or sub-classes thereof. 
 (c)      The number of Units authorized for
each Fund shall be unlimited, and the Units so authorized may be represented in part by fractional Units, calculated to four decimal places. From time to time, the Managing Owner may divide or combine the Units of any Fund or class thereof into a
greater or lesser number without thereby changing the proportionate beneficial interests in the Fund or class thereof. The Managing Owner may issue Units of any Fund or class thereof for such consideration and on such terms as it may determine (or
for no consideration if pursuant to a Unit dividend, distribution or split-up, as applicable), all without action or approval of the Limited Owners thereof. All Units when so issued on the terms determined by the Managing Owner shall be fully paid
and non-assessable, subject to this Trust Agreement and applicable law. The Managing Owner may classify or reclassify any unissued Units or any Units previously issued and reacquired of any Fund or class thereof into one or more series or classes
thereof that may be established and designated from time to time. 
 (d)      The
Managing Owner and/or its Affiliates will make an initial investment of $100,000 in each Fund and will maintain a permanent investment in Units of not less than $1,000 in each Fund. 

(e)      Other than as contemplated by Section 3.4, no certificates or other evidence
of beneficial ownership of the Units will be issued. 

  
 16 

 (f)      Every Unitholder, by virtue of
having purchased or otherwise acquired a Unit in any Fund, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. 

SECTION 3.2             Establishment of Series, or Funds,
of the Trust. 
 (a) Without limiting the authority of the Managing Owner set forth in Section 3.2(b)
to establish and designate any further series, the Managing Owner hereby establishes and designates two initial series, or Funds, as follows: 
 BNP Paribas Enhanced Volatility Fund; and 
 BNP Paribas S&P Dynamic Roll Global
Commodities Fund 
 The provisions of this Article III shall be applicable to the above-designated Funds and any
further Funds that may from time to time be established and designated by the Managing Owner as provided in Section 3.2(b); provided, however, that such provisions may be amended, varied or abrogated by the Managing Owner with respect to any
Fund created after the initial formation of the Trust in the written instrument creating such Fund. 

(b)      The establishment and designation of any series, or Fund, other than those which
are set forth above shall be effective upon the execution by the Managing Owner of an instrument setting forth such establishment and designation and the relative rights and preferences of such series, or Funds, or as otherwise provided in such
instrument. At any time that there are no Units outstanding of any particular series, or Fund, previously established and designated, the Managing Owner may by an instrument executed by it abolish that series, or Fund, and the establishment and
designation thereof. Each instrument referred to in this paragraph shall have the status of an amendment to this Trust Agreement. 
 SECTION 3.3             Establishment of Classes and Sub-Classes.  The division of any series, or Fund, into two or more
classes or sub-classes and the establishment and designation of such classes or sub-classes shall be effective upon the execution by the Managing Owner of an instrument setting forth such division, and the establishment, designation, and relative
rights and preferences of such classes, or as otherwise provided in such instrument. The relative rights and preferences of the classes or sub-classes of any series, or Fund, may differ in such respects as the Managing Owner may determine to be
appropriate, provided that such differences are set forth in the aforementioned instrument. At any time that there are no Units outstanding of any particular class or sub-class previously established and designated, the Managing Owner may by an
instrument executed by it abolish that class or sub-class and the establishment and designation thereof. Each instrument referred to in this section shall have the status of an amendment to this Trust Agreement. 

SECTION 3.4            Offer of Units; Procedures for
Creation and Issuance of Creation Baskets. 
 (a)      General. The
following procedures, as supplemented by the more detailed procedures for creation and issuance of Creation Baskets as specified in the schedules, exhibits, annexes, attachments and procedures, as applicable, to the Participant Agreement for each
Fund, which may be amended from time to time in accordance with the provisions of the applicable 

  
 17 

 
Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the applicable Fund with respect to the creation and issuance of Creation
Baskets. 
 (i)      On any Business Day, a Participant may
submit to the Managing Owner a purchase order and subscription agreement to subscribe for and agree to purchase one or more Creation Baskets (such request by a Participant, a “Purchase Order Subscription Agreement”) in the manner
provided in the Participant Agreement. Purchase Order Subscription Agreements must be received by the Order Cut-Off Time on a Business Day (the “Purchase Order Subscription Date”). The Managing Owner will process Purchase Order
Subscription Agreements only from Participants with respect to which the Participant Agreement is in full force and effect. The Managing Owner will maintain and make available at the Trust’s principal offices during normal business hours a
current list of the Participants with respect to which the Participant Agreement is in full force and effect. The Managing Owner will deliver (or cause to be delivered) a copy of the Prospectus to each Participant prior to its execution and delivery
of the Participant Agreement and prior to accepting any Purchase Order Subscription Agreement. 

(ii)      Any Purchase Order Subscription Agreement is subject to
rejection by the Managing Owner pursuant to Section 3.2(d). 

(iii)      After accepting a Participant’s Purchase Order
Subscription Agreement, the Managing Owner will issue and deliver Creation Baskets to fill a Participant’s Purchase Order Subscription Agreement as of noon New York time on the Business Day immediately following the Purchase Order Subscription
Date, but only if by such time the Managing Owner has received (A) for its own account, the Transaction Fee, and (B) for the account of the Trust the Creation Basket Capital Contribution due from the Participant submitting the Purchase
Order Subscription Agreement. 
 (b)      Deposit with the
Depository.  Upon issuing a Creation Basket for any Fund pursuant to a Purchase Order Subscription Agreement, the Managing Owner will cause the Trust on behalf of the applicable Fund to deposit the Creation Basket with the Depository
in accordance with the Depository’s customary procedures, for credit to the account of the Participant that submitted the Purchase Order Subscription Agreement. 

(c)      Global Certificate Only.  Certificates for Creation Baskets will
not be issued, other than the applicable Global Security issued to the Depository. So long as the Depository Agreement is in effect, Creation Baskets will be issued, Redemption Baskets will be redeemed and Units will be transferable solely through
the book-entry systems of the Depository and the Direct Participants and their Indirect Participants as more fully described in Section 3.5. The Depository may determine to discontinue providing its service with respect to Creation or
Redemption Baskets and Units by giving notice to the Managing Owner pursuant to and in conformity with the provisions of the Depository Agreement and discharging its responsibilities with respect thereto under applicable law. Under such
circumstances, the Managing Owner shall take action either to find a replacement for the Depository to perform its functions at a comparable cost and on terms acceptable to the Managing Owner or, if such a replacement is unavailable, to terminate
the Funds and/or the Trust. 

  
 18 

 (d)      Rejection.  The
Managing Owner shall have the absolute right, but shall have no obligation, to reject any Purchase Order Subscription Agreement or Creation Basket Capital Contribution (i) determined by the Managing Owner not to be in proper form;
(ii) that the Managing Owner has determined would have adverse tax consequences to the Trust, a Fund, or to any Limited Owners; or (iii) if circumstances outside the control of the Managing Owner make it, for all practical purposes, not
feasible to process creations or redemptions of Baskets. The Managing Owner shall reject any Purchase Order Subscription Agreement Order Form or Creation Basket Capital Contribution the acceptance or receipt of which would, in the opinion of counsel
to the Managing Owner, be unlawful. The Managing Owner shall not be liable for the rejection of any Purchase Order Subscription Agreement or Creation Basket Capital Contribution. 

(e)      Transaction Fee.  For each Fund, a non-refundable transaction
fee will be payable by a Participant to the Managing Owner for its own account in connection with each Purchase Order Subscription Agreement pursuant to this Section and in connection with each Redemption Order of such Participant pursuant to
Section 7.1 (each a “Transaction Fee”). The Transaction Fee charged in connection with each such creation and redemption shall be initially $500, but may be changed as provided below. Even though a single Purchase Order
Subscription Agreement or Redemption Order may relate to multiple Creation Baskets, only a single Transaction Fee will be due for each Purchase Order or Redemption Order. The Transaction Fee may subsequently be waived, modified, reduced, increased
or otherwise changed by the Managing Owner, but will not in any event exceed 0.10 % of the Net Asset Value Per Basket of a Fund at the time of creation of a Creation Basket or redemption of a Redemption Basket, as the case may be. The Managing
Owner shall notify the Depository of any agreement to change the Transaction Fee and shall not implement any increase for creations or redemptions of outstanding Units until 30 days after the date of that notice. The amount of the Transaction Fee in
effect at any given time shall be made available by the Trustee upon request. 
 SECTION
3.5            Book-Entry-Only System, Fund Global Securities. 
 (a)      Global Security.  The Trust and the Managing Owner will enter into the Depository Agreement pursuant to which the Depository will act as securities
depository for the Units of each Fund. Units of each Fund will be represented by a Global Security (which will consist of one certificate), which will be registered, as the Depository shall direct, in the name of Cede & Co., as nominee for
the Depository, and deposited with the Depository. No other certificates evidencing Units will be issued for any Fund. The Global Security for each Fund shall be in the form attached hereto as Exhibit B or described therein and shall represent such
Units as shall be specified therein, and may provide that it shall represent the aggregate amount of outstanding Units of a Fund from time to time endorsed thereon and that the aggregate amount of outstanding Units of a Fund represented thereby may
from time to time be increased or decreased to reflect creations or redemptions of Baskets. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Units represented thereby shall be made
in such manner and upon instructions given by the Managing Owner on behalf of the Trust as specified in the Depository Agreement. 
 (b)      Legend.  Any Global Security issued to The Depository Trust Company or its nominee shall bear a legend substantially to the following effect:
“Unless this certificate is 

  
 19 

 
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Trust or its agent for registration of transfer, exchange, or
payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 

(c)      The Depository.  The Depository is a limited-purpose trust
company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the U.S. Federal Reserve System, a “clearing corporation” within the meaning of the New York
Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC holds and provides asset servicing for DTC’s participants
(“Direct Participants”). DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges
between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations,
and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income
Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks,
trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). 

(d)      Beneficial Owners.  Upon the settlement date of any creation,
transfer or redemption of Units of a Fund, the Depository will credit or debit, on its book-entry registration and transfer system, the number of Units so created, transferred or redeemed to the accounts of the appropriate Direct Participants. The
accounts to be credited and charged shall be designated by the Managing Owner and the Participants on behalf of each Fund and each Participant, in the case of a creation or redemption of Baskets. Ownership of beneficial interest in Units will be
limited to Direct Participants, Indirect Participants and persons holding interests through Direct Participants and Indirect Participants. Owners of beneficial interests in Units (“Beneficial Owners”) will be shown on, and the
transfer of beneficial ownership by Beneficial Owners will be effected only through, in the case of Direct Participants, records maintained by the Depository, in the case of Indirect Participants and Beneficial Owners holding through a Direct
Participant or an Indirect Participant, through those records or the records of the relevant Direct Participants, and in the case of Beneficial Owners who are not Direct Participants or Indirect Participants, the records of Indirect Participants.
Beneficial Owners are expected to receive from or through the Direct Participant maintaining the account through which the Beneficial Owner has purchased or sold Units a written confirmation relating to their purchase or sale of Units. 

(e)      Reliance on Procedures.  So long as Cede & Co., as
nominee of the Depository, is the registered owner of Units of any Fund, references herein to the registered or 

  
 20 

 
record owners of Units of any Fund shall mean Cede & Co. and shall not mean the Beneficial Owners of the applicable Units of any Fund. Beneficial Owners of Units of any Fund will not be
entitled to have Units registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and will not be considered the record or registered holder of Units of any Fund under this Trust
Agreement. Accordingly, to exercise any rights of a holder of Units of any Fund under this Trust Agreement, a Beneficial Owner must rely on the procedures of the Depository and, if such Beneficial Owner is not a Direct Participant, on the procedures
of each Direct Participant or Indirect Participant through which such Beneficial Owner holds its interests. The Trust and the Managing Owner understand that under existing industry practice, if the Trust or any Fund requests any action of a
Beneficial Owner, or a Beneficial Owner desires to take any action that the Depository, as the record owner of all outstanding Units of such Fund, is entitled to take, in the case of a Trustee request, the Depository will notify the Direct
Participants regarding such request, such Direct Participants will in turn notify each Indirect Participant holding Units of any Fund through it, with each successive Indirect Participant continuing to notify each person holding Units of any Fund
through it until the request has reached the Beneficial Owner, and in the case of a request or authorization to act being sought or given by a Beneficial Owner, such request or authorization is given by the Beneficial Owner and relayed back to the
Trust or such Fund through each Indirect Participant and Direct Participant through which the Beneficial Owner’s interest in the Units of such Fund is held. 

(f)      Communication between the Trust and the Beneficial Owners. As described
above, the Trust and the Funds will recognize the Depository or its nominee as the owner of all Units for all purposes except as expressly set forth in this Trust Agreement. Conveyance of all notices, statements and other communications to
Beneficial Owners will be effected as follows. Pursuant to the Depository Agreement, the Depository is required to make available to the Funds upon request and for a fee to be charged to the Funds a listing of the applicable Unit holdings of each
Direct Participant. The Trust or the Funds shall inquire of each such Direct Participant as to the number of Beneficial Owners holding Units, directly or indirectly, through such Direct Participant. The Trust or the Funds shall provide each such
Direct Participant with sufficient copies of such notice, statement or other communication, in such form, number and at such place as such Direct Participant may reasonably request, in order that such notice, statement or communication may be
transmitted by such Direct Participant, directly or indirectly, to such Beneficial Owners. In addition, each Fund shall pay to each such Direct Participant an amount as reimbursement for the expenses incurred in connection with a Fund attendant to
such transmittal, all subject to applicable statutory and regulatory requirements. 

(g)      Distributions. Distributions on Units pursuant to Section 3.7 shall
be made to the Depository or its nominee, Cede & Co., as the registered owner of all Units. The Trust and the Managing Owner expect that the Depository or its nominee, upon receipt of any payment of distributions in respect of Units, shall
credit immediately the Direct Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in Units as shown on the records of the Depository or its nominee. The Trust and the Managing Owner also expect
that payments by Direct Participants to Indirect Participants and Beneficial Owners held through such Direct Participants and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities
held for the accounts of 

  
 21 

 
customers in bearer form or registered in a “street name,” and will be the responsibility of such Direct Participants and Indirect Participants. None of the Trust, the Funds, the
Trustee or the Managing Owner will have any responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in Units, or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between the Depository and the Direct Participants or the relationship between such Direct Participants and the Indirect
Participants and Beneficial Owners owning through such Direct Participants or Indirect Participants or between or among the Depository, any Beneficial Owner and any person by or through which such Beneficial Owner is considered to own Units.

 (h)      Limitation of Liability.    Each Global
Security to be issued hereunder is executed and delivered solely on behalf of the Trust with respect to each applicable Fund by the Managing Owner, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by this
Trust Agreement. The representations, undertakings and agreements made on the part of the Fund in each Global Security are made and intended not as personal representations, undertakings and agreements by the Managing Owner or the Trustee
individually, but are made and intended for the purpose of binding only the applicable Fund. Nothing in each Global Security shall be construed as creating any liability of the Managing Owner or the Trustee, individually or personally, to fulfill
any representation, undertaking or agreement other than as provided in this Trust Agreement. 

