Document:

EX-10.1

 Exhibit 10.1 

SAGENT PHARMACEUTICALS, INC. 

AND 
 HONG KONG
KING-FRIEND INDUSTRIAL COMPANY LIMITED 
  

 
 SHARE
PURCHASE AGREEMENT 
  
  

 
  

DATED FEBRUARY 3, 2016 

 THIS SHARE PURCHASE AGREEMENT (the “Agreement”) is entered into on February 3, 2016
(the “Signing Date”) between: 
  

	1.	SAGENT PHARMACEUTICALS, INC. (the “Selling Shareholder”), a company duly incorporated and validly existing under the laws of Delaware, having its business address at 1901 North Roselle Road,
Suite 700, Schaumburg, IL60195; and 

  

	2.	HONG KONG KING-FRIEND INDUSTRIAL COMPANY LIMITED (the “Buyer”), a company duly incorporated and validly existing under the laws of Hong Kong, having its business address at Room 501,5/F.,113
Argyle Street, Mongkok, Kowloon, Hong Kong. 

 (The Selling Shareholder and the Buyer are each a “Party” and collectively the
“Parties”). 
 WHEREAS: 
  

	A.	The Selling Shareholder owns ONE HUNDRED PERCENT (100%) of the equity interest of SAGENT (CHINA) PHARMACEUTICALS CO., LTD. (“SCP”), a wholly foreign owned enterprise under the laws of the
PRC, with its registered address at Suite 302, Building 2, 8 Kexin Road, West Zone, Chengdu High Technology Industrial Development Zone, Sichuan, China. SCP has total registered capital of SEVENTY MILLION US DOLLARS (US$70,000,000).

  

	B.	Subject to the terms and conditions of this Agreement, the Selling Shareholder agrees to sell, and the Buyer agrees to purchase, all of the Selling Shareholder’s equity interest in SCP, for the value of FIVE
HUNDRED THOUSAND US DOLLARS (USD500,000). 

  

	C.	The Transaction will be closed in accordance with the terms and conditions of this Agreement. 

 NOW it is
hereby agreed as follows: 
 Article 1 Definitions 

  
 1 

	1.1	In this Agreement the following terms have the meanings given to them in this Article 1.1, except where the context requires otherwise: 

 

					
		 	Agreement	  	 means the full text herein, including all the exhibits, schedules and all other documents which the Parties agree to be attached herewith;

			
		 	AIC	  	 means Chengdu Hi-Tech Zone Administration for Industry and Commerce, the governing registration authority of SCP, or any other governmental authority
which is similarly competent to register the changes related to the Transaction under the laws of the PRC;

			
		 	Approval Authority	  	 means The Chengdu Hi-Tech Industrial Development Zone Bureau of Investment Services/Chengdu Hi-Tech Industrial Development Zone Foreign Trade &
Economic Relations Commission, or any other governmental authority which is similarly competent to examine and approve the Transaction under the laws of the PRC;

			
		 	Approval	  	 means the approval granted by the Approval Authority in respect of this Agreement and the Transaction;

			
		 	Completion	  	 means the consummation of the Transaction as provided in Article 3.1 of this Agreement;

			
		 	Completion Date	  	 means the date of Completion as provided in Article 3.1 of this Agreement;

			
		 	Credit Documents	  	 means the Credit Facility Framework Agreement entered into between the Selling Shareholder and SCP, and the Foreign Debt Shareholder Loan Contracts
issued pursuant to it;

  
 2 

					
			
		 	 Day
	  	 means calendar day;

			
		 	Disputes	  	 means any disputes arising between the Parties in connection with this Agreement, including but not limited to the existence, construction,
interpretation, validity, or performance of this Agreement;

			
		 	Encumbrances	  	 means any mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, claim, right, interest or preference granted
to any third party, or any other encumbrance or security interest of any kind (or an agreement or commitment to create any of the same);

			
		 	Party	  	 means the Selling Shareholder or the Buyer;

			
		 	Parties	  	 means collectively the Selling Shareholder and the Buyer;

			
		 	PRC	  	 means the People’s Republic of China, excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and
Taiwan;

			
		 	Purchase Price	  	 means the purchase price for the transfer of the Target Equities as provided in Article 3.2 of this Agreement;

			
		 	Shareholder Loan	  	 means the loan advanced by the Selling Shareholder to SCP in the original principal amount of TWENTY-ONE MILLION FIVE HUNDRED THOUSAND (USD21,500,000)
and the interest thereon, pursuant to the Credit Documents.

			
		 	 Signing Date
	  	 means the date on which the Parties sign this Agreement as stated in the Preamble of this
Agreement.

  
 3 

					
			
		 	Target Equities	  	 means the entire 100% shareholding in SCP, representing fully paid-in registered capital of SEVENTY MILLION US DOLLARS (US$70,000,000), together with all
rights and interests associated therewith lawfully held by the Selling Shareholder;

			
		 	Transaction	  	 means, as contemplated by this Agreement, the Target Equities transfer.

			
		 	USD or US$	  	 means US currency.

			
		 	Working Day	  	 means a normal business day of the week in China and the US, excluding weekends and any public holiday.

  

	1.2	In this Agreement, unless the context requires otherwise, words importing the singular include the plural and vice versa and words importing a gender include every gender. Headings are inserted for reference only and
shall be ignored in construing this Agreement. 

 In this Agreement, unless otherwise expressly provided or required by the
context, references to any contract, agreement or document shall mean the contract, the agreement or the document as modified, supplemented or superseded from time to time and in effect at the time this Agreement is being applied or construed; and
references to articles, clauses and exhibits shall refer to the articles and clauses in or exhibits to this Agreement. 
 Article 2 Sale and Purchase
of the Target Equities 
  

	2.1	Subject to the terms and conditions hereof, the Selling Shareholder hereby agrees to sell and deliver the Target Equities, free and clear of any Encumbrances, to the Buyer, and the Buyer hereby agrees to buy the Target
Equities from the Selling Shareholder at the Purchase Price as further set out below. 

  

	2.2	Upon Completion of the Transaction, except to the extent expressly provided in this 

  
 4 

	 	
Agreement or in another agreement between the Parties, the Selling Shareholder shall have no further obligation to SCP or any lender, supplier, customer, contractor, employee, consultant or other
third party arising from the operations of SCP, and the Buyer shall indemnify and hold harmless the Selling Shareholder for any and all claims made by any such third parties. 

