Document:

Exhibit 10.7

ETF
Master Agreement

 

This ETF Master Agreement (the “Master
Agreement”) is entered into as of this 1ST day of October, 2013 (the “Effective Date”)
between:

 

		(I)	S&P Opco, LLC, a Delaware limited liability company with
offices at 55 Water Street, New York, New York 10041, USA (“S&P”), and

 

		(II)	The entity described in the Schedule hereto (“LICENSEE”).

 

WHEREAS:

 

		(A)	S&P or its licensors compiles, calculates, maintains and owns
(and/or licenses from others) certain rights in and to the S&P Indices (as defined herein) and to the proprietary data contained
therein; and

 

		(B)	S&P uses in commerce and asserts trade name and trademark rights
to the S&P Marks (as defined herein) which are associated with the S&P Indices (and/or licenses from others certain rights
in and to the S&P Marks); and

 

		(C)	S&P has the right to use the designations “Dow Jones”
and “DJ” pursuant to a Trademark License Agreement (the “Trademark License Agreement”) dated March
18, 2010 with Dow Jones & Company, Inc. (“Dow Jones”) (such rights being hereinafter individually and collectively
referred to as the "Dow Jones Marks") and, subject to the Trademark License Agreement, S&P uses in commerce
and has trade name, trademark and/or service mark rights to the names identifying certain S&P Indices and such other trademarks
and/or service marks identified in the ETF License (defined below); and

 

		(D)	LICENSEE wishes to use each S&P Index to create one or more ETFs
(as defined herein) that are sponsored, advised and/or managed by LICENSEE or a Permitted Sublicensee (“LICENSEE ETF”),
each of which is designed to perform in a manner which Tracks (as defined below) a specific S&P Index; and 

 

		(E)	LICENSEE wishes to use the S&P Marks in connection with the identification
and marketing of the LICENSEE ETFs and in connection with making disclosures about the LICENSEE ETFs under applicable laws, rules
and regulations in order to indicate that S&P is the source of the S&P Indices; and

 

		(F)	LICENSEE wishes to obtain, and S&P wishes to grant, a license
(or licenses) to so use the S&P Indices and the S&P Marks pursuant to the terms and conditions hereinafter set forth.

 

NOW,
THEREFORE, the Parties hereby agree as follows:

 

		1.	Definitions & Interpretation.

 

		1.1.	The following words, terms and phrases shall, where used in this
Master Agreement and each ETF License hereunder, have the meanings ascribed to them below save where the context otherwise expressly
requires:-

 

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		1.1.1.	“Affiliate” of an entity is any other entity (including,
but not limited to, a partnership or joint venture) that directly or indirectly (i) controls; (ii) is controlled
by; or (iii) is under common control with such person or entity. For purposes of this definition and the definition of “Change
in Control”, “control” means the ownership, directly or indirectly, of more than fifty percent (50%) of the voting
securities or equity ownership interests of an entity.

 

		1.1.2.	“Change in Control” means (i) the acquisition
of control of LICENSEE directly or indirectly by a party that was not an Affiliate of LICENSEE prior to such transaction; (ii)
the merger or consolidation of LICENSEE directly or indirectly into or with a party that was not an Affiliate of LICENSEE prior
to such transaction; or (iii) the sale of LICENSEE or substantially all of its assets directly or indirectly to a third
party.

 

		1.1.3.	“Commencement Date” means the start date of the
term of each ETF License entered into hereunder, as set forth therein.

 

		1.1.4.	“Designated OSM” (if any) means the first Organized
Securities Market on which the Parties agree that LICENSEE will List a LICENSEE ETF which Tracks a particular S&P Index, as
described in Paragraph J2.

 

		1.1.5.	“Dow Jones Marks” shall have the meaning set forth
in the Whereas clause (C);

 

		1.1.6.	“ETF” means an open ended pooled investment vehicle,
unit trust, investment company or other collective or commingled investment vehicle that has the following characteristics: (i)
it issues, sells and redeems blocks of shares, units or other interests, which blocks are sometimes referred to as “creation
units”; (ii) the shares, units or similar interests thereof are Listed on an Organized Securities Market; and
(iii) the investment objective and configuration of the investment vehicle is either (x) an algorithmic investment vehicle
which issues and maintains an equal numbers of up shares and down shares where an increase in an underlying index will increase
the entitlements over the investment vehicle to the up shares, and where a decrease in an underlying index will increase the entitlements
over the investment vehicle to the down shares (respectively, the “Up Shares” and “Down Shares”) and where
the basket of securities and/or other financial instruments is limited to cash, short-dated U.S. Treasuries and other cash equivalents,
or (y) an investment vehicle which at all times owns a basket of securities and/or other financial instruments, such as futures,
options, forward contracts and other derivative contracts in an attempt to Track the performance of the securities represented
by a single underlying index (the “Underlying Index”). As used herein, the term "ETF" excludes, without
limitation, ETNs, indexed warrants, indexed debt instruments, options, futures contracts or other derivative contracts based on
the value of ETF Shares or on an Underlying Index, or other securities or index-linked contracts that are traded on Organized Securities
Markets but that are not defined herein.

 

		1.1.7.	“ETF License” means each sequentially numbered
discrete contract document (substantially following the form of S&P’s then current version thereof) entered into by the
Parties from time to time hereunder and pursuant to which one or more Licenses for specific S&P Indices and S&P Marks may
be granted to LICENSEE. The current version of the ETF License is attached hereto as Exhibit A.

 

		1.1.8.	“ETF Share” means any of a single share (where
only one share class is present), an Up Share, a Down Share, or other unit representing a proportionate interest in the assets
of an ETF, which interest is not divided into smaller fractions.

 

		1.1.9.	“ETF Type” means the type or class of a particular
LICENSEE ETF, as described in Paragraph E2.

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		1.1.10.	“ETN” means a note or similar instrument (whether
secured or unsecured) which does not conform with the definition of ETF as defined herein and is issued by an underwriting bank
or other third party that: (i) Tracks the performance of a specific Underlying Index; (ii)
is listed and/or traded on any Organized Securities Market; (iii) may or may not provide for interest or other payments
prior to maturity; and (iv) may be redeemed at the option of the holder thereof at a value based on or derived from, at
the time of redemption, the performance of such Underlying Index. 

 

		1.1.11.	“Exclusivity Period” (if any) is defined in Paragraph
G.

 

		1.1.12.	“Informational Materials” is defined in Section
11.1.

 

		1.1.13.	“Initial Term” means the period after the Commencement
Date defined in Paragraph H1.

 

		1.1.14.	“Launch Date” means, with respect to a particular
S&P Index, the date on which LICENSEE ETF Shares for the first LICENSEE ETF Tracking such S&P Index are first Listed on
an Organized Securities Market. 

 

		1.1.15.	“License Fees” is defined in Section
5.1 and Paragraph I.

 

		1.1.16.	“License” is defined in Section
2.1.

 

		1.1.17.	“LICENSEE ETF” is defined in the preamble to this
Master Agreement and in Paragraphs E1 and E2. 

 

		1.1.18.	“LICENSEE ETF Share” means an ETF Share of a LICENSEE
ETF.

 

		1.1.19.	“Listed” means, with respect to particular ETF
Shares and a particular Organized Securities Market, that (i) the ETF Shares are offered, traded, listed, purchased, sold,
crossed, or exchanged through the medium or with the assistance of such Organized Securities Market; and (ii) all required
regulatory approvals have been obtained with respect thereto. “List” and “Listing” have a
commensurate meaning.

 

		1.1.20.	“Organized Securities Market” means any broker-dealer,
automated quotation system of a registered securities association, exchange, or other entity or organization located in any part
of the world (a) that (i) is subject to regulation as an exchange under applicable laws, rules or regulations of
its jurisdiction; or (ii) acts in an exchange-like capacity, with or without a recognized status or formal exemptive or
no-action relief from the competent government or regulatory authority in its jurisdiction, by virtue of it, as principal or agent,
acting on a regular basis as an intermediary between buyers and sellers, or constituting, maintaining or providing a market place
or facilities for bringing together buyers and sellers or for otherwise performing the functions commonly provided by an exchange;
and (b) through the medium of which or with the assistance of which Financial Instruments are offered, traded, listed, purchased,
sold, crossed, or exchanged. For the purposes of this definition, “Financial Instruments” means commodities,
securities, and derivatives of all types, including, without limitation, stocks and other equity instruments, bonds and other debt
instruments, commodities and futures, forwards, swaps, and options that derive their value from bonds, equities, commodities or
indices thereof. 

 

		1.1.21.	“Paragraph” means the relevant paragraph of each
ETF License entered into under the provisions of this Master Agreement.

 

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		1.1.22.	“Party” refers individually to either S&P
or LICENSEE and “Parties” refers collectively to S&P and LICENSEE.

 

		1.1.23.	“Permitted Sublicensees” is defined in Section
3.1.

 

		1.1.24.	“Quarter” means each calendar quarter of three
(3) months ending on the last day of each of December, March, June and September.

 

		1.1.25.	“Renewal Term” means the consecutive periods of
time (after expiry of the Initial Term) defined in Paragraph H2.

 

		1.1.26.	“S&P Indices” (individually, an “S&P
Index”) means each of the one or more indices (owned by S&P and/or its Third Party Licensors, as applicable) listed
in Paragraph D.

 

		1.1.27.	“S&P Index Sub-Components” means each of the
sectors, industries, peer groups or classes of asset defined by S&P or its Third Party Licensors and which may in aggregate
comprise an S&P Index.

 

		1.1.28.	“S&P Marks” means the marks (owned by S&P
and/or its Third Party Licensors, as applicable) (which may include, without limitation, the Dow Jones Marks) set forth in Paragraph
K.

 

		1.1.29.	“Section” means the relevant section of this Master
Agreement.

 

		1.1.30.	“Target Launch Date” is defined in Section
8.1 and Paragraph J1.

 

		1.1.31.	“Term” is defined in Section
7.1.

 

		1.1.32.	“Territory” is defined in Paragraph
F.

 

		1.1.33.	“Third Party Licensors” means those one or more
third parties (if any) whose indices and/or marks (and the intellectual property therein) S&P has obtained a license to use
and to license to others (including, in certain cases, the S&P Indices and/or S&P Marks) including, without limitation
Affiliates of S&P, such as Dow Jones Opco, LLC, and Dow Jones.

 

		1.1.34.	“Total Expenses” means, with respect to any ETF,
the total fees and expenses paid for by such ETF, net of waivers and rebates granted to its shareholders.

 

		1.1.35.	“Track” (or “Tracking”) means,
with respect to either an ETF or an ETN, that the performance (and therefore the value) of such ETF or ETN is linked or connected
to the performance of a particular Underlying Index, according to the ETF Type specified in Paragraph
E2 of the relevant ETF License.

 

		1.2.	Colored text is used purely for ease of reference and shall have
no impact on the interpretation of this Master Agreement.

 

		2.	Grant of License.

 

		2.1.	Subject to the terms and conditions of this Master Agreement and
the relevant ETF License, S&P hereby grants to LICENSEE a limited, non-transferable and non-exclusive (except as expressly
stated in Paragraph G) license during the Term to do the following in the Territory (the
“License”):

 

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		2.1.1.	to use each S&P Index and the corresponding S&P Marks in
the Territory to establish, organize, structure, sponsor, and manage a LICENSEE ETF; and 

 

		2.1.2.	to List each such LICENSEE ETF on an Organized Securities Market
in the Territory, subject to Section 4; and

 

		2.1.3.	to use the relevant S&P Marks in the Territory as part of the
name of each such LICENSEE ETF (as such name is approved by S&P in accordance with Section 11.1.3);
and 

 

		2.1.4.	to use the relevant S&P Marks in connection with the offer, sale,
distribution, marketing and promotion of each such LICENSEE ETF in the Territory for the sole purpose of identifying S&P (and
its Third Party Licensors, if relevant) as the source of the underlying S&P Index; and

 

		2.1.5.	to use the underlying S&P Index and the corresponding S&P
Marks in connection with making such disclosure in the Territory about each such LICENSEE ETF as LICENSEE reasonably deems necessary
or desirable under any applicable laws, rules or regulations or provisions of this Master Agreement, but only to the extent necessary
to indicate S&P (and its Third Party Licensors, if relevant) as the source of the underlying S&P Index. 

 

		2.2.	The License shall be entirely non-exclusive, except as otherwise
expressly stated in Paragraph G of any ETF License.

 

		2.3.	The number of indices and/or marks included in the respective definitions
of S&P Indices and/or the S&P Marks, and subject to the License, may be revised upon mutual written agreement by the Parties,
and such changes shall be reflected by written amendment to the applicable ETF License(s) or the execution of one or more new ETF
Licenses by S&P and LICENSEE.

 

		2.4.	No rights to use the S&P Indices or the S&P Marks are granted
under this Master Agreement or any ETF License other than the License rights specifically described and expressly granted in any
ETF License entered into hereunder. Rights to trade, or to license third parties to trade, any securities or financial instruments
based on or linked to ETF Shares shall at all times be granted (or not granted) at the sole discretion of S&P. 

 

		2.5.	Except for the License specifically provided herein, neither this
Master Agreement nor any ETF License shall transfer to LICENSEE any right to, or interest in, the S&P Indices or the S&P
Marks. It is expressly understood that S&P retains the right to license the S&P Indices and the S&P Marks for any uses,
including, but not limited to, uses of the S&P Indices and the S&P Marks in connection with products derived from an ETF.
It is further expressly understood that neither this Master Agreement nor any ETF License conveys any rights to, or interest in,
any other S&P index or mark or any other property of S&P and/or its Third Party Licensors.

 

		2.6.	S&P shall inform LICENSEE of any change in any of the S&P
Marks. In such event LICENSEE will have 60 days from receipt of such written notice to change the name of the LICENSEE ETF, update
all Informational Materials and comply with such other reasonable requirements of S&P in connection therewith. Should LICENSEE
fail to so do within such 60 day period, S&P shall have the right to terminate the relevant ETF License(s) upon written notice
to LICENSEE.

 

		2.7.	For the avoidance of doubt, no License granted to LICENSEE under
any ETF License and this Master Agreement shall include any right or license to create, establish, organize, structure, sponsor,
manage and/or List discrete ETFs which Track any one or more of the S&P Index Sub-Components of any S&P Index.

 

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		2.8.	From time to time on or after the Effective Date, LICENSEE and S&P
may agree to enter into one or more ETF Licenses, pursuant to which LICENSEE shall obtain the right to use the S&P Indices
and/or S&P Marks set forth therein in accordance with the terms and conditions of this Master Agreement and such ETF License.
LICENSEE shall not have the right to use, or allow any Permitted Sublicensees to use, any of the S&P Indices and/or S&P
Marks unless LICENSEE enters into an ETF License as set forth herein. The use of any S&P Indices and/or any S&P Marks with
respect to a particular LICENSEE ETF is subject to additional terms, conditions and restrictions as set forth in the ETF License
for such LICENSEE ETF. Upon execution by LICENSEE and S&P, each ETF License shall constitute a separate agreement and, except
for any provisions herein that are specifically excluded or modified in such ETF License, shall incorporate therein the terms and
conditions of this Master Agreement. In the event of any conflict, ambiguity or consistency between the terms of this Master Agreement
and the terms of any ETF License, the terms of the ETF License shall prevail with respect to that ETF License only. Except as may
be expressly agreed to in writing by an authorized representative of each Party, any modifications contained in any ETF License
shall not modify this Master Agreement with respect to any other ETF License.

