Document:

Exhibit (10)(iii)

 

 

 

TRANSFER AGENCY AND SERVICE AGREEMENT

 

AGREEMENT made as of
_______, 2013, by and between Market Vectors Commodity Trust, having its principal office and place
of business at 335 Madison Avenue, New York, New York 10017 (the “Trust”), on behalf of each Fund listed on Exhibit
A (each a “Fund” and collectively the “Funds”), and THE BANK OF NEW YORK MELLON,
a New York banking company having its principal office and place of business at One Wall Street, New York, New York 10286 (the
“Bank”).

 

WHEREAS, each Fund is
an exchange-traded fund; and

 

WHEREAS, each Fund will
issue for purchase and redeem common units of beneficial interest of each Fund (the “Shares”) only in aggregations
of shares known as “Creation Units” (each a “Creation Unit”);

 

WHEREAS, The Depository
Trust Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”), or its nominee
(Cede & Co.), will be the registered owner (the “Shareholder”) of all Shares; and

 

WHEREAS, the Trust desires
to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and
the Bank desires to accept such appointment;

 

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

 

1. Terms
of Appointment; Duties of the Bank

 

1.1 Subject to the
terms and conditions set forth in this Agreement, the Trust hereby employs and appoints the Bank, and the Bank agrees, to act as
its transfer agent for the authorized and issued Shares and as the Trust’s dividend disbursing agent.

 

1.2 The Bank agrees
that it will perform the following services:

 

(a) In accordance
with the terms and conditions of the Form of Authorized Participant Agreement (“AP Agreement”), attached hereto as
Exhibit B, the Bank shall:

 

(i) Perform and
facilitate the performance of processing orders for purchases and redemption of Creation Units for each Fund as set forth in Attachment
A to the AP Agreement (“Orders”);

 

(ii) Prepare and
transmit by means of DTC’s book-entry system payments for dividends and distributions declared by the applicable Fund;

 

(iii) Maintain separate
and distinct records for each Fund of the name and address of the Shareholder and the number of Shares issued by each Fund and
held by Shareholders;

    	 

    	

    
 

 

(iv) Record the
issuance of Shares of each Fund and maintain separate and distinct records of the total number of Shares of each Fund which have
been issued since inception and the number of Shares which are outstanding based upon data provided to it by each Fund;

 

(v) Based upon authorized
Share limits for each Fund provided by the Managing Owner (each, an “Authorized Share Limit”), monitor in good faith
whether Authorized Share Limits are exceeded, and alert the Managing Owner’s designee, such that Managing Owner may determine
to reject Orders prior to acceptance thereof that would result in an issuance of Shares for a Fund over an Authorized Share Limit;

 

(vi) Prepare and
transmit to the Trust, with respect to each Fund, and to any applicable securities exchange (as specified to the Bank by the Trust)
information with respect to purchases and redemptions of Shares of each Fund;

 

(vii) On days that
the Trust, on behalf of each Fund, may accept orders for purchases or redemptions, calculate and transmit to the Bank and the Trust,
on behalf of the applicable Fund(s), the number of outstanding Shares;

 

(viii) On days that
the Trust, on behalf of each Fund, may accept orders for purchases or redemptions (pursuant to the Participant Agreement), transmit
to the Bank, the Trust, on behalf of the applicable Fund(s) and DTC the amount of Shares purchased on such day;

 

(ix) Confirm to
DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

 

(x) Prepare and
deliver other reports, information and documents to DTC as DTC may reasonably request;

 

(xi) Extend the
voting rights to the Shareholder and/or beneficial owners of Shares in accordance with the policies and procedures of DTC for book-entry
only securities;

 

(xii) Maintain separate
and distinct books and records for each Fund as specified by the Trust, on behalf of each Fund, and as listed on Schedule A attached
hereto, and, upon reasonable notice by the Trust, make available during regular business hours all records and other data created
and maintained by the Bank for reasonable audit and inspections by the Trust or any person retained by the Trust; and

 

(xiii) With respect
to each Fund, prepare a monthly report of all purchases and redemptions during such month on a gross transaction basis. The monthly
report shall show the counterpart and amount of each purchase on a daily basis net number of Shares either redeemed or created
for such Business Day.

 

(xiv) Receive from
the Managing Owner purchase orders from Authorized Participants (as defined in the Participant Agreement) for Creation Unit Aggregations
of Shares received in proper form and accepted by or on behalf of the Fund by the Managing Owner, transmit appropriate trade instructions
to the National Securities Clearance

    	 

    	

    
 

 

Corporation, if applicable,
and pursuant to such orders issue the appropriate number of Shares of the Fund;

 

(xv) Receive from
the Authorized Participants redemption requests in proper form, deliver the appropriate documentation thereof to The Bank of New
York Mellon as custodian for the Fund, generate and transmit or cause to be generated and transmitted confirmation of receipt of
such redemption requests to the Authorized Participants submitting the same; transmit appropriate trade instructions to the National
Securities Clearance Corporation, if applicable, and redeem the appropriate number of Creation Unit Aggregations of Shares held
in the account of the Shareholder; and

 

(xvi) Confirm the
name, U.S taxpayer identification number and principal place of business of each Authorized Participant.

 

(b) In addition
to and neither in lieu nor in contravention of the services set forth in the above paragraph (a), the Bank shall perform the customary
services of a transfer agent and dividend disbursing agent including but not limited to maintaining the account of the Shareholder
with respect to each Fund, obtaining a list of DTC participants holding interests in a Fund’s Global Certificate at the request
of the Trust, mailing proxy materials, shareholder reports and prospectuses to the Shareholder or DTC participants or beneficial
owners of Shares at the request of the Trust, on behalf of each Fund, and those services set forth on Schedule A attached hereto.