Article 3 Purchase Price and Payments 
  

	3.1	Subject to the terms and conditions of this Agreement, the consummation of the Transaction contemplated hereby (the “Completion”) will take place at such time and place as will be agreed by the Parties
after all the conditions set forth in Article 4.1 have been satisfied or waived (the “Completion Date”). 

  

	3.2	The purchase price for the Target Equities (“Purchase Price”), subject to the terms and conditions of this Agreement, shall be FIVE HUNDRED THOUSAND US DOLLARS (USD500,000). 

 

	3.3	The Buyer shall pay the Purchase Price to the Selling Shareholder on the Completion Date by wire or other electronic transfer of immediately available funds in U.S. Dollars to an account designated by the Selling
Shareholder. 

  

	3.4	Each Party shall be responsible for the payment of any taxes or other governmental charges or levies imposed on such Party in accordance with the applicable laws in connection with the Transaction. 

 

	3.5	Each Party and SCP shall be responsible for the payment of all relevant expenses and fees (including, but not limited to, the financial costs, bank charges, travel expenses and professional fees, etc.) incurred by such
Party or SCP, as applicable, in connection with the Transaction. 

  
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 Article 4 Conditions Precedent and Completion of the Transaction 

 

	4.1	The Completion of the Transaction shall be subject to the following conditions precedent being satisfied (or waived) by the Selling Shareholder and/or the Buyer (as applicable): 

 

	 	4.1.1	All necessary or required consents and approvals from the relevant corporate bodies of the Selling Shareholder authorizing the completion of the Transaction contemplated by this Agreement have been obtained by the
Selling Shareholder; 

  

	 	4.1.2	All necessary or required consents and approvals from the relevant corporate bodies of the Buyer authorizing the completion of the Transaction contemplated by this Agreement have been obtained by the Buyer;

  

	 	4.1.3	Each of the Parties shall have performed all of the undertakings described in Article 5 to the extent such undertakings are to be performed prior to the Completion of the Transaction; 

 

	 	4.1.4	The Board of Directors of SCP has passed relevant resolutions approving the sale of the Target Equities in accordance with the terms and conditions of this Agreement; and 

 

	 	4.1.5	The Approval Authority has approved the Transaction. 

  

	4.2	Both Parties agree and undertake to make all efforts to effectuate the Completion of the Transaction as promptly as practicable after the Signing Date (but in no event later than April 30, 2016, unless extended by
the Selling Shareholder). 

 Article 5 Undertakings 
  

	5.1	After the Signing Date and, to the extent applicable, upon the Completion of the Transaction, the Selling Shareholder hereby undertakes: 

 

	 	5.1.1	To provide necessary documents and assist SCP to apply for the necessary approvals in the PRC required for the Transaction; 

  
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	 	5.1.2	To provide necessary documents and assist SCP to register the changed shareholding and other changes related to the Transaction with the AIC; 

 

	 	5.1.3	To withdraw its appointed directors from SCP’s Board of Directors; 

  

	 	5.1.4	To set up an escrow account of EIGHT HUNDRED FIFTY THOUSAND US DOLLARS (USD850,000) under the name of SCP, which shall be used by SCP to pay valid employee claims for vacation pay, penalties and other contingent
obligations which accrued prior to the Completion Date (with the balance of the funds in said escrow account reverting to the Selling Shareholder on January 1, 2017, unless there are any valid pending claim(s), in which case the balance will
revert to the Selling Shareholder without further action once valid claims are paid); 

  

	 	5.1.5	To ensure that SCP is funded during the period between the Signing Date and the Completion Date, with all costs of operation being shared FIFTY PERCENT (50%) by the Selling Shareholder and FIFTY PERCENT
(50%) by the Buyer, including the Selling Shareholder funding its share of such costs through cash on hand at SCP; 

  

	 	5.1.6	To waive all outstanding amounts owed by SCP to the Selling Shareholder as of December 31, 2015, including without limitation the Shareholder Loan; Immediately prior to Completion of the Transaction, and subject to
the terms and conditions hereof, the Parties hereby agree that the Selling Shareholder shall convert the Shareholder Loan, including accrued interest, to SCP’s equity or capital; and 

 

	 	5.1.7	To waive all amounts owed by SCP to the Selling Shareholder which accrue between January 1, 2016 and the Completion Date. 

  

	5.2	After the Signing Date and, to the extent applicable, upon and following the Completion of the Transaction, the Buyer hereby undertakes: 

 

	 	5.2.1	To provide necessary documents and assist SCP to apply for the necessary approvals in the PRC required for the Transaction; 

  
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	 	5.2.2	To provide necessary documents and assist SCP to register the changed shareholding and other changes related to the Transaction with the AIC; 

 

	 	5.2.3	To ensure SCP pays all obligations owing to its employees to be retained by SCP after Completion, including the Buyer funding such payments; 

 

	 	5.2.4	To ensure that SCP is funded during the period between the Signing Date and the Completion Date, with all costs of operation being shared FIFTY PERCENT (50%) by the Selling Shareholder and FIFTY PERCENT
(50%) by the Buyer, including the Buyer funding its share of such costs; 

  

	 	5.2.5	Immediately following the Signing Date, to mandate and ensure SCP immediately applies to commence the process of changing its corporate name, and on the Completion Date cease use of Selling Shareholder’s trade
name, trademark, or any other mark, label or advertising materials which may confuse any third party by projecting an untrue impression of the continuous association with the Selling Shareholder, i.e. SCP’s corporate name, trade name,
trademark, domain name or any advertising shall no longer include or use “Sagent” or “SCP.” The Buyer shall make all reasonable efforts to ensure SCP to complete the changes of its name, trademark, domain name, and advertising
materials within three (3) months after the Completion of the Transaction; 

  

	 	5.2.6	To execute an agreement or otherwise confirm in writing with SCP and the Selling Shareholder with respect to the sale and purchase of certain products utilizing Atracurium ingredient. The key terms of such agreement
shall be as follows: 

 Finished goods Atracurium inventory manufactured by the Buyer or SCP after January 1, 2016
utilizing the 32.8 KG of Atracurium active pharmaceutical ingredient originally supplied by the Selling Shareholder and on hand at SCP as of December 31, 2015 shall be sold to the Selling Shareholder using the following formula: 

  
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 The selling price = (a - b) x c 