(i)      Successor Depository.    If a successor to The
Depository Trust Company shall be employed as Depository hereunder, the Trust and the Managing Owner shall establish procedures acceptable to such successor with respect to the matters addressed in this Section. 

SECTION
3.6            Assets.    All consideration received by each Fund for the issue or sale of Units together with all of the applicable Trust Estate in which such
consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such
proceeds in whatever form the same may be, shall irrevocably belong to such Fund for all purposes, subject only to the rights of creditors of such Fund and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the
books of account of such Fund. 
 SECTION
3.7            Distributions.    Distributions on Units of a Fund may be paid with such frequency as the Managing Owner may determine in its sole discretion,
which may be daily or otherwise, to the Unitholders of a Fund from such of the income and capital gains, accrued or realized, as the Managing Owner may determine, after providing for actual and accrued liabilities of the applicable Fund. All
distributions on Units of a Fund shall be distributed pro rata to the Unitholders of such Fund in proportion to the total outstanding Units held by such Unitholders of the Fund at the date and time of record established for the payment of such
distribution. 

  
 22 

 SECTION
3.8            Liabilities of the Funds. 

(a)      The Trust Estate belonging to each particular Fund shall be charged with the
liabilities of the Trust in respect of that Fund and only that Fund; and all expenses, costs, charges, indemnities and reserves attributable to that Fund, and any general liabilities, expenses, costs, charges, indemnities or reserves of the Trust
which are not readily identifiable as belonging to any particular Fund, shall be allocated and charged by the Managing Owner to and among any one or more of the Funds established and designated from time to time in such manner and on such basis as
the Managing Owner in its sole discretion deems fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Managing Owner shall be conclusive and binding upon all applicable Unitholders for all purposes. The
Managing Owner shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items shall be treated as capital, and each such determination and allocation shall be
conclusive and binding upon the Unitholders. Every written agreement, instrument or other undertaking made or issued by or on behalf of a particular Fund may include a recitation limiting the obligation or claim represented thereby to that Fund and
its assets. 
 (b)      Without limitation of the foregoing provisions of this
Section, but subject to the right of the Managing Owner in its discretion to allocate general liabilities, expenses, costs, charges or reserves as herein provided, the debts, liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to a particular Fund shall be enforceable against the assets of such Fund only, and not against the assets of the Trust generally or of any other Fund. Notice of this limitation on interseries liabilities shall be set
forth in the Certificate of Trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Trust Statute, and upon the giving of such notice
in the Certificate of Trust, the statutory provisions of Section 3804 of the Delaware Trust Statute relating to limitations on interseries liabilities (and the statutory effect under Section 3804 of setting forth such notice in the
Certificate of Trust) shall become applicable to the Trust and each series or Fund. Every Unit, note, bond, contract, instrument, certificate or other undertaking made or issued by or on behalf of a particular series or Fund may include a recitation
limiting the obligation on Units represented thereby to that series, or Fund, and its assets. 
 (i)        Except as set forth below, any debts, liabilities, obligations, indebtedness, expenses, interests and claims of any nature and all kinds and
descriptions, if any, of the Managing Owner and the Trustee (the “Subordinated Claims”) incurred, contracted for or otherwise existing, arising from, related to or in connection with all series, any combination of series or one
particular series and their respective assets (the “Applicable Series”) and the assets of the Trust shall be expressly subordinate and junior in right of payment to any and all other debts, liabilities, obligations, indebtedness,
expenses, interests and claims of any nature and all kinds and descriptions, (the “Claims”) against the Trust and any series thereof, and any of their respective assets, which may arise as a matter of law or pursuant to any
contract; provided, however, that the Claims of each of the Managing Owner and the Trustee (if any) against the Applicable Series shall not be considered Subordinated Claims with respect to enforcement against and distribution and repayment from the
Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets; and provided further that the valid 

  
 23 

 
Claims of either the Managing Owner or the Trustee, if any, against the Applicable Series shall be pari passu and equal in right of repayment and distribution with all other valid Claims against
the Applicable Series; 
 (ii)      The Managing
Owner and the Trustee will not take, demand or receive from any Fund or the Trust or any of their respective assets (other than the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets) any payment for the
Subordinated Claims; 
 (iii)      The Claims of
each of the Managing Owner and the Trustee with respect to the Applicable Series shall only be asserted and enforceable against the Applicable Series, the Applicable Series’ assets and the Managing Owner and its assets; and such Claims shall
not be asserted or enforceable for any reason whatsoever against any other Fund, the Trust generally, or any of their respective assets; 

(iv)      If the Claims of the Managing Owner or the
Trustee against the Applicable Series or the Trust are secured in whole or in part, each of the Managing Owner and the Trustee hereby waives (under Section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any
deficiency Claims (which deficiency Claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured Claims against the Trust or any Fund (other than the Applicable Series), as the case may be; 

(v)      In furtherance of the foregoing, if and to the
extent that the Managing Owner and the Trustee receive monies in connection with the Subordinated Claims from a Fund or the Trust (or their respective assets), other than the Applicable Series, the Applicable Series’ assets and the Managing
Owner and its assets, the Managing Owner and the Trustee shall be deemed to hold such monies in trust and shall promptly remit such monies to the Fund or the Trust that paid such amounts for distribution by the Fund or the Trust in accordance with
the terms hereof; and 
 (vi)      The foregoing
provisions of this Section shall apply at all times notwithstanding that the Claims are satisfied, and notwithstanding that the agreements in respect of such Claims are terminated, rescinded or cancelled. 

(c)      Any agreement entered into by the Trust, any Fund, or the Managing Owner, on
behalf of the Trust generally or any Fund, including, without limitation, each Purchase Order Subscription Agreement, will include language substantially similar to the language set forth in Section 3.5(b). 

SECTION 3.9            Distributions to Classes of
Units. 
 (a)      Distributions on Units of any class thereof may be paid
with such frequency as the Managing Owner may determine in its sole discretion, which may be daily or otherwise, to the Unitholders in that class, from such of the income and capital gains, accrued or realized, from the Trust Estate allocable to
that class, as the Managing Owner may determine, 

  
 24 

 
after providing for actual and accrued liabilities belonging to that class, as the Managing Owner may determine. All distributions on Units in a particular class thereof shall be distributed pro
rata to the Unitholders in that class in proportion to the total outstanding Units in that class held by such Unitholders at the date and time of record established for the payment of such distribution, except to the extent otherwise required or
permitted by the preferences and special or relative rights and privileges of any class. Such distributions may be made in cash or Units of that class as determined by the Managing Owner or pursuant to any program that the Managing Owner may have in
effect at the time for the election by each Unitholder of the mode of the making of such distribution to that Unitholder. 
 (b)      The Units in a class of the Trust shall represent units of beneficial interest in the Trust Estate allocable to such class. Each Unitholder in a class shall be
entitled to receive its pro rata share of distributions of income and capital gains made with respect to such class. Upon reduction or withdrawal of its Units or indemnification for liabilities incurred by reason of being or having been a holder of
Units in a class, such Unitholder shall be paid solely out of the funds and property allocable to such class of the Trust. 
 SECTION 3.10            Equality. Except as provided herein, all Units of a Fund shall represent an equal proportionate beneficial
interest in the assets of the Fund subject to the liabilities of the Fund, and each Unit shall be equal to each other Unit. The Managing Owner may from time to time divide or combine the Units into a greater or lesser number of Units without thereby
changing the proportionate beneficial interest in the assets of the Funds or in any way affecting the rights of Unitholders. 

ARTICLE IV 

THE MANAGING OWNER 
 SECTION 4.1            Management of the Trust and the Funds. Pursuant to Section 3806(b)(7) of the Delaware Trust Statute, the
Trust and the Funds shall be managed by the Managing Owner and the conduct of the Trust’s and the Funds’ business shall be controlled and conducted solely by the Managing Owner in accordance with this Trust Agreement. The Managing Owner
may delegate as provided herein, the duty and authority to manage the business and affairs of the Trust and the Funds. Any determination as to what is in the interests of the Trust and the Funds made by the Managing Owner in good faith shall be
conclusive. In constructing the provisions of this Trust Agreement, the presumption shall be in favor of a grant of power to the Managing Owner. The enumeration of any specific power in this Trust Agreement shall not be construed as limiting the
aforesaid power. 
 SECTION
4.2            Authority of Managing Owner.  In addition to and not in limitation of any rights and powers conferred by law or other provisions of this Trust Agreement, and
except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Trust Statute, the Managing Owner shall have and may exercise on behalf of the Trust and the Funds, all powers and rights necessary,
proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Trust and the Funds, which shall include, without limitation, the following: 

  
 25 

 (a)      To enter into, execute, deliver and
maintain, and to cause the Trust and the Funds to perform their obligations under contracts, agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of the Trust’s and the
Funds’ purposes or necessary or appropriate for the offer and sale of the Units of any Fund and the conduct of Trust activities, including, but not limited to, contracts with third parties for commodity brokerage services and/or administrative
services, provided, however, that such services may be performed by an Affiliate or Affiliates of the Managing Owner so long as the Managing Owner has made a good faith determination that the: (A) Affiliate which it proposes to
engage to perform such services is qualified to do so (considering the prior experience of the Affiliate or the individuals employed thereby); (B) terms and conditions of the agreement pursuant to which such Affiliate is to perform services for
the Trust or the Funds are no less favorable to the Trust or the Funds than could be obtained from equally-qualified unaffiliated third parties; and (C) maximum period covered by the agreement pursuant to which such Affiliate is to perform
services for the Trust or the Funds shall not exceed one year, and such agreement shall be terminable without penalty upon sixty (60) days’ prior written notice by the Managing Owner on behalf of the Trust or the Funds. 

(b)      To establish, maintain, deposit into, sign checks and/or otherwise draw upon
accounts on behalf of the Trust and the Funds with appropriate banking and savings institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s and the Funds’ business and in furtherance of their purposes,
any such instrument or agreement so executed or accepted by the Managing Owner in the Managing Owner’s name shall be deemed executed and accepted on behalf of the Trust and the Funds by the Managing Owner; 

(c)      To deposit, withdraw, pay, retain and distribute each Trust Estate or any portion
thereof in any manner consistent with the provisions of this Trust Agreement; 

(d)      To supervise the preparation and filing of Registration Statements and any
supplements and amendments thereto and Prospectuses; 
 (e)      To pay or
authorize the payment of distributions to the Unitholders and expenses of each Fund; 

(f)      To make any elections on behalf of the Trust or any Fund under the Code, or any
other applicable U.S. federal or state tax law as the Managing Owner shall determine to be in the best interests of the Trust or any Fund; and 
 (g)      In the sole and absolute discretion of the Managing Owner, to admit an Affiliate or Affiliates of the Managing Owner as additional Managing Owners. Notwithstanding
the foregoing, the Managing Owner may not admit Affiliate(s) of the Managing Owner as an additional Managing Owner if it has received notice of its removal as a Managing Owner, pursuant to Section 8.2(d) hereof. 

SECTION 4.3            Obligations of the Managing
Owner.  In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Managing Owner shall: 

  
 26 

 (a)      Devote such of its time to the
business and affairs of the Trust and the Funds as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust and the Funds for the benefit of the Trust, the Funds and the Limited
Owners; 
 (b)      Execute, file, record and/or publish all certificates,
statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and the Funds, as applicable, and for the conduct of its business in all appropriate jurisdictions;

 (c)      Retain independent public accountants to audit the accounts of the
Trust and the Funds; 
 (d)      Employ attorneys to represent the Managing Owner
and as necessary, the Trust; 
 (e)      Select and enter into agreements with
the Trust’s Trustee and the Funds’ Administrator, Transfer Agent, Custodian and Commodity Broker, and any other service providers; 
 (f)      Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purposes and each Fund as a “partnership” for U.S.
federal income tax purposes; 
 (g)      Monitor the brokerage fees charged to
each Fund, and the services rendered by futures commission merchants to each Fund, to determine whether the fees paid by, and the services rendered to, each Fund for futures brokerage are at competitive rates and are the best price and services
available under the circumstances, and if necessary, renegotiate the brokerage fee structure to obtain such rates and services for each Fund; 
 (h)      Have fiduciary responsibility for the safekeeping and use of each Trust Estate, whether or not in the Managing Owner’s immediate possession or control, and the
Managing Owner will not employ or permit others to employ such funds or assets (including any interest earned thereon as provided for in the Prospectus) in any manner except for the benefit of the Trust, including, among other things, the
utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Managing Owner. The Managing Owner shall at all times act with integrity and good faith and exercise due diligence in all activities relating to
the conduct of the business of the Trust and the Funds and in resolving conflicts of interest; 

(i)      For each Fund, enter into a Participant Agreement with each Participant and
discharge the duties and responsibilities of the Fund and the Managing Owner thereunder; 

(j)      Receive from Participants and process properly submitted Purchase Order
Subscription Agreements, as described in Section 3.4(a)(iii); 
 (k)      In
connection with Purchase Order Subscription Agreements, receive Creation Basket Capital Contributions from Participants; 

  
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 (l)      In connection with Purchase Order
Subscription Agreements, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Participant submitting a Purchase Order Subscription Agreement for which the Managing Owner has received the requisite Transaction
Fee and the Trust has received the requisite Creation Basket Capital Contribution, as described in Section 3.4(b); 
 (m)      Receive from Participants and process properly submitted Redemption Orders, as described in Section 7.1(a), or as may from time to time be permitted by
Section 7.2; 
 In connection with Redemption Orders, receive from the redeeming Participant through the
Depository, and thereupon cancel or cause to be cancelled, Limited Units corresponding to the Redemption Baskets to be redeemed as described in Section 7.1, or as may from time to time be permitted by Section 7.2; 

(n)      Interact with the Depository as required; 

(o)      Delegate any of its duties hereunder as it shall determine from time to time to
one or more Administrators or Marketing Agents, as applicable; 

(p)      Perform such other services as the Managing Owner believes that the Trust and the
Funds may from time to time require; 
 (q)      In its sole discretion, cause
each Fund to do one or more of the following: to make, refrain from making, or once having made, to revoke, the election referred to in Section 754 of the Code, and any similar election provided by state or local law, or any similar provision
enacted in lieu thereof; and 
 (r)      In its sole discretion, cause each Fund
to do one or more of the following: to make, refrain from making, or once having made, to revoke the election by a qualified fund under Code Section 988(c)(1)(E)(iii)(V), and any similar election provided by state or local law, or any similar
provision enacted in lieu thereof; and 
 (s)      In general, to carry on any
other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth,
either alone or in association with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid business or purposes, objects or powers. 