 

(c) The following
shall be delivered to DTC for delivery to beneficial owners in accordance with the procedures for book-entry only securities of
DTC:

 

(i) Periodic reports
of the Trust required under the Securities Exchange Act of 1934, as amended;

 

(ii) Proxies, proxy
statements and other proxy soliciting materials;

 

(iii) Prospectus
and amendments and supplements to the prospectus, including stickers; and

 

(iv) Other communications
as may be required by law or reasonably requested by the Trust.

 

(d) If the Shares
are represented by individual Certificates, the Bank shall perform the services agreed to in writing by the Bank and the Trust.

 

(e) The Bank shall
provide additional services (if any) on behalf of the Trust (i.e., escheatment services) which may be agreed upon in writing between
the Trust, on behalf of each Fund, and the Bank.

    	 

    	

    
 

 

2. Fees
and Expenses

 

2.1 The Bank shall
receive such consideration for the Transfer Agent’s services provided pursuant to this Agreement as may be agreed to from
time to time in a written fee schedule approved by the parties and attached hereto.

 

2.2 In addition to
the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank for out-of-pocket expenses, including but not limited
to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances
incurred by the Bank for the items set out from time-to-time in the written fee schedule approved by the parties and attached hereto
or relating to dividend distributions and reports (whereas all expenses related to creations and redemptions of Fund securities
shall be borne by the relevant authorized participant in such creations and redemptions). In addition, any other expenses incurred
by the Bank at the request or with the consent of the Trust, will be reimbursed by the Trust.

 

2.3 The Trust agrees
to pay all fees and reimbursable expenses within ten (10) business days following the receipt of the respective billing notice
accompanied by supporting documentation, as appropriate. Postage for mailing of dividends, proxies, Trust reports and other mailings
to all shareholder accounts shall be advanced to the Bank by the Trust at least seven (7) days prior to the mailing date of such
materials.

 

3. Representations
and Warranties of the Bank

 

3.1 The Bank represents
and warrants to the Trust that:

 

(a) It is a banking
company duly organized and existing and in good standing under the laws of the State of New York.

 

(b) It is duly
qualified to carry on its business in the State of New York.

 

(c) It is empowered
under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to enter into and
perform this Agreement.

 

(d) All requisite
corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

 

(e) It has and
will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this
Agreement.

 

4. Representations
and Warranties of the Trust

 

4.1 The Trust represents
and warrants to the Bank that:

 

(a) It is a statutory
trust duly organized and existing and in good standing under the laws of Delaware.

 

(b) It is empowered
under applicable laws and by its Trust Agreement to enter into and perform this Agreement.

    	 

    	

    
 

 

(c) All corporate
proceedings required by said Trust Agreement have been taken to authorize it to enter into and perform this Agreement.

 

(d) A registration
statement under the Securities Act of 1933, as amended, on behalf of the Trust is currently effective and will remain effective,
and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust
being offered for sale.

 

5. [Section
Reserved]

 

6. Indemnification

 

6.1 The Bank shall
not be responsible for, and each Fund shall indemnify and hold the Bank harmless from and against, any and all losses, damages,
costs, charges, reasonable counsel fees, payments, expenses and liability (“Losses”) arising out of or attributable
to:

 

(a) All actions
of the Bank or its agents or subcontractors required to be taken pursuant to this Agreement, provided that such actions are taken
without negligence or willful misconduct.

 

(b) The Trust’s
negligence or willful misconduct.

 

(c) The breach
of any representation or warranty of the Trust hereunder.

 

(d) The conclusive
good faith reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services which
(i) are received by the Bank or its agents or subcontractors and (ii) have been prepared, maintained or performed by the Trust
or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent or registrar.

 

(e) The conclusive
reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or requests of the Trust on behalf
of the Trust reasonably believed in good faith by the Bank or its agents or subcontractors to be authorized.

 

(f) The offer or
sale of Shares in violation of any requirement under the federal securities laws or regulations or the securities laws or regulations
of any state that such Shares be registered in such state or in violation of any stop order or other determination or ruling by
any federal agency or any state with respect to the offer or sale of such Shares in such state.

 

Provided; however, that in the case of
reasonable counsel fees constituting Losses arising out of or attributable to the foregoing, each Fund shall indemnify and hold
harmless the Bank from and against any and all reasonable counsel fees related to claims where such claims result in liability
to the Bank and such liability has been finally determined by an arbiter of competent jurisdiction to be directly caused by the
Fund’s failure to discharge its duties in accordance with its standard of care as set forth hereunder. This indemnity shall
be a continuing obligation of each Fund, its successors and assigns, notwithstanding the termination of this Agreement.

 

6.2 At any time the
Bank may apply to any officer of the Managing Owner for instructions, and may consult with legal counsel of their choosing with
respect to any matter

    	 

    	

    
 

 

arising in connection
with the services to be performed by the Bank under this Agreement, and the Bank and its agents or subcontractors shall not be
liable and shall be indemnified by the Trust for any action taken or omitted by it in reliance upon such instructions or upon the
advice or opinion of such counsel and shall promptly advise the Trust of such advice or opinion (except for actions or omissions
by Bank taken with negligence or willful misconduct). The Bank, its agents and subcontractors shall be protected and indemnified
in acting upon any paper or document, reasonably believed to be genuine and to have been signed by the proper person or persons,
or upon any instruction, information, data, records or documents provided the Bank or its agents or subcontractors by machine readable
input, telex, CRT data entry or other similar means authorized by the Trust, and shall not be held to have notice of any change
of authority of any person, until receipt of written notice thereof from the Trust.

 

6.3 A Fund shall
not be responsible for, and the Bank shall be liable for direct money damages arising out of or attributable to:

 

(a) The Bank’s
own negligence or willful misconduct.

 

(b) The breach
of any representation or warranty of the Bank hereunder.