 

		3.	Sublicenses. 

 

		3.1.	LICENSEE is entitled to sublicense the rights granted to it to use
the S&P Indices and the S&P Marks pursuant to the relevant ETF License to the following entities (the “Permitted
Sublicensees”): 

 

		3.1.1.	any Affiliate of LICENSEE, provided, however, that: (A) such
Affiliate shall not have the further power to sublicense to third parties any rights to use the S&P Indices or the S&P
Marks (other than to the relevant LICENSEE ETF(s)); and (B) such sublicense shall be in writing and shall by its terms immediately
terminate if (i) this Master Agreement (or the relevant ETF License) expires or terminates, or (ii) such Permitted
Sublicensee ceases to be an Affiliate of LICENSEE; and

 

		3.1.2.	the LICENSEE ETF(s), provided, however, that: (A) the LICENSEE
ETF(s) shall not have the further power to sublicense to third parties any rights to use the S&P Indices or the S&P Marks;
and (B) such sublicense shall be in writing and shall by its terms immediately terminate if (i) this Master Agreement
(or the relevant ETF License) expires or terminates, or (ii) LICENSEE or the applicable Affiliate of LICENSEE ceases to
exercise investment discretion over the such LICENSEE ETF in its capacity as manager, investment adviser, trustee, or other comparable
capacity.

 

		3.2.	Each sublicense entered into pursuant to Section
3.1 (each, a “Sublicense Agreement”) shall:

 

		3.2.1.	include all relevant terms and conditions of the relevant ETF License
and this Master Agreement (including, without limitation, the provisions relating to the restrictions on and scope of the License
provided herein, proprietary rights, use of the S&P Marks, warranties, disclaimers, limitations of liability, indemnification,
confidential information and audit) or terms and conditions substantially identical thereto; and

 

		3.2.2.	provide that: (A) each of S&P and the relevant Third Party
Licensors (if any) is an intended third party beneficiary of the provisions of such Sublicense Agreement (including, without limitation,
the provisions described in the foregoing Section 3.2.1; and (B) each of S&P
and such Third Party Licensor(s) is entitled to rely on such provisions, and enforce such Sublicense Agreement, to the same extent
as LICENSEE; and

 

		3.2.3.	provide that upon the expiration or effective date of termination
thereof, the Permitted Sublicensee’s right to use the relevant S&P Indices and S&P Marks shall immediately terminate.

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		3.3.	LICENSEE shall remain obligated as a principal (as distinguished
from being obligated as a surety) under the terms of this Master Agreement and each ETF License with respect to any actions taken
by any Permitted Sublicensee or by any Affiliate of LICENSEE or any LICENSEE ETF in connection with this Master Agreement, any
ETF License and/or any Sublicense Agreement. Failure by LICENSEE to comply with the provisions of this Section
3 shall be deemed a material breach of this Master Agreement. 

 

		3.4.	LICENSEE shall give prompt written notice to S&P of the expiration
or termination of any Sublicense Agreement, and shall give S&P at least three (3) months advance written notice of any such
expiration or termination, provided that if termination with less than three (3) months notice is necessary to prevent infringement
of any S&P Marks, LICENSEE shall give S&P such advance written notice as is reasonably practicable under the circumstances.

 

		4.	Listing of LICENSEE ETFs.

 

		4.1.	LICENSEE acknowledges and agrees that, as a condition to LICENSEE’s
engagement of an Organized Securities Market to serve as the primary listing exchange for any LICENSEE ETF, S&P may (but is
not obliged to) require that such Organized Securities Market first enter into a commercially reasonable written license agreement
with S&P pursuant to which S&P shall grant to such Organized Securities Market appropriate rights to use the relevant S&P
Marks and/or S&P Indices. 

 

		4.2.	LICENSEE shall not cause any LICENSEE ETF Shares to be Listed on
an Organized Securities Market in the absence of such a license agreement, if required by S&P pursuant to Section
4.1, between S&P and such Organized Securities Market, and the Parties shall use commercially reasonable
efforts to cooperate to obtain any such agreement.

 

		4.3.	Further, LICENSEE acknowledges that S&P requires Organized Securities
Markets to use their best efforts to protect the goodwill and reputation of S&P and of the S&P Marks and S&P Indices
in connection with their Listing of ETFs based on any S&P Index. Material breach of this obligation by any Organized Securities
Market may result in termination of its license from S&P.

 

		5.	License and Other Fees.

 

		5.1.	License Fees. In consideration for the rights granted under
this Master Agreement and any ETF License entered into hereunder, including the License, LICENSEE shall pay S&P the license
fees set forth in Paragraph I (“License Fees”).

 

		5.2.	All License Fees due to S&P under this Master Agreement and any
ETF License entered into hereunder (a) are exclusive of any sales and/or value added taxes and delivery costs, which shall
be the responsibility of LICENSEE, (b) are non-refundable, and (c) unless otherwise set forth in Paragraph
I, are payable in US Dollars.

 

		5.3.	If any of the License Fees are subject to withholding taxes by a
country other than the country of tax residence of S&P (“Home Country”), LICENSEE shall provide to S&P
an original receipt from the tax authorities of such foreign country evidencing the amount of tax withheld. Such receipt shall
be furnished at the time such fee is paid to S&P or as soon thereafter as is practicable. If S&P is denied a foreign tax
credit due to the failure of LICENSEE to provide satisfactory evidence of the amount withheld, LICENSEE shall pay to S&P an
amount sufficient to compensate, on an after tax basis, for the credit denied. If a tax treaty exists between the Home Country
and the foreign country that is subjecting the fees to withholding taxes, S&P hereby elects to apply the withholding rate applicable
under such tax treaty. If LICENSEE requires a special certificate from S&P to make the election,

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LICENSEE will notify S&P and
the certificate will be provided by S&P at the time of execution of this Master Agreement.

 

		5.4.	S&P shall have the right to modify the license fees payable under
the ETF License at the start of each Renewal Term by providing LICENSEE sixty (60) days written notice of such modification. Further,
S&P shall also have the right to pass on any additional charges from any securities exchanges or other sources related to LICENSEE’s
use of the S&P Indices hereunder; provided, however, S&P has provided at least sixty (60) days’ prior written notice
of any such charges, except when S&P may not be able to do so if a charge is imposed by a securities exchange or other
source without giving S&P sufficient time to notify LICENSEE in advance, in which case S&P shall provide as much notice
as is commercially practicable under the circumstances with respect to such securities exchange or other source charge. If LICENSEE
objects to such license fee modification and/or pass through of additional charges from a securities exchange or other source,
LICENSEE shall have the right to terminate this Agreement without penalty by providing S&P written notice of termination within
thirty (30) days of receipt of notification of the modification (time being of the essence in such respect) such notice to be effective
within one hundred and eighty (180) days after it is served.

 

		6.	Audit.

 

		6.1.	LICENSEE shall at all times during the Term and for so long as any
LICENSEE ETFs are outstanding and continuing for a period of thirty-six (36) months thereafter (“Audit Period”),
maintain full and accurate records (in accordance with standard generally-accepted accounting practices) of all matters relating
to the use of the S&P Indices and S&P Marks by LICENSEE and/or any Permitted Sublicensee and the calculation of the License
Fees due to S&P under this Master Agreement and any ETF License entered into hereunder (“Records”) for the
most recent thirty-six (36) months.

 

		6.2.	During the Audit Period, S&P shall have the right, during normal
business hours and upon reasonable written notice to LICENSEE or the applicable Permitted Sublicensee, to audit at LICENSEE’s
premises identified in Paragraph B or such Permitted Sublicensee’s premises (or such
other premises as may be agreed by S&P) on a confidential basis the relevant Records to the extent reasonably necessary to
(i) determine that any and all License Fees payable to S&P shall have been accurately determined in accordance with
this Master Agreement and the relevant ETF License and (ii) audit the manner and usage of the S&P Indices and S&P
Marks, in each case to confirm that such usage has been in accordance with this Master Agreement and the relevant ETF License and
that all applicable restrictions on use have been observed. The number of physical audits at LICENSEE’s premises is limited
to four (4) per year.

 

		6.3.	S&P’s costs to conduct such audit shall be borne by S&P,
except that LICENSEE shall bear such cost if the audit discloses that LICENSEE has underpaid S&P by five percent (5%) or more
for the period being audited. LICENSEE shall immediately reimburse S&P for any underpayment discovered by such audit.

 

		7.	Term and Termination.

 

		7.1.	Term. This Master License shall commence on the Effective
Date and shall continue in effect thereafter for as long as any ETF License entered into pursuant to this Master License remains
in effect. The term of each ETF License shall commence on the Commencement Date specified therein and shall continue for the Initial
Term, unless earlier terminated as provided in this Master Agreement or such ETF License. After the Initial Term expires, each
ETF License shall renew automatically for consecutive Renewal Terms, unless either Party provides written notice to the other Party
of its intent not to renew at least ninety (90) days prior to the end of the Initial Term or (if later) the then current Renewal
Term, or unless earlier terminated as provided in this Master Agreement or such ETF License.

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The period of time during which each
ETF License remains in effect is referred to herein as the “Term”. In addition, each ETF License shall terminate
automatically upon the termination of the License (including, without limitation, pursuant to this Section
7 or Section 8) with respect to the S&P Indices and S&P Marks licensed
thereunder.

 

		7.2.	Termination for Breach. If either Party breaches a material
term or condition of this Master Agreement and/or any ETF License or commits persistent breaches of this Master Agreement and/or
any ETF License (including, without limitation, persistent minor breaches of which the other Party has complained in writing within
a reasonable time after learning thereof), the other Party may terminate the relevant ETF License by giving at least thirty (30)
days prior written notice thereof; provided, however, that such termination shall not take effect if the breaching Party corrects
such breach and serves written notice upon the other Party of such corrective action prior to the effective date of termination.
Termination pursuant to this Section 7.2 will not impair any other rights or remedies of
a Party pursuant to applicable law. 

 

		7.3.	Termination by LICENSEE. LICENSEE may terminate any ETF License,
as it relates to one or more LICENSEE ETFs and the corresponding S&P Indices and S&P Marks, upon at least sixty (60) days
(or upon such lesser period of time if required pursuant to a court order or any applicable law or regulatory requirements) prior
written notice to S&P if: (i) legislation or regulations are adopted or any regulatory or self-regulatory agency issues
an interpretation that, in LICENSEE’s reasonable judgment, materially impairs LICENSEE's ability to market and/or promote
such LICENSEE ETF(s) under such ETF License in all jurisdictions of the Territory; or (ii) any material litigation or regulatory
proceeding regarding such LICENSEE ETF(s) is threatened or commenced against LICENSEE, and LICENSEE reasonably believes that such
litigation or proceeding would have a material and adverse effect upon its ability to market and/or promote such LICENSEE ETF(s)
under such ETF License; or (iii) LICENSEE elects to terminate the public offering or other distribution of such LICENSEE
ETF(s) under such ETF License for any reason.

 

		7.4.	Termination by S&P. In addition to its rights to terminate
pursuant to Section 8, S&P may terminate any ETF License, as it relates to one or more
S&P Indices and/or S&P Marks and the corresponding LICENSEE ETFs: (i) upon at least ninety (90) days (or upon such
lesser period of time if required pursuant to a court order or any applicable law or regulatory requirements) prior written notice
to LICENSEE if legislation or regulations are adopted or any regulatory or self-regulatory agency issues an interpretation or changes
or withdraws any authorizations and/or registrations that, in S&P’s reasonable judgment, materially impairs S&P’s
ability to license and provide such S&P Indices and/or S&P Marks under such ETF License and/or that requires S&P to
obtain a Consent (as described in Section 16.5); or (ii) any litigation or proceeding
is threatened or commenced, and S&P reasonably believes that such litigation or proceeding would have a material and adverse
effect upon such S&P Marks and/or S&P Indices or upon the ability of S&P to perform under this Master Agreement and/or
such ETF License; or (iii) upon written notice to LICENSEE if the actions or failures to act of LICENSEE and/or any Permitted
Sublicensees have caused or threaten imminently to cause material damage or harm to S&P’s reputation or goodwill, provided
that such notice will describe in reasonable detail the nature of the offending action or inaction; or (iv) upon written
notice to LICENSEE in the event of a Change in Control; or (v) upon at least ninety (90) days (or upon such lesser period
of time if required pursuant to a court order or any applicable law or regulatory requirements) prior written notice to LICENSEE
in the event of any termination of S&P’s right to license the S&P Indices and/or S&P Marks of any Third Party
Licensor (it being understood that S&P’s ability to provide such ninety (90) day notice is subject to S&P receiving
sufficient advance notice from the applicable Third Party Licensor of any pending termination of such right). 

 

		7.5.	LICENSEE Obligations Upon Termination. Upon any expiration
or termination of any ETF License, LICENSEE shall immediately cease all use of the S&P Indices and S&P Marks previously

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licensed thereunder and affected by
such expiration or termination. At S&P’s request, an authorized officer of LICENSEE shall certify to S&P in writing
that it has fully complied with this requirement.

 

		7.6.	Payment Obligations Upon Termination. In the event of any
expiration or termination of any ETF License, LICENSEE shall pay to S&P any and all unpaid License Fees and other amounts due
under this Master Agreement and such ETF License. The License Fee amounts to be paid in the final calendar year of the Term of
any ETF License shall be computed by prorating the amount of the License Fees on the basis of the number of elapsed days in the
then-current year, up through and including the date of such expiration or termination. 

 

		7.7.	Survival. The following Sections shall survive any expiration
or termination of any ETF License:  (i) Sections 3.2, 5 (but only with respect to
any fees accrued during the Term that remain unpaid), 7.5, 7.6, 7.7, 7.8, 12.1, 12.3, 12.4, 13.1,
13.3, 14, 18, 19 and 21 shall survive in perpetuity; (ii) Section 6 shall
survive for the duration of the Audit Period as provided in such Section; and (iii) Section
15 shall survive for five (5) years after disclosure by either Party to the other of the last item of Confidential Information
under such ETF License and/or this Master Agreement. All other rights and obligations under this Master Agreement (including, without
limitation, the License) and each ETF License shall terminate in respect of such ETF License as of the effective date of expiration
or termination thereof.

 

		7.8.	Consequences of Termination. Termination of any ETF License
shall not affect the continued subsistence of any other ETF License in effect at the time of such termination. Termination of any
ETF License by either Party shall not act as a waiver of any breach of such ETF License and/or this Master Agreement and shall
not act as a release of either Party from any liability for breach of such Party’s obligations under such ETF License and/or
this Master Agreement. Neither Party shall be liable to the other for damages of any kind solely as a result of terminating any
ETF License in accordance with the terms set forth in this Master Agreement and/or such ETF License. Termination of any ETF License
by either Party shall be without prejudice to any other right or remedy of such Party under such ETF License, this Master Agreement
and/or applicable law.

 

		8.	Launch Obligations.

 

		8.1.	LICENSEE (or the applicable Permitted Sublicensee) shall use commercial
reasonable efforts to launch, and have Listed, at least one (1) LICENSEE ETF for each S&P Index on an Organized Securities
Market located in the Territory, by the applicable launch date set forth in Paragraph J1
(“Target Launch Date”). Such Listing shall be on the Designated OSM (if such is designated in the ETF License
at Paragraph J2).