The foregoing clauses shall be construed both as objects and powers, and the foregoing enumeration of specific powers
shall not be held to limit or restrict in any manner the general powers of the Managing Owner. Any action by the Managing Owner hereunder shall be deemed an action on behalf of the Trust or the applicable Fund or Class, and not an action in an
individual capacity. 

  
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 SECTION 4.4
            General Prohibitions.  The Trust and each Fund, as applicable, shall not: 

(a)      Redeem the Units other than to fund a redemption request from a Participant;

 (b)      Borrow money from or loan money to any Unitholder (including the
Managing Owner) or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Instrument positions, as applicable, or (ii) obtaining lines of credit for
the trading of forward contracts; provided, however, that the Trust is prohibited from incurring any indebtedness on a non-recourse basis; 
 (c)      Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance,
except (i) the right and/or obligation of a Commodity Broker to close out sufficient Instruments, as applicable, positions of the Trust or any Fund so as to restore the Trust’s or the Funds’ account to proper margin status in the
event that the Trust or any Fund fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or
pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory
obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in
the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens
arising under ERISA; 
 (d)      Commingle its assets with those of any other
Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; 

(e)      Engage in Pyramiding of its positions in Instruments; provided,
however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional positions in Instruments; 

(f)      Permit rebates to be received by the Managing Owner or any Affiliate of the
Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; 

(g)      Permit the Managing Owner to share in any portion of brokerage fees related to
commodity brokerage services paid with respect to the purchase or sale of Instruments; 

(h)      Enter into any contract with the Managing Owner or an Affiliate of the Managing
Owner (except for selling agreements for the sale of Units) which has a term of more than one year and which does not provide that it may be cancelled by the Trust and the Funds without penalty on sixty (60) days prior written notice or for the
provision of goods and services, 

  
 29 

 
except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-length negotiations; 

(i)       Permit churning of its commodity trading account(s) for the purpose of
generating excess brokerage commissions; 
 (j)       Enter into any
exclusive brokerage contract; 
 (k)      Operate the Trust or a Fund in any
manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or 

(l)       Cause the Trust or any Fund to elect to be classified as an association
taxable as a corporation for U.S. federal income tax purposes. 
 SECTION
4.5            Liability of Covered Persons.  A Covered Person shall have no liability to the Trust, any Fund or to any Unitholder or other Covered Person for any loss
suffered by the Trust or any Fund which arises out of any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust or the applicable Fund and such
course of conduct did not constitute fraud, gross negligence, bad faith, or willful misconduct of such Covered Person. Subject to the foregoing, neither the Managing Owner nor any other Covered Person shall be personally liable for the return or
repayment of all or any portion of the capital or profits of any Limited Owner or assignee thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of
the applicable Fund without any rights of contribution from the Managing Owner or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any Administrator or other delegatee selected by the Managing Owner
with reasonable care. 
 SECTION
4.6            Fiduciary Duty. 

(a)      To the extent that, at law or in equity, the Managing Owner has duties (including
fiduciary duties) and liabilities relating thereto to the Trust, the Funds, the Unitholders or to any other Person, the Managing Owner acting under this Trust Agreement shall not be liable to the Trust, the Funds, the Unitholders or to any other
Person for its good faith reliance on the provisions of this Trust Agreement subject to the standard of care in Section 4.5 herein. The provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities
of the Managing Owner otherwise existing at law or in equity are agreed by the parties hereto to replace such other duties and liabilities of the Managing Owner. To the fullest extent permitted by law, no person other than the Managing Owner and the
Trustee shall have any duties (including fiduciary duties) or liabilities at law or in equity to the Trust and the Limited Owners or any other person. 

  
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 (b)      Unless otherwise expressly provided
herein: 
 (i)      whenever a conflict of interest exists or
arises between the Managing Owner or any of its Affiliates, on the one hand, and the Trust, the Funds or any Unitholder or any other Person, on the other hand; or 

(ii)      whenever this Trust Agreement or any other agreement
contemplated herein or therein provides that the Managing Owner shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, the Funds, any Unitholder or any other Person, 

the Managing Owner shall resolve such conflict of interest, take such action or provide such terms, considering in each
case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable
generally accepted accounting practices or principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a breach of this Trust Agreement or any
other agreement contemplated herein or of any duty or obligation of the Managing Owner at law or in equity or otherwise. 
 (c)      The Managing Owner and any Affiliate of the Managing Owner may engage in or possess an interest in other profit-seeking or business ventures of any nature or
description, independently or with others, whether or not such ventures are competitive with the Trust or any Fund and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Managing Owner. If the Managing Owner and
any of its Affiliates acquire knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust or any Fund, they shall have no duty to communicate or offer such opportunity to the Trust or any
Fund, and the Managing Owner shall not be liable to the Trust or any Fund or to the Unitholders for breach of any fiduciary or other duty by reason of the fact that the Managing Owner and any of its Affiliates pursue or acquire for, or direct such
opportunity to another Person or do not communicate such opportunity or information to the Trust or any Fund. Neither the Trust nor any Fund nor any Unitholder shall have any rights or obligations by virtue of this Trust Agreement or the trust
relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust or any Fund, shall not be deemed wrongful or
improper. Except to the extent expressly provided herein, the Managing Owner and any of its Affiliates may engage or be interested in any financial or other transaction with the Trust or any Fund, the Unitholders or any Affiliate of the Trust, any
Fund or the Unitholders. 

  
 31 

 SECTION
4.7            Indemnification of the Managing Owner. 
 (a)      The term “Managing Owner” as used only in this Section 4.7 shall include, in addition to the Managing Owner, any other Covered Person
performing services on behalf of the Trust and the Funds and acting within the scope of the Managing Owner’s authority as set forth in this Trust Agreement. 

(b)      The Managing Owner shall be indemnified by the Trust (or, in furtherance of
Section 3.8, any Fund separately to the extent the matter in question relates to a single Fund or is otherwise disproportionate) against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it
in connection with its activities for the Trust or the Funds, provided that (i) the Managing Owner was acting on behalf of or performing services for the Trust or the Funds and has determined, in good faith, that such course of conduct was in
the best interests of the Trust or the Funds and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Managing Owner, and (ii) any
such indemnification will only be recoverable from the applicable Trust Estate or Trust Estates. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation to exist
of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Code by or against the Managing Owner. 

(c)      Notwithstanding the provisions of Section 4.7(b) above, the Managing Owner
and any Person acting as broker-dealer for the Trust or any Fund shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state securities laws unless (i) there has been a
successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs),
(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs)
or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be made. 

(d)      The Trust and the Funds shall not incur the cost of that portion of any insurance
which insures any party against any liability, the indemnification of which is herein prohibited. 

(e)      Expenses incurred in defending a threatened or pending civil, administrative or
criminal action suit or proceeding against the Managing Owner shall be paid by the Trust (from one or more applicable Trust Estate) in advance of the final disposition of such action, suit or proceeding, if (i) the legal action relates to the
performance of duties or services by the Managing Owner on behalf of the Trust and the Funds; (ii) the legal action is initiated by a third party who is not a Limited Owner or the legal action is initiated by a Limited Owner and a court of
competent jurisdiction specifically approves such advance; and (iii) the Managing Owner undertakes to repay the advanced funds with interest to the Trust (and one or more 

  
 32 

 
applicable Trust Estates) in cases in which it is not entitled to indemnification under this Section 4.7. 

(f)      In the event the Trust is made a party to any claim, dispute, demand or
litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any Limited Owner’s (or assignee’s) obligations or liabilities unrelated to Trust business, such Limited Owner (or assignees
cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust (and/or the applicable Trust Estate(s)) for all such loss, liability, damage, cost and expense incurred, including attorneys’ and accountants’ fees. 

(g)      Nothing contained in this Section 4.7 shall affect any right to
indemnification to which persons other than the Managing Owner and officers of the Trust may be separately entitled by contract or otherwise. 
 SECTION 4.8            Expenses and Limitations Thereon.  The initial fees and expenses of the Trust and each Fund shall be as
provided in this Trust Agreement, subject to any changes in the applicable Prospectus, as such Prospectus may be amended or supplemented from time to time. Any such changes to the fees and expenses of the Trust and each Fund as disclosed in the
Prospectus shall not require an amendment to this Trust Agreement. 

(a)      Organization and Initial Offering Expenses; Continuous Offering Fees and
Expenses. 
 (i)        Expenses incurred in
connection with organizing the Trust and each Fund and up to the initial offering of each Fund’s Units upon commencement of its trading operations will be paid by the Managing Owner. Organization and initial offering expenses relating to the
Trust and each Fund that are paid by the Managing Owner means those expenses incurred by each Fund in connection with its formation, the qualification, registration and the anticipated offering of each Fund’s Units under applicable federal law,
and any other expenses actually incurred and, directly or indirectly, related to the organization of the Trust and each Fund prior to commencing trading operations (which will occur contemporaneously with the commencement of the offering of each
Fund’s Units). 
 (ii)        Upon commencement of
trading operations (which will occur contemporaneously with the commencement of the offering of each Fund’s Units) and thereafter, each Fund will bear the costs of its continuous offering of Units and continuous offering expenses. Continuous
offering fees and expenses include those legal and accounting fees and expenses, filing fees, printing, mailing and duplication costs associated with the continuous offering of the Units. 

(iii)        “Organization and Initial Offering Expenses
and Continuous Offering Fees and Expenses” shall mean those expenses incurred in connection with the formation, qualification and registration of the Trust, each Fund and the each Fund’s Units and in offering, distributing and
processing each Fund’s Units under applicable U.S. federal law, and any other expenses actually incurred and, directly or indirectly, related to the organization of the Trust or the offering of each Fund’s Units, including,

  
 33 

 
but not limited to, expenses such as: (i) initial and ongoing registration fees, filing fees, escrow fees and taxes, (ii) costs of preparing, printing (including typesetting), amending,
supplementing, mailing and distributing the Registration Statement, the exhibits thereto and the Prospectus, (iii) the costs of qualifying, printing, (including typesetting), amending, supplementing, mailing and distributing sales materials
used in connection with the offering and issuance of each Fund’s Units, (iv) travel, telegraph, telephone and other expenses in connection with the offering and issuance of each Fund’s Units, (v) accounting, auditing and legal
fees (including disbursements related thereto) incurred in connection therewith, and (vi) any extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any permitted indemnification associated
therewith) related thereto. 
 (iv)      The Managing Owner will
not allocate to the Trust or the Funds the indirect expenses of the Managing Owner. 

(b)      Brokerage Commissions and Fees.  Each Fund will pay to the
Commodity Broker(s) all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, Pit Brokerage Fees and other transaction related fees and expenses charged in connection with each Fund’s trading activities
(collectively, “Brokerage Commissions and Fees”). 

(c)      Routine Operational, Administrative and Other Ordinary Fees and
Expenses.  Each Fund will pay all of its routine offering, operational, administrative and other ordinary expenses, including, but not limited to, (i) computer services, (ii) Index licensing fees, (iii) legal and
accounting fees and expenses, (iv) tax preparation expenses, (v) filing fees, and (vi) printing, mailing and duplication costs. The Managing Owner will pay the fees and expenses of the Trustee, Administrator’s fees, Custodian
fees, Transfer Agent fees and the Marketing Agent fees (collectively, “Routine Operational, Administrative and Other Ordinary Fees and Expenses”). The Managing Owner has agreed to reimburse each Fund, from its Management Fee, the
amount of routine operational, administrative and other ordinary fees and expenses (excluding those legal and accounting fees and expenses, filing fees, printing, mailing and duplication costs associated with the continuous offering of the Shares as
provided under the Section 4.8(a) above) in excess of 0.20% per annum of each Fund’s Net Asset Value. For the avoidance of doubt, the cap as described in the immediately preceding sentence shall exclude expenses incurred in connection
with the continuous offering of Units after the commencement of each Fund’s trading operations. 

(d)      Extraordinary Fees and Expenses.  Each Fund will pay all of its
extraordinary fees and expenses, if any, as determined by the Managing Owner. Extraordinary fees and expenses are fees and expenses which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or
indemnification or other unanticipated expenses. Extraordinary fees and expenses shall also include material expenses which are not currently anticipated obligations of a Fund or of managed futures funds in general. Routine operational,
administrative and other ordinary fees and expenses will not be deemed extraordinary expenses. Such extraordinary fees and expenses, by their nature, are unpredictable in terms of timing and amount. 

  
 34 

 (e)      Payment of Management Fee and
Brokerage Commissions and Fees From Interest Income, if any.  The Management Fee (as defined below) and the brokerage commissions and fees of each Fund are paid first out of interest income from each Fund Portfolio. To the extent
interest income is not sufficient to cover such fees and expenses of such Fund during any period, the excess of such fees and expenses over such interest income will be paid first out of income from futures trading, if any, or from sales of such
Fund’s Fund Portfolio. 
 (f)      The Managing Owner or any Affiliate of
the Managing Owner may only be reimbursed for the actual cost to the Managing Owner or such Affiliate of any expenses which it advances on behalf of the Trust or a Fund for which payment the Trust or such Fund is responsible. In addition, payment to
the Managing Owner or such Affiliate for indirect expenses incurred in performing services for the Trust or a Fund in its capacity as the managing owner of the Trust and the Funds, such as salaries and fringe benefits of officers and directors, rent
or depreciation, utilities and other administrative items generally falling within the category of the Managing Owner’s “overhead,” is prohibited. 

SECTION 4.9              Compensation of the
Managing Owner.  The Managing Owner shall be entitled to compensation for its advisory services to each of the Funds as set forth in the applicable Prospectus (the “Management Fee”). The Managing Owner shall, in its
capacity as a Unitholder, be entitled to receive allocations and distributions pursuant to the provisions of this Trust Agreement. 
 SECTION 4.10            Other Business of Unitholders.  Except as otherwise specifically provided herein, any Unitholder,
officer, director, employee or other person holding a legal or beneficial interest in an entity which is a Unitholder, may engage in or possess an interest in other business ventures of every nature and description, independently or with others, and
the pursuit of such ventures, even if competitive with the business of the Trust or the Funds, shall not be deemed wrongful or improper. 
 SECTION 4.11            Voluntary Withdrawal of the Managing Owner.  The Managing Owner may withdraw voluntarily as the
Managing Owner of the Trust and the Funds upon thirty (30) days’ prior written notice to all Limited Owners and the Trustee. If the withdrawing Managing Owner is the last remaining Managing Owner, Limited Owners holding Units equal to at
least a majority (over 50%) of each Fund’s aggregate Net Asset Value (excluding Units held by the Managing Owner) may vote to elect and appoint, effective as of a date on or prior to the withdrawal, a successor Managing Owner who shall carry on
the business of the Trust and the Funds. In the event of its removal or withdrawal, the Managing Owner shall be entitled to a redemption of its Units at their respective Net Asset Value. If the Managing Owner withdraws and a successor Managing Owner
is named, the withdrawing Managing Owner shall pay all expenses as a result of its withdrawal. 
 SECTION
4.12            Authorization of Acts Described in a Registration Statement.  Each Limited Owner (or any permitted assignee thereof) hereby agrees that the Trust, the
Managing Owner and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions and matters contemplated hereby or described in or contemplated by any Registration Statement on behalf of the Trust and the Funds
without any further act, approval or 

  
 35 

 
vote of the Limited Owners, notwithstanding any other provision of this Trust Agreement, the Delaware Trust Statute or any applicable law, rule or regulation. 