 

The Bank shall indemnify and hold harmless
the Trust and the Fund from and against any and all reasonable counsel fees related to claims, where such claims result in liability
to the Trust or the Fund and such liability has been finally determined by an arbiter of competent jurisdiction to be directly
caused by the Bank’s failure to discharge its duties in accordance with its standard of care as set forth hereunder. This
indemnity shall be a continuing obligation of the Bank, its successors and assigns, notwithstanding the termination of this Agreement.

 

7. Standard
of Care and Limitation of Liability

 

7.1 The Bank shall
have no responsibility and shall not be liable for any loss or damage unless such loss or damage is caused by its own negligence
or willful misconduct or that of its employees, or its breach of any of its representations. In no event shall the Bank or the
Trust be liable for special, indirect or consequential damages regardless of the form of action and even if the same were foreseeable.

 

7.2 BNYM agrees and
consents (the “Consent”) to look solely to the assets (the “Fund Assets”) of the particular Fund in controversy
for payment in respect of any claim against or obligation of such 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 that particular Fund, including, without limitation,
funds delivered to the Trust for the purchase of Shares in such Fund. In furtherance of the Consent, BNYM agrees that any debts,
liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”)
against a Fund incurred, contracted for or otherwise existing shall be subject to the following limitations:

 

(a) The Claims
of BNYM shall only be asserted and enforceable against a particular Fund and the Fund Assets of such Fund 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;

    	 

    	

    
 

 

(b) if the Claims
of BNYM against a Fund or the Trust are secured in whole or in part, BNYM hereby waives (under Section 1111(b) of the U.S. 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 Fund against which
the Claim is made), as the case may be; and

 

(c) the foregoing
Consent 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 canceled.

 

8. Concerning
the Bank

 

8.1 Bank may enter
into subcontracts, agreements and understandings with any BNY affiliate, whenever and on such terms and conditions as it deems
necessary or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge Bank
from its obligations hereunder.

 

8.2 Bank shall be
entitled to conclusively rely upon any written or oral instruction actually received by Bank and reasonably believed by Bank to
be duly authorized and delivered. Trust agrees to forward to Bank written instructions confirming oral instructions by the close
of business of the same day that such oral instructions are given to Bank. Trust agrees that the fact that such confirming written
instructions are not received or that contrary written instructions are received by Bank shall in no way affect the validity or
enforceability of transactions authorized by such oral instructions and effected by Bank. If Trust elects to transmit written instructions
through an on-line communication system offered by Bank, Trust’s use thereof shall be subject to the terms and conditions
attached hereto as Appendix A.

 

8.3 Bank shall establish
and maintain a disaster recovery plan and back-up system at all times satisfying the requirements of all applicable law, rules,
and regulations and which is reasonable under the circumstances (the “Disaster Recovery Plan and Back-Up System”).
Bank shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising
out of or caused, directly or indirectly, by circumstances beyond its control which are not a result of its negligence, including
without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots;
interruptions, loss or malfunctions of utilities, transportation, computer (hardware or software) or communications service; accidents;
labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or
transportation, provided that the Bank has established and is maintaining the Disaster Recovery Plan and Back-Up System, or if
not, that such delay or failure would have occurred even if Bank had established and was maintaining the Disaster Recovery Plan
and Back-Up System. Upon the occurrence of any such delay or failure Bank shall use commercially reasonable best efforts to resume
performance as soon as practicable under the circumstances.

 

8.4 Bank shall have
no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement,
and no covenant or obligation shall be implied against Bank in connection with this Agreement.

    	 

    	

    
 

 

8.5 At any time the
Bank may apply to an officer of the Managing Owner for written instructions with respect to any matter arising in connection with
the Bank’s duties and obligations under this Agreement, and the Bank shall not be liable for any action taken or omitted
to be taken by the Bank in good faith in accordance with such instructions. Such application by the Bank for instructions from
an officer of the Managing Owner may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted
to be taken by the Bank with respect to its duties or obligations under this Agreement and the date on and/or after which such
action shall be taken, and the Bank shall not be liable for any action taken or omitted to be taken in accordance with a proposal
included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action,
the Bank has received written instructions in response to such application specifying the action to be taken or omitted. The Bank
may consult counsel to the Trust or its own counsel and shall be fully protected with respect to anything done or omitted by it
in good faith in accordance with the advice or opinion of such counsel.

 

8.6 Notwithstanding
any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into, and shall not
be liable for:

 

(a) The legality
of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in connection therewith, or the authority
of the Trust to request such issuance, sale or transfer;

 

(b) The legality
of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority of the Trust
to request such purchase;

 

(c) The legality
of the declaration of any dividend by the Trust, or the legality of the issue of any Shares in payment of any stock dividend; or

 

(d) The legality
of any recapitalization or readjustment of the Shares.

 

9. Covenants
of the Trust and the Bank

 

9.1 The Trust shall
promptly furnish to the Bank the following:

 

(a) A copy of the
Amended and Restated Trust Agreement of the Trust (“Trust Agreement”) and all amendments thereto.

 

(b) Shares will
be transferred upon presentation to the Bank of Shares to its electronic account at DTC, accompanied by such documents as the Bank
deems necessary to evidence the authority of the person making such transfer, and bearing satisfactory evidence of the payment
of applicable stock transfer taxes, if any. In the case of small estates where no administration is contemplated, the Bank may,
when furnished with an appropriate surety bond, and without further approval of the Trust, transfer Shares registered in the name
of the decedent where the current market value of the Shares being transferred does not exceed such amount as may from time to
time be prescribed by the various states. The Bank reserves the right to refuse to transfer Shares until it is satisfied that the
endorsements on documents submitted to it are valid and genuine, and for that purpose it may require, unless otherwise instructed
by an officer of the Managing Owner, a guaranty of signature by an “eligible guarantor institution” meeting the

    	 

    	

    
 

 

requirements of the
Bank, which requirements include membership or participation in STAMP or such other “signature guarantee program” as
may be determined by the Bank in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act
of 1934, as amended. The Bank also reserves the right to refuse to transfer Shares until it is satisfied that the requested transfer
is legally authorized, and it shall incur no liability for the refusal in good faith to make transfers which the Bank, in its judgment,
deems improper or unauthorized, or until it is satisfied that there is no basis to any claims adverse to such transfer. The Bank
may, in effecting transfers of Shares, rely upon those provisions of the Uniform Act for the Simplification of Fiduciary Security
Transfers or the Uniform Commercial Code, as the same may be amended from time to time, applicable to the transfer of securities,
and the Trust shall indemnify the Bank for any act done or omitted by it in good faith in reliance upon such laws.