 

		8.2.	Promptly upon the addition of any new index to the definition of
“S&P Indices” in an ETF License pursuant to Section 2.3, the Parties shall
either (i) update and amend Paragraph J1 of the applicable ETF License
with the agreed-upon Target Launch Date in respect of each such new index or (ii) enter into a new or additional
ETF License in such regard.

 

		8.3.	If LICENSEE fails to the meet the relevant Target Launch Date for
any S&P Indices, then S&P has the option, exercisable in its sole discretion, of immediately terminating the License (under
the relevant ETF License) by written notice served upon LICENSEE at any time thereafter and before such launch and Listing actually
occurs and thus of terminating the relevant ETF License with respect to such S&P Indices.

 

		9.	Discontinuation of the S&P Indices.

 

		9.1.	S&P shall have the right, in its sole discretion, to discontinue
the publication of any or all of the S&P Indices (such discontinued indices, individually, a “Discontinued Index”
and collectively, the

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“Discontinued Indices”)
and, in such event, to offer a replacement or substitute index therefor (each such index, individually, a “Substitute
Index” and collectively, the “Substitute Indices”). S&P shall have the right, in its sole discretion,
to terminate the relevant ETF License in whole or in part (as applicable) with respect to any Discontinued Index if S&P does
not offer a Substitute Index therefor.

 

		9.2.	In the event that S&P intends to discontinue any of the S&P
Indices, S&P shall give LICENSEE at least ninety (90) days’ prior written notice of such discontinuation, which notice
(“Discontinuation Notice”) shall specify whether a Substitute Index will be made available. LICENSEE shall have
the option, within sixty (60) days after receiving such Discontinuation Notice from S&P, to notify S&P in writing whether
it intends to use the Substitute Index, if any, under the terms of the relevant ETF License. 

 

		9.3.	In the event that LICENSEE does not exercise such option or no Substitute
Index is made available, the relevant ETF License shall terminate as of the date specified in the Discontinuation Notice (or other
notice from S&P), provided that in the case of partial termination, such ETF License shall terminate solely with respect to
the Discontinued Indices. Notwithstanding the foregoing provisions of this Section 9, in
the event the discontinuation of publication of any S&P Index is a result of a determination made by the applicable Third Party
Licensor, S&P shall only be required to provide LICENSEE with notice of such discontinuation to the extent that S&P receives
the relevant notice from such Third Party Licensor. 

 

 

 

		10.	Certain S&P Obligations.

 

		10.1.	In no event shall S&P be obligated to (i) engage in any
marketing or promotional activities in connection with the LICENSEE ETFs, or (ii) make any representation or statement to
investors or prospective investors in connection with the promotion by LICENSEE of the LICENSEE ETFs.

 

		10.2.	S&P will use commercially reasonable efforts to safeguard the
confidentiality of all impending changes in the components or method of computation of any of the S&P Indices until such changes
are publicly disseminated, and will require the same of any agent with whom it has contracted for computation thereof.

 

		10.3.	S&P shall provide LICENSEE with access to certain underlying
data (which data is compiled, calculated and owned by S&P) in connection with the S&P Indices (“Index Data”),
subject to the terms of a separate data subscription agreement by and between S&P and LICENSEE (“Data Subscription
Agreement”). Notwithstanding anything to the contrary in the Data Subscription Agreement: (a) LICENSEE may only
use the Index Data during the Term for its internal purposes solely to the extent necessary in order for LICENSEE to exercise the
License rights granted under Section 2.1 and the relevant ETF License and not for any other
purposes or in connection with any other funds or products other than the relevant LICENSEE ETF; and (b) LICENSEE may disseminate
the Index Data corresponding to a particular LICENSEE ETF only (i) as required by applicable law or regulation, (ii)
to permit market makers in the LICENSEE ETF to create or redeem LICENSEE ETF Shares in the course of their duties as market makers,
and (iii) to the pricing agent who provides intraday indicative pricing on the LICENSEE ETF’s market value. In addition,
in the event LICENSEE is required, pursuant to rules or regulations of the United States Securities & Exchange Commission or
a Listed Organized Securities Market, to provide Index Data to any other party that is not included in the immediately preceding
sentence, LICENSEE shall provide S&P with prior written notice of the requirement and any additional information S&P may
reasonably require in order to make a decision as to whether LICENSEE may disseminate the Index Data to such other party and if
so, the terms that should apply to any such dissemination. S&P agrees to permit any addition dissemination as required,

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pursuant to rules or regulations
of the United States Securities & Exchange Commission or a Listed Organized Securities Market unless S&P deems, in its
sole discretion that such dissemination presents a material, adverse effect on its Index Data business.

 

		11.	Certain LICENSEE Obligations. 

 

		11.1.	Informational Materials and Quality Control.

 

		11.1.1.	LICENSEE shall submit to S&P for its review and approval all
informational materials pertaining to and to be used in connection with the LICENSEE ETFs, including, where applicable, all prospectuses,
registration statements, advertisements, brochures and promotional and any other similar informational materials (including documents
required to be filed with governmental and regulatory agencies) that in any way use or refer to S&P, the S&P Indices and/or
the S&P Marks (the “Informational Materials”). “Informational Materials” will not include general
references to the LICENSEE ETFs in materials that refer to various products sponsored or advised by LICENSEE or which are otherwise
not specifically related to or created for the LICENSEE ETFs. 

 

		11.1.2.	S&P's approval shall be required with respect to the use of and
description of S&P, the S&P Marks and the S&P Indices. S&P shall notify LICENSEE, by email and/or facsimile transmission
in accordance with Section 21.7, of its approval or disapproval of any Informational Materials
within five (5) days (excluding Saturday, Sunday and national holidays in the Territory or the United States) following receipt
thereof from LICENSEE. Any disapproval shall state S&P's reasons therefor. Any failure by S&P to respond within such five
(5) day period shall be deemed to constitute a waiver of S&P's right to review such Informational Materials. Requests to review
Informational Materials shall be addressed to the person(s) specified in Paragraph L, at
the address specified therein. Once particular Informational Materials have been affirmatively approved by S&P, subsequent
identical or substantially similar Informational Materials that do not alter the use or description of S&P, the S&P Marks,
the S&P Indices or any required disclaimers need not be submitted for further review and approval by S&P.

Without limiting any obligations or
restrictions set forth herein and/or in any ETF License with respect to the use of the S&P Marks, LICENSEE shall ensure that
its use and/or publication of Informational Materials featuring any S&P Marks will be of a quality consistent with then current
uses by LICENSEE of its own trademarks and will be advertised, promoted and provided in accordance with such standard.

 

		11.1.3.	The name of the LICENSEE ETF(s) shall be as set forth in the applicable
ETF License at Paragraph E1. If additional indices are included in the definition of “S&P
Indices” per Section 2.3, the name of the LICENSEE ETF(s) corresponding to such additional
indices shall be set forth in the amended or new ETF License described in Section 2.3.
LICENSEE shall submit to S&P for its review and approval all proposed changes to the names of any LICENSEE ETFs.

 

		11.2.	Resignation As Adviser. LICENSEE shall give S&P prior
written notice, and in any event shall use commercially reasonable efforts to give S&P at least six (6) months prior written
notice, of LICENSEE’s (or, if applicable, the relevant Permitted Sublicensee’s) resignation or termination as investment
adviser, manager, or trustee of any LICENSEE ETFs.

 

		11.3.	Promotional Efforts. LICENSEE shall use its commercially reasonable
efforts to promote, market and sell, or arrange for the promotion, marketing and sale of, the LICENSEE ETFs and to protect the
goodwill and reputation of S&P in connection with its use of the S&P Indices and the S&P Marks. LICENSEE shall not
represent or allow it to be represented by act or omission or otherwise that S&P sponsors, endorses, sells or promotes the
LICENSEE ETFs and/or provides advice in relation thereto.

 

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		11.4.	Compliance with Laws. LICENSEE shall perform its obligations
as investment adviser, manager or trustee of all LICENSEE ETFs in accordance with all applicable laws, rules and regulations. LICENSEE
shall in such performance not do or omit to do any act, matter or thing that may or will place S&P in any capacity in breach
of any applicable laws, rules and/or regulations.

 

		11.5.	LICENSEE shall use the following notice when referring to the S&P
Indices or the S&P Marks in any Informational Material or a translation in the language of the concerned documentation:

 

“The "[Index]"
is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and [Third Party Licensor], and has
been licensed for use by [LICENSEE]. Standard & Poor’s® and S&P® are registered trademarks of Standard
& Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark
Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes
by [LICENSEE]. [Third Party Licensor’s Trademark(s)] are trademarks of the [Third Party Licensor] and
have been licensed for use by SPDJI and [LICENSEE]. [LICENSEE ETF] is not sponsored, endorsed, sold or promoted by
SPDJI, Dow Jones, S&P, their respective affiliates, or [Third Party Licensor] and none of such parties make any representation
regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions
of the [Index].”

 

or such similar language as may be
approved in advance in writing by S&P, it being understood that (i) such notice need only refer to the specific S&P
Marks referred to in the Informational Material; (ii) such notice may need to include additional S&P Marks, where relevant;
and (iii) that such notice may need to account for S&P’s obligations to its Third Party Licensors.

 

		12.	Ownership and Protection of the S&P Marks.

 

		12.1.	LICENSEE acknowledges and agrees that the S&P Marks, and all
rights, registrations and entitlements thereto, together with all applications, renewals, extensions and other filings relating
thereto, are and will remain the exclusive property of S&P (or its Third Party Licensors as the case may be), and that all
goodwill that attaches to the S&P Marks as a result of the use of such marks will redound to the exclusive benefit of S&P
(or its Third Party Licensors as the case may be).

 

		12.2.	During the Term, S&P will use commercially reasonable efforts
to maintain in full force and effect the existing registrations of the S&P Marks (if any) already registered in the Territory,
other than S&P Marks licensed to S&P by Third Party Licensors. LICENSEE will reasonably cooperate with S&P (at S&P’s
expense) in the maintenance of such registrations and will take such actions and execute such instruments as S&P may from time
to time reasonably request toward such end. Other than in respect of S&P Marks licensed to S&P by Third Party Licensors,
S&P shall at its own expense and sole discretion exercise S&P’s common law and/or statutory rights against infringement
of the S&P Marks, copyrights and other proprietary rights.

 

		12.3.	The use of the S&P Marks pursuant to the License shall be in
accordance with any relevant trademark usage guidelines that S&P may communicate to LICENSEE from time to time in writing or
by email or facsimile.

 

		12.4.	LICENSEE shall use its commercially reasonable efforts to protect
the goodwill and reputation of S&P, the Third Party Licensors (if any), the S&P Indices and the S&P Marks in connection
with its use of the S&P Indices and the S&P Marks under this Master Agreement and each ETF License and otherwise in connection
with its performance under this Master Agreement and each ETF License. At no time during or after the Term shall LICENSEE do or
cause to be done any act or thing disparaging, disputing, attacking, challenging, impairing, diluting, or in any way tending to
harm the reputation or goodwill associated with S&P, the S&P Indices, or the S&P Marks.

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		12.5.	Other than as expressly permitted by the License granted to LICENSEE
under the relevant ETF License and this Master Agreement: (i) LICENSEE shall keep the S&P Marks separate and distinct
and not alter, modify, or commingle the S&P Marks or any part or parts thereof with LICENSEE’s or any third party marks
without the prior written approval of S&P; and (ii) LICENSEE shall not use, or permit to be used, any trademark that
contains any S&P Mark or is confusingly similar to or likely to cause confusion with any S&P Mark.

 

		12.6.	If at any time S&P reasonably determines that LICENSEE is not
using the S&P Indices or the S&P Marks in accordance with the terms of this Master Agreement and/or any ETF License, S&P
will give written notice to LICENSEE thereof. Upon receipt of such notice, LICENSEE will promptly take steps to be certain that
its usage of the S&P Indices and the S&P Marks complies with this Master Agreement and such ETF License. 

 

		12.7.	Except as otherwise expressly provided in an ETF License, LICENSEE
shall not use any S&P Mark or portion thereof as part of or the whole of a company name or trade name.

 

		12.8.	LICENSEE shall not use any S&P Mark in a way that implies S&P’s,
its Third Party Licensors’ (including, without limitation, Dow Jones) or their respective affiliates’ sponsorship,
endorsement, promotion or sale of the ETFs. By way of example, without limitation, and without limiting any rights of S&P set
forth herein, if an S&P Mark is included in the name of an ETF, LICENSEE shall clearly identify itself as the sponsor, promoter
and/or seller of such ETF, as applicable, in the name of such ETF and the use of the S&P Marks in the Informational Materials
with respect to the ETF shall display the S&P Marks no more prominently than LICENSEE’s marks. Further, and without limiting
any rights of S&P set forth herein, if one or more of the S&P Marks is included in the name of an ETF, such name shall
include the name of the relevant Underlying Index (or a mutually agreed abbreviation thereof) together with LICENSEE’s own
mark preceding (and at least as prominent as) the S&P Mark.

		12.9.	LICENSEE shall not use the S&P Marks in a logo or stylized format
in connection with the ETFs.

		13.	Infringement of Rights; Information Materials.

 

		13.1.	If LICENSEE learns of an infringement of S&P’s intellectual
property rights in the S&P Indices or the S&P Marks, or of any use by any person or entity of a trademark, service mark,
or trade name confusingly similar to the S&P Marks, LICENSEE agrees to notify S&P promptly in writing.

 

		13.2.	LICENSEE shall, within a commercially reasonable period of time,
not to exceed sixty (60) days (or upon such lesser period of time if required pursuant to a court order or any legal, contractual
or regulatory requirements), cease use of the S&P Indices and/or S&P Marks (as applicable) upon notice from S&P to
LICENSEE that, in the good faith opinion of S&P, such use of such S&P Indices or S&P Marks might result in any potential
trademark infringement or other liability to a third party.

 

		13.3.	S&P shall retain all rights to bring all actions and proceedings
in connection with any infringement, misuse or unauthorized use of the S&P Marks or S&P Indices at its sole discretion;
provided, however, that S&P shall have no obligation to initiate litigation or any other legal proceedings to prevent any of
the foregoing. If S&P decides to enforce the S&P Marks or S&P Indices against an unauthorized user, all costs incurred
and recoveries made shall be for the account of S&P, and LICENSEE shall render to S&P full and prompt cooperation (at S&P’s
expense) in connection with any such enforcement.

 

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		14.	Proprietary Rights.

 

		14.1.	LICENSEE acknowledges that (i) each of the S&P Indices
is selected, coordinated, arranged and prepared by S&P (and/or its Third Party Licensors, as applicable) through the application
of methods and standards of judgment used and developed through the expenditure of considerable work, time and money by S&P,
(ii) each of the S&P Indices and the S&P Marks is the exclusive property of S&P (and/or its Third Party Licensors,
as applicable), and that S&P (and/or its Third Party Licensors, as applicable) has and shall retain all proprietary rights
therein, and (iii) each S&P Index and its compilation and composition and changes therein are in the control and discretion
of S&P (and/or its Third Party Licensors, as applicable).

 

		14.2.	LICENSEE admits the validity of S&P’s intellectual property
rights in the S&P Indices and the S&P Marks and agrees that any and all goodwill, rights, titles or interests that might
be acquired as a result of the use of the S&P Indices and/or the S&P Marks shall inure to the sole benefit of S&P (and/or
its Third Party Licensors, as applicable). If LICENSEE obtains any rights, titles or interests in or to any of the S&P Indices
or the S&P Marks in the Territory or in any other jurisdiction, LICENSEE hereby assigns all such rights, titles and interests
to S&P and shall execute upon request any additional documents required to effectuate such assignments.