Where, 
 a = Manufacturing
standard costs, as established between SCP and the Selling Shareholder in 2015 
 b = Cost of active pharmaceutical ingredient 

c = 1.10 
 After the 32.8KG of
active pharmaceutical ingredient has been consumed in the manufacturing process, any further manufacturing of Atracurium shall be governed by the Product Exhibit for Atracurium Besylate Injection (SDV), Atracurium Besylate Injection, USP (MDV) and
Carboplatin Injection (MDV) attached to the Development, License and Supply Agreement between the Parties hereto and dated December 3, 2013, as amended; 
  

	 	5.2.7	To ensure that SCP, upon Completion, reduces the total amount owed by the Selling Shareholder to SCP under SCP’s accounts receivables to TWO MILLION US DOLLARS (USD2,000,000) as of December 31, 2015; This
account receivable amount will be paid by the Selling Shareholder to SCP within ten (10) Working Days from the date of signing of this Agreement; and 

  

	 	5.2.8	To ensure that SCP, upon Completion, waives all amounts owed by the Selling Shareholder to SCP which accrue between January 1, 2016 and the Completion Date, except for those amounts owed pursuant to Article 5.2.6.

  

	 	5.2.9	Prior to and after the Completion Date, the Buyer and SCP shall continue to provide to the Selling Shareholder and its agents access to the books and records of SCP for any tax and accounting purposes relating to all
time periods where the Selling Shareholder held an equity interest in SCP. 

  
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 Article 6 Representations and Warranties 

 

	6.1	Selling Shareholder’s Representations and Warranties to the Buyer: 

  

	 	6.1.1	The Selling Shareholder is the only legal and beneficial owner of the Target Equities and the Target Equities constitute 100% of the registered capital of SCP. The registered capital of SCP has been fully paid up.

  

	 	6.1.2	The Selling Shareholder has good and valid title to the Target Equities, free and clear of any and all Encumbrances. The Selling Shareholder is not a party to any option, warrant, purchase or offer or refusal right,
contract, arrangement or understanding (other than this Agreement) that could require the Selling Shareholder to sell, transfer or otherwise dispose of the Target Equities. 

 

	 	6.1.3	Subject to the approval from relevant corporate bodies, the Selling Shareholder has the requisite power and authority to enter into and perform its obligations under this Agreement. 

 

	 	6.1.4	This Agreement and any other documents executed by the Selling Shareholder in connection with the Transaction, when entered into and delivered, shall constitute binding obligations of the Selling Shareholder and shall
be enforceable against the Selling Shareholder in accordance with their respective terms. 

  

	 	6.1.5	There are no claims, actions, suits, litigation or other proceedings pending or, to the knowledge of the Selling Shareholder, threatened, which, if adversely determined, would reasonably be expected to prevent,
materially impair or delay the Transaction or the performance of the Selling Shareholder’s obligations under this Agreement. 

  

	6.2	Buyer’s Representations and Warranties to the Selling Shareholder: 

  

	 	6.2.1	Subject to the approval from relevant corporate bodies, the Buyer has the requisite power and authority to enter into and perform its obligations under this Agreement. 

  
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	 	6.2.2	This Agreement and any other documents executed by the Buyer, when entered into and delivered, shall constitute binding obligations of the Buyer and will be enforceable against the Buyer in accordance with their
respective terms, including the obligations detailed in Article 5 above. 

  

	 	6.2.3	There are no claims, actions, suits, litigation or other proceedings pending or, to the knowledge of the Buyer, threatened, which, if adversely determined, would reasonably be expected to prevent, materially impair or
delay the Transaction or the performance of the Buyer’s obligations under this Agreement 

  

	6.3	Both Parties give the above representations and warranties to each other as at the Signing Date and until the Completion of the Transaction. 

Article 7 Breach of Agreement 
 If any Party is in
breach of any provision of this Agreement, including the representations, warranties or undertakings hereunder, the breaching Party shall indemnify the other Party for any losses actually suffered by the other Party as a result of such breach, and
act timely to rectify such breach. 
 Article 8 Confidentiality 

The terms of this Agreement and all the undisclosed information of the Selling Shareholder and SCP are confidential and all disclosures made by the Parties to
each other must be regarded as confidential. Confidential information received by either Party, including all information related to SCP except for any information that has been previously disclosed publicly, must be kept strictly confidential to a
standard not less than that which the receiving Party applies to its own confidential information and no less than reasonably expected. Notwithstanding the foregoing, this Agreement may be required to be filed by the Selling Shareholder with the
U.S. Securities & Exchange Commission, and if filed, the Selling Shareholder shall seek confidential treatment of the commercial terms. No announcement or other disclosure may be made concerning the contents of this Agreement or any
ancillary matter except: 

  
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	a)	as required by law or any regulatory authority, including the U.S. Securities & Exchange Commission; or 

  

	b)	with the prior written consent of the other Party; or 

  

	c)	to a Party’s professional advisors under the privilege protection. 

 Article 9 No Assignment

 Neither this Agreement nor any of the rights and/or interests under this Agreement is assignable by either of the Parties without the prior
written consent of the non-assigning Party. 
 Article 10 Notice 
  

	10.1	Any notice or other correspondence under this Agreement between the Selling Shareholder and the Buyer (“Notice”) shall be made in written English (delivered personally, by post, courier, or e-mail) and
delivered to the notified party in accordance with the following address or email address and shall constitute a valid notice only if the name of the contact person is specified: 

Selling Shareholder: SAGENT PHARMACEUTICALS, INC. 
  

			
	 Attn:
	 	Michael Logerfo, President
		
	 Copy to:
	 	(1) Jeffrey Greve, Vice President, Controller;
		
		 	(2) Legal Department
		
	 Address:
	 	1901 North Roselle Road, Suite 700, Schaumburg, IL 60195
		
	 Postal code:
	 	IL 60195
		
	 Tel:
	 	847-908-1608
		
	 Email:
	 	mlogerfo@sagentpharma.com
		
		 	jgreve@sagentpharma.com
		
		 	legal@sagentpharma.com

 Buyer:         HONG KONG KING-FRIEND INDUSTRIAL COMPANY LIMITED

  

			
	 Attn:
	 	Eric Tang, CEO
		
	 Address:
	 	16 Xue Fu Rd, Nanjing High Tech Zone, Nanjing, China 210067

  
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	 Tel:
	 	+86.25.86990126
		
	 Email:
	 	tang.yongqun@nkf-pharma.com.cn

 If any of the above details are changed, the Party shall notify the other Party of the change in writing within
seven (7) days in accordance with the foregoing notice requirements, otherwise, the notice sent to its original address or numbers shall be deemed as valid. 
  