 

(c) The Bank assumes
no responsibility with respect to the transfer of restricted securities where counsel for the Trust advises in writing that such
transfer may be properly effected.

 

9.2 [Section Reserved]

 

9.3 Prior to the
issuance of any additional Shares pursuant to stock dividends, stock splits or otherwise, and prior to any reduction in the number
of Shares outstanding, the Trust shall deliver the following documents to the Bank:

 

(a) A certified
copy of the resolutions adopted by the managing owner of the Trust authorizing such issuance of additional Shares of the Trust
or such reduction, as the case may be;

 

(b) A certified
copy of the order or consent of each governmental or regulatory authority required by law as a prerequisite to the issuance or
reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is required;
and

 

(c) An opinion
of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining of
all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under
the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and any other applicable federal law or
regulations (i.e., if subject to registration, that they have been registered and that the Registration Statement has become
effective or, if exempt, the specific grounds therefore), (ii) the status of the Trust with regard to the Investment Company Act
of 1940, as amended, and (iii) the due and proper listing of the Shares on all applicable securities exchanges; and

 

9.4 The Bank agrees
that all records prepared or maintained by the Bank relating to the services to be performed by the Bank hereunder are the property
of the Trust and will be preserved, maintained and made available upon reasonable request, and will be surrendered promptly to
the Trust on and in accordance with its request.

 

9.5 The Bank and
the Trust agree that all books, records, information and data pertaining to the business of the other party which are exchanged
or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily

    	 

    	

    
 

 

disclosed to any other
person, except as may be, or may become required by law, by administrative or judicial order or by rule.

 

9.6 In case of any
requests or demands for the inspection of the Shareholder records of the Trust, the Bank will endeavor to notify the Trust and
to secure instructions from an authorized officer of the Managing Owner as to such inspection. The Bank reserves the right, however,
to exhibit the Shareholder records to any person whenever it is advised by its counsel that it may be held liable for the failure
to exhibit the Shareholder records to such person.

 

9.7 The Fund shall,
or shall cause a third party to, prepare and file such appropriate information returns concerning the payment and composition of
dividends and capital gain distributions and tax withholding with the proper Federal, State and local authorities as are required
by law to be filed by the Trust and shall withhold such sums as are required to be withheld by applicable law.

 

10. Termination
of Agreement

 

10.1 The term of
this Agreement shall be one year commencing upon the date hereof (the “Initial Term”) and shall automatically renew
for additional one year terms unless either party provides written notice of termination at least ninety (90) days prior to the
end of any one year term or, unless earlier terminated as provided below:

 

(a) Either party
hereto may terminate this Agreement prior to the expiration of the Initial Term in the event the other party breaches any material
provision of this Agreement, including, without limitation in the case of the Trust, its obligations under Section 2.1, provided
that the non-breaching party gives written notice of such breach to the breaching party and the breaching party does not cure such
violation within 90 days of receipt of such notice.

 

(b) The Fund may
terminate this Agreement prior to the expiration of the Initial Term upon ninety (90) days’ prior written notice in the event
that the managing owner determines to liquidate the Trust and terminate its registration with the Securities and exchange Commission
other than in connection with a merger or acquisition of the Trust.

 

10.2 Should the Trust
exercise its right to terminate, all out-of-pocket expenses associated with the movement of records and material will be
borne by the Trust. Additionally, the Bank reserves the right to charge for any other reasonable expenses associated with such
termination.

 

10.3 The terms of
Article 2 and Article 6 shall survive the termination of this Agreement.

 

11. [Section
Reserved]

 

12. Assignment

 

12.1 Neither this
Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other party.

    	 

    	

    
 

 

12.2 This Agreement
shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

 

13. Severability
and Beneficiaries

 

13.1 In case any
provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected thereby. This Agreement shall extend to and shall
be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not
be assignable by either party without the written consent of the other.

 

14. Amendment

 

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

 

15. New
York Law to Apply

 

15.1 This Agreement
shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles
thereof. Trust and Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection
with any dispute arising hereunder. Trust hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection
which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such
proceeding brought in such a court has been brought in an inconvenient forum. Trust and Bank each hereby irrevocably waives any
and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

 

16. Merger
of Agreement

 

16.1 Except as expressly
provided to the contrary from time-to-time in the written fee schedule approved by the parties and attached hereto, this Agreement
constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter
hereof whether oral or written.

 

17. Limitations
of Liability of the Trustee and Shareholders

 

17.1 It is expressly
acknowledged and agreed that the obligations of each Fund hereunder shall not be binding upon any shareholder, Trustee, officer,
employee or agent of such Fund, personally. This Agreement has been duly authorized, executed and delivered by each Fund and neither
such authorization nor such execution and delivery shall be deemed to have been made by any of them individually or to impose any
liability on any of them personally.

 

18. Counterparts

 

18.1 This Agreement
may be executed by the parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed
to constitute one and the same instrument.

    	 

    	

    
 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized
officers, as of the day and year first above written.