 

		14.3.	S&P reserves all rights with respect to the S&P Indices and
the S&P Marks and any and all other property of S&P, except those rights to the S&P Indices and the S&P Marks expressly
licensed to LICENSEE pursuant to the License under the relevant ETF License and this Master Agreement.

 

		14.4.	LICENSEE acknowledges and agrees that, as against LICENSEE, S&P
has, and at all times during and after the Term shall retain, sole editorial control of the S&P Indices and the compilation
and composition thereof, and that S&P is free to modify the S&P Indices or change the S&P Marks or the name or branding
of the S&P Indices at any time in its sole discretion.

 

		15.	Confidentiality.

 

		15.1.	Each Party shall treat as confidential and shall not disclose or
transmit to any third party documents or other written materials that are marked as “Confidential and Proprietary”
by the providing Party or in respect of which the receiving Party has received from the disclosing Party specific written notice
of its proprietary and confidential nature or which the receiving Party should reasonably understand to be of a proprietary and
confidential nature (“Confidential Information”). The preceding sentence notwithstanding, a Party may divulge
Confidential Information to such Party’s employees, attorneys, accountants, service providers, agents and other professional
advisers of such Party and its Third Party Licensors, in each case provided the disclosee has a need to know such information and
agrees in writing to be bound by confidentiality restrictions which are at least as protective as the provisions set forth in this
Section 15. 

 

		15.2.	Confidential Information shall not include (i) any information
that is available to the public or to the receiving Party from sources other than the providing Party (provided that such source
is not subject to a confidentiality agreement with regard to such information) or (ii) any information that is independently
developed by the receiving Party without use of or reference to information from the providing Party. Notwithstanding the foregoing
either Party may reveal Confidential Information to any regulatory agency or court of competent jurisdiction if such information
to be disclosed is (a) approved in writing by the other Party for disclosure or (b) required by law, regulatory agency
or court order to be disclosed by such Party provided, if permitted by law, that prior written notice of such required disclosure
is given to the other Party and provided further that such Party shall cooperate with the other Party to limit the extent of such
disclosure.

 

		15.3.	Each party acknowledges and agrees that a breach of Section 15 may
cause the other party irreparable injury and damage and that monetary damages may be an inadequate remedy and that the non-

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breaching party shall be entitled
to seek preliminary and permanent injunctive relief to preserve such confidentiality or limit improper disclosure of such Confidential
Information, but nothing herein shall preclude the non-breaching party from pursuing any other action or remedy for any breach
or threated breach of this Agreement which may be available to such non-breaching party at law or in equity.

 

		16.	Representations and Warranties.

 

		16.1.	On the Effective Date and repeated upon the Commencement Date of
each ETF License, each Party represents and warrants to the other that (i) it is a corporation (or a division thereof) duly
incorporated, or an entity (or a division thereof) duly organized, under the laws of the jurisdiction where it is incorporated
or organized, is validly existing and in good standing under the laws of such jurisdiction, and has and will have at all times
during the Term all requisite power and authority, corporate or otherwise, to perform its obligations under this Master Agreement
and each ETF License entered into hereunder; (ii) the execution and delivery of this Master Agreement and each ETF License
entered into hereunder has been approved by all necessary corporate action; and (iii) this Master Agreement and each ETF
License entered into hereunder is enforceable against such Party in accordance with its terms, except as limited by bankruptcy
and other laws of general application relating to insolvency or the protection of creditors’ rights.

 

		16.2.	On the Effective Date and repeated upon the Commencement Date of
each ETF License, each Party represents and warrants to the other that, on the relevant date, the execution, delivery and performance
by such Party of this Master Agreement and each ETF License entered into hereunder will not (i) conflict with or result
in a breach of or constitute a default under or result in the termination of any contract, agreement or other instrument to which
such Party is a party or by which it is bound or to which any of its assets are subject, or result in the creation of any lien
or encumbrance upon any of said Party’s assets, or impair the ability of the Parties to perform their obligations under the
Agreement; or (ii) conflict with, violate or result in a breach of or constitute a default under any judgment, order, decree,
law, rule, regulation or other restriction of any court, government or governmental agency to which such Party is subject.

 

		16.3.	S&P represents and warrants that it has the right to grant the
License granted to LICENSEE pursuant to any ETF License entered into hereunder or, prior to any applicable Target Launch Date will
have, the right to grant such License to LICENSEE pursuant to such ETF License. 

 

		16.4.	LICENSEE represents and warrants to S&P
that LICENSEE and the ETFs are in compliance, and shall continue to comply, with all applicable laws, rules and regulations, including,
but not limited to, the banking, commodities and securities laws of the U.S. and all jurisdictions within the Territory, in connection
with the creation, offering, Listing, issuance, sale, marketing and promotion of the LICENSEE ETFs or otherwise in connection with
its performance under this Master Agreement and each ETF License entered into hereunder. LICENSEE represents and warrants to S&P
that its use of the S&P Indices and related data licensed hereunder will not violate any agreement applicable to the LICENSEE
or violate any applicable laws, rules or regulations, including without limitation, securities, commodities, and banking laws.

 

		16.5.	Notwithstanding 16.2, it is acknowledged and accepted by LICENSEE
that S&P does not, except in certain countries, possess any license, registration, consent or authorization required by statute
or regulation (“Consent”) from any state or public regulator or financial services supervisor or authority anywhere
in the world (“Regulator”) for S&P to be entitled or permitted to lawfully provide financial and/or investment
advice, to promote or advertise financial and/or investment products or services and/or to facilitate transactions in securities
or investments in respect of or connected to the S&P Indices.

 

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		16.6.	It is acknowledged and accepted by LICENSEE that S&P may decline
to seek or obtain further or broader Consents in countries other than those Consents which it already possesses and maintains (and
which may not be pertinent or adequate in respect of the use of or reference to the S&P Marks and/or S&P Indices by or
within the terms of an ETF).

 

		16.7.	LICENSEE represents and warrants to S&P that LICENSEE shall not
(and shall ensure that its Permitted Sublicensees shall not) do or omit to do any act matter or thing (whether or not otherwise
permitted by the rights granted pursuant to any ETF License and/or this Master Agreement) to create, launch or list an ETF under
any ETF License and/or this Master Agreement (a) whereby S&P (or any Affiliate of S&P) is required to obtain a Consent
or (b) where LICENSEE has or should have a reasonable expectation that S&P (or any Affiliate of S&P) would be required
(either immediately or in the foreseeable future, meaning not less than 12 months thereafter) to obtain a Consent. Where laws and
or regulations change to require S&P to obtain one or more such Consents, the provisions of Section
7.4 shall apply.

 

		17.	Disclaimers.

 

		17.1.	LICENSEE agrees to be bound itself by and further to include all
of the following disclaimers and limitations in all Informational Materials relating to each LICENSEE ETF or a translation in the
language of the concerned documentation and upon request to furnish a copy thereof to S&P:

 

“The "[Index]"
is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and [Third Party Licensor], and has
been licensed for use by [LICENSEE]. Standard & Poor’s® and S&P® are registered trademarks of Standard
& Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark
Holdings LLC (“Dow Jones”). [Third Party Licensor’s Trademark] is a trademark of [Third Party Licensor].
The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by [LICENSEE].
 [LICENSEE ETF] is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective
affiliates (collectively, “S&P Dow Jones Indices”) or [Third Party Licensor]. Neither S&P Dow Jones
Indices nor [Third Party Licensor] make any representation or warranty, express or implied, to the owners of the [LICENSEE
ETF] or any member of the public regarding the advisability of investing in securities generally or in [LICENSEE ETF]
particularly or the ability of the [Index] to track general market performance. S&P Dow Jones Indices and [Third
Party Licensor] only relationship to [LICENSEE] with respect to the [Index] is the licensing of the Index and
certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The [Index] is determined,
composed and calculated by S&P Dow Jones Indices or [Third Party Licensor] without regard to [LICENSEE] or the
[LICENSEE ETF]. S&P Dow Jones Indices and [Third Party Licensor] have no obligation to take the needs of [LICENSEE]
or the owners of [LICENSEE ETF] into consideration in determining, composing or calculating the [Index]. Neither
S&P Dow Jones Indices nor [Third Party Licensor] are responsible for and have not participated in the determination
of the prices, and amount of [LICENSEE ETF] or the timing of the issuance or sale of [LICENSEE ETF] or in the determination
or calculation of the equation by which [LICENSEE ETF] is to be converted into cash, surrendered or redeemed, as the case
may be. S&P Dow Jones Indices and [Third Party Licensor] have no obligation or liability
in connection with the administration, marketing or trading of [LICENSEE ETF]. There is no assurance that investment products
based on the [Index] will accurately track index performance or provide positive investment returns.  S&P Dow Jones
Indices LLC is not an

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investment advisor.  Inclusion
of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is
it considered to be investment advice.

 

NEITHER S&P DOW JONES INDICES
NOR [THIRD PARTY LICENSOR] GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE [INDEX] OR
ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC
COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES AND [THIRD PARTY LICENSOR] SHALL NOT BE SUBJECT TO ANY DAMAGES
OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES AND [THIRD PARTY LICENSOR] MAKES NO
EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR
USE OR AS TO RESULTS TO BE OBTAINED BY [LICENSEE], OWNERS OF THE [LICENSEE ETF], OR ANY OTHER PERSON OR ENTITY FROM
THE USE OF THE [INDEX] OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER
SHALL S&P DOW JONES INDICES OR [THIRD PARTY LICENSOR] BE LIABLE FOR ANY INDIRECT, SPECIAL,
INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL,
EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE
ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND [LICENSEE], OTHER
THAN THE LICENSORS OF S&P DOW JONES INDICES.”

 

		17.2.	Any changes in the foregoing disclaimers and limitations must be
approved in advance in writing by an authorized officer of S&P.

 

		17.3.	Use of any trademarks by LICENSEE in connection with the LICENSEE
ETFs (including in the name of the LICENSEE ETFs), which are not the S&P Marks is at LICENSEE's sole risk.

 

		18.	Indemnification.

 

		18.1.	LICENSEE shall defend, indemnify and hold harmless S&P, its Third-Party
Licensors, their respective Affiliates, and their respective officers, directors, employees and agents (each, a “S&P
Indemnified Party”) against any and all judgments, damages, costs, losses, expenses or liabilities of any kind (including,
but not limited to, reasonable attorneys' and experts' fees) resulting from any claim, action or proceeding (a “Claim”)
that (1) is instituted by or on behalf of an Organized Securities Market on which a LICENSEE ETF is Listed; or (2) arises
out of or relates to (i) any LICENSEE ETFs, or (ii) any breach or alleged breach by LICENSEE, any Affiliate of LICENSEE
and/or any Permitted Sublicensee of its obligations, representations and/or warranties under this Master Agreement, any ETF License
and/or any Sublicense Agreement, or (iii) any act or omission of LICENSEE, any Affiliate of LICENSEE and/or any Permitted
Sublicensee, or (iv) any violation or alleged violation of applicable laws (including, but not limited to, banking, commodities,
and securities laws) arising out of or in connection with the creation, offering, listing, issuance, sale, marketing, promotion
and/or operation of any LICENSEE ETFs; provided, however, that such obligation to indemnify will be conditioned upon

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(I) the S&P Indemnified
Party notifying LICENSEE in writing promptly upon learning of any such Claim (but only to the extent such failure adversely affects
the defense of such Claim in a material manner); (II) the S&P Indemnified Party granting LICENSEE reasonable control
of defense and/or settlement of such Claim; and (III) the S&P Indemnified Party reasonably cooperating with LICENSEE,
at LICENSEE’s expense, in the defense thereof. The foregoing notwithstanding, LICENSEE shall not be obligated to indemnify
any S&P Indemnified Party with respect to Claims to the extent arising out of (A) a breach by S&P of its representations
or warranties under Section 16; or (B) S&P’s gross negligence or willful
misconduct. LICENSEE shall periodically reimburse each applicable S&P Indemnified Party for its reasonable indemnifiable expenses
incurred under this Section 18.1. Each applicable S&P Indemnified Party shall have
the right (but not the obligation), at its own expense, to participate in the defense of any Claim against which it is indemnified
hereunder; provided, however, it shall have no right to control the defense, consent to judgment, or agree to settle any such Claim
without the written consent of LICENSEE without waiving the indemnity hereunder. LICENSEE, in the defense of any Claim, except
with the written consent of each applicable S&P Indemnified Party, shall not consent to entry of any judgment or enter into
any settlement which either (i) does not include, as an unconditional term, the grant by the claimant to each applicable
S&P Indemnified Party of a release of all liabilities in respect of such Claim or (ii) otherwise adversely affects the
rights of any applicable S&P Indemnified Party.

 

		18.2.	S&P shall defend, indemnify and hold harmless LICENSEE, its Affiliates
and their respective officers, directors, employees and agents (each, a “LICENSEE Indemnified Party”) against
any and all judgments, damages, costs, losses, expenses or liabilities of any kind (including, but not limited to, reasonable attorneys'
and experts' fees) resulting from any Claim that arises out of or relates to any breach or alleged breach by S&P of its representations
or warranties under Section 16 and/or any ETF License; provided, however, that such
obligation to indemnify will be conditioned upon (I) the LICENSEE Indemnified Party notifying S&P in writing promptly
upon learning of any such Claim (but only to the extent such failure adversely affects the defense of such Claim in a material
manner); (II) the LICENSEE Indemnified Party granting S&P control of its defense and/or settlement; and (III)
the LICENSEE Indemnified Party reasonably cooperating with S&P, at S&P’s expense, in the defense thereof. The foregoing
notwithstanding, S&P shall not be obligated to indemnify any LICENSEE Indemnified Party with respect to Claims to the extent
arising out of (A) a breach by LICENSEE, any Affiliate of LICENSEE and/or any Permitted Sublicensee of its obligations,
representations and/or warranties under this Master Agreement, any ETF License and/or any Sublicense Agreement; or (B) the
gross negligence or willful misconduct of LICENSEE, any Affiliate of LICENSEE and/or any Permitted Sublicensee. S&P shall periodically
reimburse each applicable LICENSEE Indemnified Party for its reasonable indemnifiable expenses incurred under this Section
18.2. Each applicable LICENSEE Indemnified Party shall have the right (but not the obligation), at its own expense,
to participate in the defense of any Claim against which it is indemnified hereunder; provided, however, it shall have no right
to control the defense, consent to judgment, or agree to settle any such Claim without the written consent of S&P without waiving
the indemnity hereunder. S&P, in the defense of any Claim, except with the written consent of each applicable LICENSEE Indemnified
Party, shall not consent to entry of any judgment or enter into any settlement which either (i) does not include, as an
unconditional term, the grant by the claimant to each applicable LICENSEE Indemnified Party of a release of all liabilities in
respect of such Claim or (ii) otherwise adversely affects the rights of any applicable LICENSEE Indemnified Party.