	10.2	The date and time of service of notices delivered as above shall be determined as follows: 

  

	 	10.2.1	Any notice delivered personally shall be deemed as served when being signed by the recipient and not served without signature of the recipient; 

 

	 	10.2.2	Any posted or couriered notice shall be delivered by way of registered mail, express mail or courier, and shall be deemed as served 48 hours after the receipt signature obtained from the recipient or the representative
of the recipient (postponed accordingly in case of any public holidays); 

  

	 	10.2.3	Any notice sent by fax or e-mail shall be deemed as served upon a delivery confirmation obtained. When the notice is sent on a public holiday, it shall be deemed as served on the first following Working Day.

 Article 11 Governing Law and Dispute Resolution 
  

	11.1	This Agreement shall be interpreted under and construed in all respects in accordance with the PRC laws. If any part of this Agreement is held to be invalid or unenforceable, the unenforceable or invalid part shall be
construed in accordance with applicable law to the greatest extent possible to reflect the original intent of the Parties, and the remainder of the provisions of this Agreement shall remain in full force and effect. 

 

	11.2	All disputes arising out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (“ICC”). 

  
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 The place of arbitration shall be in Singapore. 

The arbitral tribunal shall be composed of three (3) arbitrators. The Selling Shareholder and the Buyer shall each be entitled to appoint
one (1) arbitrator and the ICC shall appoint the third arbitrator as chairman who shall not be a national of the United States of America or China. All arbitral proceedings shall be conducted in English. 

Any award made by the arbitral tribunal shall be final and binding on the Parties who hereby exclude any right of appeal to any court which
might otherwise have jurisdiction in respect of the matter. The Parties shall cause SCP to comply with the arbitral award in case the enforcement of such arbitral award requires actions from SCP. 

The costs of arbitration, including fees for legal counsel, shall be borne by the losing Party, unless otherwise determined by the arbitral
award. 
 Article 12 Miscellaneous 
  

	12.1	Amendment. Except as otherwise provided herein, this Agreement shall not be amended, modified, cancelled or terminated except by a written instrument duly executed by each of the Parties. 

 

	12.2	Entire Agreement. This Agreement and its Exhibits constitute the entire and definitive agreement between the Parties relating to the Transaction and supersedes all previous agreements, intent, negotiations and
discussions between the Parties relating to the subject matter hereof. 

  

	12.3	Waiver. The failure to exercise or delay in exercising a right or remedy under this Agreement shall not constitute a waiver of the right or remedy or a waiver of any other rights or remedies and no single or partial
exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other rights or remedies. 

  

	12.4	Language. This Agreement has been executed and delivered in both English and Chinese. In the event of a conflict between the English and Chinese language versions of this Agreement, the English language version shall
prevail to the extent of any inconsistency. 

  
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	12.5	This Agreement is made in six (6) originals. 

  
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 SIGNATURE PAGE 

IN WITNESS WHEREOF each of the Parties hereto has caused this Agreement to be executed by its duly authorized representative on the date first set forth
above. 
  

					
	 /s/ Eric Tang
	 		 	 /s/ Michael Logerfo

	 Name: Eric Tang
  

For and on behalf of
	 		 	 Name: Michael Logerfo
  

For and on behalf of

			
	HONG KONG KING-FRIEND INDUSTRIAL COMPANY LIMITED	 		 	SAGENT PHARMACEUTICALS, INC.

  
 16Exhibit
10.02

SERVICES AGREEMENT

 

This Agreement is made as of the ________ day
of ________, 20__ between: (1) _________ (“Service Provider”) and (2) Millburn Ridgefield Corporation (“Millburn”)
and Global Macro Trust (the “Fund”)

 

Recitals

 

		A.	The Fund is a publicly offered commodity pool whose interests are registered with the Securities
and Exchange Commission under the Securities Act of 1933.

 

		B.	The Fund wishes to have Service Provider provide to Fund or on its behalf certain administrative
services with respect to beneficial owners of the Fund’s Series 2 Units ("Interest or Unit Holder(s)") which Service
Provider has made available to Interest or Unit Holders through securities brokerage accounts carried by Service Provider on its
own behalf or on behalf of its correspondents ("Correspondents").

 

		C.	Service Provider agrees to provide such services in accordance with the terms and conditions set
forth herein.

 

		D.	Service Provider acts as broker for its customers to effect the purchase, redemption or exchange
of Interests or Units of investment funds.

 

AGREEMENT

 

Therefore, in consideration of the mutual promises
set forth herein, the parties agree as follows:

 

I.           Interest
or Unit Holder Services

 

A.           Interest
or Unit Holder Account Set-up and Maintenance

 

Service Provider shall maintain and provide to Correspondents adequate
facilities and procedures to: (1) establish and maintain Fund investments on behalf of Interest or Unit Holders within a consolidated
brokerage account(s) on the Service Provider transaction processing and recordkeeping system, and (2) access Interest or Unit Holders'
current Fund information including, but not limited to, share balances, dividend information and transaction history.

 

B.           Interest
or Unit Holder Assistance

 

Service Provider shall make available to Correspondents any information
maintained by Service Provider as may be necessary for Correspondents to support and resolve Interest or Unit Holder servicing
inquiries. Service Provider personnel will assist Correspondents in the investigation of Interest or Unit Holder inquiries when
necessary. Service Provider will support Interest or Unit Holder service inquiries from Interest or Unit Holders who maintain brokerage
accounts with Service Provider.

 

    - 1 -

     

    

 

C.           Transaction
Processing and Settlement

 

The Service Provider transaction processing system shall enable
Interest or Unit Holders to purchase and redeem Interests or Units of Funds available through Service Provider. Service Provider
shall facilitate settlement with Fund of Interest or Unit Holder transactions in such Fund insofar as such transactions are requested
to Service Provider or Correspondents on behalf of Interest or Unit Holders. Transaction requests will be communicated via physical
application and tender documents created and maintained by the Fund. Fund will not execute transactions in special custody accounts
for the exclusive benefit of customers of Service Provider without explicit authorization from Service Provider. Investment, redemption,
and distribution proceeds will be moved between parties via Federal Funds Wire in accordance with the Fund’s and Service
Provider’s wire instructions.

