Document:

ADMINISTRATIVE
AGENCY AGREEMENT

 

THIS
ADMINISTRATIVE AGENCY AGREEMENT (the “Agreement”) is made as of July 7, 2017, by and among BROWN
BROTHERS HARRIMAN & CO., a limited partnership organized under the laws of the State of New York (the
“Administrator”), the UNITED STATES COMMODITY FUNDS LLC, a Delaware limited liability company (the
“Sponsor”), and the USCF FUNDS TRUST, a Delaware statutory trust (the “Trust”),
on behalf of each series thereof listed on Appendix A to this Agreement as it may be amended from time to time,
severally and not jointly (each a “Fund” and collectively, the “Funds”). The terms of
this Agreement shall apply separately and respectively to each Fund, and each reference to the “Trust” herein
shall mean the Trust on behalf of each Fund. The Administrator hereby acknowledges that its rights and obligations with respect to a Fund shall not create
any right or other obligations with respect to any other Fund listed on Appendix A, as amended from time to time, and acknowledges
the additional limitation on liability of the Sponsor, Trust and the Fund described in Section 8.3 of this Agreement.

 

WITNESSETH:

 

 

 

WHEREAS,
the Sponsor has exclusive responsibility for the management and control of the business and affairs of the Trust
and the Fund; and

 

WHEREAS,
the Sponsor, the Trust and the Fund desire to retain the Administrator to render certain services to the Trust, the Fund and/or the Sponsor, as the case may be,
and the Administrator is willing to render such services.

 

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

 

1. Appointment of Administrator.
The Sponsor, the Trust and the Fund hereby employs and appoints the Administrator to act as its administrative agent on the
terms set forth in this Agreement, and the Administrator accepts such appointment.

 

2. Delivery of Documents.
The Sponsor, the Trust and the Fund will on a continuing basis provide the Administrator with:

 

    	 	1	 

     

    

2. 1       properly certified or authenticated copies of resolutions of the Sponsor’s Board of Directors authorizing the appointment
of the Administrator as administrative agent of the Fund and approving this Agreement;

 

2.2       a
copy of the Fund’s most recent registration statement, pursuant to the Securities Act of 1933, as amended;

 

2.3       copies of all agreements between the Trust and service providers to the Fund, including without limitation, advisory, distribution
and administration agreements and/or unitholder agreements;

 

2.4       a
copy of the Fund’s valuation procedures;

 

2.5       a
copy of the Trust’s constituent documents, as may be amended from time to time;

 

2.6       a copy of the Sponsor’s Sixth Amended and Restated Limited
Liability Company Agreement, as may be amended from time to time;

 

2.7       any other documents or resolutions (including, but not limited to directions or resolutions of the Sponsor’s Board of
Directors, Management Directors, and/or Audit Committee) which relate to or affect the Administrator’s performance of
its duties hereunder or which the Administrator may at any time reasonably request; and

 

2.8       copies
of any and all amendments or supplements to the foregoing.

 

3. Duties as Administrator. Subject
to the supervision and direction of the Sponsor’s Board of Directors, Management Directors and /or Audit Committee, the
Administrator will perform the administrative services described in Appendix B hereto. Additional services may be provided
by the Administrator upon the request of the Fund or the Sponsor as mutually agreed from time to time. In performing its duties
and obligations hereunder, the Administrator will act in accordance with the Sponsor’s instructions as defined in Section
5 (“Instructions”). It is agreed and understood that the Administrator shall not be responsible for compliance
by the Sponsor, the Trust or the Fund with any applicable documents, laws or regulations, or for losses, costs or expenses arising
out of a failure by the Sponsor, the Trust or the Fund to comply with said documents, laws or regulations or the failure by or
inability of the Sponsor, the Trust or the Fund to correct any non-compliance therewith. The Administrator shall in no event be
required to take any action, which is in contravention of any applicable law, rule or regulation or any order or judgment of any
court of competent jurisdiction.

 

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3.1 Records. The Administrator will maintain and retain such records as required by the Securities Exchange Act of 1934, as amended, the
NYSE Arca Equities Rules, 17 C.F.R 4.23 (specifically, the records specified in 17 C.F.R. 4.23(a)(1) through (8), (10) through
(12) and (b)(1)), the Commodity Exchange Act, as amended, the rules of the National Futures Association, and other applicable
federal securities and commodities laws and created pursuant to the performance of the Administrator’s obligations under
this Agreement. The Administrator will maintain such other records as requested by the Sponsor or the Fund and received by
the Administrator. The Administrator shall not be responsible for the accuracy and completeness of any records not created
by the Administrator. The Administrator acknowledges that the records maintained and preserved by the Administrator pursuant
to this Agreement are the property of the Fund and will be, at the Fund’s expense, surrendered promptly upon reasonable
request. In performing its obligations under this Section, the Administrator may utilize micrographic and electronic storage
media as well as independent third party storage facilities.

 

3.2 Use of Agents
The Administrator may at any time or times in its discretion appoint (and may at any time remove) any affiliate, bank, or subcontractor
as its agent (each an “Agent” and collectively, the “Agents”), to carry out the provisions
of this Agreement as it may from time to time direct; provided, however, that the Administrator must provide prior notice of such
appointment to the Sponsor and the Fund. The Administrator shall exercise reasonable care in the selection and monitoring of such
Agents and the appointment of an Agent shall not relieve the Administrator of its obligations under this Agreement.

 

4.
Duties of the Sponsor and the Fund.
The Sponsor and the Fund shall notify the Administrator
promptly of any matter affecting the performance by the Administrator of its services under this Agreement and where the Administrator
is providing fund accounting services pursuant to this Agreement, the Sponsor and the Fund shall promptly notify the Administrator
as to the accrual of liabilities of the Fund, liabilities of the Fund not appearing on the books of account kept by the Administrator
as to the existence, status and proper treatment of reserves, if any, authorized by the Fund, or the Sponsor. The Sponsor and
the Fund agree to provide such information to the Administrator as may be requested under the banking and securities laws of the
United States or other jurisdictions relating to “Know Your Customer” and money laundering prevention rules and regulations
(collectively, the “KYC Requirements”). For purposes of this subsection, and in connection with all applicable
KYC Requirements, the Fund is the “client” or “customer” of the Administrator. The Sponsor further represents
that all obligations required under applicable KYC Requirements with respect to Fund “customers” (as defined in the
KYC Requirements) will be performed by or on behalf of the Fund by the Sponsor and/or the Fund service providers and that, because
these customers do not constitute “customers” or “clients” of the Administrator under such applicable
rules and regulations, the Administrator is under no such similar obligations.

 

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5. Instructions.

 

5.1 The Administrator
shall not be liable for, and shall be indemnified by the Fund against any and all losses, costs, damages or expenses arising from
or as a result of, any action taken or omitted in reliance upon Instructions or upon any other written notice, request, direction,
instruction, certificate or other instrument believed by it to be genuine and signed or authorized by the proper party or parties.
A list of persons so authorized (“Authorized Persons”) by the Sponsor or the Fund is attached hereto as Appendix
C and upon which the Administrator may rely until its receipt of notification to the contrary by the Sponsor or the Fund.

 

5.2 Instructions
shall include a written request, direction, instruction or certification signed or initialed on behalf of the Sponsor or the Fund
by one or more persons as the Management Directors shall have from time to time authorized in writing (“Authorized Persons”).
Those persons authorized to give Instructions may be identified by the Management Directors by name, title or position and will
include at least one officer empowered to name other individuals who are authorized to give Instructions on behalf of the Sponsor
and the Fund.

 

5.3 Telephonic or other oral instructions or instructions given by e-mail or telefax transmission may be given by any one of the
above Authorized Persons and will also be considered Instructions if the Administrator believes them to have been given by
a person authorized to give such Instructions with respect to the transaction involved.

 

5.4 With respect
to telefax transmissions, the Sponsor and the Fund hereby acknowledge that (i) receipt of legible instructions cannot be assured,
(ii) the Administrator cannot verify that authorized signatures on telefax instructions are original, and (iii) the Administrator
shall not be responsible for losses or expenses incurred through actions taken in reliance on such telefax instructions. The Sponsor
and the Fund agree that such telefax instructions shall be conclusive evidence of the Instruction of the Sponsor or the Fund to
the Administrator to act or to omit to act.

 

    	 	4	 

     

    

5.5 Instructions given orally will not be confirmed in writing and the lack of such confirmation shall in no way affect any action
taken by the Administrator in reliance upon such oral Instructions. The Sponsor and the Fund authorize the Administrator to
tape record any and all telephonic or other oral Instructions given to the Administrator by or on behalf of the Fund (including
any of the Sponsor’s officers, directors, employees or agents or any investment manager or adviser or person or entity
with similar responsibilities which is authorized to give Instructions on behalf of the Fund to the Administrator.)