 

		19.	Limitation of Liability. IN NO EVENT SHALL EITHER S&P,
ITS THIRD PARTY LICENSORS OR THEIR RESPECTIVE AFFILIATES OR LICENSEE HAVE ANY LIABILITY FOR SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL
DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS) HOWSOEVER ARISING OUT OF OR IN CONNECTION WITH ANY ETF LICENSE, EVEN IF NOTIFIED
OF THE POSSIBILITY OF SUCH DAMAGES, EXCEPT WITH RESPECT TO: (A) THE OBLIGATIONS SET FORTH UNDER SECTIONS
15 AND 18, OR (B) ANY

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BREACH BY LICENSEE OR ANY PERMITTED
SUBLICENSEE OF THE LICENSE GRANTED UNDER ANY ETF LICENSE AND THIS MASTER AGREEMENT. WITHOUT DIMINISHING ANY DISCLAIMERS AND LIMITATIONS
SET FORTH HEREIN, IN NO EVENT SHALL THE CUMULATIVE LIABILITY OF S&P, ITS THIRD PARTY LICENSORS AND THEIR RESPECTIVE AFFILIATES
TO LICENSEE OR ANY THIRD PARTY UNDER OR IN CONNECTION WITH ANY ETF LICENSE EXCEED THE LICENSE FEES ACTUALLY PAID TO S&P BY
LICENSEE UNDER THAT ETF LICENSE DURING THE PRECEDING TWELVE (12) MONTH PERIOD.

 

		20.	Force Majeure.

 

		20.1.	Neither S&P nor LICENSEE shall bear responsibility or liability
for any losses arising out of any delay in or interruptions of their respective performance of their obligations under this Master
Agreement and/or any ETF License due to any act of God, act of governmental authority, act of the public enemy or due to war, the
outbreak or escalation of hostilities (including acts of terrorism), riot, fire, flood, civil commotion, insurrection, labor difficulty,
including without limitation, any strike, or other work stoppage or slow down, severe or adverse weather conditions, communications
line failure, or other similar cause beyond the reasonable control of the Party so affected but not due to such Party’s negligence
(“Force Majeure Event”).

 

		20.2.	Any Party that is subject to a Force Majeure Event shall not be in
breach of this Master Agreement and/or any ETF License provided that: (a) it promptly notifies the other Party in writing
of the nature and extent of such Force Majeure Event causing its delay or interruption in performance; and (b) it could
not have avoided the effect of the Force Majeure Event by taking precautions which, having regard to all the matters known to it
before the Force Majeure Event, it ought reasonably to have taken, but did not; and (c) it has used all endeavors to mitigate
the effect of the Force Majeure Event, to carry out its obligations under any ETF License and/or this Master Agreement in any way
that is reasonably practicable and to resume the performance of its obligations as soon as reasonably practicable. 

 

		20.3.	If the Force Majeure Event continues for more than thirty (30) days,
the other Party shall have the right to terminate the relevant ETF License upon written notice to such Party.

 

		21.	Other Matters.

 

		21.1.	Change in Control. If there is a Change in Control, LICENSEE
shall so inform S&P in writing setting forth the details of such Change in Control promptly upon such Change in Control or
if, permitted by law or applicable regulations, at least forty-five (45) days prior to such Change in Control. S&P may at its
option, after receipt of such notice, require LICENSEE to renegotiate any terms of this Master Agreement and/or any ETF License(s)
for the remainder of the then-current Term of each or any ETF License entered into under this Master Agreement. Further in the
event of such Change in Control, S&P’s written consent to an assignment (by operation of law or otherwise) or transfer
of this Master Agreement and/or any ETF License to such third party shall be required, and any attempt to so assign or transfer
this Master Agreement and/or any ETF License without such written consent shall be null and void.

 

		21.2.	Assignment; No Third Party Beneficiaries. This Master Agreement
and each ETF License is solely and exclusively between the Parties and shall not be assigned or transferred by either Party, without
the prior written consent of the other Party, and any attempt to so assign or transfer this Master Agreement or any ETF License
without such written consent shall be null and void. The foregoing notwithstanding, S&P may assign its rights and duties under
this Master Agreement and/or any ETF License to an Affiliate, without obtaining such consent. This Master Agreement and/or any
ETF License (and any related agreement or arrangement between the Parties) is solely and exclusively for the benefit of the Parties
and their respective successors, and nothing in this Master Agreement or any

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ETF License (or any related agreement
or arrangement between the Parties), express or implied, is intended to or shall confer on any other person or entity, any rights,
benefits, or remedies of any nature whatsoever under or by reason of this Master Agreement or any ETF License (or any such related
agreement or arrangement between the Parties). Despite the provisions of this Section 21.2,
Third Party Licensors shall be entitled to enforce the provisions of this Master Agreement and any ETF License against LICENSEE
to the extent that such provisions benefit such Third Party Licensor.

 

		21.3.	Governing Law. This Master Agreement and all ETF Licenses
hereunder shall be deemed to have been made in the United States of America, in the State of New York and shall be governed by,
and construed, interpreted and enforced in accordance with, the laws of the United States of America and the State of New York,
without reference to principles of conflicts of laws thereof. Any action or proceeding arising under or relating to this Master
Agreement and/or any ETF License shall be instituted in a federal or state court of competent jurisdiction in the State and County
of New York. LICENSEE and S&P hereby consent to submit to the exclusive jurisdiction of such courts and waive any objection
to the propriety or convenience of venue therein. Service of process with respect to any such action or proceeding may be made
upon either Party by registered or certified mail, postage prepaid, to such Party or the attorney for such Party at its address
as provided in Section 21.7.

 

		21.4.	Entire Agreement. This Master Agreement (together with each
ETF License entered into hereunder) constitutes the entire agreement of the Parties with respect to its subject matter and may
be amended or modified only by a writing signed by duly authorized officers of both Parties. This Master Agreement, together with
each ETF License entered into hereunder, supersedes all previous agreements between the Parties with respect to the subject matter
of this Master Agreement and/or each such ETF License. There are no oral or written collateral representations, agreements, or
understandings except as provided herein. 

 

		21.5.	Waiver, Modification and Amendment. No waiver, modification,
or amendment of any of the terms and conditions of this Master Agreement (or any ETF License hereunder) shall be valid or binding
unless set forth in a written instrument signed by duly authorized officers of both Parties. The delay or failure by either Party
to insist, in any one or more instances, upon strict performance of any of the terms or conditions of this Master Agreement (or
any ETF License hereunder) or to exercise any right or privilege herein conferred shall not be construed as a waiver of any such
term, condition, right, or privilege, but the same shall continue in full force and effect.

 

		21.6.	Continuing Obligations of the Parties. No breach, default
or threatened breach of this Master Agreement (and/or any ETF License entered into hereunder) by either Party shall relieve the
other Party of its obligations or liabilities under this Master Agreement and/or such ETF License with respect to the protection
of the property or proprietary nature of any property which is the subject of this Master Agreement and/or such ETF License.

 

		21.7.	Notice. Except as set forth in Section
11.1 hereof with respect to Informational Materials, all notices and other communications under this Master Agreement
and/or any ETF License shall be (i) in writing, (ii) delivered by hand, by registered or certified mail, return receipt
requested, or by facsimile transmission to the address or facsimile number set forth below or such address or facsimile number
as either Party shall specify by a written notice to the other and (iii) deemed given upon receipt.

 

Notice to S&P:

S&P Opco, LLC

c/o S&P Dow Jones Indices LLC

55 Water Street

New York, New York 10041

Attention: Robert A. Shakotko, Managing
Director

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Fax # (212) 438-3523

 

With a copy to:

 

The McGraw-Hill Companies, Inc.

1221 Avenue of the Americas

New York, NY 10020

Attention: Kenneth Vittor, General
Counsel

Fax # (212) 512-4827

 

Notice to LICENESEE shall be
served at the address stated in Paragraph C.

 

		21.8.	Independent Contractors. The Parties are independent contractors.
Nothing herein shall be construed to place the Parties in the relationship of partners or joint venturers, and neither Party shall
acquire any power, other than as specifically and expressly provided in this Master Agreement or the relevant ETF License, to bind
the other in any manner whatsoever with respect to third parties.

 

		21.9.	Severability. If any part of this Master Agreement and/or
any ETF License is held by a court of competent jurisdiction to be invalid or unenforceable, that part will be enforced to the
maximum extent permitted by law, and the remainder of this Master Agreement and such ETF License will remain in full force.

 

		21.10.	Headings. Headings used in this Master Agreement are for references
purposes only and shall be deemed a part of this Master Agreement.

 

		21.11.	Counterparts. This Master Agreement and/or any ETF License
may be executed in counterparts, each of which shall be deemed an original but both of which, when taken together, shall constitute
one and the same instrument.

 

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IN WITNESS WHEREOF, the Parties have caused
this Master Agreement to be executed as of the Effective Date.

 

	Accushares Management LLC	S&P OPCO, LLC
	Signature: 	/s/ Forrest G. Gilman	Signature: 	/s/ Bo Chung
	 	 	 	 
	Name:	Forrest G. Gilman	Name:	Bo Chung
	 	(Please print)	 	(Please print)
	Title:	CFO	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	10/2/2013	Date:	November 5, 2013
	 	(Please print)	 	(Please print)
	 	 
	Signature: 	 	Signature:	/s/ Alexander Matturri
	 	 	 	 
	Name:	 	Name:	Alexander Matturri
	 	(Please print)	 	(Please print)
	Title:	 	Title:	Chief Executive Officer
	 	(Please print)	 	(Please print)
	Date: 	 	Date:	November 5, 2013
	 	(Please print)	 	(Please print)

 

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Schedule

 

 

 

 

 

 

	Full Company Name:	Accushares Management LLC
	Company Number:	 
	Country of Incorporation:	 
	Registered Address:	253 Turtle Back Road  New Canaan, CT  06840-2624
	Address for Service:	 
	Contact Name:	Forrest Gilman
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail :	forrest.gilman@accushares.com

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EXHIBIT A - FORM OF ETF LICENSE

 

THIS ETF License is entered into
as of the ____ day of ____________________ 20___ (the “Commencement Date”) by & between:

 

		(I)	S&P OPCO, LLC, a Delaware USA limited liability company,
having a place of business at 55 Water Street, New York, N.Y. 10041 USA (“S&P”); and

 

		(II)	The Party identified in Paragraph A
hereto (“LICENSEE”)

 

WHEREAS

 

		(A)	S&P is Party to a subsisting written agreement of ___ day of __________ 20___

			with ______________________________________________________________________________

			(“Master Agreement”); and

 

		(B)	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for
the LICENSEE to create and market a LICENSEE ETF.

 

IT IS
AGREED THAT:-

 

		1.	This is an ETF License under and governed by the Master Agreement
and incorporates Paragraphs A to M hereto.

 

		2.	All words terms or phrases defined in the Master Agreement have the
same meaning where used in this ETF License.

 

		3.	This ETF License shall not vary the meaning or effect of the Master
Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

 

		4.	In determining the meaning or effect of this ETF License the provisions
of this ETF License shall prevail over those of the Master Agreement.

 

		5.	This ETF License is a discrete contract entirely severable from all
other ETF Licenses entered into under the Master Agreement.

 

		6.	This ETF License entitles the LICENSEE to create and launch one or
more LICENSEE ETFs described in it at any time and from time to time during its existence.

 

		7.	In advance of the first listing of any new ETF hereunder the LICENSEE
shall inform S&P providing a term sheet in such regard to provide all then available information necessary for S&P to determine
(a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated
to be payable to S&P in such regard under Paragraph I below.

 

		8.	The LICENSEE shall after the first listing of a LICENSEE ETF provide
as soon as possible all further information (or an updated final prospectus) to S&P to provide all then available information
necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License and the Master Agreement and
(b) the License Fees actually and correctly payable to S&P in such regard under Paragraph
I below.

 

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IN WITNESS WHEREOF, the Parties have caused
this ETF License to be executed as of the Commencement Date.

 

	 	S&P OPCO, LLC
	Signature: 	 	Signature: 	 
	 	 	 	 
	Name:	 	Name:	 
	 	(Please print)	 	(Please print)
	Title:	 	Title:	 
	 	(Please print)	 	(Please print)
	Date: 	 	Date:	 
	 	(Please print)	 	(Please print)
	 	 	 	 
	Signature: 	 	Signature: 	 
	 	 	 	 
	Name:	 	Name:	 
	 	(Please print)	 	(Please print)
	Title:	 	Title:	 
	 	(Please print)	 	(Please print)
	Date: 	 	Date: 	 
	 	(Please print)	 	(Please print)

 

			

			

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Paragraph
A - “LICENSEE”

	Full Company Name	 
	Company Number	 
	Country of Incorporation	 
	Registered Address	 
	Address for Service	 
	Contact Name	 
	Contact Telephone	 
	Contact Fax	 
	Contact E-Mail	 

 

Paragraph
B – LICENSEE Audit Address

	Building Name/Number	 
	Street	 
	City	 
	State	 
	Country	 
	Contact Name	 
	Contact Telephone	 
	Contact Fax	 
	Contact E-Mail	 

 

Paragraph C – LICENSEE Notice Address

	Building Name/Number	 
	Street	 
	City	 
	State	 
	Country	 
	Contact Name	 
	Contact Telephone	 
	Contact Fax	 
	Contact E-Mail	 

 

Paragraph D – S&P Indices

________________________________________________________________

________________________________________________________________

Are the S&P Indices standard (Yes/No) or
custom (Yes/No)

If custom, agreed methodology to be attached
hereto

 

Paragraph E1

LICENSEE ETF Name(s)

________________________________________________________________

________________________________________________________________

 

Paragraph E2 - ETF Type

By relation to the S&P Index

	A.	Replicating	(meaning Beta = 1)	(Yes/No)
	B.	Leveraged	(meaning Beta >1.25)	(Yes/No)
	C.	Inverse/Shorting	(meaning Beta < Zero)	(Yes/No)
	D.	Restricted	(meaning Beta ≥ Zero and ≤ 1.25)	(Yes/No)

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Where “Beta” means the percentage
point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage point change
in the Underlying Index, as set out in the investment objectives of the prospectus or other disclosure documents of such ETF.

 

Paragraph F – Territory

United States of America – unless otherwise
stated below

________________________________________________________________

 

Paragraph G – Exclusivity

Unless otherwise stated below this ETF license
is entirely non exclusive

________________________________________________________________

________________________________________________________________

________________________________________________________________

________________________________________________________________

 

Paragraph H – Term

H1 – Initial Term – Five (5) Years

H2 – Renewal Term – Three (3) years

Save as otherwise stated below

________________________________________________________________

 

Paragraph I – License Fee

 

________________________________________________________________

 

Paragraph J1 – Target Launch Date

 

________________________________________________________________

 

Paragraph J2 – Designated OSM

 

________________________________________________________________

 

Paragraph K – S&P Marks

 

________________________________________________________________

 

Paragraph L – Informational Materials
– Notice Address

	Building Name/Number	 
	Street	 
	City	 
	State	 
	Country	 
	Contact Name	 
	Contact Telephone	 
	Contact Fax	 
	Contact E-Mail	 

 

Paragraph
M – Third Party Licensor

Is there
a Third Party Licensor? (Yes/No)

If “Yes”,
are there flow- through obligations? (Yes/No)

If “Yes”
describe below:

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ETF License Number 1

to ETF Master Agreement dated 1st of
October, 2013

THIS ETF License is entered into as
of this 1st day of October, 2013 (the “Commencement Date”) by & between:

 

		(I)	S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices
LLC), a Delaware limited liability company with offices at 55 Water Street, New York, New York 10041, USA (“S&P”),
and

 

		(II)	The Party identified in Paragraph A
hereto (“LICENSEE”)

 

WHEREAS

 

		A.	S&P is Party to a subsisting written agreement of 1st day of October 2013 with Accushares
Management LLC (“Master Agreement”); and

 

		B.	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for
the LICENSEE to create and market a LICENSEE ETF.

 

IT IS AGREED THAT:-

 

		1.	This is an ETF License under and governed by the Master Agreement
and incorporates Paragraphs A to M hereto.

 

		2.	All words terms or phrases defined in the Master Agreement have the
same meaning where used in this ETF License.

 

		3.	This ETF License shall not vary the meaning or effect of the Master
Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

 

		4.	In determining the meaning or effect of this ETF License the provisions
of this ETF License shall prevail over those of the Master Agreement.