 

D.           Interest
or Unit Holder Account Statement Preparation and Distribution

 

With respect to each Interest or Unit Holder holding Fund investments
through Service Provider, Service Provider shall deliver or cause to be delivered statements, in written or electronic format,
to such Interest or Unit Holder at least quarterly. Statements will include transaction details for the statement period for each
Fund in which Interests or Units were purchased or redeemed and a summary of the number of Fund Interests or Units owned and share
value thereof as of the statement date to the extent such value is provided by the Fund.

 

E.           Confirmation
Preparation and Distribution

 

Service Provider shall generate a written confirmation for each
purchase and redemption transaction affecting each Interest or Unit Holder's Fund investments held through Service Provider to
the extent such confirmation is required by federal security laws, and such confirmation shall be distributed to Interest or Unit
Holders in written or electronic format through or on behalf of Service Provider or Correspondents.

 

F.           Payment
of Fund Distributions

 

Service Provider shall distribute to Interest or Unit Holders all
dividend, capital gain or other payments authorized by the Fund and distributed to and received by Service Provider, if any, and
such distributions shall be credited to Interest or Unit Holders in accordance with the instructions provided by each Interest
or Unit Holder, including, but not limited to, dividend reinvestment into the Fund or cash payments of distributions.

 

G.           Offering
Memorandum Fulfillment

 

Prior to any Interest or Unit Holder’s acquisition of Interests
or Units by purchase or transfer, the Fund shall provide, or shall cause a Selling Agent to provide in written or electronic form
an Offering Memorandum for such Fund to the extent such Offering Memorandum is required by federal security laws. Subsequent to
any Interest or Unit Holder's acquisition of Interests or Units by purchase or transfer, the Fund shall provide or cause a Selling
Agent to provide to such Interest or Unit Holder annually, in written or electronic form, an Offering Memorandum for such Fund
to the extent such Offering Memorandum is required by federal security laws with respect to such acquisition and is provided by
the Fund to Service Provider or its designee.

 

The Fund and Millburn acknowledge and agree that Service Provider
is not responsible for: (i) the compliance of any Offering Memorandum or supplement thereto, annual report, proxy statement or
item of advertising or marketing material of or relating to any Fund, with any applicable laws, rules or regulations; (ii) the
registration or qualification of any Interests or Units of any Fund under any federal or applicable state laws; or (iii) the compliance
by any Fund or Fund/Agent or any "affiliated person" (as that term is defined in the rules under the Investment Company
Act of 1940, as amended), with any applicable federal or state law, rule, or regulation or the rules and regulations of any self-regulatory
organization with jurisdiction over such Fund, Fund/Agent or affiliated person.

 

    - 2 -

     

    

 

H.           Account
Level Tax Reporting

 

Service Provider shall provide to Interest or Unit Holders through
Service Provider or Correspondent such reports and information as may be required by the then-prevailing laws and regulations under
the Internal Revenue Code for non-retirement accounts and qualified and non-qualified retirement plan accounts. Millburn affirms
that the Interests or Units are subject to IRS schedule K-1 reporting and acknowledges such reporting will be provided directly
to the beneficial owners by the Fund or Millburn or their representatives.

 

II.          Representations
and Warranties

 

A.           The
Fund and Millburn each represent and warrant that:

 

(1)         it has
the requisite authority to enter into this Agreement on its own behalf;

 

(2)         it
is in conformity with all federal or state laws, rules or regulations or the rules and regulations of any self-regulatory organization
to which it is subject;

 

(3)         all sales
charges detailed in the Fund's Offering Memorandum are not excessive as defined by FINRA Rule 2310; and

 

(4)         the payment
to Service Provider of any fees pursuant hereto:

 

		(a)	has been duly authorized by the Fund, Millburn, its Board of Directors, or any other persons to the extent such authorization
is required to properly make such payment;

		(b)	is properly disclosed in the relevant Fund Offering Memorandum to the extent such disclosure may be required; and

		(c)	is in conformity with all federal or state laws, rules or regulations or the rules and regulations of any self-regulatory organization
to which the Fund or its agents are subject.

 

B.           Service
Provider represents and warrants that:

 

(1)         it is a
[Limited Liability Company] duly organized under the laws of the State of [Delaware] and is duly registered and/or qualified as
a broker/dealer with the SEC, FINRA and in every state or territory of the United States of America (including the District of
Columbia) where such registration or qualification is required and has the requisite authority to enter into this Agreement and
to carry out the services contemplated herein;

 

(2)         the execution
and delivery of this Agreement and the performance of the services contemplated herein have been duly authorized by all necessary
corporate action on its part, and this Agreement constitutes the valid and binding obligations of Service Provider;

 

(3)         it is in
material conformity with all federal, state and industry laws or regulations to which it is subject;

 

(4)         it has
established an anti-money laundering compliance program, and that its implementation of the program complies in all material respects
with applicable law and regulations; and

 

(5)          it has
adopted policies and practices related to the protection of non-public personal information pursuant to SEC Regulation S-P. These
policies and practices are designed to comply with Regulation S-P in all material respects, including, but not limited to, the
obligation to provide appropriate administrative, technical and physical safeguards reasonably designed to (i) ensure the security
and confidentiality of customer records and information; (ii) protect against any anticipated threats or hazards to the security
or integrity of customer records and information; and (iii) protect against unauthorized access to or use of customer records or
information that could result in substantial harm or inconvenience to any customer.

 

    - 3 -

     

    

 

C.           Each
party hereto represents and warrants that it shall provide to the others such information or documentation necessary for such party
to fulfill its obligations hereunder, such other information or documentation as any party may reasonably request, and that it
shall comply with such operating policies and procedures as the parties may jointly adopt from time to time.

 

III.         Fees

 

Definitions.
As used herein, these terms are defined as follows:

 

A.           Servicing
Asset Based Fee

 

For the services provided by Service Provider hereunder, Millburn
shall pay to Service Provider a fee with respect to each Fund, which fee shall be based upon a percentage per annum of the month
end value of the aggregate number of Interests or Units of the Fund held by Service Provider for the accounts of customers of Service
Provider and Correspondents. Such fee shall be calculated and paid in accordance with Exhibit A hereto.

 

B.           Start
up Fees

 

Millburn shall pay to Service Provider a one-time start up fee (“Start
Up Fee”) for Service Provider’s initial set up and preparation to support the Fund. The amount of the Start Up Fee
is set forth on Exhibit A and shall be due and payable to Service Provider upon the earlier of: (i) 30 days from the execution
of this Agreement; or (ii) the availability of any such Fund to customers of Service Provider and Correspondents. The identity
and description of each Fund which is subject to this Agreement shall be set forth in Exhibit B, as amended from time to time.