SECTION 4.13            Litigation.  The
Managing Owner is hereby authorized to prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust’s and the Funds’ interests. The Managing Owner shall satisfy
any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, either, out of any insurance proceeds available therefore, or, out of the
Funds’ assets on a pro rata basis (unless it would be equitable for a Fund to pay an amount greater than its pro rated share). 
 ARTICLE V 
 TRANSFERS OF UNITS 

SECTION 5.1            General
Prohibition.  To the fullest extent permitted by law, a Limited Owner may not sell, assign, transfer or otherwise dispose of, or pledge, hypothecate or in any manner encumber any or all of his Units or any part of his right, title and
interest in the capital or profits in any Fund except as permitted in this Article V and any act in violation of this Article V shall not be binding upon or recognized by the Trust (regardless of whether the Managing Owner shall have knowledge
thereof), unless approved in writing by the Managing Owner. 
 SECTION
5.2            Transfer of Managing Owner’s Units. 
 (a)      Upon an Event of Withdrawal (as defined in Section 13.1), the Managing Owner’s Units shall be purchased by the Trust on behalf of the Funds for a purchase
price in cash equal to the Net Asset Values thereof. The Managing Owner will not cease to be a Managing Owner of the Trust or the Funds merely upon the occurrence of its making an assignment for the benefit of creditors, filing a voluntary petition
in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting
or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part
of its properties. 
 (b)      To the full extent permitted by law, and on sixty
(60) days’ prior written notice to the Limited Owners, if the transaction is other than with an Affiliated entity, nothing in this Trust Agreement shall be deemed to prevent the merger of the Managing Owner with another corporation or
other entity, the reorganization of the Managing Owner into or with any other corporation or other entity, the transfer of all the capital stock of the Managing Owner or the assumption of the rights, duties and liabilities of the Managing Owner by,
in the case of a merger, reorganization or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Managing Owner’s Units to an Affiliate of the Managing Owner. Without limiting the foregoing, none of
the transactions referenced in the preceding sentence 

  
 36 

 
shall be deemed to be a voluntary withdrawal for purposes of Section 4.11 or an Event of Withdrawal or assignment of Units for purposes of Sections 5.2(a) or 5.2(c). 

(c)      Upon assignment of all of its Units, the Managing Owner shall not cease
(i) to be a Managing Owner of the Trust or the Funds, or (ii) to have the power to exercise any rights or powers as a Managing Owner, until an additional Managing Owner, who shall carry on the business of the Trust and the Funds, has been
admitted to the Trust. 
 SECTION
5.3            Transfer of Units by Limited Owners. Beneficial Owners that are not Direct Participants may transfer Units by instructing the Direct Participant or Indirect
Participant holding the Units for such Beneficial Owner in accordance with standard securities industry practice. Beneficial Owners that are Direct Participants may transfer Units by instructing the Depository in accordance with the rules of the
Depository and standard securities industry practice. 
 ARTICLE VI 

ALLOCATIONS AND DISTRIBUTIONS 
 SECTION 6.1            Capital Accounts.  The Trust shall maintain, for each Unitholder (which includes beneficial owners of
Units of a Fund where information regarding the identity of such owner has been furnished to the Fund in accordance with Section 6031(c) of the Code or any other method acceptable to the Managing Owner in its sole discretion) owning one or more
Units of a Fund a separate Capital Account with respect to such Units in accordance with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). The initial balance of each Unitholder’s book capital account shall be the amount of its
initial Capital Contribution. Such Capital Account shall be (i) increased by the amount of all Capital Contributions made with respect to the respective Units and all items of income and gain with respect to the applicable Fund computed and
allocated to the Unitholder’s Units in accordance with this Trust Agreement, and (ii) decreased by the amount of cash distributions made with respect to such Units and all items of deduction and loss with respect to such Fund computed and
allocated in accordance with this Trust Agreement. 
 (a)      Consistent with
the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)(f), upon an issuance of additional Units with respect to a Fund for cash, the Capital Accounts of all Unitholders with respect to such Fund shall, immediately prior to such
issuances, be adjusted (consistent with the provisions hereof) upwards or downwards to reflect any Unrealized Gain or Unrealized Loss attributable to Fund property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual
sale of each such property, immediately prior to such issuance, and had been allocated to its Unitholders at such time pursuant to Section 6.3. 
 (b)      In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), immediately prior to the distribution of cash in redemption of all or a portion of a
Unitholder’s Units, the capital accounts of all Unitholders with respect to a Fund shall, immediately prior to any such distribution, be adjusted (consistent with the provisions hereof) upward or downward to

  
 37 

 
reflect any Unrealized Gain or Unrealized Loss attributable to Fund property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each such property,
immediately prior to such distribution, and had been allocated to the Unitholders at such time pursuant to Section 6.3. 
 SECTION 6.2            Periodic Closing of Books. Within forty-five (45) days after the end of each calendar month (or such
other period as the Managing Owner may determine in its sole discretion) or such shorter period as required for the final closing of the books for the Tax Year, each Fund shall conduct an interim closing of the books of the Fund as of the end of the
last day of that calendar month (or such other period as the Managing Owner may determine in its sole discretion). On the basis of the closing of the books for each calendar month (or such other period as the Managing Owner may determine in its sole
discretion), each Fund shall determine the amount of Profit and Loss of the Fund attributable to that calendar month (or such other period as the Managing Owner may determine in its sole discretion). Each Fund’s Profits and Losses shall be
determined in accordance with the accounting methods followed by the Fund for U.S. federal income tax purposes. 

SECTION 6.3            Periodic Allocations. All
allocations to Unitholders of a Fund of items included within such Fund’s Profits and Losses attributable to each calendar month (or such other period as the Managing Owner may determine in its sole discretion) shall be allocated solely among
the Unitholders recognized as Unitholders of such Fund as of the close of the last trading day of the preceding month, (or the last trading day of such other period as the Managing Owner may determine in its sole discretion) as follows: 

(a)      For purposes of maintaining each Fund’s Capital Accounts and in determining
the rights of the Unitholders among themselves, except as otherwise provided in this Article VI, each item of income, gain, loss and deduction shall be allocated among Unitholders in accordance with their respective Percentage Interests. 

(b)      Any item of loss or deduction otherwise allocated to the Managing Owner pursuant
to this Section 6.3 which is in excess of such Managing Owner’s positive Adjusted Capital Account balance (following adjustment to reflect the allocation of all other items for such period) shall instead be allocated to the other
Unitholders in accordance with their respective Percentage Interests to the extent such item of loss or deduction exceeds such Managing Owner’s Adjusted Capital Account balance; provided that the allocation of any such item to such other
Unitholders shall only be made hereunder to the extent the allocation would not result in or increase a negative balance in the Adjusted Capital Account of such other Unitholders. If such an allocation occurs, items of income or gain that would
otherwise be allocated to the Managing Owner equal to the amount of such allocated loss or deduction will be allocated to the other Unitholders in accordance with their Percentage Interests as quickly as possible. 

(c)      If any Unitholder unexpectedly receives any adjustments, allocations or
distributions described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Fund income and gain shall be specially allocated to such Unitholder in an amount and manner sufficient to eliminate a deficit in its Adjusted
Capital Account created by such adjustments, allocations or distributions as quickly as possible. This Section 6.3(c) is intended to 

  
 38 

 
constitute a “qualified income offset” within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(d). 

(d)      Notwithstanding any other provision of this Trust Agreement, upon or prior to the
issuance of additional Units, the Managing Owner shall have the sole and complete discretion, without the approval of any other Unitholder, to amend any provision of this Article VI in any manner, as is necessary, appropriate or advisable to comply
with any current or future provisions of the Code or the Treasury Regulations or to implement the terms and conditions of any Units. 
 SECTION 6.4            Code Section 754 Adjustments.  To the extent an adjustment to the tax basis of any Fund
asset pursuant to Section 743(b) or 743(c) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be specially allocated to the Unitholders in a manner consistent
with the manner in which their Capital Accounts are required to be adjusted pursuant to such regulation. For purposes of computing the adjustments under Section 743(b) of the Code, a Fund is authorized (but not required), in the Managing
Owner’s sole and complete discretion, to adopt a convention whereby the price paid by a transferee of Units will be deemed to be the weighted average closing price of the Units of such Fund on the Exchange during the calendar month in which
such transfer is deemed to occur pursuant to Section 5.3 without regard to the actual price paid by the transferee (or any other convention as the Managing Owner may determine in its sole and complete discretion). 

SECTION 6.5            Allocation of Profit and Loss for
U.S. Federal Income Tax Purposes. 
 (a)      Except as otherwise provided,
each item of income, gain, loss, deduction and credit of each Fund shall be allocated among the Unitholders in accordance with their respective Percentage Interests. 

(b)      In an attempt to eliminate Book-Tax Disparities attributable to Adjusted
Property, items of income, gain, and loss will be allocated for U.S. federal income tax purposes among the Unitholders of each Fund as follows: 

(i)      Items attributable to an Adjusted Property will be allocated
among the Unitholders of each Fund in a manner consistent with the principles of Section 704(c) of the Code to take into account the Unrealized Gain or Loss attributable to the property and the allocations thereof pursuant to
Section 6.3(a) and (b); 
 (ii)      Any items of
income, gain, loss or deduction otherwise allocable under this Section 6.5 shall be subject to allocation by the Managing Owner in a manner designed to eliminate, to the maximum extent possible, Book-Tax Disparities in an Adjusted Property
otherwise resulting from the application of the ceiling limitation under Section 704(c) principles to the allocations provided under this Section; 

  
 39 

 (iii)      Subject to this
Section 6.5(b), any items of income, gain, loss or deduction otherwise allocable to the Managing Owner pursuant to Section 6.3(a) that constitutes the tax corollary of an item of “book” income, gain, loss or deduction that has
been allocated to the other Unitholders of a Fund pursuant to Section 6.3(b) shall be allocated to such other Unitholders in the same manner and to the same extent provided in this Section 6.5(b); and 

(iv)      If any Unitholder unexpectedly receives any adjustments,
allocations or distributions described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Unitholder in an amount and manner consistent with the allocations of income and gain
pursuant to Section 6.3(c). 
 (c)      The allocation of income and loss
(and items thereof) for U.S. federal income tax purposes set forth in this Section 6.5 is intended to allocate taxable income and loss among Unitholders generally in the ratio and to the extent that net profit and net loss shall be allocated to
such Unitholders under Section 6.3 so as to eliminate, to the extent possible, any disparity between a Unitholder’s book capital account and his tax capital account, consistent with the principles set forth in Sections 704(b) and (c)(2) of
the Code. 
 (d)      Notwithstanding this Section 6.5, if after taking into
account any distributions to be made with respect to such Unit for the relevant period pursuant to Section 6.7 herein, any allocation would produce a deficit in the book capital account of a Unit, the portion of such allocation that would
create such a deficit shall instead be allocated pro rata to the book capital accounts of all the remaining Unitholders in such Fund (subject to the same limitation). 

SECTION 6.6            Effect of Section 754
Election.  All items of income, gain, loss, deduction and credit recognized by a Fund for U.S. federal income tax purposes and allocated to Unitholders in such Fund in accordance with the provisions of this Trust Agreement shall be
determined without regard to any election under Section 754 of the Code which may be made by such Fund; provided, however, that such allocations, once made, shall be adjusted as necessary or appropriate to take into account those
adjustments permitted or required by Sections 734 or 743 of the Code. 
 SECTION
6.7            Allocation of Distributions.  Initially, distributions shall be made by the Managing Owner, and the Managing Owner shall have sole discretion in determining
the amount and frequency of distributions, other than redemptions, with respect to the Units; provided, however, that no distribution shall be made that violates the Delaware Trust Statute. The aggregate distributions made in a Tax
Year (other than distributions on termination, which shall be allocated in the manner described in Article XIII) shall be allocated among the holders of record of Units in the ratio in which the number of Units held of record by each of them bears
to the number of Units held of record by all of the Unitholders as of the record date of such distribution; provided, further, however, that any distribution made in respect of a Unit shall not exceed the book capital account for such Unit.

 SECTION 6.8            Admissions of
Unitholders; Transfers.  For purposes of this Article VI, items of each Fund’s income, gain, loss, deduction and credit attributable to a transferred Unit shall, for U.S. federal income tax purposes, be determined on a monthly
basis (or other 

  
 40 

 
basis, as required or permitted by Section 706 of the Code) and shall be allocated to such Unitholders who own the Units as of the close of NYSE Arca on the last day of the month in which
the transfer is recognized by the applicable Fund; provided that, gain or loss on the sale or other disposition of all or a substantial portion of the assets of the applicable Fund shall be allocated to the Unitholders who own Units on the last day
of the month in which such gain or loss is recognized for U.S. federal income tax purposes. The Managing Owner may revise, alter or otherwise modify such methods of determination and allocation as it determines necessary, to the extent permitted by
Section 706 of the Code and the regulations or rulings promulgated thereunder. 
 SECTION
6.9            Liability for State and Local and Other Taxes.  In the event that the Trust or any Fund shall be separately subject to taxation by any state or local or by
any foreign taxing authority, the Trust or such Fund shall be obligated to pay such taxes to such jurisdiction. In the event that the Trust or any Fund shall be required to make payments to any U.S. federal, state or local or any foreign taxing
authority in respect of any Unitholder’s allocable share of income, the amount of such taxes shall be considered a loan by the Trust or such Fund to such Unitholder, and such Unitholder shall be liable for, and shall pay to the Trust or such
Fund, any taxes so required to be withheld and paid over by the Trust or such Fund within ten (10) days after the Managing Owner’s request therefor. Such Unitholder shall also be liable for (and the Managing Owner shall be entitled to
redeem additional Units of the foreign Unitholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust or the Fund to the IRS or other taxing authority, from the date of the Managing Owner’s request for payment to the
date of payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from time to time by Citibank, N.A. The amount, if any, payable by the Trust or a Fund to the Unitholder in respect of its Units
so redeemed, or in respect of any other actual distribution by the Trust or any Fund to such Unitholder, shall be reduced by any obligations owed to the Trust or any Fund by the Unitholder, including, without limitation, the amount of any taxes
required to be paid over by the Trust or any Fund to the IRS or other taxing authority and interest thereon as aforesaid. Amounts, if any, deducted by the Trust or any Fund from any actual distribution or redemption payment to such Unitholder shall
be treated as an actual distribution to such Unitholder for all purposes of this Trust Agreement. 
 SECTION
6.10            Consent to Methods. The methods set forth in this Article VI by which distributions are made and items of Profit and Loss are allocated are hereby expressly consented
to by each Unitholder as an express condition to becoming a Unitholder. 
 ARTICLE VII 

REDEMPTIONS 
 SECTION 7.1            Redemption of Redemption Baskets. 