 

		5.	This ETF License is a discrete contract entirely severable from all
other ETF Licenses entered into under the Master Agreement.

 

		6.	This ETF License entitles the LICENSEE to create and launch one or
more LICENSEE ETFs described in it at any time and from time to time during its existence.

 

		7.	In advance of the first listing of any new ETF hereunder the LICENSEE
shall inform S&P providing a term sheet in such regard to provide all then available information necessary for S&P to determine
(a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated
to be payable to S&P in such regard under Paragraph I below.

 

		8.	The LICENSEE shall after the first listing of a LICENSEE ETF provide
as soon as possible all further information (or an updated final prospectus) to S&P to provide all then available information
necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License and the Master Agreement and
(b) the License Fees actually and correctly payable to S&P in such regard under Paragraph
I below.

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		9.	Section 11.5 of the Agreement is hereby amended by deleting it in its entirety and replacing it
with the following: “LICENSEE shall use the following notice when referring to the S&P
Indices or the S&P Marks in any Informational Material or a translation in the language of the concerned documentation:

“The Index is a product
of The Chicago Board Options Exchange Incorporated (“CBOE”) which is licensed by S&P Dow Jones Indices LLC (“SPDJI”)
to [Licensee] in connection with the [ETF Name]. Standard & Poor’s® and S&P® are registered
trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark
of Dow Jones Trademark Holdings LLC (“Dow Jones”); “VIX” is a trademark of the Chicago Board Options Exchange,
Incorporated (“CBOE”); and, these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes
by [Licensee]. [Licensee ETF] is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective
affiliates or their third party licensors (including CBOE) and none of such parties make any representation
regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions
of the [Index].”

Licensee may use other language as
may be approved in advance by S&P, it being understood that (i) such notice need only
refer to the specific S&P Marks referred to in the Informational Material; (ii) such notice may need to include additional
S&P Marks, where relevant; and (iii) that such notice may need to account for S&P’s obligations to its Third Party
Licensors.”

 

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IN WITNESS WHEREOF, the Parties have caused
this ETF License to be executed as of the Commencement Date.

 

	Accushares Management LLC	S&P OPCO, LLC
	Signature: 	/s/ Forrest G. Gilman	Signature: 	/s/ Bo Chung
	 	 	 	 
	Name:	Forrest G. Gilman	Name:	Bo Chung
	 	(Please print)	 	(Please print)
	Title:	CFO	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	10/2/2013	Date:	November 5, 2013
	 	(Please print)	 	(Please print)
	 	 	 	 
	 	
             

         

	Signature: 	 	Signature: 	/s/ Alexander Matturri
	 	 	 	 
	Name:	 	Name:	Alexander Matturri
	 	(Please print)	 	(Please print)
	Title:	 	Title:	Chief Executive Officer
	 	(Please print)	 	(Please print)
	Date: 	 	Date: 	November 5, 2013
	 	(Please print)	 	(Please print)

 

 

 

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Paragraph
A - “LICENSEE”

 

	Full Company Name:	Accushares Management LLC
	Company Number: 	 
	Country of Incorporation:	 
	Registered Address:	253 Turtle Back Road  New Canaan, CT  06840-2624
	Address for Service:	 
	Contact Name:	Forrest Gilman
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	forrest.gilman@accushares.com

 

Paragraph
B – LICENSEE Audit Address

 

	Building Name/Number:	 
	Street: 	 
	City:	 
	State:	 
	Country:	 
	Contact Name:	 
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	 

 

Paragraph C – LICENSEE Notice Address

 

	Building Name/Number:	 
	Street: 	 
	City:	 
	State:	 
	Country:	 
	Contact Name:	 
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	 

 

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Paragraph D – S&P Indices

 

CBOE Volatility Index (Spot VIX version)

 

Are the S&P
Indices standard (Yes [X] /No [_]) or custom (Yes
[_] /No [_])

If custom, agreed methodology to be attached
hereto

 

Paragraph E1

LICENSEE ETF Name(s)

 

______________________________

 

Paragraph E2 - ETF Type

As set forth in the Definition of ETF in
the Agreement, the ETF includes two types of ETF Shares: Up Shares and Down Shares. The Up Shares Replicate the S&P Index as
set forth below and the Down Shares Inverse the S&P Index as defined below.

By relation to the S&P Index

	A.	Replicating	(meaning Beta = 1)	(Yes [X] /No [_])
	B.	Leveraged	(meaning Beta >1.25)	(Yes [_] /No [X])
	C.	Inverse/Shorting	(meaning Beta < Zero)	(Yes [X] /No [_])
	D.	Restricted	(meaning Beta ≥ Zero and ≤ 1.25)	(Yes [_] /No [X])

Where “Beta” means
the percentage point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage
point change in the Underlying Index, as set out in the investment objectives of the prospectus or other disclosure documents of
such ETF.

 

Paragraph F – Territory

 

[***Redacted]

 

Paragraph G – Exclusivity

 

Notwithstanding anything the contrary, S&P shall not license
any third party to use the S&P Index to launch an ETF during the initial [***Redacted] of this ETF License.

 

Paragraph H – Term

 

H1 – Initial Term – [***Redacted]

H2 – Renewal Term – [***Redacted]

 

Paragraph I – License Fee

 

		1.	The Licensee Fee shall be:

[***Redacted]

 

		2.	The License Fee shall be payable on a quarterly basis,
within thirty (30) days after the end of each Quarter in which they are incurred. Each Licensee Fee payment shall be accompanied
by a statement setting forth the basis for its calculation (with figures accurate to each Quarter ending day) within thirty (30)
days after each such Quarter ending day in respect of the LICENSEE ETF launched under this ETF License.

 

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		3.	In the event that LICENSEE fails to pay the full amount
of the License Fee corresponding to any Quarter within such thirty (30) day period, the License Fee for such Quarter shall be
increased by an increment of [***Redacted] for each thirty (30) day period that such License Fee has not been paid in full.

 

		4.	LICENSEE's failure to pay any License Fee amounts due
hereunder within thirty (30) days after the end of the applicable Quarter shall be a breach of a material term of this ETF License
and the Master Agreement.

 

		5.	The parties agree that the terms upon which the License
Fees are calculated is "Confidential Information" for purposes of Section 15 of the Master Agreement.

 

		6.	The License Fees are non-refundable, except in the case
of overpayment as agreed to by the Parties, and payable in U.S. Dollars.

 

Paragraph J1 – Target Launch Date

 

______________________________

 

Paragraph J2 – Designated OSM

 

______________________________

 

Paragraph K – S&P Marks

 

S&P®

Standard & Poor’s®

VIX

CBOE Volatility Index

CBOE

 

 

Paragraph L – S&P Contact(s)
for Informational Materials & Notice Address

 

	Building Name/Number:	S&P Dow Jones Indices, LLC
	Street: 	55 Water Street, 27th Floor
	City:	New York
	State:	NY
	Country:	USA
	Contact Name:	Blake Franchi
	Contact Telephone:	212.438.1772
	Contact Fax:	212.438.3522
	Contact E-Mail:	blake.franchi@spdji.com

 

Paragraph M – Third Party Licensor

Is
there a Third Party Licensor? (Yes [X] /No [_])

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If
“Yes”, are there flow- through obligations? (Yes [_] /No [_])

If “Yes” describe below: Chicago
Board of Options Exchange, Incorporated, owner of the CBOE Volatility Index and the following trademarks: VIX, CBOE Volatility
Index, CBOE.

 

Licensee agrees that Chicago Board Options Exchange, Incorporated,
may enforce its rights against Licensee as an intended third party beneficiary of the Agreement and this ETF License No.1, even
though such licensor is not a party to the Agreement and this ETF License No.1.

 

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ETF License Number 2

to ETF Master Agreement dated 1st of
October, 2013

THIS ETF License is entered into as
of this 1st day of October, 2013 (the “Commencement Date”) by & between:

 

		(I)	S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices
LLC), a Delaware limited liability company with offices at 55 Water Street, New York, New York 10041, USA (“S&P”),
and

 

		(II)	The Party identified in Paragraph A
hereto (“LICENSEE”)

 

WHEREAS

 

	A.		S&P is Party to a subsisting written agreement of 1st day of October 2013 with Accushares
Management LLC (“Master Agreement”); and

 

		B.	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for
the LICENSEE to create and market a LICENSEE ETF.

 

IT IS AGREED THAT:-

 

		1.	This is an ETF License under and governed by the Master Agreement
and incorporates Paragraphs A to M hereto.

 

		2.	All words terms or phrases defined in the Master Agreement have the
same meaning where used in this ETF License.

 

		3.	This ETF License shall not vary the meaning or effect of the Master
Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

 

		4.	In determining the meaning or effect of this ETF License the provisions
of this ETF License shall prevail over those of the Master Agreement.

 

		5.	This ETF License is a discrete contract entirely severable from all
other ETF Licenses entered into under the Master Agreement.

 

		6.	This ETF License entitles the LICENSEE to create and launch one or
more LICENSEE ETFs described in it at any time and from time to time during its existence.

 

		7.	In advance of the first listing of any new ETF hereunder the LICENSEE
shall inform S&P providing a term sheet in such regard to provide all then available information necessary for S&P to determine
(a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated
to be payable to S&P in such regard under Paragraph I below.

 

The LICENSEE shall after the first
listing of a LICENSEE ETF provide as soon as possible all further information (or an updated final prospectus) to S&P to provide
all then available information necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License
and the Master Agreement and (b) the License Fees actually and correctly payable to S&P in such regard under Paragraph
I below.

    	Page 1 of 6

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IN WITNESS WHEREOF, the Parties have caused
this ETF License to be executed as of the Commencement Date.

 

	Accushares Management LLC	S&P OPCO, LLC
	Signature: 	/s/ Forrest G. Gilman	Signature: 	/s/ Bo Chung
	 	 	 	 
	Name:	Forrest G. Gilman	Name:	Bo Chung
	 	(Please print)	 	(Please print)
	Title:	CFO	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	10/2/2013	Date:	November 5, 2013
	 	(Please print)	 	(Please print)
	 	 	 	 
	 	
         

         

	Signature: 	 	Signature: 	/s/ Alexander Matturri
	 	 	 	 
	Name:	 	Name:	Alexander Matturri
	 	(Please print)	 	(Please print)
	Title:	 	Title:	Chief Executive Officer
	 	(Please print)	 	(Please print)
	Date: 	 	Date: 	November 5, 2013
	 	(Please print)	 	(Please print)

 

 

 

 

 

			

			

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Paragraph
A - “LICENSEE”

 

	Full Company Name:	Accushares Management LLC
	Company Number: 	 
	Country of Incorporation:	 
	Registered Address:	253 Turtle Back Road  New Canaan, CT  06840-2624
	Address for Service:	 
	Contact Name:	Forrest Gilman
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	forrest.gilman@accushares.com

 

Paragraph
B – LICENSEE Audit Address

 

	Building Name/Number:	 
	Street: 	 
	City:	 
	State:	 
	Country:	 
	Contact Name:	 
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	 

 

Paragraph C – LICENSEE Notice Address

 

	Building Name/Number:	 
	Street: 	 
	City:	 
	State:	 
	Country:	 
	Contact Name:	 
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	 

 

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Paragraph D – S&P Indices

S&P GSCI Spot

S&P GSCI Crude Oil Spot

S&P GSCI Brent Crude Oil Spot

S&P GSCI Natural Gas

S&P GSCI Industrial Metals Spot

S&P GSCI Agriculture and Livestock
Spot

 

 

Are the S&P
Indices standard (Yes [X] /No [_]) or custom (Yes
[_] /No [_])

If custom, agreed methodology to be attached
hereto

 

Paragraph E1

LICENSEE ETF Name(s)

 

____________________________

____________________________

____________________________

____________________________

____________________________

____________________________

 

 

Paragraph E2 - ETF Type

As set forth in the Definition of ETF in
the Agreement, the ETF includes two types of ETF Shares: Up Shares and Down Shares. The Up Shares Replicate the S&P Index as
set forth below and the Down Shares Inverse the S&P Index as defined below.

By relation to the S&P Index

	A.	Replicating	(meaning Beta = 1)	(Yes [X] /No [_])
	B.	Leveraged	(meaning Beta >1.25)	(Yes [_] /No [X])
	C.	Inverse/Shorting	(meaning Beta < Zero)	(Yes [X] /No [_])
	D.	Restricted	(meaning Beta ≥ Zero and ≤ 1.25)	(Yes [_] /No [X])

Where “Beta” means
the percentage point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage
point change in the Underlying Index, as set out in the investment objectives of the prospectus or other disclosure documents of
such ETF.

 

Paragraph F – Territory

 

[***Redacted]

 

Paragraph G – Exclusivity

 

Notwithstanding anything the contrary, S&P shall not license
any third party to use the S&P Index to launch an ETF during the initial [***Redacted] of this ETF License.

 

Paragraph H – Term

 

H1 – Initial Term – [***Redacted]

H2 – Renewal Term – [***Redacted]

 

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Paragraph I – License Fee

 

	The Licensee Fee shall be the LICENSEE ETFs:

[***Redacted]

 

	The License Fee shall be payable on a quarterly basis, within thirty
(30) days after the end of each Quarter in which they are incurred. Each Licensee Fee payment shall be accompanied by a statement
setting forth the basis for its calculation (with figures accurate to each Quarter ending day) within thirty (30) days after each
such Quarter ending day in respect of the LICENSEE ETF launched under this ETF License.

 

	In the event that LICENSEE fails to pay the full amount of the License
Fee corresponding to any Quarter within such thirty (30) day period, the License Fee for such Quarter shall be increased by an
increment of [***Redacted] for each thirty (30) day period that such License Fee has not been paid in full.

 

	LICENSEE's failure to pay any License Fee amounts due hereunder within
thirty (30) days after the end of the applicable Quarter shall be a breach of a material term of this ETF License and the Master
Agreement.

 

	The parties agree that the terms upon which the License Fees are calculated
is "Confidential Information" for purposes of Section 15 of the Master Agreement.

 

	The License Fees are non-refundable, except in the case of overpayment
as agreed to by the Parties, and payable in U.S. Dollars.