 

	 	MARKET VECTORS COMMODITY TRUST, on behalf of each Fund listed on Exhibit A
	 	 
	 	By:	Van Eck Absolute Return Advisers Corp., its 
	 	Managing Owner	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	THE BANK OF NEW YORK MELLON	 
	 	(the “Bank”)	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

    	 

    	

    
 

 

SCHEDULE A

 

BOOKS AND RECORDS
TO BE MAINTAINED BY BANK

 

Source Documents requesting Creations and
Redemptions

 

Correspondence/AP Inquiries

 

Reconciliations, bank statements, copies
of canceled checks, cash proofs

 

Daily/Monthly reconciliation of outstanding
units between the Trust and DTC

 

Net Asset Computation Documentation

 

Dividend Records

 

Keep on file copies of year-end Statements
and Tax Forms prepared by the Fund’s accountants

    	 

    	

    
 

 

Exhibit A

 

Funds (As of            , 2013)

 

Market Vectors Low Volatility Commodity
ETF, a series of Market Vectors Commodity Trust

 

Market Vectors Long/Short Commodity ETF,
a series of Market Vectors Commodity Trust

    	 

    	

    
 

 

Exhibit B

 

Form of Participant Agreement

    	 

    	

    
 

 

Fee ScheduleExhibit (10)(v)

 

MARKET VECTORS COMMODITY
TRUST

 

MARKETING AGENT AGREEMENT

 

MARKETING AGENT AGREEMENT
(the “Agreement”) made as of            , 2013, by and among Market Vectors Commodity Trust, a Delaware statutory trust (the
“Trust”), with respect to each of its series listed in Schedule A, as it may be amended from time to time (each a “Fund”),
Van Eck Absolute Return Advisers Corp, a Delaware corporation, as managing owner of the Trust (the “Managing Owner”)
and Van Eck Securities Corporation, a Delaware corporation (the “Marketing Agent”). Capitalized terms used but not
defined in this Agreement shall have the meaning ascribed thereto in each Fund’s Prospectus (defined herein) included its
Registration Statement (defined herein) (as detailed on Schedule A), as each may be amended from time to time.

 

W I T N E S S E T H:

 

WHEREAS, the Managing
Owner, on behalf of the Trust and each Fund, as applicable, has filed with the Securities and Exchange Commission (the “SEC”)
a registration statement and amendments thereto, including as part thereof a Prospectus, under the Securities Act of 1933, as amended
(the “1933 Act”), the forms of which have heretofore been delivered to the Marketing Agent;

 

WHEREAS, as described
in applicable Prospectus and the authorized participant agreements to be entered into by the Trust with respect to the Funds, the
Managing Owner and certain broker-dealers from time to time (each such agreement, an “Authorized Participant Agreement”),
common units of beneficial interest in and ownership of each of the Funds (the “Shares”) may be created or redeemed
by an Authorized Participant in aggregations of a number of Shares specified in the applicable Fund’s Prospectus (each aggregation,
a “Creation Basket” or “Redemption Basket,” respectively; and collectively, “Baskets”); and

 

WHEREAS, the Trust and
the Managing Owner wish to employ the Marketing Agent in connection with the performance of the services listed in Schedule B and
additional services as may be agreed to from time to time;

 

NOW, THEREFORE, in consideration
of the mutual promises and undertakings herein contained, the parties agree as follows:

 

1. Registration.
The Managing Owner has furnished or will furnish, upon request, the Marketing Agent with copies of the Trust’s Amended and
Restated Trust Agreement, Custody Agreement, Transfer Agency and Service Agreement, Services Agreement, each Fund’s current
Prospectus and all forms relating to any plan, program or service offered by the Funds. The Managing Owner shall furnish, within
a reasonable time period, to the Marketing Agent a copy of any amendment or supplement to any of the above-mentioned documents.
Upon request, the Managing Owner shall furnish promptly to the Marketing Agent any additional documents reasonably necessary or
advisable to perform its functions hereunder. As used in this Agreement the terms “Registration Statement” and “Prospectus”
shall mean any registration statement and prospectus (such meanings shall be equally applicable to both singular and plural forms
of the terms) filed by the Managing Owner with the SEC on behalf of the Trust and any of the Funds and any amendments and supplements
thereto that are filed with the SEC. For the avoidance of doubt, any references in this Agreement to any act of the Managing Owner
shall also include any acts of the Managing Owner on behalf of the Trust and any of the Funds, as the context requires.

    	 

    	

    

2. Representations
and Warranties of the Managing Owner. The Managing Owner represents, warrants and covenants to the Marketing Agent the following:

 

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

 

(b) The Managing
Owner is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification;
and

 

(c) This Agreement
has been duly authorized, executed and delivered by the Managing Owner and constitutes a valid and binding obligation of the Managing
Owner, enforceable against the Managing Owner in accordance with its terms.

 

3. Representations
and Warranties of the Trust. The Managing Owner, on behalf of the Trust, represents, warrants and covenants to the Marketing
Agent the following:

 

(a) The Trust has
been duly organized and is validly existing as a statutory trust, organized in separate series, in good standing under the laws
of the State of Delaware, with full power and authority to conduct its business as described in the Registration Statement and
the Prospectus, and has all requisite power and authority to execute and deliver this Agreement;

 

(b) The Trust is
duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification; and

 

(c) This Agreement
has been duly authorized, executed and delivered by the Trust and constitutes a valid and binding obligation of the Trust, enforceable
against the Trust in accordance with its terms.