The following procedures, as supplemented by the more detailed procedures specified in the attachment to the Participant
Agreement, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such amendment 

  
 41 

 
will not constitute an amendment of this Trust Agreement), will govern the Trust with respect to the redemption of Redemption Baskets. 

(a)      On any Business Day, a Participant with respect to which a Participant Agreement
is in full force and effect (as reflected on the list maintained by the Managing Owner pursuant to Section 3.4(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by
delivering a request for redemption to the Managing Owner (such request, a “Redemption Order”) in the manner specified in the procedures specified in the attachment to the Participant Agreement, which may be amended from time to
time in accordance with the provisions of the Participant Agreements (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.

 (b)      To be effective, a Redemption Order must be submitted on a Business
Day by the Order Cut-Off Time in form satisfactory to the Managing Owner (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Managing Owner shall reject any Redemption Order the
fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances. 

(c)      Subject to deduction of any tax or other governmental charges due thereon, the
redemption distribution (“Redemption Distribution”) shall consist of cash in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by
(ii) the Net Asset Value Per Basket as of the close of the NYSE Arca Core Trading Session or the last to close of the exchanges on which the Fund’s Designated Contracts or Substitute Contracts are traded, whichever is later, on the
Redemption Order Date. 
 (d)      By noon, New York time, on the Business Day
immediately following the Redemption Order Date (the “Redemption Settlement Time”), if the Managing Owner’s account at the Depository has by noon, New York time, on such day been credited with the Redemption Baskets being
tendered for redemption and the Managing Owner has by such time received the Transaction Fee, the Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system
of the Depository. If by such Redemption Settlement Time the Managing Owner has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Managing Owner will (i) settle the Redemption Order to the
extent of whole Redemption Baskets received from the Participant and (ii) keep the redeeming Participant’s Redemption Order open until noon, New York time, on the first Business Day following the Redemption Settlement Date as to the
balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Managing Owner’s account at the Depository by noon, New
York time, on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by such Redemption Settlement Time the Managing Owner has
not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets

  
 42 

 
then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Managing Owner may from time to time determine,
the Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s account at the Depository if the Participant has collateralized its obligation to
deliver the Redemption Basket on such terms as the Managing Owner may, in its sole discretion, from time to time agree. 
 (e)      The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the Redemption Settlement Date, (i) for any period during which the
Exchange is closed other than customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of the Trust’s assets is
not reasonably practicable; or (iii) for such other period as the Managing Owner determines to be necessary for the protection of Beneficial Owners. The Managing Owner is not liable to any person or in any way for any loss or damages that may
result from any such suspension or postponement. 
 (f)      Redemption Baskets
effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures. 

SECTION 7.2            Other Redemption
Procedures.  The Managing Owner from time to time may, but shall have no obligation to, establish procedures with respect to redemption of Units in lot sizes smaller than the Redemption Basket and permitting the Redemption Distribution
to be in a form, and delivered in a manner, other than that specified in Section 7.1. 
 ARTICLE VIII 

THE LIMITED OWNERS 
 SECTION 8.1            No Management or Control; Limited Liability; Exercise of Rights through DTC.  The Limited Owners
shall not participate in the management or control of the Trust’s or any of the Fund’s business nor shall they transact any business for the Trust or any Fund or have the power to sign for or bind the Trust or any Fund, said power being
vested solely and exclusively in the Managing Owner. Except as provided in Section 8.3 hereof, no Limited Owner shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Trust or any Fund in excess of its
Capital Contribution plus its share of the applicable Trust Estate and profits remaining, if any. Except as provided in Section 8.3 hereof, each Unit owned by a Limited Owner shall be fully paid and no assessment shall be made against any
Limited Owner. No salary shall be paid to any Limited Owner in its capacity as a Limited Owner, nor shall any Limited Owner have a drawing account or earn interest on its Capital Contribution. By the purchase and acceptance or other lawful delivery
and acceptance of Units, each Beneficial Owner shall be deemed to be a Limited Owner and beneficiary of the applicable Fund and vested with beneficial undivided interest in such Fund to the extent of the Units owned beneficially by such Beneficial
Owner, subject to the terms and conditions of this Trust Agreement. The rights of Beneficial Owners under this Trust Agreement 

  
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must be exercised by Direct Participants, or Indirect Participants, as applicable, acting on their behalf in accordance with the rules and procedures of the Depository, as provided in
Section 3.5. 
 SECTION
8.2            Rights and Duties.  The Limited Owners shall have the following rights, powers, privileges, duties and liabilities: 

(a)      The Limited Owners shall have the right to obtain from the Managing Owner
information on all things affecting the Trust or the applicable Fund, provided that such is for a purpose reasonably related to the Limited Owner’s interest as a beneficial owner of the Trust or the applicable Fund. 

(b)      The Limited Owners shall receive the share of the distributions provided for in
this Trust Agreement in the manner and at the times provided for in this Trust Agreement. 

(c)      Except for the Limited Owners’ redemption rights set forth in Article VII
hereof, the Limited Owners shall have the right to demand the return of their Capital Account only upon the dissolution and winding up of the applicable Fund or the Trust and only to the extent of funds available therefore. In no event shall a
Limited Owner be entitled to demand or receive property other than cash. Except with respect to class differences, no Limited Owner shall have priority over any other Limited Owner either as to the return of capital or as to profits, losses or
distributions. The Limited Owners shall not have any right to bring an action for partition against the Trust or a Fund. 
 (d)      Limited Owners holding Units representing at least a majority (over 50%) in Net Asset Value of each applicable Fund (not including Units held by the Managing Owner
and its Affiliates), voting separately as a class, may vote to (i) continue the Trust as provided in Section 13.1(a), (ii) remove the Managing Owner on reasonable prior written notice to the Managing Owner, and (iii) terminate
the Trust as provided in Section 13.1(e). Units held by the Managing Owner and its Affiliates shall be excluded in determining the above voting percentage. 

Except as set forth above, the Limited Owners shall have no voting or other rights with respect to the Trust or any Fund.

 SECTION 8.3            Limitation of
Liability. 
 (a)      Except as provided in Section 4.7(f) hereof, and
as otherwise provided under Delaware law, the Limited Owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no
Limited Owner shall be liable for claims against, or debts of the Trust or the applicable Fund in excess of its Capital Contribution and its share of the applicable Trust Estate and undistributed profits, except in the event that the liability is
founded upon misstatements or omissions contained in such Limited Owner’s Participant Agreement delivered in connection with its purchase of Units. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the
Trust or the applicable Fund shall not make a claim against a Limited Owner with respect to amounts distributed to such Limited Owner or amounts received by such Limited Owner upon redemption unless, under Delaware law, such Limited Owner is liable
to repay such amount. 

  
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 (b)      The Trust or the applicable Fund
shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the applicable Trust Estate, each Limited Owner against any claims of liability asserted against such Limited Owner solely
because he is a beneficial owner of one or more Units as a Limited Owner (other than for taxes for which such Limited Owner is liable under Section 6.9 hereof). 

(c)      Every written note, bond, contract, instrument, certificate or undertaking made
or issued by the Managing Owner shall give notice to the effect that the same was executed or made by or on behalf of the Trust or a Fund and that the obligations of such instrument are not binding upon the Limited Owners individually but are
binding only upon the assets and property of the applicable Trust Estate, and no resort shall be had to the Limited Owners’ personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this
Trust Agreement and may contain any further recital which the Managing Owner deems appropriate, but the omission thereof shall not operate to bind the Limited Owners individually or otherwise invalidate any such note, bond, contract, instrument,
certificate or undertaking. Nothing contained in this Section 8.3 shall diminish the limitation on the liability of the Trust to the extent set forth in Section 3.8 hereof. 

ARTICLE IX 

BOOKS OF ACCOUNT AND REPORTS 
 SECTION 9.1            Books of Account.  Proper books of account for each Fund shall be kept and shall be audited annually by
an independent certified public accounting firm selected by the Managing Owner in its sole discretion, and there shall be entered therein all transactions, matters and things relating to each Fund’s business as are required by the CE Act and
regulations promulgated thereunder, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office
of the Trust and each Limited Owner (or any duly constituted designee of a Limited Owner) shall have, at all times during normal business hours, free access to and the right to inspect and copy the same for any purpose reasonably related to the
Limited Owner’s interest as a beneficial owner of the applicable Fund, including such access as is required under CFTC rules and regulations. Such books of account shall be kept, and each Fund shall report its Profits and Losses on
the accrual method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article X. 
 SECTION 9.2            Annual Reports, Monthly Statements and Periodic Reports. 

(a)      Each Limited Owner shall be furnished as of the end of each month and as of the
end of each Fiscal Year with (i) such reports (in such detail) as are required to be given to Limited Owners by the CFTC and the NFA subject to the applicable rules and regulations of the CFTC, (ii) any other reports (in such detail)
required to be given to Limited Owners by any other governmental authority which has jurisdiction over the activities of the Trust and the Funds, and (iii) any other reports or information which the Managing Owner, in its discretion, determines
to be necessary or appropriate. 

  
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 (b)      Each Limited Owner will have access
to periodic reports filed with the SEC by the Managing Owner on behalf of the Trust and each Fund. The Managing Owner will file (i) the Quarterly Reports on Form 10-Q, filed for the first three quarters of each Fiscal Year, (ii) the Annual
Reports on Form 10-K, filed at end of each Fiscal Year, and (iii) Current Reports on Form 8-K, which will be filed as necessary to announce material events not disclosed in either Form 10-Q or 10-K. 

SECTION 9.3            Tax
Information.  Appropriate tax information (adequate to enable each Limited Owner to complete and file its U.S. federal tax return) shall be delivered to each Limited Owner as soon as practicable following the end of the Tax Year of
each Fund but generally no later than March 15. 
 SECTION
9.4            Calculation of Net Asset Value.  Net Asset Value of each Fund shall be calculated at such times as the Managing Owner shall determine from time to time.

 SECTION 9.5            Maintenance of
Records.  The Managing Owner shall maintain: (i) for a period of at least six Fiscal Years all books of account required by Section 9.1 hereof; a list of the names and last known addresses of, and number of Units owned by,
all Unitholders of each Fund, a copy of the Certificate of Trust and all certificates of amendment thereto, together with executed copies of any powers of attorney pursuant to which any certificate has been executed; copies of the Trust’s and
Funds’ U.S. federal, state and local income tax returns and reports, if any; and (ii) for a period of at least six Fiscal Years copies of any effective written Trust Agreements, Participant Agreements, including any amendments thereto, and
any financial statements of the Trust and the Funds. The Managing Owner may keep and maintain the books and records of the Trust and the Funds in paper, magnetic, electronic or other format as the Managing Owner may determine in its sole discretion,
provided the Managing Owner uses reasonable care to prevent the loss or destruction of such records. 
 ARTICLE X

 FISCAL YEAR; TAX YEAR 
 SECTION 10.1            Fiscal Year.  The Trust and each of the two initial Funds shall adopt a fiscal year (“Fiscal
Year”) that shall end on August 31. The first Fiscal Year of the Trust and each of the two initial Funds shall commence on the date of filing of the Certificate of Trust and shall end on August 31 of the year during which the
Certificate of Trust was initially filed. The first Fiscal Year of any Fund other than the two initial Funds shall commence on the date the Managing Owner establishes the new Fund pursuant to Section 3.2 and shall end on August 31 of the
year during which the Managing Owner establishes such new Fund pursuant to Section 3.2. The Fiscal Year in which the Trust or a Fund shall terminate shall end on the date of such termination. 

SECTION 10.2            Tax Year.  Each Fund
shall adopt the calendar year as its taxable year (“Tax Year”). The first Tax Year of the two initial Funds shall commence on the date of filing of the Certificate of Trust and shall end on December 31 of the year during which
the Certificate of Trust was initially filed. The first Tax Year of any Fund other than the two initial 

  
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Funds shall commence on the date the Managing Owner establishes the new Fund pursuant to Section 3.2 and shall end on December 31 of the year during which the Managing Owner establishes
such new Fund pursuant to Section 3.2. If, after commencement of operations, applicable tax rules require the Trust to adopt a taxable year other than the calendar year, the term “Tax Year” for the Fund shall mean such other taxable
year as required by Code Section 706 or an alternative taxable year chosen by the Managing Owner which has been approved by the Internal Revenue Service. The Tax Year in which a Fund shall terminate shall end on the date of such termination.

 ARTICLE XI 
 AMENDMENT OF TRUST AGREEMENT; MEETINGS 
 SECTION
11.1            Amendments to the Trust Agreement. 
 (a)      The Managing Owner may, without the approval of the Limited Owners, make such amendments to this Trust Agreement which (i) are necessary to add to the
representations, duties or obligations of the Managing Owner or surrender any right or power granted to the Managing Owner herein, for the benefit of the Limited Owners, (ii) are necessary to cure any ambiguity, to correct or supplement any
provision herein which may be inconsistent with any other provision herein or in the Prospectus, or to make any other provisions with respect to matters or questions arising under this Trust Agreement or the Prospectus which will not be inconsistent
with the provisions of the Trust Agreement or the Prospectus, or (iii) the Managing Owner deems advisable, provided, however, that no amendment shall be adopted pursuant to this clause (iii) unless the adoption thereof (A) is not
adverse to the interests of the Limited Owners; (B) is consistent with Section 4.1 hereof; (C) except as otherwise provided in Section 11.1(b) below, does not affect the allocation of Profits and Losses among the Limited Owners
or between the Limited Owners and the Managing Owner; and (D) does not adversely affect the limitations on liability of the Limited Owners, as described in Article VIII hereof or the status of any Fund as a partnership for U.S. federal income
tax purposes. Amendments to this document which adversely affect (i) the rights of Limited Owners, (ii) the dissolution of the Trust pursuant to Section 13.1(f) below and (iii) any material changes in the Trust’s or a
Fund’s basic investment policies (on a Fund-by-Fund basis) or structure shall occur only upon the written approval or affirmative vote of Limited Owners holding Units equal to at least a majority (over 50%, excluding Units held by the Managing
Owner and its Affiliates) of the Net Asset Value of each Fund or, if not all Funds are affected, of the affected Fund or Funds. Notwithstanding any other provision hereof, on each matter submitted to a vote of the Unitholders, each Unitholder shall
be entitled to a proportionate vote based upon value of the Unitholder’s ownership standing in its name on the books of such Fund relative to the Net Asset Value of such Fund. 