 

6. Expenses and Compensation.
For the services to be rendered and the facilities to be furnished by the Administrator as provided for in this Agreement,
the Sponsor shall pay the Administrator for its services rendered pursuant to this Agreement a fee based on such fee schedule
as may from time to time be agreed upon in writing by the Sponsor, the Fund, and the Administrator. Additional services performed
by the Administrator as requested by the Sponsor or the Fund shall be subject to additional fees as mutually agreed from time
to time. In addition to such fee, the Administrator shall bill the Fund separately for any out-of-pocket disbursements of
the Administrator based on an out-of-pocket schedule as may from time to time be agreed upon in writing by the Sponsor, the
Fund, and the Administrator. The foregoing fees and disbursements shall be billed to the Fund by the Administrator and shall
be paid promptly by wire transfer or other appropriate means by the Sponsor to the Administrator.

 

7. Standard of Care. The
Administrator shall be held to the exercise of reasonable care and diligence in carrying out the provisions of this Agreement,
provided that the Administrator shall not thereby be required to take any action which is in contravention of any applicable law,
rule or regulation or any order or judgment of any court of competent jurisdiction.

 

8. General Limitations on Liability.
The Administrator shall incur no liability with respect to any telecommunications, equipment or power failures, or any failures
to perform or delays in performance by postal or courier services or third-party information providers (including, but not limited
to, those listed on Appendix D).

 

    	 	5	 

     

    

 

		8.1	The Administrator shall also incur no liability under this Agreement if the Administrator or any
agent or entity utilized by the Administrator shall be prevented, forbidden or delayed from performing, or omits to perform, any
act or thing which this Agreement provides shall be performed or omitted to be performed, by reason of causes or events beyond
its control, including but not limited to:

 

		8.1.1	any Sovereign Event. A “Sovereign
                                         Event” shall mean any nationalization; expropriation; devaluation; revaluation;
                                         confiscation; seizure; cancellation; destruction; strike; act of war, terrorism, insurrection
                                         or revolution; or any other act or event beyond the Administrator’s reasonable
                                         control;

 

		8.1.2	any provision of any present or future law, regulation or order of the United States or any state
thereof, or of any foreign country or political subdivision thereof, or of any securities depository or clearing agency; and

 

		8.1.3	any provision of any order or judgment of any court of competent jurisdiction.   

 

		8.2	The Administrator shall not be held accountable or liable for any losses, damages or expenses the
Sponsor, the Trust, the Fund, the Fund’s commodity broker, the Fund’s commodity advisor, or any shareholder or former
shareholder of the Fund or any other person may suffer or incur arising from acts, omissions, errors or delays of the Administrator
in the performance of its obligations and duties as provided in Section 3 hereof, including without limitation any error of judgment
or mistake of law, except a damage, loss or expense resulting from the Administrator’s willful malfeasance, bad faith or
negligence in the performance of such Administrator’s obligations and duties.

 

		8.3	The Administrator agrees to look solely to the assets of the Fund and to the Sponsor and its assets in respect
of any claim against or obligation of the Fund. The Administrator acknowledges and agrees that liability of the Fund, as a series
of the Trust, is limited pursuant to Section 3804(a) of the Delaware Statutory Trust Act, such that (a) the debts, liabilities,
obligations and expenses incurred, contracted for or otherwise existing with respect to the Fund shall be enforceable against the
assets of the Fund only, and not against the assets of the Trust generally or the assets of any other series of the Trust, and
(b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing with respect to the
Trust generally and any other series of the Trust shall be enforceable against the assets of the Fund.

 

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		8.4	The Administrator shall not be liable for any damages arising out of any misstatement or omission
in the Fund’s registration statement, prospectus, shareholder report, offering document or other information filed or made
public by the Fund or ALPS Distributor, Inc. (the “Marketing Agent”).

 

		8.5	In no event and under no circumstances shall either party be held liable for consequential or indirect
damages, loss of profits, damage to reputation or business or any other special or punitive damages arising under or by reason
of any provision of this Agreement or for any act or omissions hereunder, even if the other party has been advised of the possibility
of such damages or losses.

 

9. Specific Limitations on Liability.
In addition to, and without limiting the application of the general limitations on liability contained in Section 8, above, the
following specific limitations on the Administrator’s liability shall apply to the particular administrative services set
forth on Appendix B hereto.

 

9.1 Liability for Fund
Accounting Services.  Without limiting the provisions in Section 8 hereof, the Administrator’s liability for acts,
omissions, errors or delays relating to its fund accounting obligations and duties shall be limited to the amount of any expenses
associated with a required recalculation of net asset value per share (“NAV”) or any direct damages suffered
by shareholders in connection with such recalculation. The Administrator’s liability or accountability for such acts, omissions,
errors or delays shall be further subject to clauses 9.2.1 through 9.2.4 below.

 

9.1.1.      The parties hereto acknowledge that the Administrator’s causing an error or delay in the determination of NAV may,
but does not in and of itself, constitute negligence or reckless or willful misconduct. The parties further acknowledge that
in accordance with industry practice, the Administrator shall be liable and the recalculation of NAV shall be performed only
with regard to errors in the calculation of the NAV that are (i) greater than or equal to $.01 per share of a Fund and (ii)
greater than or equal to 1⁄2% of the total net assets of the Fund.

 

9.1.2.       In no event shall the Administrator be liable or responsible to the Sponsor, the Trust, the Fund, the Fund’s commodity
broker, the Fund’s commodity advisor, any present or former shareholder of the Fund, or any other person for any error
or delay that continued or was undetected after the date of an audit performed by the certified public accountants employed
by or on behalf of the Fund if, in the exercise of reasonable care in accordance with generally accepted accounting standards,
such accountants should have become aware of such error or delay in the course of performing such audit.

 

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9.1.3.
      The Administrator shall not be held accountable or liable to the Sponsor, the Trust, the Fund, the Fund’s commodity
broker, the Fund’s commodity advisor,, any shareholder or former shareholder thereof or any other person for any delays
or losses, damages or expenses any of them may suffer or incur resulting from (i) the Administrator’s usage of a third
party service provider for the purpose of storing records delivered to the Administrator by or on behalf of the Fund and which
the Administrator did not create in the performance of its obligations hereunder; (ii) the Administrator’s failure to
receive timely and suitable notification concerning quotations or corporate actions relating to or affecting portfolio securities
of the Fund; or (iii) any errors in the computation of NAV based upon or arising out of quotations or information as to corporate
actions if received by the Administrator either (a) from a source which the Administrator was authorized to rely upon (including,
but not limited to, those sources listed on Appendix D), (b) from a source which in the Administrator’s reasonable judgment
was as reliable a source for such quotations or information as such authorized sources; or (iv) any errors in the computation
of NAV as a result of relevant information known to the Sponsor, the Trust, the Fund, a futures commission merchant, securities
brokers or dealers, or any of the Fund’s other service providers including futures commission merchants in contract
with respect to the Fund, which would impact the calculation of NAV, but was not communicated to the Administrator. To the
extent that Fund assets are not in the custody of the Administrator, the Administrator may conclusively rely on any reporting
in connection with such assets provided to the Administrator by a third party on behalf of the Fund, including, without limitation
any futures commission merchant.

 

9.1.4.      In the event of any error or delay in the determination of such NAV for which the Administrator may be liable, the Sponsor
and the Administrator will consult and make good faith efforts to reach agreement on what actions should be taken in order
to mitigate any loss suffered by the Fund or its present or former shareholders, in order that the Administrator’s
exposure to liability shall be reduced to the extent possible after taking into account all relevant factors and alternatives.
It is understood that in attempting to reach agreement on the actions to be taken or the amount of the loss which should appropriately
be borne by the Administrator, the Sponsor, the Fund and the Administrator will consider such relevant factors as the amount
of the loss involved, the Fund’s/Sponsor’s desire to avoid loss of shareholder good will, the fact that other
persons or entities could have been reasonably expected to have detected the error sooner than the time it was actually discovered,
the appropriateness of limiting or eliminating the benefit which shareholders or former shareholders might have obtained by
reason of the error, and the possibility that other parties providing services to the Fund might be induced to absorb a portion
of the loss incurred.

 

    	 	8	 

     

    

9.2       Liability
for ETF Transfer Agency and Related Services.  Without limiting the provisions in Section 8 hereof, the Administrator shall
have no liability for any damages arising out of (i) the failure of any Authorized Participant to perform its obligations under
a Participant Agreement (“Participant Agreement,” defined for this purpose as any Participant Agreement between
the Marketing Agent and an Authorized Participant acknowledged by the Administrator); or (ii) activities or statements of sales
or wholesaler personnel who are employed by the Distributor or its affiliates.

 

10.       Indemnification.

 

10.1 The Sponsor and the Fund
hereby agree to indemnify the Administrator against and hold it harmless from any and all losses, claims, damages, liabilities
or expenses (including reasonable counsel fees and expenses) resulting from any act, omission, error or delay or any third party
claim, demand, action or suit, in connection with or arising out of performance of the Administrator’s obligations and duties
under this Agreement, not resulting from the willful malfeasance, bad faith or negligence of the Administrator in the performance
of such obligations and duties.