 

4. Representations
and Warranties of the Marketing Agent. The Marketing Agent represents, warrants and covenants to the Trust and the Managing
Owner the following:

 

(a) The Marketing
Agent is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “1934 Act”), and
is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”) and is qualified to act as a
broker or dealer in the states or other jurisdictions where the nature of its business so requires; and has all other necessary
licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or
foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other persons, in order
to conduct its activities as contemplated by this Agreement. The Marketing Agent will maintain any such registrations, qualifications
and membership in good standing and in full force and effect throughout the term of this Agreement. The Marketing Agent will comply
with all applicable federal laws and regulations, including but not limited to, federal securities and commodities laws, the laws
of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with the Constitution,
By-Laws and Conduct Rules of FINRA, and is solely responsible for determining the application of any such laws or regulations in
all cases at its own expense. The Marketing Agent will not directly or indirectly offer, sell or deliver Baskets in or from any
state or jurisdiction where they may not lawfully be offered, sold and/or delivered;

 

(b) The Marketing
Agent is in compliance with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate
Tools Required to

    	 

    	

    

Intercept and Obstruct Terrorism Act of
2001 (the “PATRIOT Act”), and the regulations promulgated thereunder, if the Marketing Agent is subject to the requirements
of the PATRIOT Act;

 

(c) The Marketing
Agent (i) has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with full power and authority to conduct its business and has all requisite power and authority to execute and deliver this Agreement
and (ii) is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification;
and

 

(d) This Agreement
has been duly authorized, executed and delivered by the Marketing Agent and constitutes a valid and binding obligation of the Marketing
Agent, enforceable against the Marketing Agent in accordance with its terms.

 

5. Fees and Trust
Expenses.

 

(a) In consideration
of the services to be performed by the Marketing Agent hereunder as set forth on Schedule B attached hereto, as it may be amended
from time to time, the Fund will pay the Marketing Agent for each Fund an annual fee in the amount of 0.10% of the Fund’s
average daily net assets, plus the amount of any reimbursable expenses, subject to any limitation imposed by any law, rule or regulation
applicable to any of the parties hereto; provided, however, that the Marketing Agent shall
waive its fee under this subsection 5(a) and entitlement to reimbursement of expenses under subsection 5(b), below, to
the same extent that the Fund’s routine operational, administrative and other expenses are waived or reimbursed by the Managing
Owner in a given annual period.

 

(b) The Fund shall reimburse the Marketing Agent for any reasonable fees or disbursements incurred by the Marketing Agent in connection
with the performance by the Marketing Agent of its duties under and pursuant to this Agreement including, but not limited to, the
items identified as Out of Pocket Expenses in Schedule C of this Agreement. Further, unless otherwise agreed to by the parties
hereto in writing, the Marketing Agent shall not be responsible for fees and expenses in connection with (a) filing of any Registration
Statement, printing and the distribution of any Prospectus under the 1933 Act and amendments prepared for use in connection with
the offering of shares for sale to the public, preparing, setting in type, printing and mailing the Prospectus, and any supplements
thereto sent to shareholders of any Fund, (b) preparing, setting in type, printing and mailing any report, marketing materials
or other communication to shareholders of any Fund, and (c) placing Trust advertisements in various periodicals.

 

(c) The payments
to the Marketing Agent under subsections 5(a) and 5(b) above will not, in the aggregate, exceed 9.99% of the gross offering proceeds
of each offering. The parties agree that Schedule C will be amended from time to time in the event that additional amounts of Shares
are registered. The Marketing Agent will monitor compensation received in connection with the Funds to determine if the payments
described hereunder with respect to any particular Fund must be limited in order to comply with the 10% limitation on total underwriters’
compensation pursuant to FINRA Rule 2310.

 

6. Indemnification
of the Marketing Agent. The Trust, on behalf of each Fund and the Managing Owner, as applicable, agree to indemnify, defend
and hold harmless the Marketing Agent, its partners, stockholders, members, directors, officers and employees of the foregoing,
and the successors and assigns of all of the foregoing, from and against any loss, damage, expense, liability or claim (including
the reasonable cost of investigation) which the Marketing Agent or any such person may incur under the 1933 Act, the 1934 Act,
the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon:

 

(a) any untrue statement
of a material fact that is contained in a Fund’s Registration Statement or in a Fund’s Prospectus, or arises out of
or is based upon any omission or alleged omission to

    	 

    	

    

state a material fact required to be stated
in either such Registration Statement or such Prospectus or necessary to make the statements made therein not misleading, except
for any statements provided in writing, directly or indirectly by the Marketing Agent to the Managing Owner for inclusion in such
Registration Statement or such Prospectus or any material omissions therefrom;

 

(b) any untrue statement
of a material fact or breach by the Trust or the Managing Owner of any representation or warranty contained in this Agreement;

 

(c) the failure by
the Trust or the Managing Owner to perform when and as required any agreement or covenant contained herein;

 

(d) any untrue statement
of any material fact contained in any audio or visual materials provided by the Managing Owner or based upon written information
furnished by or on behalf of the Managing Owner including, without limitation, slides, videos, films or tape recordings used in
connection with the marketing of a Fund;

 

(e) circumstances
surrounding third party allegations in patent and contract disputes concerning intellectual property rights needed to operate a
Fund as described in the “Risk Factors” sections of the Prospectus and the Registration Statement; and

 

(f) the Marketing
Agent’s performance of its duties under this Agreement except for any loss, damage, expense, liability or claim resulting
from the gross negligence or willful misconduct of the Marketing Agent. In no case is the indemnity of the Managing Owner or any
of the Funds, as applicable, in favor of the Marketing Agent deemed to protect the Marketing Agent against any liability to the
Trust, the Funds or the Managing Owner to which the Marketing Agent would otherwise be subject by reason of willful misfeasance,
bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties
under this Agreement.