 

Paragraph J1 – Target Launch Date

 

____________________________

 

Paragraph J2 – Designated OSM

 

________________________________

 

Paragraph K – S&P Marks

 

S&P®

Standard & Poor’s®

S&P GSCI®

 

 

Paragraph L – S&P Contact(s)
for Informational Materials & Notice Address

 

	Building Name/Number:	S&P Dow Jones Indices, LLC
	Street: 	55 Water Street, 27th Floor
	City:	New York
	State:	NY
	Country:	USA

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	Contact Name:	Blake Franchi
	Contact Telephone:	212.438.1772
	Contact Fax:	212.438.3522
	Contact E-Mail:	blake.franchi@spdji.com

 

Paragraph M – Third Party Licensor

Is
there a Third Party Licensor? (Yes [_]/No [_])

If
“Yes”, are there flow- through obligations? (Yes [_] /No [_])

If “Yes”
describe below:

 

 

 

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ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT
AND ASSUMPTION AGREEMENT (this “Assignment”) is made and entered into as of the 16th day of December, 2013,
by and between aCCUSHARES MANAGEMENT LLC,
a Delaware limited liability company (“Assignor”) and ACCUSHARES
INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (“Assignee”), and acknowledged and
consented to by S&P Opco, LLC,
a Delaware limited liability company (“S&P”).

R E C I T A L S:

WHEREAS, Assignor
and S&P have entered into that certain ETF Master Agreement (the “Master Agreement”), and ETF License Number
1 and ETF License Number 2 thereto (each, an “ETF License”), each entered into as of October 1, 2013 between
Assignor and S&P (the Master Agreement and each ETF License, collectively, the “Index License Agreement”);
and

WHEREAS, Assignor
wishes to transfer and assign to Assignee all of Assignor’s rights, title, interest and powers in, to and under the Index
License Agreement, and Assignee wishes to accept such assignment and to assume any and all of Assignor’s duties, obligations,
liabilities and responsibilities under the Index License Agreement.

W I T N E S S E T H:

NOW, THEREFORE,
in consideration of the terms and conditions hereinafter set forth, the sufficiency of which consideration is hereby acknowledged,
the parties hereto agree as follows:

1.                 
Assignment. Assignor hereby transfers and assigns to Assignee all of Assignor’s rights, title, interest and
powers in, to and under the Index License Agreement.

2.                 
Acceptance and Assumption. Assignee hereby accepts the foregoing assignment by Assignor, assumes all of the duties,
obligations, liabilities and responsibilities of Assignor under the Index License Agreement and agrees to be bound by all of the
terms of the Index License Agreement.

3.                 
Release. Assignor is hereby released from all of its duties, obligations and responsibilities under the Index License
Agreement and, notwithstanding any provision thereof, following such release Assignor shall have no liability to any natural person,
partnership, limited liability company, trust (including a statutory trust), corporation, association or other entity under the
Index License Agreement, all such liability having been hereby assumed by Assignee.

4.                 
S&P Consent. S&P hereby acknowledges and consents to the foregoing assignment and release in accordance with
Section 21.2 of the Master Agreement.

    	***Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Securities and Exchange Commission.

    	 

    
5.                 
Counterparts. This Assignment may be executed in one or more facsimile or original counterparts, each of which when
executed and delivered shall be deemed an original and all of which together shall constitute one and the same instrument.

[Signature Page Follows]

    	2 

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IN WITNESS WHEREOF,
the parties have caused this Assignment and Assumption Agreement to be executed by their respective duly authorized officers as
of the date and year first set forth above.

ASSIGNOR:

aCCUSHARES
MANAGEMENT LLC

By:  /s/ Forrest G. Gilman                                     

Name: Forrest G. Gilman

Title: Vice President, Chief Financial Officer and Treasurer

ASSIGNEE:

ACCUSHARES
INVESTMENT MANAGEMENT, llc

By: /s/ Forrest G. Gilman                                      

Name: Forrest G. Gilman

Title: Vice President, Chief Financial Officer and Treasurer

RECEIPT
OF THE FOREGOING 

ASSIGNMENT AND ASSUMPTION 

AGREEMENT IS HEREBY 

ACKNOWLEDGED AND CONSENT 

THERETO IS HEREBY PROVIDED:

S&P Opco,
llc

By:  /s/ Bo Chung                             

Name:  Bo Chung                            

Title:  Managing Director                  

    	3 

*** Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Securities and Exchange Commission.

    	 

    

AMENDMENT TO ETF LICENSE NUMBER 1 &
ETF LICENSE NUMBER 2

 

This AMENDMENT (the “Amendment”),
entered into as of the 1st day of January, 2014 (the “Amendment Effective Date”), to the ETF License
Number 1 and ETF License Number 2, each entered into by and between AccuShares Management LLC and S&P Opco, LLC with a Commencement
Date of October 1, 2013, and each as assigned by AccuShares Management LLC to AccuShares Investment Management, LLC on December
16, 2013 (each individually an “ETF License” and collectively the “ETF Licenses”), is by
and between Accushares Investment Management, LLC, having a place of business at 1 Bridge Plaza North, Suite 468, Fort Lee, NJ
07024 (“LICENSEE”) and S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability
company, having a place of business at 55 Water Street, New York, NY 10041 (“S&P”). S&P and LICENSEE shall
be collectively known as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, the Parties
have entered into the ETF Licenses pursuant to the ETF Master Agreement with an Effective Date of October 1, 2013 between the Parties
(the “Master Agreement”); and,

 

WHEREAS, the ETF
Licenses incorporate the terms and conditions of the Master Agreement (collectively, the “Prior Agreement”); and,

 

WHEREAS, instead
of engaging a third party pricing agent to provide intraday indicative pricing for the LICENSEE ETFs as contemplated under Section
10.3 of the Master Agreement, LICENSEE is desirous to engage S&P in the calculation of the indicative optimized portfolio value
for each of the LICENSEE ETFs according to LICENSEE’s methodology (each an “IOPV” and collectively the “IOPVs”);
and,

 

WHEREAS, S&P
is desirous to calculate such IOPVs in exchange for the payment by LICENSEE of the fees set forth under this Amendment; and,

 

WHEREAS, the Parties
wish to amend the Prior Agreement as set forth below;

 

NOW, THEREFORE,
S&P and LICENSEE agree as follows:

 

1.        Capitalized terms used but not defined
herein shall have the meanings ascribed thereto in the Prior Agreement.

 

2.        The Term of this Amendment commences
on the Amendment Effective Date and shall continue in effect until the end of the Initial Term of each ETF License (the “Amendment
Initial Term”) and, following the Amendment Initial Term, shall automatically renew for successive [***Redacted] terms
(each a “Renewal Term”) (the Initial Term and Renewal Term(s), together the “Term”) unless
either party notifies the other in writing of its decision not to extend the term of this Amendment at least ninety (90) days prior
to the expiration of the Term then in effect.

 

3.        This Amendment shall automatically terminate
with respect to any LICENSEE ETF(s) in the event of a termination of the License(s) for the S&P Index or respective S&P
Indices tracked by such LICENSEE ETF(s),

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and S&P’s only liability under this
Amendment in the event of any such termination shall be a refund of any unused, prepaid fees under this Amendment.

 

4.        S&P shall calculate an IOPV for each
class of shares (each, a “Class”) of each LICENSEE ETF under the Prior Agreement according to the specifications
set forth in the attached and incorporated Appendix 1 (“Calculation Services”). LICENSEE shall be responsible for ensuring
that component data necessary to calculate the next business day’s IOPVs in possession of the custodian for the LICENSEE
ETFs (currently State Street Bank and Trust Company (“State Street”)) shall be provided to S&P at the close of
the previous business day. The component data shall be sent to S&P via email to an address provided by S&P. LICENSEE expressly
agrees and acknowledges that S&P will provide the IOPVs to those third party vendor(s) of S&P’s choice who have established
connections to S&P’s or its service facilitator’s computer facility allowing S&P to feed such real-time data
to such third party vendor(s) (“Real-time Vendor(s)”), and S&P shall make commercially reasonable efforts to ensure
that the IOPVs are further disseminated to and published on Reuters. In connection thereto, LICENSEE agrees and acknowledges that
S&P shall have no duty or obligation to control the Real-time Vendor(s)’ or their distributors’ use of the IOPVs
beyond the point of S&P’s or its service facilitator’s computer facility, including, without limitation, any Real-time
Vendor’s further distribution of the IOPVs to additional vendors beyond Reuters within its distribution network. LICENSEE
agrees and acknowledges that certain third party vendors charge S&P to distribute data on their platform and that such charges
may be passed through to LICENSEE if S&P distributes the IOPVs via such vendor at LICENSEE’s written direction. All distribution
and re-distribution of the IOPVs by Real-time Vendors and their distributors shall be subject to the terms and conditions of this
Amendment and the Prior Agreement, including, without limitation, Section 5 of this Amendment below and Section 18.1 of the Master
Agreement, as amended by this Amendment.

 

5.        LICENSEE expressly agrees that it shall
be bound by the following disclaimer and limitation of liability:

 

S&P, ITS AFFILIATES AND ALL OF THEIR THIRD-PARTY
LICENSORS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR USE, AS TO THE IOPVS INCLUDING CALCULATION OF THE IOPVS OR THE RESULTS OBTAINED BY THEIR
USE OR THE PERFORMANCE THEREOF. NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD-PARTY LICENSORS GUARANTEES THE ADEQUACY, ACCURACY,
TIMELINESS OR COMPLETENESS OF THE IOPVS OR ANY COMPONENT THEREOF, INCLUDING ANY UNDERLYING DATA USED TO CALCULATE THE IOPVS, OR
ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS), WITH RESPECT
THERETO. S&P, ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS,
OMISSIONS, INTERRUPTIONS OR DELAYS IN S&P’S CALCULATION OR DISSEMINATION OF THE IOPVS. THE IOPVS ARE PROVIDED ON AN “AS
IS” BASIS AND LICENSEE’S USE OF THE IOPVS ARE AT LICENSEE’S OWN RISK.

 

NOTWITHSTANDING ANYTHING TO THE CONTRARY IN
THIS AMENDMENT OR THE PRIOR AGREEMENT, IN NO EVENT WHATSOEVER SHALL S&P, ITS AFFILIATES OR THEIR THIRD-PARTY LICENSORS BE LIABLE
FOR ANY CLAIMS RELATING TO THE CALCULATION SERVICES FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING
BUT NOT LIMITED TO, LOSS OF PROFITS OR LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN

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ADVISED OF THE POSSIBILITY OF SUCH DAMAGES,
WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE. S&P, ITS AFFILIATES AND THEIR THIRD-PARTY
LICENSORS SHALL NOT BE LIABLE FOR ANY CLAIMS RELATING TO THE CALCULATION SERVICES AGAINST LICENSEE (OR ANY THIRD PARTY) BY THIRD
PARTIES.

 

In addition, as it relates to S&P only
and for purposes of the Calculation Services only, all references to the “ETF License” under Section 19 of the Master
Agreement shall be amended to include the Calculation Services.

 

6.        For purposes of this Amendment, Section
18.1 of the Master Agreement shall be amended to add the following as an additional subsection (v) to Section 2 thereof: “(v)
the IOPVs”.

 

7.        In consideration of the Calculation Services,
LICENSEE shall pay to S&P an annual fee of (a) [***Redacted] for the Initial Term and (b) [***Redacted] for each Renewal Term
(each such fee, an “Annual Calc Fee”). An Annual Calc Fee shall be due as of the Amendment Effective Date and each
anniversary thereof. All Fees shall be payable within thirty (30) days of the date of the applicable S&P invoice.

 

8.        In the event of any conflict between
the terms and conditions of this Amendment and the terms and conditions of the Prior Agreement, the terms and conditions of this
Amendment shall prevail.

 

9.        Except as expressly modified hereby,
all other provisions in the Prior Agreement shall continue in full force and effect.

 

IN WITNESS WHEREOF, the Parties have caused
this Amendment to be executed as of the date first set forth above.

 

AccuShares Investment Management, LLCS&P
Opco, LLC

 

 

	AccuShares Investment Management, LLC	 	S&P Opco, LLC
	 	 	 	 	 
	 	 	 	 	 
	BY:	/s/ Forrest G. Gilman	 	BY:	/s/ Bo Chung
	 	    (Signature)	 	 	    (Signature)
	 	 	 	 	 
	NAME:	Forrest G. Gilman 	 	NAME:	Bo Chung 
	 	(Print Name)	 	 	(Print Name)
	 	 	 	 	 
	 	Vice President,	 	 	 
	TITLE:	Chief Financial Officer and Treasurer 	 	TITLE:	Managing Director 
	 	 	 	 	 
	DATE:	January 1, 2014 	 	DATE:	January 1, 2014 

 

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Appendix 1

 

Specifications

 

 

Description of the LICENSEE ETFs

 

Each LICENSEE ETF tracks its underlying S&P
Index’s changes without the need to hold any securities, commodities, futures or other financial instruments relating to
its underlying S&P Index or the assets referenced by the underlying S&P Index. Instead, each LICENSEE ETF is expressly
limited to holding only: cash; bills, bonds and notes issued and guaranteed by the United States Treasury with remaining maturities
of three months or less (“eligible Treasuries”); and over-night repurchase agreements collateralized by United States
Treasury securities (“eligible repos”, and together with the cash and eligible Treasuries, “Eligible Assets”).

 

Unlike other exchange traded products, each
LICENSEE ETF will engage principally in cash distributions and potentially paired share distributions to deliver to shareholders
the economic exposure to the LICENSEE ETF’s underlying S&P Index. Each LICENSEE ETF will issue its shares in offsetting
pairs, where one constituent of the pair is positively linked to the LICENSEE ETF’s underlying S&P Index (“Up Shares”)
and the other constituent is negatively linked to the LICENSEE ETF’s underlying S&P Index (“Down Shares”).
Therefore, each LICENSEE ETF will only issue, distribute, maintain and redeem equal quantities of Up and Down Shares at all times.
Once issued and before any redemption, Up Shares and Down Shares will trade separately without restriction on the NASDAQ OMX

 

The custodian will daily determine the liquidation
value of a LICENSEE ETF attributable to each of its Classes (“Class Value”), which liquidation value is based on the
value of the LICENSEE ETF’s Eligible Assets attributable to such Class, (a) plus any accrued income or gains or losses on
such assets attributable to such Class (“Investment Income”), (b) less all fees, expenses and taxes attributable to
such Class not otherwise assumed by the Licensee ETF’s sponsor (the “Sponsor”), where such income and gains after
deduction of such fees, expenses and taxes is referred to as the Class’ “Net Investment Income.” Investment Income
with respect to a Class will be adjusted during any creation or redemption order settlement period for any increases or decreases
in value of a LICENSEE ETF’s assets attributable to such Class resulting from such order. The Net Investment Income and Investment
Income can be positive or negative.

 

At the inception of operations of each LICENSEE
ETF, the Sponsor will establish the level at which each Class of the LICENSEE ETF will participate in the LICENSEE ETF’s
underlying S&P Index. Thereafter, the custodian will daily allocate among each LICENSEE ETF’s Up Shares and Down Shares
their respective Class Values where the Class Value for each Class of a LICENSEE ETF is shared equally among the outstanding shares
of such Class. This daily allocation of Class Values results in the “Class Value per Share” for each Up Share and each
Down Share of the LICENSEE ETF. Most important for the calculation of a LICENSEE ETF’s Class Values per Share – one
for the Up Shares and one for the Down Shares – is the determination of the Class Value of each Class of a LICENSEE ETF,
which is based on changes in the level of the underlying S&P Index from the previous calculation date and, in the case of the
AccuShares Spot CBOE VIX Fund (the “VIX Fund”), the VIX Fund Daily Amount (as defined in the Amended and Restated Trust
Agreement by AccuShares Management LLC, as sponsor, and Wilmington Trust, N.A., as trustee, as assigned by AccuShares Management
LLC to LICENSEE on December 16, 2013, and as amended from time to time (the “Trust Agreement”)). Consequently, the
Class Value per Share of a Class of a LICENSEE ETF is such Class’ allocation per share of the LICENSEE ETF’s liquidation
value reflecting changes in the LICENSEE ETF’s underlying S&P Index in accordance with the linkage – positive or
negative – such Class has to the underlying S&P Index and, in the case of the VIX Fund, the VIX Fund Daily Amount. Class
Values and Class Values per Share will be posted to the Sponsor’s website (www.AccuShares.com).