 

C.           CUSIP
Fee

 

Millburn shall pay to Service Provider a fee (“CUSIP Fee”)
to add any Fund to Service Provider’s computer system in order to make such Fund available to customers of Service Provider
and Correspondents. The amount of the CUSIP Fee is set forth on Exhibit A, and shall be due and payable to Service Provider upon
the earlier of: (i) the date such fund is identified on Exhibit B; or (ii) the availability of such Fund to customers of Service
Provider or Correspondents.         

 

D.           Maintenance
Fee

 

Millburn shall pay to Service Provider an annual maintenance fee
(“Maintenance Fee”) with respect to certain Funds as set forth on Exhibit A.

 

As set forth in Exhibit A, fees described in this section III are
subject to change. In the event of material changes to the scope of services provided hereunder, the parties agree to negotiate
in good faith as to the appropriate amendment to the fees due Service Provider.

 

IV.          Indemnification

 

Millburn shall indemnify and hold harmless Service Provider and
each officer, employee and agent of Service Provider from and against any and all claims, demands, actions, losses, damages, liabilities,
or costs, charges, counsel fees, and expenses of any nature ("Losses") arising out of: (i) any inaccuracy or omission
in any Offering Memorandum or supplement thereto, registration statement, annual report, or proxy statement of Fund; (ii) any inaccuracy
or omission in any advertising or promotional material provided to, reviewed by, or generated by Fund; (iii) any breach
by Fund or Millburn of any representation, warranty, covenant, or agreement contained in this Agreement; or (iv) any action taken
or omitted to be taken by Service Provider pursuant to this Agreement, except to the extent such Losses result from Service Provider's
breach of this Agreement, willful misconduct, or gross negligence.

 

    - 4 -

     

    

 

Service Provider shall indemnify and hold harmless Fund and Millburn
and their respective officers, employees and agents from and against any and all Losses arising out of: (i) Service Provider’s
dissemination of information regarding Fund that contains any inaccuracies or omissions unless such information was provided to
and reviewed by, or generated by, Fund or Millburn; (ii) any breach by Service Provider of any representation, warranty, covenant,
or agreement contained in this Agreement; and (iii ) any Losses resulting from Service Provider's willful misconduct or gross negligence.

 

V.          Confidentiality

 

Each party acknowledges and understands that with respect to the
activities described in this agreement any and all technical, trade secret, or business information, including, without limitation,
financial information, business or marketing strategies or plans, product development or customer information ("Proprietary
Information") shared by one party with the other is confidential and proprietary, constitutes trade secrets of the owner of
such Proprietary Information, and is of great value and importance to the success of the owner's business. The recipient of any
such Proprietary Information agrees to use its best efforts (the same being not less than that employed to protect its own proprietary
information) to safeguard any Proprietary Information received from the other party and to prevent the unauthorized, negligent
or inadvertent use or disclosure thereof. The recipient of any such Proprietary Information shall not, without the prior written
approval of any officer of the owner, directly or indirectly, disclose the Proprietary Information to any person or business entity
except for a limited number of employees, attorneys, accountants and other advisors of the recipient on a need-to-know basis or
as may be required by law or regulation. The recipient of any such Proprietary Information shall promptly notify the owner in writing
of any unauthorized, negligent or inadvertent use or disclosure of Proprietary Information. The recipient of any such Proprietary
Information shall be liable under this Agreement to the owner for any use or disclosure in violation of this Agreement by it or
its employees, attorneys, accountants, or other advisors or agents.

 

The recipient of such Proprietary Information shall not have any
obligations under this Section V with respect to any information that is: (i) already known to the recipient or its affiliates
at the time of the receipt; (ii) publicly known at the time of the receipt; or (iii) independently developed by the recipient or
its affiliates. This Section V shall continue in full force and effect notwithstanding the termination of this Agreement.

 

VI.          Effective
Date, Duration and Termination

 

With respect to the Fund, this Agreement shall become effective
upon the earlier of: (i) the date such Fund is identified on Exhibit B, as amended from time-to-time; or (ii) the availability
of the Fund to customers of Service Provider and/or Correspondents. The Fund and Millburn represent that prior to the effective
date, if the Fund or Millburn requires any approval of this Agreement, such approval has been obtained. If the Fund requires any
periodic approval of this Agreement, such approval has been obtained. The Agreement shall continue in force for one year; thereafter,
this Agreement shall remain in full force and effect for successive annual periods, unless earlier terminated.

 

This Agreement is terminable as to any Fund by any party upon 60
days’ written notice thereof to the other parties or upon default hereof provided that such default shall not terminate this
Agreement to the extent the defaulting party has been notified of such default by the non-defaulting party and the defaulting party
cures such default within 10 business days of notice of such default.

 

    - 5 -

     

    

 

After the date of termination as to any Fund, no fee will be due
with respect to any Interests or Units of such Fund that are first placed or purchased in Service Provider or Correspondent customer
accounts after the date of such termination. However, notwithstanding any such termination, Millburn will remain obligated to pay
Service Provider the fee as to each share of such Fund that was considered in the calculation of the fee as of the date of such
termination, for so long as such share is held in the Service Provider or Correspondent account. This Agreement, or any provision
hereof, shall survive termination to the extent necessary for each party to perform its obligations with respect to Interests or
Units for which a fee continues to be due subsequent to such termination.

 

VII.         Miscellaneous

 

A.           Suspension
of Availability

 

Notwithstanding any other provision of this Agreement, Service Provider
may suspend the availability of any Fund for purchases, redemptions or exchanges by Interest or Unit Holders for any reason, including
but not limited to, court order or regulatory concerns.

 

B.           Custody

 

Millburn and the Fund acknowledge that Fund Interests or Units maintained
by the Fund for Interest or Unit Holders hereunder are held in custody for the exclusive benefit of customers of Service Provider
or its Correspondents and shall be held free of any right, charge, security interest, lien or claim against Service Provider in
favor of the Fund or its agents acting on behalf of the Fund. Accordingly, Fund must confirm such acknowledgment in Exhibit C.

 

C.           Use
of Service Provider Name

 

The Fund will not, nor will Fund’s general partner cause or
permit the Fund to, describe or refer to the name "__________" or any derivation thereof or any affiliate thereof, or
to the services or relationship contemplated by this Agreement in any advertisement or promotional materials or activities without
the prior written consent of an authorized officer of Service Provider, provided, however, that once Service Provider has authorized
generic references of the availability of the Funds through Service Provider or its affiliates, said generic references shall not
be subject to prior written consent.