 

10.2 Subject to sections 7,
8,and 9 of this Agreement, the Administrator hereby agrees to indemnify the Sponsor, the Trust and the Fund against and hold each
of them harmless from any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses)
resulting from any act, omission, error or delay or any third party claim, demand, action or suit, in connection with or arising
out of performance of the Administrator’s obligations and duties under this Agreement, resulting from the willful malfeasance,
bad faith or negligence of the Administrator in the performance of such obligations and duties.

 

10.3 The provisions
of this Section 10 shall survive the termination of this Agreement.

 

    	 	9	 

     

    

11. Reliance by the Administrator
on Opinions of Counsel and Opinions of Certified Public Accountants.

 

The Administrator
may consult with its counsel or the counsel of the Sponsor or the Fund in any case where so doing appears to the Administrator
to be necessary or desirable. The Administrator shall not be considered to have engaged in any misconduct or to have acted negligently
and shall be without liability in acting upon the advice of its counsel or of the counsel of the Sponsor or the Fund.

 

The Administrator may consult with a certified public accountant or the Fund’s Treasurer (or persons performing such
function) in any case where so doing appears to the Administrator to be necessary or desirable. The Administrator shall not
be considered to have engaged in any misconduct or to have acted negligently and shall be without liability in acting upon
the advice of such certified public accountant or of the Fund’s Treasurer or persons performing such function.

 

12. Termination of Agreement.
This Agreement may be terminated by any of the parties in accordance with the provisions of this Section; provided; however, that
termination of this Agreement with respect to one Fund shall not result in termination of this Agreement with respect to any other
Fund.

 

12.1 This Agreement shall have an initial term of three (3) years from the date hereof. Thereafter, this Agreement shall automatically
renew for successive one (1) year periods unless either party terminates this Agreement by written notice effective no sooner
than seventy-five (75) days following the date that notice to such effect shall be delivered to the other parties at the address
set forth herein. Notwithstanding the foregoing provisions, any party may terminate this Agreement at any time (a) for cause,
which is a material breach of the Agreement not cured within sixty (60) days of notice of such breach, in which case termination
shall be effective upon written receipt of notice by the non-terminating parties, or upon thirty (30) days’ written
notice to the other parties in the event that a party is adjudged bankrupt or insolvent, or there shall be commenced against
such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect. In the event
a termination notice is given by a party hereto, all expenses associated with the movement of records and materials and the
conversion thereof shall be paid by the Fund for which services shall cease to be performed hereunder. The Administrator shall
be responsible for completing all actions in progress when such termination notice is given unless otherwise agreed.

 

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12.2. Upon termination of the Agreement in accordance with this Section 12, the Sponsor may request the Administrator to promptly
deliver to the Fund or to any designated third party all records created and maintained by the Administrator pursuant to Section
3.1 of this Agreement, as well as any Fund records maintained but not created by the Administrator. If such request is provided
in writing by the Sponsor to the Administrator within seventy-five (75) days of the date of termination of the Agreement,
the Administrator shall provide to the Fund a certification that all records created by the Administrator pursuant to its
obligations under Section 3.1 of this Agreement are accurate and complete. After seventy-five (75) days of the date of termination
of this Agreement, no such certification will be provided to the Sponsor by the Administrator and the Administrator is under
no further obligation to ensure that records created by the Administrator pursuant to Section 3.1 of this Agreement are maintained
in a form that is accurate or complete.

 

13. Confidentiality
and Privacy.

 

13.1  The parties
hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each
party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used
by any other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement and, except as may
be required in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of such providing
party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes
publicly available other than through a breach of this Agreement, or that is required to be disclosed by or to any Regulatory Authority,
any auditor or attorney of the parties hereto, or by judicial or administrative process or otherwise by Applicable Law.

 

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13.2  In the course of carrying out its obligations under this Agreement, Administrator shall maintain physical,
procedural and electronic safeguards reasonably designed to protect information regarding the Sponsor, the Fund and Fund’s
shareholders to which the Administrator has obtained or to which the Administrator has gained access.

 

14. Tape-recording. The Sponsor and the Fund authorize the Administrator to tape record any and all telephonic or other oral instructions given
to the Administrator by or on behalf of the Fund, including from any Authorized Person. This authorization will remain in
effect until and unless revoked by the Fund or the Sponsor in writing.

 

15. Entire Agreement; Amendment.
This Agreement constitutes the entire understanding and agreement of the parties hereto and supersedes any other oral or written
agreements heretofore in effect between the parties with respect to the subject matter hereof. No provision of this Agreement may
be amended or terminated except by a statement in writing signed by the party against which enforcement of the amendment or termination
is sought.

 

16. Severability. In the
event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder
of this Agreement, which shall continue to be in force.

 

17.  Headings. The section headings
in this Agreement are for the convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions
thereof.

 

18. Governing Law. This
Agreement shall be governed by and construed according to the laws of the Commonwealth of Massachusetts without giving effect to
conflicts of laws principles and each of the parties hereto irrevocably consents to the exclusive jurisdiction of the courts of
the Commonwealth of Massachusetts in the City of Boston and the federal courts located in the City of Boston. Each of the Sponsor
and the Fund irrevocably waive any objection it may now or hereafter have to the laying of venue of any action or proceeding in
any of the aforesaid courts and any claim that any such action or proceeding has been brought in an inconvenient forum. Furthermore,
each party hereto irrevocably waives any right that it may have to trial by jury in any action, proceeding or counterclaim arising
out of or related to this Agreement or the services contemplated hereby.

 

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19. Notices. Notices and other writings delivered or mailed postage prepaid to the Sponsor and the Fund addressed to the Sponsor and the
Fund at 1999 Harrison Street, Suite 1530, Oakland, CA 94612, Attention: General Counsel or to such other address as the Sponsor
or the Fund may have designated to the Administrator in writing, or to the Administrator at 50 Post Office Square, Boston,
MA 02110, Attention: Manager, Fund Administration Department, or to such other address as the Administrator may have designated
to the Sponsor and the Fund in writing, shall be deemed to have been properly delivered or given hereunder to the respective
addressee.

 

20. Binding Effect; Assignment.
This Agreement shall be binding upon and inure to the benefit of the Sponsor, the Trust, the Fund and the Administrator and
their respective successors and assigns, provided that no party hereto may assign this Agreement or any of its rights or obligations
hereunder without the written consent of the other parties. Each party agrees that only the parties to this Agreement and/or
their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no client of the Fund
or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties.

 

21. Counterparts. This Agreement
may be executed in any number of counterparts each of which shall be deemed to be an original. This Agreement shall become effective
when one or more counterparts have been signed and delivered by each of the parties. A photocopy or telefax of the Agreement shall
be acceptable evidence of the existence of the Agreement and the Administrator shall be protected in relying on the photocopy or
telefax until the Administrator has received the original of the Agreement.

 

22. Exclusivity. The services
furnished by the Administrator hereunder are not to be deemed exclusive, and the Administrator shall be free to furnish similar
services to others.

 

23. Authorization. The Sponsor hereby represents and warrants that the Sponsor’s Board of Directors has authorized the execution and delivery
of this Agreement and that an authorized officer of the Sponsor has signed this Agreement, Appendices A, B, C, and D and the
fee schedule hereto.

 

[Signature Page Follows]

 

    	 	13	 

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered as of the date first written above.

 

BROWN BROTHERS HARRIMAN &
CO.  

 

 

By:
   /s/ Shawn McNinch                                   

Name: Shawn McNinch

Title: Managing
Director

Date: July 7, 2017

 

 

UNITED STATES COMMODITY FUNDS
LLC

 

By:   John
P. Love                                              

Name: John P. Love

Title: President
and CEO

Date: July 7, 2017

 

USCF FUNDS TRUST, on
its own behalf and on behalf of each Fund

 

By: United States Commodity Funds LLC, as Sponsor

 

By:   John
P. Love                                              

Name: John P. Love

Title: President and CEO

Date:  July 7, 2017

 

    	 	14	 

     

    

APPENDIX
A TO

ADMINISTRATIVE AGENCY AGREEMENT

Dated as of July 7, 2017

 

The following is a list of Funds
for which the Administrator shall serve under this Agreement:

 

United States 3X Oil Funds

United States 3X Short Oil Fund

 

 

USCF FUNDS TRUST, on
its own behalf and on behalf of each Fund

 

By: United States Commodity Funds LLC, as Sponsor

 

By:   John
P. Love                                              

Name: John P. Love

Title: President and CEO

Date: July 7, 2017

 

    	 	15	 

     

    

APPENDIX B TO

ADMINISTRATIVE
AGENCY AGREEMENT

 

Services

 

Fund Accounting Services

The Administrator will provide the following fund accounting services to the Fund on each day that the Fund and the New York
Stock Exchange (“NYSE”) is open (each a “Business Day”): transaction processing and review, custodial
reconciliation, securities pricing and investment accounting.