(b)      Notwithstanding any provision to the contrary contained in Section 11.1(a)
hereof, the Managing Owner may, without the approval of the Limited Owners, amend the provisions of this Trust Agreement if the Trust is advised at any time by the Trust’s accountants or legal counsel that the amendments made are necessary to
ensure that the Funds’ status as partnerships will be respected for U.S. federal income tax purposes. 

  
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 (c)      Upon amendment of this Trust
Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect such change. At the expense of the Managing Owner, the Trustee shall execute and file any amendment to the Certificate of Trust if so
directed by the Managing Owner or if such amendment is required in the opinion of the Trustee. 

(d)      No amendment affecting the rights or duties of the Trustee shall be binding upon
or effective against the Trustee unless consented to by the Trustee in writing. No amendment shall be made to this Trust Agreement without the consent of the Trustee if it reasonably believes that such amendment adversely affects any of the rights,
duties or liabilities of the Trustee. The Trustee shall be under no obligation to execute any amendment to the Trust Agreement or to any agreement to which the Trust is a party until it has received an instruction letter from the Managing Owner, in
form and substance reasonably satisfactory to the Trustee (i) directing the Trustee to execute such amendment, (ii) representing and warranting to the Trustee that such execution is authorized and permitted by the terms of the Trust
Agreement and (if applicable) such other agreement to which the Trust is a party and does not conflict with or violate any other agreement to which the Trust is a party and (iii) confirming that such execution and acts related thereto are
covered by the indemnity provisions of the Trust Agreement in favor of the Trustee and do not adversely affect the Trustee. 
 (e)      To the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but only by a written instrument
adopted in accordance with this Section. 
 SECTION
11.2            Meetings of the Trust.  Meetings of the Unitholders may be called by the Managing Owner and will be called by it upon the written request of Limited Owners
holding Units equal to at least 30% of the Net Asset Value of each applicable Fund. Such call for a meeting shall be deemed to have been made upon the receipt by the Managing Owner of a written request from the requisite percentage of Limited Owners
of each applicable Fund. 
 The Managing Owner shall deposit in the United States mail, within fifteen
(15) days after receipt of said request, written notice to all applicable Limited Owners of the meeting and the purpose of the meeting, which shall be held on a date, not less than thirty (30) nor more than sixty (60) days after the
date of mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting and an opinion of independent counsel as to the effect of such proposed action on
the liability of Limited Owners for the debts of the applicable Fund. Any Unitholder may waive notice, which waiver may be submitted by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other
electronic media. The waiver of notice need not specify either the business to be transacted or the purpose of any meeting of Unitholders. Attendance by a person at a meeting shall also constitute a waiver of notice of that meeting, except when the
person objects at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters
not included in the notice of the meeting if that objection is expressly made at the beginning of the meeting. 

  
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 Unitholders entitled to vote on any matter shall have the right to do so
either in person or by one or more agents authorized by a written or electronic proxy authorized by the person and filed with the Managing Owner. A proxy shall be deemed authorized if the Unitholder’s name is placed on the proxy (whether by
manual signature, typewriting, telephonic or internet transmission or otherwise) by the Unitholder or the Unitholder’s attorney-in-fact. A validly authorized proxy which does not state that it is irrevocable shall continue in full force and
effect unless (i) revoked by the person executing it before the vote pursuant to that proxy by a writing delivered to the Managing Owner stating that the proxy is revoked or by a subsequent proxy executed by, or attendance at the meeting and
voting in person by, the person executing that proxy; or (ii) written notice of the death or incapacity of the maker of that proxy is received by the Managing Owner before the vote pursuant to that proxy is counted; provided however, that no
proxy shall be valid after the expiration of eleven (11) months from the date of the proxy unless otherwise provided in the proxy. 
 SECTION 11.3            Action Without a Meeting.  Any action required or permitted to be taken by Unitholders of any Fund by
vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Unitholder of a Fund to any action of the Trust,
any Fund or any Unitholder of such Fund, as contemplated by this Trust Agreement, is solicited by the Managing Owner, the solicitation shall be effected by notice to each Unitholder of the applicable Fund given in the manner provided in
Section 14.5. The vote or consent of each Unitholder of a Fund so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by
that Unitholder, unless the Unitholder expresses written objection to the vote or consent by notice given in the manner provided in Section 14.5 below and actually received by the Trust within twenty (20) days after the notice of
solicitation is effected. The Managing Owner and its Covered Persons dealing with the Trust and the Funds shall be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to this Section and shall be fully
indemnified by the Trust and the applicable Fund(s) in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Unitholders of a Fund shall not be void or voidable by reason of timely communication made by
or on behalf of all or any of such Unitholders of a Fund in any manner other than as expressly provided in Section 14.5. 
 SECTION 11.4            Record Dates.  For the purpose of determining the Unitholders of any Fund or class who are entitled to
vote or act at any meeting or any adjournment thereof, the Managing Owner may from time to time fix a date, which shall be not more than one-hundred and twenty (120) days before the date of any meeting of Unitholders, as the record date for
determining the Unitholders of such Fund or class having the right to notice of and to vote at such meeting and any adjournment thereof, and in such case only Unitholders of record on such record date shall have such right, notwithstanding any
transfer of Units on the books of the Fund after the record date. For the purpose of determining the Unitholders of any Fund or class who are entitled to receive payment of any distribution, the Managing Owner may from time to time fix a date, which
shall be before the date for the payment of such dividend or such other payment, as the record date for determining the Unitholders of such Fund or class having the right to receive such distribution. Nothing in this Section shall be construed as
precluding the Managing Owner from setting different record dates for different Funds or classes. 

  
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 SECTION
11.5            Voting Powers.  (a)      Except as required under applicable U.S. federal law or under the rules or regulations of an Exchange
or the terms of this Agreement, the Unitholders shall have no voting rights hereunder (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or with respect to
any other matters that under the Delaware Trust Statute default voting rights are provided to holders of beneficial interests). The Unitholders of a Fund shall have the right to vote on other matters only as the Managing Owner may consider desirable
and so authorizes in its sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Unitholders’ right to
vote on any specific matter, the Unitholders’ right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the Managing Owner or the Unitholders. 

(b)      On each matter, if any, submitted to a vote of Unitholders, unless the Managing
Owner determines otherwise, all Units of all Funds or classes shall vote together as a single Fund or class; provided, however, that: (i) as to any matter with respect to which a separate vote of any Fund or class is required by
applicable law or is required by attributes applicable to any Fund or class, such requirements as to a separate vote by that Fund or class shall apply; (ii) unless the Managing Owner determines that this clause (ii) shall not apply in a
particular case, to the extent that a matter referred to in clause (i) above affects more than one Fund or class and the interests of each such Fund or class in the matter are identical, then the Units of all such affected Funds or classes
shall vote together as a single Fund or class; and (iii) as to any matter which does not affect the interests of a particular Fund or class, only the holders of Units of the one or more affected Funds or classes shall be entitled to vote. As
determined by the Managing Owner, in its sole discretion, without the vote or consent of Unitholders, on any matter submitted to a vote of Unitholders either (i) each whole Unit shall be entitled to one vote as to any matter on which it is
entitled to vote and each fractional Unit shall be entitled to a proportionate fractional vote or (ii) each dollar of Net Asset Value (number of Units owned times Net Asset Value Per Unit of such Fund or class, as applicable) shall be entitled
to one vote on any matter on which such Units are entitled to vote and each fractional dollar amount shall be entitled to a proportionate fractional vote. Without limiting the power of the Trustee in any way to designate otherwise in accordance with
the preceding sentence, the Managing Owner hereby establishes that each whole Unit shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Unit shall be entitled to a proportionate fractional vote. Units
may be voted in person or by proxy or in any manner determined by the Managing Owner. 
 SECTION
11.6            Adjourned Meeting; Notice.  Any Unitholders’ meeting, whether or not a quorum is present, may be adjourned from time to time by the Managing Owner or
by the vote of a majority of the Units of the Trust or a Fund or class, as the case may be, represented at that meeting, either in person or by proxy. When any meeting of Unitholders is adjourned to another time or place, notice need not be given of
the adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless the adjournment is for more than sixty (60) days from the date set for the original meeting, in which case the
Managing Owner shall set a new record date. Notice of any such adjourned meeting shall be given to each Unitholder of record entitled to vote at the adjourned meeting. At any adjourned meeting, the Trust may transact any business which might have
been transacted at the original meeting. 

  
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 SECTION
11.7            Voting Procedure.  The Trust on behalf of each Fund shall be authorized to solicit, and a Limited Owner shall be entitled to submit a proxy ballot
containing the voting instructions of such Unitholder, in person, or by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media, provided however, that the Managing Owner or
an officer of the Trust may limit or delineate the types of media and methods by which a Limited Owner may submit voting instructions. On any matter any Unitholder may vote part of the Units in favor of the proposal and refrain from voting the
remaining Units or vote them against the proposal, but if the Limited Owner fails to specify the number of Units which the Limited Owner is voting affirmatively, it will be conclusively presumed that the Unitholder’s approving vote is with
respect to the total Units that the Limited Owner is entitled to vote on such proposal. 
 SECTION
11.8            Quorum And Required Vote.  Except when a larger quorum is required by applicable law or by this Trust Agreement, the presence (in person or by ballot) of
thirty-three and one-third percent (33 1/3%) of the Units of the applicable Funds entitled to vote shall constitute a quorum at a Unitholder’s meeting. When any one or more Funds or classes is to vote as a single Fund or class separate from any
other Units, thirty-three and one-third percent (33 1/3%) of the Units of each such Fund or class entitled to vote shall constitute a quorum at a Unitholder’s meeting of that Fund or class. Any meeting of Unitholders may be adjourned consistent
with the provisions of Section 11.6 above, whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Units represented at the meeting shall decide any questions except when a different vote is required by
any provision of this Trust Agreement or by applicable law. 
 ARTICLE XII 

TERM 
 SECTION 12.1            Term.  The term for which the Trust and each Fund is to exist shall commence on the date of the filing
of the Certificate of Trust and shall be perpetual, unless terminated pursuant to the provisions of Article XIII hereof or as otherwise provided by law. 
 ARTICLE XIII 
 TERMINATION 

SECTION 13.1            Events Requiring Dissolution of
the Trust or any Fund.  The Trust or, as the case may be, any Fund, shall dissolve at any time upon the happening of any of the following events: 

(a)      The filing of a certificate of dissolution or revocation of the Managing
Owner’s charter (and the expiration of ninety (90) days after the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or
insolvency of the Managing Owner (each of the foregoing events an “Event of Withdrawal”) unless (i) at the time there is at least one remaining 

  
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Managing Owner and that remaining Managing Owner carries on the business of the Trust and the applicable Fund(s) or (ii) within ninety (90) days of such Event of Withdrawal all the
remaining Unitholders of each applicable Fund agree in writing to continue the business of the Trust and each applicable Fund and to select, effective as of the date of such event, one or more successor Managing Owners. If the Trust is dissolved as
the result of an Event of Withdrawal and a failure of all remaining Unitholders to continue the business of the Trust and the Funds and to appoint a successor Managing Owner as provided in clause (a)(ii) above, within one hundred and twenty
(120) days of such Event of Withdrawal, Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value of each Fund (not including Units held by the Managing Owner and its Affiliates) may elect to continue the
business of the Trust and each applicable Fund by forming a new statutory trust (the “Reconstituted Trust”) on the same terms and provisions as set forth in this Trust Agreement (whereupon the parties hereto shall execute and
deliver any documents or instruments as may be necessary to reform the Trust). Any such election must also provide for the election of a Managing Owner to the Reconstituted Trust. If such an election is made, all Limited Owners of each Fund shall be
bound thereby and continue as Limited Owners of the Reconstituted Trust. 

(b)      The occurrence of any event which would make unlawful the continued existence of
the Trust or any Fund, as the case may be. 
 (c)      In the event of the
suspension, revocation or termination of the Managing Owner’s registration as a commodity pool operator under the CE Act, or membership with the NFA (if, in either case, such registration is required under the CE Act or the rules promulgated
thereunder) unless at the time there is at least one remaining Managing Owner whose registration or membership has not been suspended, revoked or terminated. 
 (d)      The Trust or any Fund, as the case may be, becomes insolvent or bankrupt. 
 (e)      The Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value (which excludes the Units of the Managing Owner) vote to dissolve
the Trust, notice of which is sent to the Managing Owner not less than ninety (90) days prior to the effective date of termination. 
 (f)      The determination of the Managing Owner that a Fund’s aggregate net assets in relation to the operating expenses of such Fund make it unreasonable or imprudent
to continue the business of such Fund, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Trust because the aggregate Net Asset Value of the Trust or any Fund as of the close of business on any
Business Day declines below $50 million. 
 (g)      The Trust or any Fund is
required to be registered as an investment company under the Investment Company Act of 1940. 

(h)      DTC is unable or unwilling to continue to perform its functions, and a comparable
replacement is unavailable. 
 (i)      The Managing Owner determines to dissolve
the Trust or any Fund for any reason or for no reason. 

  
 52 

 The death, legal disability, bankruptcy, insolvency, dissolution, or
withdrawal of any Limited Owner (as long as such Limited Owner is not the sole Limited Owner of the Trust) shall not result in the termination of the Trust or any Fund, and such Limited Owner, his estate, custodian or personal representative shall
have no right to withdraw or value such Limited Owner’s Units except as provided in the Participant Agreement. Each Limited Owner (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his
estate, and he directs the legal representative of his estate and any person interested therein to waive the furnishing of any inventory, accounting or appraisal of the assets of the Trust and applicable Fund and any right to an audit or examination
of the books of the Trust and applicable Fund, except for such rights as are set forth in Article IX hereof relating to the books of account and reports of the Trust and applicable Fund. 

SECTION 13.2            Distributions on Dissolution.
Upon the dissolution of the Trust the Managing Owner (or in the event there is no Managing Owner, such person (the “Liquidating Trustee”) as the majority in interest of the Limited Owners may propose and approve) shall take full
charge of the applicable Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Managing Owner under the terms of
this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and
expenses of the Trust or the Funds. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust or any Fund shall be wound up and all assets shall be liquidated as promptly as is
consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Unitholders who are
creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust or the applicable Fund (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to
Unitholders, and (b) to the Managing Owner and each Limited Owner pro rata in accordance with his positive book capital account balance, less any amount owing by such Unitholder, after giving effect to all adjustments made pursuant to Article
VI and all distributions theretofore made to the Unitholders pursuant to Article VI. 
 SECTION
13.3            Termination; Certificate of Cancellation. Following the dissolution of the Trust and the Funds and distribution of the assets of all Funds, the Trust shall terminate
and the Managing Owner or Liquidating Trustee, as the case may be, shall instruct the Trustee to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute at the expense
of the Managing Owner. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation. 