 

D.           Non-exclusivity

 

Each party acknowledges that each other party, unless otherwise
agreed to in writing, may enter into agreements similar to this Agreement with other parties for the performance of services similar
to those provided under this Agreement.

 

E.           Force
Majeure

 

Neither Service Provider nor its affiliates shall be liable to Fund
or Millburn for any damage, claim or other loss whatsoever caused by circumstances or events beyond its reasonable control.

 

F.           Arbitration

 

In the event of a dispute between Service Provider and Millburn
and/or the Fund relating to or arising out of this Agreement or the relationship of the parties hereto, the parties will submit
the matter to arbitration in accordance with this sub-section:

 

    - 6 -

     

    

 

		(a)	Arbitration will be held in accordance with the rules and regulations of the FINRA Code of Arbitration Procedure, except, (i)
in the event that the FINRA is unwilling to accept jurisdiction of the matter, such arbitration will be held in accordance with
the rules and regulations of the American Arbitration Association under the Commercial Arbitration Procedures then in effect, and
(ii) in the event that a non-party to this Agreement brings an arbitration against Fund or Service Provider relating to or arising
out of this Agreement, then the parties agree to arbitrate in whichever arbitration forum such arbitration is brought. In the event
that (i) a non-party initiates a judicial proceeding against Fund or a Fund Selling Agent relating to, or arising out of, this
Agreement, (ii) such claim cannot be compelled to arbitration, and (iii) either party asserts a claim against the other party in
connection with such proceeding, then the parties agree to submit to the jurisdiction of the court in that judicial proceeding.

 

		(b)	If the arbitration is brought by one of the parties hereto, the number of arbitrators will be three (3), and they will be selected
in accordance with the rules and regulations of the FINRA Code of Arbitration Procedure or American Arbitration Association under
the Commercial Arbitration Procedures then in effect, as appropriate. The arbitrators shall be attorneys specializing in securities
law. Any award of the arbitrators will be limited to compensatory damages and will be conclusive and binding upon the parties.
The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. Sections 1-16, to the exclusion of state laws inconsistent
therewith, and judgment upon the award may be entered in any court having jurisdiction.

 

		(c)	Each party will bear its own expenses, including legal and accounting fees, if any, with respect to the arbitration. The arbitrator
will designate the party to bear the expenses of the arbitration or the respective amounts of such expense to be borne by each
party. Any costs, fees or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting
enforcement of the award.

 

		(d)	Nothing in this Section will prevent either party from resorting to judicial proceedings or otherwise for injunctive relief
to prevent serious irreparable harm or injury to a party or to others

 

G.           Notices

 

All notices and communications required or permitted by this Agreement
shall be in writing and delivered personally or sent by first class mail or federal express unless otherwise agreed. All such notices
and other communications shall be made:

 

	if to Service Provider, to:	 
	[______________]	 
	 	 
	if to Fund or Millburn, to:	 
	Millburn Ridgefield Corporation	 
	411 West Putnam Avenue	 
	Greenwich, Connecticut 06830	 
	Attention: Eileen Grace	 

 

    - 7 -

     

    

 

	Copy to:
	The Millburn Corporation
	1270 Avenue of the Americas
	11th Floor
	New York, New York  10020
	Attention: Gregg Buckbinder

 

H.           Amendments

 

This Agreement and any Exhibits hereto other than Exhibit Amay be
amended only upon the written agreement of the parties in an amendment to the existing Agreement and Exhibits.

 

I.           Entire
Agreement

 

This Agreement, including any
Amendments and Exhibits hereto, contains the entire agreement of the parties as to the subject matter hereof and supersedes any
prior agreements, written or oral.

 

J.           Non-Assignability
/ Choice of Laws

 

This Agreement may not be transferred or assigned by Milburn, the
Fund or Service Provider, and shall be construed in accordance with the laws of New York.

 

K.          Severability

 

Every provision in the Agreement is intended to be severable, and
if any term or provision hereof is held to be illegal or invalid for any reason whatsoever, such illegality or invalidity shall
not effect the validity of the remainder hereof.

 

L          Counterparts
Permitted

 

The Agreement may be executed
in one or more counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one
and the same Agreement.

 

M.           Dealer
Agreement Waiver

 

By signing this Agreement, the
Fund verifies that Fund does not require an executed Dealer Agreement from Service Provider in connection with the services to
be provided hereunder.

 

N.           Product/Operational
Attributes

 

Service Provider, Millburn and Fund acknowledge the following attributes
related to the structure of the Fund:

 

		(a)	The Fund will require a completed application or subsequent investment form as authorization for all purchases, both new and
additional, of the Fund. No trade will be placed in the Fund without a completed account application being on file.

 

		(b)	The Fund is available for subscriptions each calendar month. The Fund shall provide, or shall cause a duly authorized Selling
Agent to provide, the subscription documents to each underlying investor. Fund will provide details in advance of any actual subscription
if elected by any Service Provider participant. The Fund acknowledges all proceeds for Service Provider accounts related to the
subscription, including “hold back” payments, if applicable, will be paid in accordance with wire instructions provided
by Service Provider. Upon receipt of the trade confirmation and proceeds, Service Provider will process the requested subscription.

 

    - 8 -

     

    

 

		(c)	The Fund will provide to Service Provider the estimated Net Asset Value (“NAV”) on a [daily/weekly] basis and actual
NAV on a monthly basis. Service Provider will update its pricing systems at least one time each month.

 

		(d)	The Fund will provide Service Provider with a monthly reconciliation file that will include statement date, Service Provider
Tax ID, Fund description, Fund CUSIP, Service Provider Interest or Unit Holder account number, Interest or Unit Holder name, Fund
units, account ownership type, Interest or Unit Holder Social Security Number, and statement date’s NAV.

 

		(e)	The Fund will provide Service Provider with a monthly trade and transfer settlement activity file that will include Service
Provider Tax ID, Fund description, Fund CUSIP, Service Provider Interest or Unit Holder account number, Interest or Unit Holder
name, Interest or Unit Holder Social Security Number, settlement date, Fund units, investment amount, purchase/redemption NAV,
and transaction type.