 

Transaction Processing and Review. The Administrator shall
input and reconcile the Fund’s investment activity including with respect to:

		·	Investment taxlots

		·	Income

		·	Dividends

		·	Principal paydowns

		·	Capital activity

		·	Expense accruals

		·	Cash activity

		·	Corporate Reorganizations

 

Custodial Reconciliation. The Administrator shall reconcile
the following positions of the Fund against the records of the Custodian:

		·	Securities, Futures and Over-the-Counter Contract (“OTC”) holdings

		·	Cash including cash transfers, fees assessed and other investment
related cash transactions

		·	Trade settlements

 

Securities, Futures and OTC Valuation. Using the Valuation
Procedures set forth in Appendix E, the Administrator shall update each security, futures and OTC position of the Fund as to the
following:

		·	Market prices obtained from approved sources including those listed on Appendix D or
Fair Valuations obtained from an Authorized Person 

		·	Mark to market of non-base receivables/payables utilizing approved foreign exchange quotations
as quoted in Appendix E

		·	Mark to market of non-base currency positions utilizing the approved authorized sources quoted
in Appendix D or Fair Valuations obtained from an Authorized Person 

 

Investment Accounting. The Administrator shall provide the
following investment accounting services to each Fund:

		·	Amortization/accretion at the individual tax lot level

		·	General ledger entries

		·	Book value calculations

		·	Trade Date + 1 accounting

		·	Calculation of Net Asset Value Per Share (“NAV”) as of the earlier of 4:00 p.m. New York time or the close of trading on the NYSE Area, and published shortly after the close of trading on the NYSE Arca

 

    	 	16	 

     

    

 

NAV Reporting.
The Administrator shall communicate the Fund’s NAV information with respect to:

 

		·	PLF A (ETP NAV summary
data including Fund Net Assets, NAV/share, NAV/creation, Basket market value (if applicable), actual cash component (if applicable),
and estimated cash component (if applicable)) if required by NSCC, the Exchange, or the Fund’s Distributor

 

		·	ETP Fund Holding File/Report
to the Fund’s Distributor for the purpose of updating the USCF website

 

		·	ETP Fund holdings and/or
NAV data when authorized to provide this to third parties such as the ICI, Morningstar, or Lipper 

 

Portfolio Composition File (PCF) Calculations and Dissemination.
The Administrator shall provide the following PCF services for each Fund which would require such:

 

		·	Calculation of the PCF cash components inclusive of applicable projections

 

		·	Dissemination
of the PCF to the NSCC

 

    	 	17	 

     

    

Financial Reporting Services

 

The Administrator
shall accumulate information for and prepare:

 

		·	Within a 45-day production cycle, or shorter time period as required by the U.S. Securities and
Exchange Commission (the “SEC”) and communicated to the Administrator by the Fund and/or the Sponsor, one first fiscal
quarter report of the Fund, one second fiscal quarter report of the Fund and one third fiscal quarter report of the Fund, each
on Form 10-Q.

 

		·	Within a 90-day production cycle, or shorter time period as required by the SEC and communicated
to the Administrator by the Fund and/or Sponsor, one annual report of the Fund on Form 10-K per fiscal year. The preparation of
the Form 10-K includes the coordination of all printer and author edits and the review of printer drafts.

 

		·	In connection with the preparation of each Annual Report on Form 10-K, the Administrator shall
coordinate the audit of the Fund by its independent public accountant (i.e., manage open items lists, host weekly audit meeting,
etc.)
	 	 	 

		·	Within a 30-day period following the end of the Fund’s required
monthly reporting period, an Account Statement in compliance with the requirements of CFTC Rule §4.22(a), including a Statement
of Income (Loss) and a Statement of Changes in Net Asset Value; such preparation includes the distribution of drafts to the Sponsor,
Board of Directors and the Audit Committee for review and comment.

 

		·	Quarterly XBRL review and approval.

 

Expense Administration Services

 

The Administrator shall perform the following
services as requested by the Sponsor’s Treasurer (or person performing such function):

 

		·	Provide consultative services with respect to financial matters of
the Fund as may be requested and agreed to among the Fund, the Sponsor and the Administrator from time to time.

 

Corporate Secretary Services

 

The Administrator shall perform the following
corporate secretary services:

 

		·	Maintain a calendar for Board and Audit Committee matters/approvals
in a form to be agreed upon by the parties from time to time.

 

		·	Prepare quarterly Board and Audit Committee meeting materials, including
notices, scripts, agendas, resolutions, memoranda, minutes, and mail the materials to the Board and such other persons as instructed
by the Sponsor.

 

		·	Attend quarterly Board and Audit Committee meetings, take minutes
of the meetings, make presentations as required and follow up on matters raised at the meetings. 

 

		·	Prepare the annual directors and officers questionnaires and distribute
the questionnaires to the directors and officers of the Sponsor.

 

		·	In the event that the Administrator is asked to perform corporate
secretary services for more than four quarterly Board or Audit Committee meetings per calendar
year, the Fund will be assessed special meeting fees. Fees may range between $2,500 and $10,000 per meeting, depending upon the
complexity of the meeting materials and discussion and the location of the meeting. 

 

    	 	18	 

     

    

 

		·	Out-of-pocket expenses associated with the production and mailing
of all Board and Audit Committee meeting materials, as well as travel expenses associated with in-person attendance at meetings,
will be charged to the Fund. 

 

Regulatory Support Services

 

The Administrator shall perform the following
regulatory services for the Fund:

 

		·	Maintain a calendar for all SEC, CFTC, NFA and NYSE Arca regulatory
matters. The Fund and/or Sponsor shall notify the Administrator of additional regulatory matters
to be added to such calendar as soon as practicable.

 

		·	Within a 45 day production cycle, or shorter time period as required
by the SEC and communicated to the Administrator by the Fund and/or the Sponsor, the Administrator
shall coordinate the filing of one first fiscal quarter report of the Fund, one second fiscal
quarter report of the Fund and one third fiscal quarter report of the Fund, each on Form 10-Q.

 

		·	Within a 90-day production cycle, or shorter time period as required
by the SEC and communicated to the Administrator by the Fund and/or Sponsor, the Administrator shall coordinate the filing of one
annual report of the Fund on Form 10-K per fiscal year. The preparation of the Form 10-K includes the coordination of all printer
and author edits and the review of printer drafts.

 

		·	Upon review and approval of each above-mentioned report by the Sponsor's Treasurer and/or Chief Financial Officer (or such
person performing such functions), the Administrator shall file such reports with the SEC, including any applicable executive
officer certifications or other exhibits to such reports and coordinate with the distributor to post such report to the fund's
website.

 

		·	Within 90 days after the end of the Fund's fiscal year, an Annual Report of the Fund in compliance with the requirements of
the NFA and CFTC Rule §4.22(c); such preparation includes the coordination of all printer and author edits and the review
of printer drafts. The Fund and/or Sponsor shall make arrangements for the printing and mailing of the Annual Report.

 

		·	Within a 60-day production cycle, or shorter time period as required
by the CFTC and the NFA and communicated to the Administrator by the fund and/or sponsor, the Administrator shall coordinate the
filing of one first fiscal quarter report of the Fund, one second fiscal quarter report of the Fund, one third fiscal quarter report
of the Fund and one fourth fiscal quarter report of the Fund pursuant to NFA and CFTC Regulations, - each on Form CPO-PQR.

 

		·	Within a 90-day production cycle, or shorter time period as required
by the CFTC and the NFA and communicated to the Administrator by the fund and/or sponsor, the Administrator shall coordinate the
filing of one annual report of the Fund pursuant to NFA and CFTC Regulations on Form PFS.

 

The Administrator shall perform the
following additional regulatory services for the Fund:

 

		·	At the direction of the Fund and/or the Sponsor, prepare the
materials for and attend one shareholder meeting (including preparation of the proxy statement, notice and other solicitation materials
and tiling such materials with the SEC and taking minutes of the meeting), as may be necessary from time to time.

 

    	 	19	 

     

    

 

		·	Coordinate with the Fund’s transfer agent or solicitor in monitoring
the unitholder vote solicitation and tabulation for one unitholder meeting per calendar year, at the Fund’s request

 

		·	Prepare and file, or cause to
be filed, the following regulatory notices/forms/reports:

 

		·	With the SEC: Forms 3, 4 and
5 and Schedules 13D and 13G for the officers and directors of the Sponsor and such other persons as requested by the Fund

 

		·	With the SEC: Current Reports
on Form 8-K as circumstances warrant.
	 	 	 

		·	With the NYSE Arca: such notices/forms
as agreed to among the Fund, the Sponsor and the Administrator

 

The Administrator shall assist the Fund and/or the Sponsor in preparing
Fund press releases with respect to interim statements and quarterly results and transmitting such press releases to the NYSE Arca
and such other entities as requested by the Fund or the Sponsor.