  
 53 

 ARTICLE XIV 
 MISCELLANEOUS 
 SECTION
14.1            Governing Law.  The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and
the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; provided, however,
that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section, and provided, further, that the parties hereto intend that the provisions hereof shall control over any contrary or
limiting statutory or common law of the State of Delaware (other than the Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Funds, the Trustee, the Managing Owner,
the Unitholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Trust Statute) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof:
(a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the
necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the
allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding
of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the
Trustee or the Managing Owner set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. The Trust shall be of the type commonly called a “statutory trust,” and without
limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory
trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. 

SECTION 14.2            Provisions In Conflict With Law or
Regulations. 
 (a)      The provisions of this Trust Agreement are
severable, and if the Managing Owner shall determine, with the advice of counsel, that any one or more of such provisions (the “Conflicting Provisions”) are in conflict with the Code, the Delaware Trust Statute or other applicable
U.S. federal or state laws, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment of this Trust Agreement pursuant to this Trust Agreement; provided, however,
that such determination by the Managing Owner shall not affect or impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination. No Managing Owner or Trustee
shall be liable for making or failing to make such a determination. 

  
 54 

 (b)      If any provision of this Trust
Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any
jurisdiction. 
 SECTION 14.3            Merger
and Consolidation.  The Managing Owner may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) a series of the Trust to
be consolidated with, or to sell all or substantially all of its assets to, another series of the Trust or another series of another trust or company; (iii) the Units of a class of a series to be converted into another class of Units of the
same series; (iv) the Units of the Trust or any series to be converted into beneficial interests in another statutory trust (or series thereof); or (v) the Units of the Trust or any series to be exchanged for units in another trust or
company under or pursuant to any state or federal statute to the extent permitted by law. For the avoidance of doubt, the Managing Owner, with written notice to the Unitholders, may approve and effect any of the transactions contemplated under
(i) – (v) above without any vote or other action of the Unitholders. 
 SECTION
14.4            Construction.  In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural include both the plural and
singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Trust Agreement. 

SECTION 14.5            Notices.  All
notices or communications under this Trust Agreement (other than notices of pledge or encumbrance of Units, and reports and notices by the Managing Owner to the Limited Owners) shall be in writing and shall be effective upon personal delivery, or if
sent by mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier and addressed, in each such case, to the address set forth in the books and records of the Trust or the applicable Fund or such other address as may be
specified in writing, of the party to whom such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as
the case may be. Notices of pledge or encumbrance of Units shall be effective upon timely receipt by the Managing Owner in writing. 
 SECTION 14.6            Counterparts.  This Trust Agreement may be executed in several counterparts, and all so executed shall
constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. 
 SECTION 14.7            Binding Nature of Trust Agreement.  The terms and provisions of this Trust Agreement shall be binding
upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Unitholders. For purposes of determining the rights of any Unitholder or
assignee hereunder, the Trust and the Managing Owner may rely upon the Trust and Fund records as to who are Unitholders and permitted assignees, and all Unitholders and assignees agree that the Trust, each Fund and the Managing Owner, in determining
such rights, shall rely on such records and that Limited Owners and assignees shall be bound by such determination. 

  
 55 

 SECTION
14.8               No Legal Title to Trust Estate.  Subject to the provisions of Section 1.7 in the case of the Managing Owner, the Unitholders of a
Fund shall not have legal title to any part of such Fund’s Trust Estate. 
 SECTION
14.9              Creditors.  No creditors of any Unitholders of a Fund shall have any right to obtain possession of, or otherwise exercise legal or equitable
remedies with respect to such Fund’s Trust Estate. 
 SECTION
14.10            Integration.  This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all
prior agreements and understandings pertaining thereto. 
 SECTION
14.11            Goodwill; Use of Name.  No value shall be placed on the name or goodwill of the Trust or any Fund, which shall belong exclusively to BNP
Quantitative Strategies, LLC. 

  
 56 

 IN WITNESS WHEREOF, the undersigned have duly executed this Third
Amended and Restated Declaration of Trust and Trust Agreement as of the day and year first above written. 
  

			
	 Wilmington Trust Company,
 as Trustee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 BNP Quantitative Strategies, LLC,

as Managing Owner

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 EXHIBIT A 
 DESCRIPTION OF THE INDEXES 

  
 A-1

 EXHIBIT B 
 FORM OF GLOBAL CERTIFICATE 1 
 CERTIFICATE OF BENEFICIAL INTEREST 
 -Evidencing- 

All Units 

-in- 

BNP PARIBAS [            ] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE TRUST WITH RESPECT TO THE FUND OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 This is to
certify that CEDE & CO. is the owner and registered holder of this Certificate evidencing the ownership of all issued and outstanding Units (“Units”), each of which represents a fractional undivided unit of beneficial interest in
BNP Paribas [        ] (the “Fund”), established and designated as a series of BNP Paribas Exchange Traded Trust (the “Trust”), a Delaware statutory trust formed as a series trust
under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) pursuant to a Certificate of Trust, dated as of and filed in the offices of the Secretary of State of the State of Delaware on April 30, 2010, and a Third Amended and
Restated Declaration of Trust and Trust Agreement, dated as of [-], 2012 by and among BNP Paribas Quantitative Strategies, LLC, a Delaware limited liability company, as managing owner of the Trust and the Fund (the “Managing Owner”), and
Wilmington Trust Company, a Delaware trust company, as trustee (hereinafter called the “Trust Agreement”), copies of which are available at the principal offices of the Trust. 

At any given time this Certificate shall represent all common units of beneficial interest in the Fund, which shall be
the total number of Units that are outstanding at such time. The Trust Agreement provides for the deposit of cash with the Fund from time to time and the issuance by the Trust, with respect to the 

 
  

1 Forms of
Global Certificate of Beneficial Interest for each of BNP Paribas S&P Dynamic Roll Global Commodities Fund and BNP Paribas Enhanced Volatility Fund shall be, except for the names of the Funds, substantially identical to this Form of Global
Certificate. 

  
 B-1

 
Fund, of additional Creation Baskets representing the undivided units of beneficial interest in the assets of the Fund. At the request of the registered holder this Certificate may be exchanged
for one or more Certificates issued to the registered holder in such denominations as the registered holder may request, provided, however, that, in the aggregate, the Certificates issued to the registered holder hereof shall represent all Units
outstanding at any given time. 
 Each Authorized Participant hereby grants and conveys all of its rights, title
and interest in and to the Fund to the extent of the undivided interest represented hereby to the registered holder of this Certificate subject to and in pursuance of the Trust Agreement, all the terms, conditions and covenants of which are
incorporated herein as if fully set forth at length. 
 The registered holder of this Certificate is entitled at
any time upon tender of this Certificate to the Fund, endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form, at its principal office in the State of New York and, upon payment of any tax or other
governmental charges, to receive at the time and in the manner provided in the Trust Agreement, such holder’s ratable portion of the assets of the Fund for each Redemption Basket tendered and evidenced by this Certificate. 

The holder of this Certificate, by virtue of the purchase and acceptance hereof, assents to and shall be bound by the
terms of the Trust Agreement, copies of which are on file and available for inspection at reasonable times during business hours at the principal office of the Trust, to which reference is made for all the terms, conditions and covenants thereof.

 The Fund may deem and treat the person in whose name this Certificate is registered upon the books of the
Fund as the owner hereof for all purposes and the Fund shall not be affected by any notice to the contrary. 

The Trust Agreement may be amended without Unitholders’ approval, and all Unitholders purchase Units with notice
that it may be so amended except to the extent expressly required under Delaware or applicable U.S. federal law or rules or regulations of the Exchange. The Managing Owner may, without any Unitholder vote, amend or otherwise supplement the Trust
Agreement by making an amendment, a trust instrument supplemental hereto or an amended and restated Trust Agreement; provided, that Unitholders shall have the right to vote, on a series by series basis, as applicable, on any amendment if expressly
required under Delaware or U.S. federal law or rules or regulations under an Exchange, or submitted to them by the Managing Owner in its sole discretion; and provided, further, that no amendment affecting the rights or duties of the Trustee shall be
binding upon or effective against the Trustee unless consented to by the Trustee in writing. 
 The holder of
this Certificate agrees and consents (the “Consent”) to look solely to the assets of the Fund (the “Fund Assets”) for payment in respect of any 

  
 B-2

 
claim against or obligation of the Fund. The Fund Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of the Fund,
including, without limitation, funds delivered to the Trust for the purchase of Units in the Fund. 
 In
furtherance of the Consent, the holder agrees that (i) any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) of the Fund incurred, contracted
for or otherwise existing and (ii) the Units shall be subject to the following limitations: 
 1.        (i) except as set forth below, the Claims and Units (collectively, the “Subordinated Claims and Units”) shall be expressly subordinate and
junior in right of payment to any and all other claims against and Units in the Fund and any other series of the Trust thereof, pursuant to any contract; provided, however, that the holder’s Claims, if any, against the Fund and
Units shall not be considered Subordinated Claims and Units with respect to enforcement against and distribution and repayment from the Fund and the Fund Assets; and provided further that (1) the holder’s valid Claims, if any, against the
Fund shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Fund and (2) the holder’s Units shall be pari passu and equal in right of repayment and distribution with all other Units in
the Fund; and (ii) the holder will not take, demand, or receive from any series or the Trust or any of their respective assets (other than the Fund and the Fund Assets) any payment for the Subordinated Claims and Units; 

2.        the Claims and Units of the holder shall only be
asserted and enforceable against the Fund and the Fund Assets and such Claims and Units shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective assets; 

3.        if the Claims of the holder against the Fund or the
Trust are secured in whole or in part, the holder hereby waives (under Section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which deficiency Claims may arise in the event such security is
inadequate to satisfy such Claims) treated as unsecured Claims against the Trust or any series (other than the Fund), as the case may be; 
 4.        in furtherance of the foregoing, if and to the extent that the holder receives monies in connection with the Subordinated Claims and Units from a series
or the Trust (or their respective assets), as the case may be, other than the Fund Assets, the holder shall be deemed to hold such monies in trust and shall promptly remit such monies to the Trust or any other series, as the case may be, that paid
such amounts for 

  
 B-3

 
distribution by the Trust or any other series, as the case may be, in accordance with the terms hereof; and 

5.        the foregoing Consent shall apply at all times
notwithstanding that the Claims are satisfied, the Units represented by this Certificate are sold, transferred, redeemed or in any way disposed of and notwithstanding that the agreements in respect of such Claims and Units are terminated, rescinded
or cancelled. 
 The Trust Agreement, and this Certificate, is executed and delivered by BNP Quantitative
Strategies, LLC, as Managing Owner, in the exercise of the powers and authority conferred and vested in it by the Trust Agreement. The representations, undertakings and agreements made on the part of the Trust in the Trust Agreement or the Fund in
this Certificate are made and intended not as personal representations, undertakings and agreements by BNP Quantitative Strategies, LLC but are made and intended for the purpose of binding only the Trust and the Fund and shall not be asserted or
enforceable for any reason whatsoever against any other series or Fund. Nothing in the Trust Agreement or this Certificate shall be construed as creating any liability on BNP Quantitative Strategies, LLC, individually or personally, to fulfill any
representation, undertaking or agreement other than as provided in the Trust Agreement or this Certificate. 

This Certificate shall not become valid or binding for any purpose until properly executed by the Managing Owner pursuant
to the Trust Agreement. 
 Terms not defined herein have the same meaning as in the Trust Agreement. 

IN WITNESS WHEREOF, BNP Quantitative Strategies, LLC, as Managing Owner, has caused this Certificate to be executed in
its name by the manual or facsimile signature of one of its Authorized Officers. 
  

			
	 BNP Paribas Exchange Traded Trust, with
respect to BNP Paribas [_____]

		
	 By:
	 	  BNP Quantitative Strategies, LLC, as   Managing Owner
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 Date:   [            ], 2012

  
 B-4

 EXHIBIT C 
 FORM OF PARTICIPANT AGREEMENT 

  
 C-1

 EXHIBIT D 
 FORM OF INITIAL PURCHASER AGREEMENT 

  
 D-1

 SCHEDULE A 
 CERTIFICATE OF TRUST AND CERTIFICATES OF AMENDMENT TO 
 CERTIFICATE OF
TRUST 

  
 SCH. A-1<![CDATA[Form of Directors & Officers Indemnification Agreement]]>

 Exhibit 10.1 
 FORM OF INDEMNIFICATION AGREEMENT 
 INGRAM MICRO INC. 

This Indemnification Agreement (this “Agreement”), made and entered into as of the
             day of             , 20    , by and between Ingram Micro Inc., a Delaware
corporation (the “Company”) and                      (“Indemnitee”). 

W I T N E S S E T H: 
 WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors or officers unless they are provided with adequate protection through insurance or adequate
indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the corporation. 
 WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing
basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based
corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors and
officers in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or
business enterprise itself. 
 WHEREAS, the Certificate of Incorporation of the Company provides that the Company shall
indemnify and advance expenses to all directors and officers of the Company in the manner set forth therein and to the fullest extent permitted by applicable law, and the Company’s Certificate of Incorporation provides for limitation of
liability for directors. In addition, Indemnitee may be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”). The Certificate of Incorporation and the DGCL expressly provide that the
indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors and officers with respect to indemnification. 

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining highly competent persons to serve on the
Board or as officers of the Company is detrimental to the best interests of the Company’s 

  
 1 

 
stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future. 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified. 

WHEREAS, this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and by-laws of the Company and any
resolutions adopted pursuant thereto and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 WHEREAS, Indemnitee does not regard the protection available under the Company’s Certificate of Incorporation and by-laws and insurance as adequate in the present circumstances, and may not be
willing to serve as an officer or director of the Company without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf
of the Company on the condition that he or she be so indemnified. 
 NOW, THEREFORE, in consideration of the premises and the
covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
 ARTICLE 1 

CERTAIN DEFINITIONS 
 (a) As used in this Agreement: 
 “Change of Control” means any
one of the following circumstances occurring after the date hereof: (i) there shall have occurred an event required to be reported with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to
any similar item or any similar schedule or form) under the Exchange Act, regardless of whether the Company is then subject to such reporting requirement; (ii) any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act) shall have become, without prior approval of the Company’s Board by approval of at least two-thirds of the Continuing Directors, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of the Company’s then outstanding voting securities (provided that, for purposes of this clause (ii), the term “person”
shall exclude (x) the Company, (y) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (z) any corporation owned, directly or indirectly, by the stockholders of the Company in

  
 2 

 
substantially the same proportions as their ownership of stock of the Company); (iii) there occurs a merger or consolidation of the Company with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or
other governing body of such surviving entity; (iv) all or substantially all the assets of the Company are sold or disposed of in a transaction or series of related transactions; (v) the approval by the stockholders of the Company of a
complete liquidation of the Company; or (vi) the Continuing Directors cease for any reason to constitute at least a majority of the members of the Board. 
 “Continuing Director” means (i) each director on the Board on the date hereof or (ii) any new director whose election or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors then still in office who were directors on the date hereof or whose election or nomination was so approved. 