 

		(f)	The Fund will provide Service Provider with a distribution file, commensurate with any dividend or capital gain payments made
by the Fund, that will include Service Provider Tax ID, Interest or Unit Holder Social Security Number, Interest or Unit Holder
name, distribution amount, reinvested units, Service Provider Interest or Unit Holder account number, reinvestment price, Fund
CUSIP, and Federal Funds wire reference number. The Fund/Agent acknowledges all proceeds for Service Provider accounts related
to distributions, will be paid in accordance with wire instructions provided by Service Provider

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written below.

 

	Global Macro Trust.	 	[Service Provider]
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	Date:	 	 	Date:	 

 

	Millburn Ridgefield Corporation	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

 

    - 9 -

     

    

 

EXHIBIT A

FEE SCHEDULE

 

	1.	 Start Up Fee:	$ [       ]
	 	 	 
	2.	CUSlP Addition Fee:	$ [       ]  (per
CUSIP not already available on Service Provider’s computer system as of the execution date of this Services Agreement)

 

		3.	Servicing Asset Based Fee:

 

(a) For the services provided by Service Provider hereunder, Millburn
shall pay to Service Provider a fee with respect to each Fund, calculated at least monthly and paid monthly in arrears, equal to
[0.__] percent per annum of the market value of the total number of Interests or Units of such Fund held in accounts at Service
Provider (determined by multiplying the number of such Interests or Units times the month-end publicly reported net asset value
of each share), excluding the value of (i) Interests or Units held in a brokerage account prior to the effective date of the Agreement
as to the Fund issuing such Interests or Units ("Pre-Participating Assets"), and (ii) Interests or Units first placed
or purchased in a brokerage account after the termination of the Agreement as to the Fund issuing such Interests or Units. The
total number of Interests or Units of all Funds with respect to which a fee will be due to Service Provider hereunder shall be
referred to in this Exhibit A as "Participating Assets".

 

(b) After each month-end, Service Provider shall send to Millburn
a statement of the month end Net Assets of Interests or Units of the Fund for which the fee is calculated for the preceding month,
together with a statement of the amount of such fee. In the calculation of such fee, Service Provider's records shall govern unless
Millburn can demonstrate that the number of Interests or Units or Fund price(s) used in such calculation is inaccurate.

 

(c) Millburn shall pay to Service Provider such fee within 30 days
after the end of the calendar month, provided Millburn's receipt of such statement. Such payment shall be by wire transfer or other
form acceptable to Service Provider and shall be separate from payments related to redemption proceeds and distributions.

 

		4.	Maintenance Fees:

 

Each Fund will be subject to a per Fund annual fee based on December
brokerage month-end assets in accordance with the following schedule:

 

	Fund Assets	 	Annual Fee	 
	 	 	 	 
	less than $2.5 million	 	$	[     	]
	$2.5 million - $5.0 million	 	$	[     	]
	greater than $5.0 million	 	 	-0-	 

 

    - 10 -

     

    

 

The annual Maintenance Fee shall be waived if such Fund has been
included on Exhibit B and subject to the terms of this Agreement for less than 12 months prior to the fee calculation date. Service
Provider will not charge Fund an annual Maintenance Fee if the average assets per Fund exceeds $5 million (as measured by dividing
the total market value of all Fund Interests or Units subject to this Agreement as of December month-end by the total number of
Funds subject to this Agreement).

 

Upon 30 days’ prior written notice to Millburn, Service Provider
may change, amend or waive any fee or the method of payment thereof under this Agreement. Service Provider may issue to Millburn
and the Fund a new or replacement Agreement or Exhibit A. Such change, amendment or waiver shall be effective on the date stated
in such notice. The acceptance by Millburn on behalf of the Fund of any order after the date stated in such notice shall represent
Millburn's agreement to pay such fees to Service Provider.

 

The aggregate of all of the above fees will not exceed 3.1667% of
the gross offering proceeds of the Fund Interests or Units subject to this Agreement. Pursuant to FINRA Rule 2310, the aggregate
amount of underwriter compensation paid from any source will not exceed 10% of gross offering proceeds of the Fund.

 

    - 11 -

     

    

 

EXHIBIT B

 

	I.	Funds Participating in No Transaction Fee Fund Program (Fees as set forth in Exhibit A)

 

	 	Fund Name	 	CUSIP	 	Trading Symbol 
	 	 	 	 	 	 
	1.	Global Macro Trust	 	 37943M 10 3	 	
	 	 	 	 	 	 
	2.	 	 	 	 	 
	 	 	 	 	 	 
	3.	 	 	 	 	 
	 	 	 	 	 	 
	4.	 	 	 	 	 
	 	 	 	 	 	 
	5.	 	 	 	 	 
	 	 	 	 	 	 
	6.	 	 	 	 	 
	 	 	 	 	 	 
	7.	 	 	 	 	 
	 	 	 	 	 	 
	8.	 	 	 	 	 
	 	 	 	 	 	 
	9.	 	 	 	 	 
	 	 	 	 	 	 
	10.	 	 	 	 	 

 

    - 12 -

     

    

 

EXHIBIT C

 

[Date]

 

Re: Custody of Uncertificated Units of Beneficial Interest; SEC
Rule 15c3-3

 

Dear Sirs

 

____________ (“Service Provider”),
a registered broker-dealer under the Securities and Exchange Act of 1934 (“the Act”), has been asked to establish special
custody accounts for the benefit of our customers (“account(s)”) in Global Macro Trust ("Fund").
Pursuant to an interpretation of subparagraph (c)(1) of Rule 15c3-3 (17 CFR 240.15c3-3), we are required to obtain the following
affirmations from the Fund to demonstrate possession and control of said interests. 

 

Accordingly, Service Provider requests that you confirm the following:

 

		a)	Each such account contains only customer’s securities and is carried free of any right, charge, lien or claim of any
kind in favor of the Fund or any person claiming through the Fund; and

		b)	Each such account will be registered as “Special Custody Account for the Exclusive Benefit of Customers of ______________”;

		c)	The Interests in the Fund are registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933;
and

		d)	The Fund shall inform Service Provider if the Fund experiences substantial problems of an operational nature which may endanger
the interests of Service Provider customer(s).

 

Please confirm the preceding provisions by signing as indicated
below and returning this original to my attention at the Service Provider address listed above. .

 

	Sincerely, 	 
	 	 

 

	CONFIRMED BY:	 
	 	 	 
	Name:	 	 
	Title: 	 	 
	Date:	 	 

 

    - 13 -

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