 

Performance Measurement Services

 

The Administrator shall provide the following
services related to calculating and reporting Fund performance:

 

		·	Calculate time weighted total returns
for each Portfolio (by class, if applicable) and report such returns to the Fund on a monthly basis

 

		·	Provide and review each Portfolio’s
performance information disclosed in its financial statements, prospectus and statement of additional information 

 

		·	Reconcile total return calculations to
those reported by major database companies upon the occurrence of breaks
	 	 	 

		·	At the Fund’s request, report portfolio
holdings to identified database companies

 

ETF Transfer Agency and Related Services

The Administrator shall perform the following
ETF Transfer Agency and Related Services:

 

I.       Creation
and Redemption of Baskets.

 

It is agreed and understood that the Administrator on the Fund’s behalf, shall process the issuance and redemption of
units of the Fund in blocks of 50,000 Shares as established in the Prospectus for the Fund (“Creation Baskets”
and “Redemption Baskets,” respectively) to and from such persons as are identified and approved by the Company
and/or the Distributor of the Fund as Authorized Participants that are party to an Authorized Participant Agreement.

 

		A.	Accept from the Company, the Fund or ALPS Distributors, Inc., as the distributor (the “Distributor”),
creation and redemption orders for communication to the appropriate parties, approval (as may be agreed with the Distributor) and
processing.

 

		B.	Pursuant to creation and redemption orders that the Administrator as transfer agent shall receive
from [the Distributor/Authorized Participants (and which shall be confirmed by the Distributor, as required)] and pursuant to the
procedures set forth in the Participant Agreement, the Administrator shall communicate such orders to the Trust or Fund as appropriate.

 

    	 	20	 

     

    

 

		C.	Pursuant to such creation orders that the Administrator shall receive from (and which shall be
confirmed by the Distributor) and pursuant to the procedures set forth in the Authorized Participant Agreement, the Administrator
shall transfer appropriate trade instructions to the Fund’s custodian, Brown Brothers Harriman & Co. (“Custodian”)
and pursuant to such orders register the appropriate number of book entry only Creation Baskets in the name of The Depository Trust
Company (“DTC”) or its nominee as a shareholder (each an “Authorized Participant”) of the Fund and deliver
the Creation Baskets of the Fund to the appropriate Authorized Participant.

 

		D.	Pursuant to such redemption orders that the Administrator shall receive from the Sponsor, the Fund or the Authorized Participant
and pursuant to the procedures set forth in the Authorized Participant Agreement, the Administrator shall transfer appropriate
trade instructions to the Custodian and, pursuant to such orders, redeem the appropriate number of Creation Baskets that are
delivered to the designated DTC Participant Account of the Custodian for redemption and debit such Creation Baskets from the
account of the Authorized Participant on the register of the Fund.

 

		E.	On behalf of the Fund, the Administrator shall issue Creation Baskets for settlement with purchasers through DTC as the purchaser
is authorized to receive. Beneficial ownership of Fund Shares shall be shown on the records of DTC and DTC Participants and
not on any records maintained by the Administrator. In issuing Creation Baskets through DTC to an Authorized Participant,
the Administrator shall be entitled to rely upon the latest Instructions that are received from the Distributor by the Administrator
concerning the issuance and delivery of such Creation Baskets for settlement.

 

		F.	The Administrator shall not issue on behalf of the Fund Creation Baskets where it has received
an Instruction from the Fund, the Sponsor or the Distributor or written notification from any federal or state authority that the
sale of the Fund Shares has been suspended or discontinued, and the Administrator shall be entitled to rely upon such Instructions
or written notification.

 

		G.	Upon the issuance of Creation Baskets as provided herein, the Administrator shall not be responsible
for the payment of any original issue or other taxes, if any, required to be paid by the Fund, the Sponsor or the Distributor in
connection with such issuance.

 

		H.	Fund Shares may be redeemed in accordance with the procedures set forth in the relevant Authorized Participant
Agreement and Administrator shall duly process all redemption requests.

 

		I.	The Administrator will act only upon Instruction from the Fund, the Sponsor and/or the Distributor in addressing any failure
in the delivery of cash, treasuries, securities and/or shares in connection with the issuance and redemption of Fund Shares.
The Administrator shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial
liability in the performance of its duties hereunder.

 

    	 	21	 

     

    

II. Recordkeeping.

 

		A.	The Administrator shall record the creation and redemption of Fund Baskets and maintain, pursuant to Rule 17Ad6(b) under the
Securities Exchange Act of 1934, as amended, a record of the total number of Fund Baskets that are authorized, issued and
outstanding based upon data provided to the Administrator by the Fund, the Sponsor and/or the Distributor. The Administrator
shall also provide the Fund and/or the Sponsor on a regular basis with the total number of Fund Shares authorized, issued
and outstanding; provided however that the Administrator shall not be responsible for monitoring the issuance of such Fund
Shares or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Fund Baskets
or Shares.

 

 

[Signature page follows]

 

    	 	22	 

     

    

BROWN BROTHERS HARRIMAN &
CO.  

 

By: 
  /s/ Shawn McNinch                     

Name: Shawn McNinch

Title:
Managing Director

Date: July 7, 2017

 

 

USCF FUNDS TRUST, on its own behalf and on behalf of each Fund

 

By:  United States Commodity Funds LLC, as Sponsor

 

By:   /s/
John P. Love                              

Name:  John P. Love  

Title:  President and CEO  

Date:  July 7, 2017

 

    	 	23	 

     

    

APPENDIX
C TO

ADMINISTRATIVE
AGENCY AGREEMENT

 

List of Authorized Persons

 

 

 

John P. Love

 

Ray Allen

 

Stuart Crumbaugh

 

Andrew Ngim

 

 

 

USCF FUNDS TRUST, on its own behalf and on behalf of each Fund

 

By:  United States Commodity Funds LLC, as Sponsor

 

By:   /s/
John P. Love                              

Name:  John P. Love  

Title:  President and CEO  

Date:  July 7, 2017

 

    	 	24	 

     

    

APPENDIX D TO

ADMINISTRATIVE AGENCY
AGREEMENT

 

List of Authorized Sources

 

The Sponsor, the Trust, and the Fund hereby acknowledge that the Administrator is authorized to use the following authorized
sources, and their successors and assigns, for financial reporting, compliance monitoring, performance measurement, pricing
(including corporate actions, dividends and rights offering), and foreign exchange quotations, to assist it in fulfilling
its obligations under the aforementioned Agreement.

 

BANK OF AMERICA MERRILL LYNCH GLOBAL RESEARCH

BLOOMBERG

RUSSELL/MELLON

FUND MANAGERS / CLIENT DIRECTED

INTERACTIVE DATA CORPORATION

REPUTABLE BROKERS

THOMSON REUTERS

SUBCUSTODIAN BANKS

SIX

FINANCIAL

REPUTABLE FINANCIAL PUBLICATIONS

STOCK EXCHANGES

STAT PRO

MORGAN STANLEY CAPITAL INTERNATIONAL

WALL STREET OFFICE*

PRICING DIRECT

MARKIT

SUPER DERIVATIVES

S&P

DOW JONES

JP MORGAN

SQX (SECURITIES QUOTE EXCHANGE)

BARCLAYS

FITCH SOLUTIONS

MOODYS

FORD EQUITY RESEARCH

FTSE GROUP

INVESTMENT TECHNOLOGY GROUP (ITG)

WM COMPANY

WOLTERS KLUWER FINANCIAL SERVICES

DEPOSITORIES (DTC, EUROCLEAR, ETC)

CLEARING BANKS (JP MORGAN CHASE, BANK OF NEW YORK MELLON, ETC)

OeKB

CITIGROUP INDEX LLC

MORNINGSTAR INC.

 

    	 	25	 

     

    

* By using Wall Street Office (“WSO”)
as an authorized information source, the Sponsor, the Trust and the Fund are each authorizing the Administrator to share confidential
information regarding bank loan transactions with WSO. Investment Manager and Fund each acknowledge and agree that, while WSO must
maintain such information confidentially, WSO is permitted to utilize such information on an anonymous basis in furtherance of
its products and services.

 

 

BROWN BROTHERS HARRIMAN &
CO.  

 

By: 
  /s/ Shawn McNinch                     

Name: Shawn McNinch

Title:
Managing Director

Date: July 7, 2017

 

 

USCF FUNDS TRUST, on its own behalf and on behalf of each Fund

 

By:  United States Commodity Funds LLC, as Sponsor

 

       By:   /s/
John P. Love                              

Name:  John P. Love  

Title:  President and CEO  

Date:  July 7, 2017

 

    	 	26	 

     

    

APPENDIX E TO

ADMINISTRATIVE AGENCY
AGREEMENT

 

BBH Pricing Policies

Futures, Forwards, Swaps, Options and Treasuries

 

The pricing policies stated below are used for all BBH clients. These policies have been audited by numerous
accounting firms during annual fund audits.

 

Futures

 

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

 

Forward Currency Contracts

 

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

 

Swaps

 

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

 

Options

 

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

 

Sale prices and bid quotations indicated above shall
be supplied by a Pricing Service (Reuters, Bloomberg, IDC, etc.). If a Pricing Service is not able to provide such sale prices
or bid quotations, the value shall be determined by taking the mean between the bid and the asked quotations provided by a
single broker or dealer, unless the broker or dealer can only provide a bid quotation, in which case the value shall be such
bid quotation.