“Corporate Status” means the status of a person who is or was a director, officer, trustee, general partner, managing
member, fiduciary, board of directors’ committee member, employee or agent of the Company or of any other Enterprise. 

“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of
which indemnification is sought by Indemnitee. 
 “Enterprise” means the Company and any other corporation,
limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary,
board of directors’ committee member, employee or agent. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Expenses” means all direct and indirect costs (including attorneys’ fees, retainers, court costs,
transcripts, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses) reasonably incurred in connection with
(i) prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a 

  
 3 

 
Proceeding or (ii) establishing or enforcing a right to indemnification under this Agreement, the Company’s Certificate of Incorporation, applicable law or otherwise. Expenses also
shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. For the avoidance
of doubt, Expenses, however, shall not include any Liabilities. 
 “Independent Counsel” means a law firm, or a
member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the five years previous to its selection or appointment has been, retained to represent (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

“Liabilities” means any losses or liabilities, including any judgments, fines, ERISA excise taxes and penalties,
penalties and amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection with or in respect of any such judgments, fines, ERISA excise taxes
and penalties, penalties or amounts paid in settlement). 
 “Proceeding” means any threatened, pending or
completed action, derivative action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether civil
(including intentional and unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or investigation that
Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of
any Corporate Status of Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure to act) on his or her part while serving in any Corporate Status. 

(b) For the purposes of this Agreement: 
 References to “Company” shall include, in addition to the resulting or surviving corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, 

  
 4 

 
officers, employees or agents, so that if Indemnitee is or was a director, officer, employee, or agent of such constituent corporation or is or was serving at the request of such constituent
corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the
resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 
 Reference to “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references
to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an
employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to
have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 

Reference to “including” shall mean “including, without limitation,” regardless of whether the words “without
limitation” actually appear, references to the words “herein,” “hereof” and “hereunder” and other words of similar import shall refer to this Agreement as a whole and not to any particular paragraph, subparagraph,
section, subsection or other subdivision. 
 ARTICLE 2 
 SERVICES BY INDEMNITEE 

Section 2.01. Services By Indemnitee. Indemnitee hereby agrees to serve or continue to serve, at the will of the Company, as
a director or officer of the Company, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed. 
 ARTICLE 3 
 INDEMNIFICATION 

Section 3.01. General. (a) The Company hereby agrees to and shall indemnify Indemnitee and hold Indemnitee harmless from
and against any and all Expenses and Liabilities, in either case, actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status, to the fullest extent permitted by applicable law. The
Company’s indemnification obligations set forth in this Section 3.01 shall apply (i) in respect of Indemnitee’s past, present and future service in any Corporate Status and (ii) regardless of

  
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whether Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred. 
 For purposes of this Agreement, the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 

(i) to the fullest extent permitted by any provision of the DGCL, or the corresponding provision of any successor statute,
and 
 (ii) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL
adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 
 (b) Witness Expenses. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which
Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection therewith. 
 (c) Expenses as a Party Where Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, to the extent that Indemnitee
is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding,
the Company shall, to the fullest extent permitted by applicable law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or
matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 Section 3.02. Exclusions. Notwithstanding any provision of this Agreement and unless Indemnitee ultimately is
successful on the merits with respect to any such claim, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee: 

(a) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the
Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation 

  
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or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an
accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities
in violation of Section 306 of the Sarbanes-Oxley Act); or 
 (b) except as otherwise provided in Section 6.01(e),
prior to a Change of Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers,
employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested
in the Company under applicable law. 
 ARTICLE 4 
 ADVANCEMENT OF EXPENSES; DEFENSE OF CLAIMS 

Section 4.01. Advances. Notwithstanding any provision of this Agreement to the contrary, the Company shall advance any
Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding within twenty (20) days after the receipt by the Company of each statement requesting such advance from time to time, whether prior to or after final
disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s ultimate entitlement to indemnification
under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to
support the advances claimed. 
 Section 4.02. Repayment of Advances or Other Expenses. Indemnitee agrees that
Indemnitee shall reimburse the Company for all Expenses advanced by the Company pursuant to Section 4.01, in the event and only to the extent that it shall be determined by final judgment or other final adjudication under the provisions of any
applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified by the Company for such Expenses. 
 Section 4.03. Defense of Claims. With respect to any Proceeding as to which Indemnitee notifies the Company of the commencement thereof, the Company will be entitled to participate in the
Proceeding at its own expense and 

  
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except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to
Indemnitee of its election to assume the defense of any Proceeding, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently incurred by Indemnitee in connection with the defense of such
Proceeding other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ legal counsel in such Proceeding, but all Expenses related thereto incurred after notice from the Company of its
assumption of the defense shall be at Indemnitee’s expense unless: (i) the employment of legal counsel by Indemnitee has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of
interest between Indemnitee and the Company in the defense of the Proceeding, (iii) after a Change in Control (other than a Change in Control approved by a majority of the directors on the Board who were directors immediately prior to such
Change in Control), the employment of counsel by Indemnitee has been approved by the Independent Counsel, or (iv) the Company shall not in fact have employed counsel to assume the defense of such Proceeding, in each of which cases all Expenses
of the Proceeding shall be borne by the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which Indemnitee shall have made the determination provided for in (ii),
(iii) and (iv) above. 
 ARTICLE 5 
 PROCEDURES FOR NOTIFICATION OF AND DETERMINATION OF ENTITLEMENT TO

 INDEMNIFICATION 
 Section 5.01. Notification; Request For Indemnification. (a) As soon as reasonably practicable after receipt by Indemnitee of written notice that he is a party to or a participant (as a
witness or otherwise) in any Proceeding or of any other matter in respect of which Indemnitee intends to seek indemnification or advancement of Expenses hereunder, Indemnitee shall provide to the Company written notice thereof, including the nature
of and the facts underlying the Proceeding. The omission by Indemnitee to so notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise. 

(b) To obtain indemnification under this Agreement, Indemnitee shall deliver to the Company a written request for indemnification,
including therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine Indemnitee’s entitlement to indemnification hereunder. Such request(s) may be delivered from time to time and at such time(s) as
Indemnitee deems appropriate in his or her sole discretion. Indemnitee’s entitlement to indemnification shall be determined according to Section 5.02 of this Agreement and applicable law. 

  
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 Section 5.02. Determination of Entitlement. (a) Where there has been a
written request by Indemnitee for indemnification pursuant to Section 5.01(b), then as soon as is reasonably practicable (but in any event not later than 60 days) after final disposition of the relevant Proceeding, a determination, if required
by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a
quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such
Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to
the Board, a copy of which shall be delivered to Indemnitee. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably
cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements)
actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification).

 (b) If entitlement to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(ii), such
Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. If entitlement to indemnification is to be determined by Independent
Counsel pursuant to Section 5.02(a)(i)(C) (or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected by the Company in which case the Company shall give written notice to Indemnitee advising
him or her of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been received, deliver to the Company or to
Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Article 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such
written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without
merit. If, within 20 days after the later of submission by Indemnitee of a written request for 

  
 9 

 
indemnification pursuant to Section 5.01(b) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or
Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel
of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 5.02(a) hereof.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 6.01(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing). 
 (c) The Company agrees to pay the reasonable fees and expenses
of any Independent Counsel serving under this Agreement. 
 Section 5.03. Presumptions and Burdens of Proof; Effect of
Certain Proceedings. (a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that
Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 5.01(b) of this Agreement, and the Company shall, to the fullest extent not prohibited by law,
have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of any person, persons or entity to have made a determination
prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by any person, persons or entity that
Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(b) If the person, persons or entity empowered or selected under Section 5.02 of this Agreement to determine whether Indemnitee is
entitled to indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a), the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by
law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 
 (c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo

  
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contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption
that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his
or her conduct was unlawful. 
 (d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in
good faith if Indemnitee’s action is in good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of such Enterprise in the course of their
duties, or on the advice of legal counsel for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such Enterprise. The
provisions of this Section 5.03(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

 (e) The knowledge and/or actions, or failure to act, of any other director, trustee, partner, managing member, fiduciary,
officer, agent or employee of any Enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement. 
 ARTICLE 6 
 REMEDIES OF INDEMNITEE

 Section 6.01. Adjudication or Arbitration. (a) In the event of any dispute between Indemnitee and the
Company hereunder as to entitlement to indemnification or advancement of Expenses (including where (i) a determination is made pursuant to Section 5.02 of this Agreement that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4.01 of this Agreement, (iii) payment of indemnification pursuant to Section 3.01 of this Agreement is not made within ten (10) days after a
determination has been made that Indemnitee is entitled to indemnification, (iv) no determination as to entitlement to indemnification is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is made
within ten (10) days after entitlement is deemed to have been determined pursuant to Section 5.03(b)) or (v) a contribution payment is not made in a timely manner pursuant to Section 8.04 of this Agreement, then Indemnitee shall
be entitled to an adjudication by a court of his or her entitlement to such indemnification, contribution or advancement. Alternatively, in such case, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single
arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

  
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 (b) In the event that a determination shall have been made pursuant to Section 5.02(a)
of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 6.01 shall be conducted in all respects as a de novo trial, or arbitration, on the merits,
and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 6.01 the Company shall have the burden of proving Indemnitee is not entitled to
indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 5.02(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee
commences a judicial proceeding or arbitration pursuant to this Section 6.01, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 4.02 until a final determination is made with respect to
Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). 
 (c) If a
determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to
this Section 6.01, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) a prohibition of such indemnification under applicable law. 
 (d) The Company shall be precluded from asserting in
any judicial proceeding or arbitration commenced pursuant to this Section 6.01 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator
that the Company is bound by all the provisions of this Agreement. 
 (e) The Company shall indemnify Indemnitee to the fullest
extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) advance such Expenses to Indemnitee, which are reasonably incurred by Indemnitee
in connection with any judicial proceeding or arbitration brought by Indemnitee for (i) indemnification or advances of Expenses by the Company (or otherwise for the enforcement, interpretation or defense of his or her rights) under this
Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Company’s Certificate of Incorporation or By-laws now or hereafter in effect or (ii) recovery or advances
under any directors’ and officers’ liability insurance policy maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, contribution, advancement or insurance recovery, as
the case may be. 

  
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 ARTICLE 7 
 DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE 
 Section 7.01. D&O Liability Insurance. The Company shall obtain and maintain a policy or policies of insurance (“D&O Liability Insurance”) with reputable insurance
companies providing liability insurance for directors and officers of the Company in their capacities as such (and for any capacity in which any director or officer of the Company serves any other Enterprise at the request of the Company), in
respect of acts or omissions occurring while serving in such capacity. 
 Section 7.02. Evidence of Coverage. Upon
request by Indemnitee, the Company shall provide copies of all policies of D&O Liability Insurance obtained and maintained in accordance with Section 7.01 of this Agreement. The Company shall provide Indemnitee no less than annually with
notice of any material changes in such insurance coverage. 
 ARTICLE 8 

MISCELLANEOUS 
 Section 8.01. Nonexclusivity of Rights. The rights of indemnification, contribution and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled to under applicable law, the Company’s Certificate of Incorporation, the Company’s Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No right or remedy
herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 Section 8.02. Insurance and Subrogation. (a) Indemnitee shall be covered by the Company’s D&O Liability Insurance in accordance with its or their terms to the maximum extent of
the coverage available for any director or officer under such policy or policies. If, at the time the Company receives notice of a claim hereunder, the Company has director and officer liability insurance in effect, the Company shall give prompt
notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts
payable as a result of such Proceeding in accordance with the terms of such policies. The failure or refusal of any such insurer to pay any such amount shall not affect or impair the obligations of the Company under this Agreement. 

  
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 (b) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights. 
 (c) The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable (or for which advancement is provided) hereunder if and to the extent that Indemnitee has actually received such payment under any insurance policy or other indemnity provision. 

Section 8.03 The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the
request of the Company as a director, officer, trustee, partner, managing member, fiduciary, board of directors’ committee member, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as
indemnification or advancement of Expenses from such Enterprise. 
 Section 8.04. Contribution. To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by
Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed
fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding;
and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 Section 8.05. Amendment. This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal
of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. To the extent that a
change in applicable law, whether by statute or judicial decision, (i) permits greater indemnification, contribution or advancement of Expenses than would be afforded currently under the Company’s Certificate of Incorporation and this
Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change or (ii) limits rights with respect to indemnification, contribution or advancement of Expenses, it
is the intent of the parties hereto that the rights with respect to indemnification, contribution or advancement of Expenses in effect prior to such change shall remain in full force and effect to the extent permitted by applicable law. 

  
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 Section 8.06. Waivers. The observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly
provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder
operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder. 
 Section 8.07. Entire Agreement. This Agreement and the documents referred to herein
constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by
this Agreement, provided that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and By-laws of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any
rights of Indemnitee thereunder. 
 Section 8.08. Severability. If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law;
(b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of
this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the
intent manifested thereby. 
 Section 8.09. Notices. All notices, requests, demands and other communications under
this Agreement shall be in writing (which may be by facsimile transmission). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of
receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt. The address for notice to
a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above. 

  
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 Section 8.10. Binding Effect. (a) The Company expressly confirms and agrees
that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in
serving as a director or officer of the Company. 
 (b) This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses,
heirs, and executors, administrators, personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all, or a substantial
part of the business or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Company would be required to
perform if no such succession had taken place. 
 (c) The indemnification, contribution and advancement of Expenses provided by,
or granted pursuant to this Agreement shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such a person. 

Section 8.11. Governing Law. This Agreement and the legal relations among the parties shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. 

Section 8.12. Consent To Jurisdiction. Except with respect to any arbitration commenced by Indemnitee pursuant to
Section 6.01(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of
the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware
Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to
plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 
 Section 8.13. Headings. The Article and Section headings in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of
any provisions hereof. 

  
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 Section 8.14. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be
produced to evidence the existence of this Agreement. 
 Section 8.15. Use of Certain Terms. As used in this
Agreement, the words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision.
Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as
of the date first above written. 
  

			
	INGRAM MICRO INC.
		
	By:	 	 
		 	Name:
		 	Title:

 
			
		
	 Address:
	 	
	 Facsimile:
	 	
	 Attention:
	 	
	
	With a copy to:
		
	Address:	 	
	Facsimile:	 	
	 Attention:
	 	

 
	
	
	INDEMNITEE
	
	  
	
	Address:
	Facsimile:
	
	With a copy to:
	
	Address:
	Facsimile:
	Attention:

  
 18

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