 

7. Indemnification
of the Managing Owner, the Trust and Each Fund. The Marketing Agent agrees to indemnify, defend and hold harmless the Trust,
each of the Funds and the Managing Owner, their respective partners, shareholders, directors, officers and employees of the foregoing,
and the controlling persons of all of the foregoing, within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act, and the successors and assigns of all of the foregoing, from and against any loss, damage, expense, liability or claim (including
the reasonable cost of investigation) which the Trust, any of the Funds or Managing Owner, as applicable, may incur under the 1933
Act, the 1934 Act, the Rules and Regulations of the CFTC, the NFA, FINRA, the common law or otherwise, insofar as such loss, damage,
expense, liability or claim arises out of or is based upon any untrue statement of a material fact contained in and in conformity
with information furnished in writing, directly or indirectly through the Managing Owner, by or on behalf of the Marketing Agent
to the Managing Owner expressly for use in a Registration Statement (or in such Registration Statement as amended or supplemented
by any post-effective amendment thereof) or in a Prospectus, or arises out of or is based upon any omission or alleged omission
to state a material fact in connection with such information required to be stated in such Registration Statement or such Prospectus
or necessary to make such information not misleading.

 

The Marketing Agent
will also indemnify the Trust, the Funds and the Managing Owner as stated above insofar as such loss, damage, expense, liability
or claim arises out of or is based upon the Marketing Agent’s gross negligence or willful misconduct in the performance or
non-performance of its duties under this Agreement, except in the case of any loss, damage, expense, liability or claim resulting
from the gross negligence or willful misconduct of the Trust or Managing Owner. In no case is the indemnity of the Marketing Agent
in favor of the Trust, the Funds and the Managing

    	 

    	

    

Owner, as applicable,
to be deemed to protect the Trust, the Funds and Managing Owner, as applicable, against any liability to the Marketing Agent to
which the Trust, the Funds or Managing Owner, as applicable, would otherwise be subject by reason of willful misfeasance, bad faith
or gross negligence in the performance of its duties or by reason of its reckless disregard of the Trust’s or Managing Owner’s
obligations and duties, respectively, under this Agreement.

 

8. Term. This
Agreement shall become effective as of the date of the effectiveness of the Registration Statement of any Fund, and shall continue
until two years from such date (the “Initial Term”) and thereafter shall continue automatically for successive twelve
month periods, provided that such continuance is specifically approved at least annually by the Managing Owner. Any party to this
Agreement may elect to terminate this Agreement at any time without penalty on sixty (60) days’ prior written notice to the
other parties.

 

Notwithstanding the
foregoing, this Agreement may be terminated by any party at any time upon written notice to the other parties if (a) the Trust
is terminated, (b) any other party becomes insolvent or bankruptcy or files a voluntary petition, or is subject to an involuntary
petition, in bankruptcy or attempts to or makes an assignment for the benefit of its creditors or consents to the appointment of
a trustee or receiver or (c) any other party willfully and materially breaches its obligations under this Agreement and such breach
has not been cured to the reasonable satisfaction of the non-breaching party prior to the expiration of sixty (60) days after written
notice by the non-breaching party to the breach party of such breach. For the avoidance of doubt, the termination of any Fund shall
not provide any party with any rights to terminate this Agreement pursuant to this paragraph.

 

Upon the termination
of this Agreement, the Marketing Agent, at the Trust’s expense and at the Managing Owner’s direction, shall transfer
to such successor, as the Managing Owner shall specify, all relevant books, records and other data established or maintained by
the Marketing Agent under this Agreement.

 

9. Notice.
Any notice required or permitted to be given by any party to the other shall be deemed sufficient if sent in writing to: (i) Van
Eck Securities Corporation, 335 Madison Avenue, New York, New York 10017, and (ii) Van Eck Absolute Return Advisers Corp., 335
Madison Avenue New York, New York 10017.

 

10. Confidential
Information. The Marketing Agent, its officers, directors, employees and agents will treat confidentially and as proprietary
information of the Managing Owner, the Trust and the Funds, all records and other information relative to the Managing Owner, the
Trust and the Funds. If the Marketing Agent is requested or required by, but not limited to, depositions, interrogatories, requests
for information or documents, subpoena, civil investigation, demand or other action, proceeding or process or as otherwise required
by law, statute, regulation, writ, decree or the like to disclose such information, the Marketing Agent will provide the Managing
Owner with prompt written notice of any such request or requirement so that the Managing Owner may seek an appropriate protective
order or other appropriate remedy and/or waive compliance with this provision. If such order or other remedy is not sought, or
obtained, or waiver not received within a reasonable period following such notice, then the Marketing Agent may without liability
hereunder, disclose to the person, entity or agency requesting or requiring the information, that portion of the information that
is legally required in the reasonable opinion of the Marketing Agent’s counsel.

 

11. Miscellaneous.
Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof.

    	 

    	

    

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

 

(b) Each party irrevocably
consents and agrees, for the benefit of the other parties, that any legal action, suit or proceeding against it with respect to
its obligations, liabilities or any other matter arising out of or in connection with this Agreement may be brought in the courts
of the State of New York and hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam,
generally and unconditionally with respect to any action, suit or proceeding for itself and in respect of its properties, assets
and revenues. Each party irrevocably waives any immunity to jurisdiction to which it may otherwise be entitled or become entitled
(including sovereign immunity and immunity to pre-judgment attachment and execution) in any legal suit, action or proceeding against
it arising out of or based on this Agreement or the transactions contemplated hereby or thereby which is instituted in any court
of the State of New York. The provisions of this Section 13(b) shall survive any termination of this Agreement, in whole or in
part.

 

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

 

(d) All the terms
and provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and permitted assigns. This Agreement shall not be assigned by any party without the prior written consent of the other parties
and any assignment without such consent shall be null and void.

 

(e) The section headings
in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or
otherwise affect their construction or effect.

 

(f) This Agreement
may not be changed, waived, discharged or amended, modified or supplemented except by written instrument that shall make specific
reference to this Agreement and which shall be signed by the party against which enforcement of such change, waiver, discharge
or amendment, modification or supplement is sought; provided, however, Schedule C to this Agreement may be unilaterally amended
and replaced by the Managing Owner at its discretion provided a copy of such revised Schedule C is provided to the Marketing Agent.

 

(g) Except as otherwise
provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein
may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver,
but any such waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein,
shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure or breach.