 

Except as provided below, OTC currency options are valued by uploading the applicable implied volatility rates
from Reuters or Bloomberg. Other inputs are either uploaded (interest rates, spots) or are specified when the ticker symbols
are set up (expiration date, strike). OTC currency options are then priced by using the Garman-Kohlhagen modified Black-Scholes
formula, which adjusts for a constant yield versus a fixed dividend.

 

Except as provided below, OTC equity/index options are
priced according to the contract specifications (days to expiration, current spot index level, interest rates, dividends,
strike price) using the Black-Scholes pricing model, modified for dividends. The volatility input assumption is interpolated
from the previous day’s price.

 

US Treasuries

 

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

 

    	 	27SECOND AMENDED AND RESTATED 

CONSULTING AND SERVICES AGREEMENT

 

THIS SECOND AMENDED AND
RESTATED CONSULTING AND SERVICES AGREEMENT (the “Agreement”) is made as of June 9, 2017 (the “Effective
Date”) by and between REX MLPshares, LLC (the “Product Agent”), a Delaware limited liability company,
and United States Commodity Funds LLC (the “Manager”), a Delaware limited liability company.  Capitalized
terms that are used but not defined herein shall have the meaning given to them in Appendix A to the Agreement.

 

WITNESSETH

 

WHEREAS, the Manager and
the Product Agent entered into the Consulting and Services Agreement, effective as of December 11, 2015 (the “Initial
Effective Date”), as amended and restated in its entirety by the Amended and Restated Consulting and Services Agreement
effective as of November 28, 2016 (the “Consulting and Services Agreement”);

 

WHEREAS, the Manager and
the Product Agent now wish to amend and restate the Consulting and Services Agreement in its entirety by entering into the Agreement;

 

WHEREAS, the Manager is
registered as a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association;

 

WHEREAS, the Manager serves
as sponsor and commodity pool operator to the USCF Funds Trust, a Delaware statutory trust (the “Trust”) and
each series of the Trust identified on Exhibit A, as may be amended from time to time by the mutual consent of the parties to this
Agreement, (each, a “REX-USCF Fund” and, collectively, the “REX-USCF Funds”) pursuant to
the trust agreement for the Trust, as amended, restated or supplemented from time to time, including with respect to creation of
one or more REX-USCF Funds (the “Trust Agreement”), as applicable; and 

 

WHEREAS, the Manager desires
to enter into the Agreement, which shall amend and restate the Consulting and Services Agreement in its entirety, with the Product
Agent on behalf of the Manager, the Trust and the REX-USCF Funds, under which the Product Agent shall provide certain services
to the Manager, the Trust and the REX-USCF Funds in connection with the REX-USCF Funds;

 

NOW, THEREFORE, the parties
hereto agree as follows:

 

		1.	Duties of the Product Agent.

		(a)	The Product Agent shall provide such reasonable services as may be requested by the Manager in
connection with the creation and launch of the REX-USCF Funds, including but not limited to reviewing documentation with respect
to the creation of the Trust and the REX-USCF Funds, reviewing any relevant documentation and applications in connection with product
launches and coordinating with the Manager with respect to product structure considerations.

    	 

     

    

 

		(b)	The Product Agent shall be responsible for developing the investment methodology for the REX-USCF
Funds, providing appropriate benchmarks for the REX-USCF Funds, and assisting in determining the strategy for satisfying the investment
methodology, in each case in consultation with the Manager. The Product Agent shall assist in obtaining a license or sub-license
for the applicable REX-USCF Fund, as needed, with respect to any relevant index. The Manager shall have the right to review and
approve of the form of any such license or sub-license for the relevant index, if any.

		(c)	The Product Agent shall be required to spend a commercially reasonable amount of time on the ongoing
services that it provides to the Manager, the Trust and each REX-USCF Fund.

		(d)	The Manager and Product Agent shall work together to ensure that appropriate agreements are entered
into with the service providers to the REX-USCF Funds and, at the request of the Manager, the Product Agent shall coordinate and
work with such services providers as appropriate.

		2.	Duties of the Manager.

		(a)	The Manager shall have responsibility for creating the Trust and any series of the Trust pursuant
to the Trust Agreement. Unless otherwise agreed to by the parties to this Agreement, each REX-USCF Fund shall be a series of the
Trust. The Manager shall be the sponsor of the Trust.

		(b)	The Manager shall have responsibility for all portfolio operation services to be provided to the
REX-USCF Funds as well as other services to be provided to the REX-USCF Funds as Sponsor, which may be provided directly or by
service providers, including, without limitation:

		(i)	regulatory filings by the REX-USCF Funds;

		(ii)	legal and regulatory compliance by the REX-USCF Funds;

		(iii)	trading and reconciliation of the investments of the REX-USCF Funds;

		(iv)	portfolio back-office functions;

		(v)	supervision and coordination with service providers and vendors for the Trust and the REX-USCF
Funds (including, without limitation, the custodian, administrative agent, accountant, futures commission merchants, transfer agents,
tax reporting, legal counsel, auditors);

    	 

     

    

 

		(vi)	initially and continually listing the units of any REX-USCF Fund on NYSE Arca, BATS Exchange, NASDAQ
OMX, and any other national or international securities exchange on which the units of such REX-USCF Fund may be listed or traded
from time to time.

		(c)	If Manager makes a determination that any person must be registered with the National Futures Association
(“NFA”), then the Product Agent and the Manager shall coordinate and take reasonable action to register such
person as an associated person of the Manager.

		(d)	The Manager and the Product Agent shall work together to select and enter into agreements with
(i) the market maker for each of the REX-USCF Funds, and (ii) the authorized participants for each of the REX-USCF Funds; and to
manage the relationships with the market makers and authorized participants for each of REX-USCF Funds.

		3.	Fees; Expenses.

		(a)	For the services to be provided by the Product Agent pursuant to this Agreement, the Manager will
pay the Product Agent, and the Product Agent agrees to accept as full compensation therefor, a fee as set forth in Appendix A.
In the event of termination of this Agreement in whole or in respect to any REX-USCF Fund, the fee provided in this section shall
be computed on the basis of the period ending on the last Business Day on which this Agreement is in effect, subject to a pro rata
adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.
Expenses of the Manager, the Product Agent, the Trust and the REX-USCF Funds will be allocated as set forth in Appendix A.

		4.	Representations and Warranties of Product Agent. The Product Agent represents and warrants
to the Manager, the Trust and the REX-USCF Funds that:

		(a)	The Product Agent has the full power and authority to enter into this Agreement and to perform
the services described under this Agreement.

		(b)	The Product Agent is a limited liability company duly organized and validly existing under the
laws of the state of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted.

		(c)	The execution, delivery and performance by the Product Agent of this Agreement are within the Product
Agent’s powers and have been duly authorized by all necessary action and no further action is required on its part to authorize
this Agreement.

		(d)	The execution, delivery and performance by the Product Agent of this Agreement do not violate or
result in a default under (i) any provision of applicable law, rule or regulation, (ii) the Product Agent’s governing instruments,
or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Product Agent.

    	 

     

    

 

		(e)	The Product Agent is registered with applicable regulators in each capacity in which it is required
to register to perform its duties with respect to USCF, the Trust, and the REX-USCF Funds and under this Agreement and will continue
to be so registered, if required, so long as this Agreement remains in effect.

		(f)	This Agreement (including Appendix A) and each other agreement, instrument or document to be executed
and delivered by the Product Agent pursuant to this Agreement constitutes the legal, valid and binding obligation of the Product
Agent, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency and
other laws and equitable principles affecting creditors’ rights generally and the discretion of the courts in granting equitable
remedies.

		5.	Representations and Warranties of the Manager. The Manager represents and warrants to the
Product Agent as follows:

		(a)	The Manager is registered as a commodity pool operator with the Commodity Futures Trading Commission
and is a member of the NFA and will continue to be so registered, if required, so long as this Agreement remains in effect;

		(b)	The Manager has the full power and authority to enter into this Agreement, to serve as Manager
to the REX-USCF Funds and to perform the services described under this Agreement.

		(c)	The Manager is a limited liability company duly organized and validly existing under the laws of
the state of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted.

		(d)	The execution, delivery and performance by the Manager of this Agreement are within the Manager’s
powers and have been duly authorized by all necessary action and no further action is required on its part to authorize this Agreement.

		(e)	The execution, delivery and performance by the Manager of this Agreement do not violate or result
in a default under (i) any provision of applicable law, rule or regulation, (ii) the Manager’s governing instruments, or
(iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Manager.

		(f)	This Agreement (including Appendix A) and each other agreement, instrument or document to be executed
and delivered by the Manager pursuant to this Agreement constitutes the legal, valid and binding obligation of the Manager, enforceable
in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency and other laws and equitable
principles affecting creditors’ rights generally and the discretion of the courts in granting equitable remedies.

    	 

     

    

 

		6.	Covenants of Product Agent.

		(a)	The Product Agent will promptly notify the Manager of the occurrence of any event that would substantially
impair the Product Agent’s ability to fulfill its commitment under this Agreement.

		(b)	Unless the Product Agent is prohibited from doing so, the Product Agent will promptly notify the
Manager if it, or the CTA Affiliate (as defined below), if any, is served or otherwise receives notice of any action, suit, proceeding,
inquiry or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public
board or body, involving the affairs of (i) any REX-USCF Fund or (ii) the Product Agent to the extent relating to any REX-USCF
Fund or the ability of the Product Agent to perform under the Agreement.

		(c)	Upon receipt of notice from the Manager that the combined assets under management of the United
States 3X Oil Fund and the United States 3X Short Oil Fund (each a “Leveraged Oil Fund” and together, the “Leveraged
Oil Funds”) exceed $300,000,000, the Product Agent or, with the written consent of the Manager, an affiliate thereof (such
affiliate, the “CTA Affiliate”) shall register promptly as a commodity trading advisor (“CTA”) with the
NFA, if the Product Agent or such CTA Affiliate is not already so registered, and comply with the Commodity Exchange Act, and all
applicable rules and requirements of the Commodity Futures Trading Commission (“CFTC”) and NFA. The Product Agent shall
notify the Manager when it or the CTA Affiliate, as applicable, has completed registration as a CTA, at which time, the parties
will work to transition trading of assets of one or more of the Leveraged Oil Funds, as agreed to by the parties, from the Manager
to the Product Agent or the CTA Affiliate, as applicable.

		7.	Covenants of Manager. 

		(a)	The Manager agrees to maintain an appropriate level of errors and omissions or professional liability
insurance coverage.

		(b)	The Manager agrees that it shall not consent to a material amendment or modification of the Trust
Agreement that (i) is inconsistent with this Agreement and the applicable disclosure document of any REX-USCF Fund or (ii) that
would have an adverse effect on the Product Agent, in each case without the prior written consent of the Product Agent, such consent
not be unreasonably withheld or delayed.

		(c)	The Manager shall provide notice to the Product Agent when the combined assets under management
of the Leveraged Oil Funds exceed $300,000,000.

		(d)	The Manager will promptly notify the Product Agent of the occurrence of any event that would substantially
impair the Manager’s ability to fulfill its commitment under this Agreement or disqualify the Manager from serving as a commodity
pool operator with the Commodity Futures Trading Commission or fulfilling its duties under the Trust Agreement.

    	 

     

    

 

		(e)	Unless the Manager is prohibited from doing so, the Manager will promptly notify the Product Agent
if it is served or otherwise receives notice of any action, suit, proceeding, material inquiry, or investigation, at law or in
equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of
(i) the REX-USCF Funds or (ii) the Manager to the extent relating to any REX-USCF Fund or the ability of the Manager to perform
under the Agreement.

		8.	Intellectual Property.

		(a)	The Product Agent shall grant the Manager use of the Product Agent’s name(s), derivatives,
logos, trademarks, service marks or trade names in connection with certain materials used in the ordinary course of business, such
as prospectuses, financial reports, fund fact sheets, fund name and related materials, including advertising and marketing materials
for the REX-USCF Funds. The Manager shall grant the Product Agent use of the Manager’s name(s), derivatives, logos, trademarks,
service marks or trade names in connection with certain materials used in the ordinary course of business, such as prospectuses,
financial reports, fund fact sheets, fund name and related materials, including advertising and marketing materials for the REX-USCF
Funds. Such grants will be revoked as to future use as soon as the Agreement is terminated with respect to any such REX-USCF Fund.

		(b)	Except as otherwise expressly provided in this Agreement, neither party grants the other party
hereto any other license, express or implied, to such party’s intellectual property rights or other property. The parties
agree to negotiate in good faith to conclude promptly a separate intellectual property rights and license agreement governing the
rights to any intellectual property reasonably necessary to effectuate the duties and obligations of each party under this Agreement
and any related agreements with third parties, including but not limited to, rights in domains, website content, investment methodologies
and strategies, marketing materials, confidential information, and any other proprietary information.

		(c)	The Manager and the Product Agent agree to enter into one or more separate agreements addressing
the licenses and/or sublicenses needed for the REX-USCF Funds, if any, intellectual property for the REX-USCF Funds, including
ownership and intellectual property rights in connection with the REX-USCF Funds, the website of the REX-USCF Funds and allocation
of responsibility among the parties with respect to satisfying compliance obligations applicable to the website for the REX-USCF
Funds, in each case as needed for the applicable REX-USCF Funds.

    	 

     

    

 

		9.	Duration and Termination.

		(a)	Duration of the Agreement. This Agreement shall become effective as of the Effective Date and continue
in effect for a period of five (5) years from the Initial Effective Date and thereafter shall renew for successive three (3) year
periods, unless terminated earlier in accordance with the provisions of this Agreement.

		(b)	Termination of the Agreement by the Parties. This Agreement may be terminated without payment of
any penalty:

		(i)	With respect to any REX-USCF Fund, by mutual consent of the Product Agent and the Manager.

		(ii)	By any party, upon ninety (90) days’ prior written notice to the other party; provided, however,
that for purposes of this section 9(b)(ii), the CTA Affiliate shall be treated as a party, in the event that:

		a.	the other party commits a material breach of this Agreement, and such material breach has not been
cured by the breaching party within thirty (30) days from the date of notice from the other party of such material breach;

		b.	the other party becomes insolvent or bankrupt or admits in writing its inability to pay its debts
as they mature, or makes an assignment for the benefit of creditors; makes a voluntary assignment or transfer of all or substantially
all of its property; has a custodian, trustee, or receiver appointed for it, or for all or substantially all of its property; has
bankruptcy, reorganization, arrangements, insolvency or liquidation proceedings, or other proceedings for relief under any bankruptcy
or similar law for the relief of debtors, instituted by or against it, and, if instituted against it, any of the foregoing is allowed
or consented to by the other party or is not dismissed within sixty (60) days after such institution; or

		c.	any adverse finding is made in respect of, or official sanction imposed on, any other party by
any relevant regulatory authority which would be likely to have a material adverse effect on such party’s ability to serve
as Manager or Product Agent, as applicable, to the REX-USCF Funds under this Agreement or to perform its obligations under this
Agreement;

		d.	any party is dissolved or its existence is terminated. .

		(c)	Termination on Change of Control of Product Agent.

		(i)	If, in the event of a Change of Control of the Product Agent, the Manager determines that such
Change of Control may have a negative impact on the Manager, the Trust or any of the REX-USCF Funds, such determination to be made
by the Manager in its sole discretion, the Manager may provide written notification of optional termination with respect to the
Agreement (such termination an “Optional Termination”).

    	 

     

    

For purposes
of the Agreement, “Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale,
lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all the assets
of REX Shares, LLC, the Product Agent or any Permitted Successor (as defined herein), or (2) the direct or indirect sale, lease,
transfer, conveyance or other disposition by the sole member of the Product Agent (as of the Effective Date) of more than 50% of
the outstanding voting equity of the Product Agent, or (3) the direct or indirect sale, lease, transfer, conveyance or other disposition
by the members of REX Shares, LLC (as of the Effective Date) of more than 50% of the outstanding voting equity of REX Shares LLC
or any Permitted Successor, provided, however, that a Change of Control shall not be deemed to have occurred in the event
of the consummation of a reorganization, merger, share exchange, consolidation, or sale or disposition of all or substantially
all of the assets of REX Shares, LLC provided that, (x) the surviving entity following such reorganization, merger, share exchange,
consolidation, or sale or disposition of all or substantially all of the assets of REX Shares, LLC assumes all liabilities and
obligations of REX Shares, LLC under this Agreement, and (y) immediately after the transaction, the members of REX Shares, LLC
immediately prior to the transaction own, directly or indirectly, in substantially the same proportion as their respective ownership
of the outstanding voting equity of REX Shares, LLC immediately prior to the transaction, at least 90% of the outstanding voting
equity of a corporation or other entity which, as the result of the transaction, owns all or substantially all of outstanding voting
equity securities of REX Shares, LLC or all or substantially all of the REX Shares, LLC’s assets, either directly or indirectly
through one or more subsidiaries (such entity satisfying clauses (x) and (y) of this Section 9(c)(i), a “Permitted Successor”).

		(ii)	Upon receipt of a notice of Optional Termination from the Manager, the Product Agent and the Manager
will agree upon an effective date for the Optional Termination (the “Optional Termination Date”). Prior to Optional
Termination Date, the Product Agent will effect the transfer and assignment of the Product Agent’s rights and responsibilities
under applicable contracts, if any, for the REX-USCF Funds and will take such other commercially reasonable action as may be requested
by the Manager to assist the Manager in being able to continue operation of the REX-USCF Funds, such as causing the assignment,
transfer, license or sublicense of any relevant intellectual property necessary to continue the operation of the REX-USCF Funds.