 

(h) None of the parties
will be liable to any other party for any delay or failure to perform its obligations under this Agreement if such delay or failure
arises from or is due to any cause or

    	 

    	

    

causes beyond the reasonable control of
the party affected which impedes, delays or aggravates any obligation under this Agreement, including, without limitation, acts
of God, acts of any governmental entity, labor disturbances, act of terrorism or act of public enemy due to war, the outbreak or
escalation of hostilities, riot, fire, flood, civil commotion, insurrection, severe or adverse weather conditions, power failure
or computer or communications line failure.

 

(i) Nothing in this
Agreement is intended to, or will be construed to constitute the Managing Owner, the Trust or any of the Funds, on the one hand,
and the Marketing Agent, on the other hand, as partners or joint venturers; it being intended that the relationship between them
will at all times be that of independent contractors.

 

(j) The language
used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied against any party.

 

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

 

(l) This Agreement
may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.
Facsimile counterpart signatures to this Agreement shall be acceptable and binding.

 

(m) The Managing
Owner shall provide all information to the Marketing Agent necessary for the Marketing Agent to perform its obligations under applicable
securities laws and regulations as they relate to the transactions contemplated in this Agreement.

 

(n) As used herein,
a “Business Day” means any day other than a day when the NYSE Arca or a Futures Exchange (each as defined in the applicable
Fund’s Prospectus) is closed for regular trading.

 

12. Limitation
of Liability.

 

(a) The Marketing
Agent agrees and consents (the “Consent”) to look solely to the property and cash (the “Fund Assets”) of
the particular Fund in controversy for payment in respect of any claim against or obligation of such Fund. In furtherance of the
Consent, the Marketing Agent agrees that any debts, liabilities, obligations and expenses (collectively, “Claims”)
against a Fund incurred, contracted for or otherwise existing shall only be asserted and enforceable against a particular Fund
and the Fund Assets of such Fund 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.

 

(b) Obligations of
the Trust or any Fund entered into in the name or on behalf thereof by the Managing Owner, members managers, officers, representatives
or agents are made not individually, but in such capacities, and are not binding upon any of the Managing Owner, members,

    	 

    	

    

managers, or officers, representatives or
agents personally, but bind only the property of a particular Fund party to said obligation, and all persons dealing with such
Fund must look solely to that Fund’s property for the enforcement of any claims against that Fund.

 

[signatures to follow]

    	 

    	

    

IN WITNESS WHEREOF, each of the undersigned
has executed this instrument in its name and behalf as of the date and year first above written.

 

	 	Market Vectors Commodity Trust	 
	 	 	 
	 	By: Van Eck Absolute Return Advisers Corp., as

 managing owner	 
	 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Van Eck Absolute Return Advisers Corp.	 
	 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Van Eck Securities Corporation	 
	 	 	 
	 	Name:	 
	 	Title:	 

    	 

    	

    

Schedule A

(as of April 15, 2013):

 

List of Funds, Registration
Statements and Prospectuses

 

	Fund Name	 	Registration Number and Date 

of Most Recent Registration 

Statement Filing	 	Prospectus
	Market Vectors Low Volatility Commodity ETF	 	333-179435; S-1/A filed April 15, 2013	 	Contained in S-1/A filed April 15, 2013
	Market Vectors Long/Short Commodity ETF	 	333-179432; S-1/A filed April 15, 2013	 	Contained in S-1/A filed April 15, 2013

    	 

    	

    

Schedule B:

Marketing Agent Services

 

		·	Market the Funds on an ongoing basis and develop FINRA-compliant marketing campaigns, as described
below.

 

		o	Pre-Launch

 

		§	Develop the Funds’ marketing plan.

 

		§	Develop the content and information to be used on the Funds’ website.

 

		o	Post-Launch

 

		§	Market the Funds on an ongoing basis.

 

		§	Subject to necessary regulatory approvals and compliance with all applicable legal and regulatory
requirements:

 

		·	include the Trust in the ETF family-based marketing and advertising of the Marketing Agent;

 

		·	in good faith, and subject to existing market conditions, use commercially-reasonable efforts to
market the Funds (with due regard to the Marketing Agent’s efforts with respect to other comparably sized and revenue generating
ETFs marketed by the Marketing Agent);

 

		·	create and maintain a website for the Funds; and

 

		·	ensure that the ETF road shows or presentations of the Marketing Agent include the Funds at least
as prominently as other comparably-sized and revenue generating ETFs or future commodity-linked products marketed by the Marketing
Agent.

 

		·	Review marketing-related legal documents and contracts.

 

		·	Consult with Managing Owner’s legal counsel on marketing materials to ensure compliance with
applicable FINRA and SEC rules.

 

		·	Review and file applicable marketing materials with FINRA.

 

		·	Maintenance, reproduction and storage of applicable books and records related to the services provided
under this Agreement.

 

		·	Provide electronic mail and telephone service for information inquiries.

 

		·	Receive calls from and communicate with Authorized Participants and the Transfer Agent in connection
with creations and redemptions of Shares.

    	 

    	

    

		·	Assist the Managing Owner with respect to the negotiation, execution and/or performance of Authorized
Participant Agreements

 

		·	Provide other services as agreed between the Marketing Agent and the Managing Owner.

    	 

    	

    

Schedule C:

Out-of-Pocket Expense

 

FINRA Advertising Submittal Fees

 

	Normal ADI Review, FINRA Filing not Required	N/A
	 	 
	Normal ADI Review, FINRA Filing Required	Per Filing up to 10 pages ($10/page thereafter)
	 	 
	Expedited ADI Review, FINRA Filing not Required	Per Piece (no minimum pages)
	 	 
	Expedited ADI Review, FINRA Pre-Filing Required	Per Filing up to 10 pages ($25/page thereafter)
	 	 
	FINRA Rule 2310 Filing Fees	Per Filing

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