    	 

     

    

 

		(iii)	Upon completion of the Option Termination, the Manager will pay the Product Agent an optional termination
payment (the “Optional Termination Payment”) as set forth in Appendix A to this Agreement.

		(d)	Termination of a REX-USCF Fund.

		(i)	At any time prior to the initial public offering of any of the Leveraged Oil Funds, USCF may terminate
this Agreement with respect to any of the Leveraged Oil Funds on ten (10) calendar days prior notice to the Product Agent without
payment of any penalty in which case the Manager shall not pursue an offering of the Leveraged Oil Funds using the offering documents
prepared for the Leveraged Oil Funds.

		(ii)	At any time on or after the second anniversary of the date a REX-USCF Fund has its initial public
offering, if the Average Assets (as defined in Appendix A to this Agreement) of such REX-USCF Fund as of the most recent calendar
month are less than $50,000,000, then the Manager and the Product Agent shall consult as to whether to terminate with respect to
such REX-USCF Fund and (x) may either terminate and wind-down such Fund, or (y), if Product Agent is the only party that desires
to terminate with respect to such REX-USCF Fund, then it shall provide ninety (90) days’ prior written notice to the Manager
that it wishes to terminate with respect to such REX-USCF Fund.

		(iii)	In the event that this Agreement is terminated with respect to any REX-USCF Fund, such REX-USCF
Fund shall no longer constitute a REX-USCF Fund for the purposes of this Agreement, and the remainder of this Agreement shall not
be affected thereby.

		(e)	Rights on Termination of the Agreement or any REX-USCF Fund. Upon termination of this Agreement,
in whole or in part, the Product Agent and the Manager, as applicable, shall have a right to receive, solely with respect to any
REX-USCF Fund for which this Agreement has been terminated, any payments as may be due and owing to the Product Agent or the Manager,
as applicable, for the calendar month in which this Agreement is terminated; provided that once all such amounts have been paid
by the Product Agent or the Manager, as applicable, with respect to such REX-USCF Fund, no further amounts shall be due under this
Agreement.

		10.	Cooperation Upon Change in Regulatory or Other Status or Upon Termination.

		(a)	In the event that any license, approval, authorization, consent or agreement held, obtained or
entered into by or on behalf of any REX-USCF Fund which is required for the operation of such REX-USCF Fund is terminated, revoked,
or suspended by the relevant regulator, exchange, or third party, the Manager and the Product Agent shall cooperate to resolve
and reinstate such license, approval authorization or consent using commercially reasonable efforts.

    	 

     

    

 

		(b)	If the parties decide to terminate and wind down one or more REX-USCF Funds, upon termination of
this Agreement or otherwise, the parties shall cooperate and take all necessary action to terminate such REX-USCF Fund in accordance
with the terms of this Agreement, other agreements applicable to such REX-USCF Fund, all applicable law and acting in a commercially
reasonable manner.

		(c)	If a Terminating Party has provided notice of its desire to terminate with respect to a REX-USCF
Fund pursuant to section 9(c)(ii), then the Non-Terminating Party shall have the right, but not the obligation, to request that
the Terminating Party use commercially reasonable efforts to effect the transfer and assignment of the Terminating Party’s
rights and responsibilities under applicable contracts for such REX-USCF Fund and to take other commercially reasonable action
to assist the Non-Terminating Party in being able to continue operation of such REX-USCF Fund, such as causing the assignment,
transfer, license or sublicense of any relevant intellectual property necessary to continue the operation of such REX-USCF Fund.

		11.	Confidentiality. The Manager, the Product Agent and the CTA Affiliate, if any, agree to
maintain the confidentiality of the Confidential Information (as defined below), except that the Confidential Information may be
disclosed (a) to their respective affiliates and their respective affiliates’ directors, officers, employees and agents,
including accountants, legal counsel and other advisors (it being understood that the persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Confidential Information confidential),
(b) to the extent requested by any governmental authority, taxing authority or self-regulatory authority, (c) to the extent required
by applicable law or by any subpoena or similar legal process, (d) in connection with the exercise of any remedies hereunder or
any suit, action or proceeding relating to this Agreement, (e) in the regulatory filings of the Trust and any REX-USCF Fund, in
a manner determined to be appropriate or required by the Manager by or on behalf of the Trust and any REX-USCF Fund, (f) with the
consent of the other party. For the purpose of this Agreement, “Confidential Information” means in relation to any
party all confidential and proprietary information (whether such information is in oral or written form or is recorded in any other
medium) relating to the REX-USCF Funds, other than any such information that is or becomes publicly available or available on a
non-confidential basis, other than as a result of a breach of this section 11. The provisions of this section 11 contain the entire
agreement between the parties hereto with respect to the subject matter set forth in this section 11 and the provisions of this
section 11 supersede the provisions of that certain confidentiality agreement between the Manager and the Product Agent entered
into by the parties prior to the Initial Effective Date.

    	 

     

    

 

		12.	Non-Competition. The Product Agent and the Manager agree that, for the term of this Agreement
and for a period of one year commencing on the date of termination of this Agreement, neither party shall, directly or indirectly,
without the consent of the other party, engage in, and shall not permit any of its affiliates to, directly or indirectly, engage
in, or assist others in engaging in, the formation, operation or management of a fund that has (a) a primary investment objective
to provide exposure to master limited partnerships or an index thereon or (b) a primary investment objective that the daily changes
in percentage terms of its shares’ per share net asset value reflect a fixed ratio of between 250% and 350% the daily change
in percentage terms of the price of one or more oil futures contracts or an index thereof; provided, however, that this section
shall not limit the Manager with respect to other funds that utilize leverage, daily rebalancing, oil investments, or any combination
thereof, and that may, from time to time, resemble the Leveraged Oil Funds as part of a rules based methodology, or (c) a primary
investment objective that the daily changes in percentage terms of its shares’ per share net asset value reflect a fixed
ratio of between -250% and -350% the daily change in percentage terms of the price of one or more oil futures contracts or an index
thereof; provided, however, that this section shall not limit the Manager with respect to other funds that utilize leverage, daily
rebalancing, oil investments, or any combination thereof, and that may, from time to time, resemble the Leveraged Oil Funds as
part of a rules based methodology.

		13.	No Exclusivity. The services of the Manager and Product Agent are not to be deemed exclusive,
and the Manager and Product Agent and their directors, officers, employees and affiliates shall be free to render similar services
to others so long as its services to the Trust are not impaired thereby.

		14.	No Partnership. Nothing in this Agreement shall be construed to create a partnership, joint
venture or agency relationship between the Manager, on the one hand, and the Product Agent, on the other hand.

		15.	No Third Party Beneficiaries. This Agreement is not intended, and shall not be deemed, to
confer any rights or remedies upon any person other than the parties hereto and their respective successors and permitted assigns,
to create any agreement of employment with any person or to otherwise create any third-party beneficiary hereto.

		16.	Amendments. This Agreement may be amended in writing by mutual consent of all of the parties.

		17.	Governing Law. This Agreement shall be governed by and construed solely and exclusively
in accordance with the laws of the State of New York, without reference to its conflicts of law principles.

		18.	Severability. Should any part of this Agreement be held invalid by a court decision, statute,
rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors.

    	 

     

    

 

		19.	Notice. Any notice, advice or report to be given pursuant to this Agreement shall be deemed
sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed by the party giving notice
to the other party at the last address furnished by the other party:

	 	To the Manager at:	
        United States Commodity Funds LLC

        1999 Harrison Street, Suite 1530

        Oakland, CA 94612

	 	 	 
	 	To the Product Agent at:	
        REX MLPshares, LLC

        44 Post Road West

        Westport, CT 06880

 

		20.	Entire Agreement. This Agreement embodies the entire agreement and understanding between
the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement’s subject matter. Appendix
A to this Agreement shall be incorporated into this Agreement and made a part hereof.

		21.	Interpretation. When reference is made in this Agreement to a section, such reference shall
be to a section of this Agreement, unless otherwise indicated. The defined terms and headings contained in this Agreement are for
convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the context
may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns and pronouns shall include the plural, and vice versa. Any reference to any federal, state, local or foreign statute
or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.
Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall
be deemed to be followed by the words “without limitation.”

		22.	No Strict Construction. The parties to this Agreement have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be
construed as if drafted jointly by the parties, and no presumption or burden of proof will arise favoring or disfavoring any party
by virtue of the authorship of any of the provisions of this Agreement.

		23.	Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    	 

     

    

IN WITNESS WHEREOF, the parties have entered into this Second
Amended and Restated Consulting and Services Agreement, and intend to be legally bound by it, as of the Effective Date.

 

 

	MANAGER:	 	PRODUCT AGENT:
	 	 	 
	United States Commodity Funds LLC	 	REX MLPshares, LLC
	 	 	 
	By:	 /s/ John Love	 	By:	 /s/ Greg King
	 	 	 	 	 
	Name:  	 John Love	 	Name:  	 Greg King
	 	 	 	 	 
	Title:	 President	 	Title:	 President

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