 

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IOPV Description 

The following language is a description of
what will be disclosed to investors regarding IOPV calculations:

The IOPV-UP is an indicator of the value of
an Up Share’s Class Value per Share at the time the IOPV-UP is disseminated. The IOPV-UP is calculated and disseminated every
15 seconds throughout the business day. The IOPV-UP is generally calculated using the prior business day’s closing Class
Value per Share of an Up Share as a base and updating throughout the business day based on changes in either the value of the underlying
S&P Index or the value of an equivalent front-futures contract price if S&P and its Affiliates have failed to publish such
S&P Index value. The IOPV-UP of each LICENSEE ETF on any given day will not include any accrual of that day’s Net Investment
Income and, in the case of the VIX Fund, that day’s VIX Fund Daily Amount.

The IOPV-DOWN is an indicator of the value
of a Down Share’s Class Value per Share at the time the IOPV-DOWN is disseminated. The IOPV-DOWN is calculated and disseminated
every 15 seconds throughout the business day. The IOPV-DOWN is generally calculated using the prior business day’s closing
Class Value per Share of a Down Share as a base and updating throughout the business day based on changes in either the value of
the underlying S&P Index or the value of an equivalent front-futures contract price if S&P and its Affiliates have failed
to publish such S&P Index value. The IOPV-DOWN of each LICENSEE ETF on any given day will not include any accrual of that day’s
Net Investment Income and, in the case of the VIX Fund, that day’s VIX Fund Daily Amount.

 

Calculation Methodology

For purposes of this section only, capitalized
terms used but not defined in this Amendment or in the Prior Agreement shall have the meanings ascribed thereto in the Trust Agreement.
The Class Value per Share of each Class of each LICENSEE ETF shall be calculated in accordance with the following formulas:

(i)          The Class Value per Share for the Up
Shares of each LICENSEE ETF, other than the VIX Fund, at any time is determined as follows:

UPt = UPt-1 + UPSIFt x (UILt – UILt-1)
+ UPNIAt

(ii)         The Class Value per Share for the AccuShares
Spot CBOE VIX Up Shares will be determined at any time as follows:

UPt = UPt-1 + UPSIFt x (UILt – UILt-1)
+ UPNIAt – DAt

(iii)        The Class Value per Share for the
Down Shares of each LICENSEE ETF, other than the VIX Fund, at any time is determined as follows:

DNt = DNt-1 + DNSIFt x (UILt – UILt-1)
+ DNNIAt

(iv)        The Class Value per Share for the AccuShares
Spot CBOE VIX Down Shares at any time is determined as follows:

DNt = DNt-1 + DNSIFt x (UILt – UILt-1)
+ DNNIAt+ DAt

Where

“UIL” means, with respect to any
LICENSEE ETF, the level of such LICENSEE ETF’s underlying S&P Index, subject to the Class Value per Share Limitation.

“Up Share Index Factor” or “UPSIF”
means, with respect to any LICENSEE ETF, the Share Index Factor of such LICENSEE ETF’s Up Shares.

“UPNIA” means, with respect to
any LICENSEE ETF, the accrued Net Investment Income per Share attributable to each of such LICENSEE ETF’s Up Shares since
the Prior Distribution Date.

“Down Share Index Factor” or “DNSIF”
means, with respect to any LICENSEE ETF, the Share Index Factor of such LICENSEE ETF’s Down Shares.

“DNNIA” means, with respect to
any LICENSEE ETF, the accrued Net Investment Income per Share attributable to each of such LICENSEE ETF’s Down Shares since
the Prior Distribution Date.

“DAt” means
the accumulated VIX Fund Daily Amounts since the Prior Distribution Date.

“Share Index Factor” means, with
respect to any Class of a LICENSEE ETF, as of any date of determination, the fixed linear relationship of the Class Value of such
Class with such LICENSEE ETF’s underlying S&P Index.

“t” means the time of the related
determination.

“t-1” means the time of the related
determination as of the Prior Distribution Date.

 

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Actual Calculations

When calculating the IOPV of either Class of
a LICENSEE ETF, the above formulas would apply as well. Each of the components listed above would be provided to SPDJI from State
Street as the fund custodian at the close of the previous business day. The only variable that would be changing during each business
day would be the UILt. As shown in Exhibit 1, all of the S&P Indices are SPDJI indices with the exception of the CBOE Volatility
Index.

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Exhibit 1

 

LICENSEE ETFs and Indices

 

	LICENSEE ETFs	Indices
	 	 
	AccuShares S&P GSCI Spot Fund	S&P GSCI Spot 
	 	 
	AccuShares S&P GSCI Agriculture and	S&P GSCI Agriculture and Livestock Spot
	Livestock Spot Fund	 
	 	 
	AccuShares S&P GSCI Industrial Metals Spot Fund	S&P GSCI Industrial Metals Spot
	 	 
	AccuShares S&P GSCI Crude Oil Spot Fund	S&P GSCI Crude Oil Spot
	 	 
	AccuShares S&P GSCI Brent Oil Spot Fund	S&P GSCI Brent Crude Spot
	 	 
	AccuShares S&P GSCI Natural Gas Spot Fund	S&P GSCI Natural Gas Spot
	 	 
	AccuShares Spot CBOE VIX Fund	CBOE Volatility Index 

 

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Exhibit 2

 

Tickers

 

	AccuShares S&P GSCI Spot Up Shares	GSCU
	AccuShares S&P GSCI Spot Down Shares	GSCD
	AccuShares S&P GSCI Agriculture and	AGUP 
	Livestock Spot Up Shares	 
	AccuShares S&P GSCI Agriculture and	AGDN 
	Livestock Spot Down Shares	 
	AccuShares S&P GSCI Industrial Metals	MTLU
	Spot Up Shares	 
	AccuShares S&P GSCI Industrial Metals	MTLD
	Spot Down Shares	 
	AccuShares S&P GSCI Crude Oil Spot Up Shares	SPTU
	AccuShares S&P GSCI Crude Oil Spot Down Shares	SPTD
	AccuShares S&P GSCI Brent Oil Spot Up Shares	BRTU
	AccuShares S&P GSCI Brent Oil Spot Down Shares	BRTD
	AccuShares S&P GSCI Natural Gas Spot Up Shares	NGUP
	AccuShares S&P GSCI Natural Gas Spot Down Shares	NGDN
	AccuShares Spot CBOE VIX Up Shares	VXUP
	AccuShares Spot CBOE VIX Down Shares	VXDN

 

 

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AMENDMENT NO. 2 TO ETF LICENSE NUMBER
1 & ETF LICENSE NUMBER 2

 

This AMENDMENT NO. 2 (“Amendment
No. 2”), entered into as of the 1st day of January, 2015 (the “Amendment No. 2 Effective Date”),
to the ETF License Number 1 and ETF License Number 2 (each as amended by the Amendment entered into as of January 1, 2014 (“Amendment
No. 1”)) each entered into by and between AccuShares Investment Management, LLC (as successor-in-interest to AccuShares
Management LLC) and S&P Opco, LLC with Commencement Dates of October 1, 2013 (each individually an “ETF License”
and collectively the “ETF Licenses”), is by and between Accushares Investment Management, LLC, having a place
of business at 300 First Stamford Place, 4th Floor East, Stamford, CT 06902 (“LICENSEE”) and S&P Opco, LLC
(a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability company, having a place of business at 55 Water Street,
New York, NY 10041 (“S&P”). S&P and LICENSEE shall be collectively known as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, the Parties
have entered into the ETF Licenses pursuant to the ETF Master Agreement with an Effective Date of October 1, 2013 between the Parties
(the “Master Agreement”); and,

 

WHEREAS, the ETF
Licenses incorporate the terms and conditions of the Master Agreement (collectively, the “Prior Agreement”);
and,

 

WHEREAS, under the
Prior Agreement, LICENSEE engaged S&P to calculate the indicative optimized portfolio value for each of the LICENSEE ETFs according
to LICENSEE’s methodology (each an “IOPV” and collectively the “IOPVs”); and,

 

WHEREAS, S&P
has yet to commence calculation of such IOPVs and has not billed LICENSEE for any such services as of the Amendment No. 2 Effective
Date; and,

 

WHEREAS, the Parties
wish to amend the Prior Agreement as set forth below;

 

NOW, THEREFORE,
S&P and LICENSEE agree as follows:

 

1.                 
Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Prior Agreement.

 

2.                 
The Term of this Amendment No. 2 commences on the Amendment No. 2 Effective Date and shall continue in effect co-terminous
with Amendment No. 1.

 

3.                 
Notwithstanding anything to the contrary in the Prior Agreement, the Parties agree that the Calculation Services shall commence
on a per Class basis upon delivery to S&P of the component data necessary to fulfill such Calculation Services with respect
to the applicable Class.

 

4.                 
Section 7 of Amendment No. 1 shall be deleted in its entirety and replaced with the following:

 

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“In consideration of the Calculation
Services, LICENSEE shall pay to S&P an annual fee of [***Redacted] for each Class (the “Annual Calc Fee”).
The Annual Calc Fee shall be due as of the commencement of the Calculation Services for such Class and, in the event the Calculation
Services are commenced mid-Term, shall be pro-rated for the remainder of the Term then in effect. Thereafter, the Annual Calc Fee
for each Class for which IOPV is being calculated as of the commencement of any Renewal Term shall be due in advance of such Renewal
Term and each anniversary thereof. In addition, upon commencement of Calculation Services with respect to the first Class, a one-time
initial set-up fee of [***Redacted] shall be due S&P from Licensee (the “One-time Fee” and together with
the Annual Calc Fee, collectively, the “Calculation Fees”). All Calculation Fees shall be payable within thirty
(30) days of the date of the applicable S&P invoice.

 

8.         In the event of any conflict between
the terms and conditions of this Amendment No. 2 and the terms and conditions of the Prior Agreement, the terms and conditions
of this Amendment No. 2 shall prevail.

 

9.         Except as expressly modified hereby,
all other provisions in the Prior Agreement shall continue in full force and effect.

 

IN WITNESS WHEREOF, the Parties have caused
this Amendment No. 2 to be executed as of the date first set forth above.

 

 

	AccuShares Investment Management, LLC	 	S&P Opco, LLC
	 	 	 
	 	 	 	 	 
	BY:	/s/ Forrest G. Gilman	 	BY:	/s/ Bo Chung
	 	(Signature)	 	 	(Signature)
	 	 	 	 	 

 

	NAME: 	Forrest G. Gilman	 	NAME: 	Bo Chung
	 	(Print
Name)	 	 	(Print
Name)
	 	 	 	 	 
	 	Vice President,	 	 	 
	TITLE:	Chief Financial Officer and Treasurer	 	TITLE:	Managing Director
	 	 	 	 	 
	DATE:	January 1, 2015	 	DATE:	February 5, 2015

 

 

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AMENDMENT NO. 3 TO ETF LICENSE NUMBER
1

 

This AMENDMENT NO. 3 (“Amendment
No. 3”), dated as of April 2, 2015 and effective as of October 1, 2014 (the “Amendment No. 3 Effective Date”),
to the ETF License Number 1 with a Commencement Date of October 1, 2013 (“ETF License 1”) (as amended by the
Amendment entered into as of January 1, 2014 (“Amendment No. 1”) and the Amendment No. 2 entered into as of
January 1, 2015 (“Amendment No. 2”)) entered into by and between AccuShares Investment Management, LLC (as successor-in-interest
to AccuShares Management LLC) and S&P Opco, LLC, is by and between Accushares Investment Management, LLC, having a place of
business at 300 First Stamford Place, 4th Floor East, Stamford, CT 06902 (“LICENSEE”) and S&P Opco, LLC
(a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability company, having a place of business at 55 Water Street,
New York, NY 10041 (“S&P”). S&P and LICENSEE shall be collectively known as the “Parties”.
The ETF License 1 as amended by Amendment No. 1 and Amendment No. 2 shall be referred to hereinafter collectively as the “Prior
ETF License”.

 

W I T N E S S E T H:

 

WHEREAS, the Parties
have entered into the Prior ETF License pursuant to the ETF Master Agreement with an Effective Date of October 1, 2013 between
the Parties (the “Master Agreement”); and,

 

WHEREAS, the Prior
ETF License incorporates the terms and conditions of the Master Agreement (collectively, the “Prior Agreement”);
and,

 

WHEREAS, under the
Prior Agreement, S&P granted LICENSEE an exclusive license for use of the S&P Index for the LICENSEE ETF for a period of
twelve (12) months; and,

 

WHEREAS, Licensee
has yet to issue and/or List any LICENSEE ETF and desires to extend the exclusivity under the Prior Agreement; and,

 

WHEREAS, S&P
is willing to extend the exclusivity under the terms of this Amendment No. 3; and,

 

WHEREAS, the Parties
wish to amend the Prior Agreement as set forth below;

 

NOW, THEREFORE,
S&P and LICENSEE agree as follows:

 

1.                 
Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Prior Agreement.

 

2.                 
The Term of this Amendment No. 3 commences on the Amendment No. 3 Effective Date and shall continue in effect co-terminous
with the ETF License 1.

 

3.                 
Paragraph G of the ETF License 1 is hereby deleted in its entirety and replaced with the following:

 

“Paragraph G –
Exclusivity.

 

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1.The License shall be exclusive
with respect to the S&P Index set forth in Paragraph D for a period commencing as of the Commencement Date of this ETF License
1 and ending [***Redacted] after the Launch Date of the first LICENSEE ETF based on such S&P Index and conforming to the ETF
Type designated in Paragraph E2 that is Listed on an Organized Securities Market in the Territory provided that this License and
such exclusivity can still be terminated earlier pursuant to Section 7, 8 or 9 of the Master Agreement (the “Exclusivity
Period”).

 

2.The Exclusivity Period shall
end automatically at the end thereof (if not terminated earlier in accordance with the terms of the Prior Agreement) and the License
granted to LICENSEE hereunder with respect to the S&P Index shall then become non-exclusive for the duration of the Term of
the Prior ETF License.

 

3.Subject to the terms and conditions
of the Master Agreement, during the Exclusivity Period, S&P shall not license the S&P Index listed in Paragraph D to any
third party for the purpose of allowing such third party to establish, organize, structure, sponsor, operate, List and manage,
in the Territory, an ETF Tracking such S&P Index and corresponding to the ETF Type designated in Paragraph E2.”

 

4.                 
Paragraph J1 of the ETF License 1 is hereby deleted in its entirety and replaced with the following:

 

“Paragraph
J1 – Target Launch Date: [***Redacted].”

 

8.          In the event of any conflict between
the terms and conditions of this Amendment No. 3 and the terms and conditions of the Prior Agreement, the terms and conditions
of this Amendment No. 3 shall prevail.

 

9.          Except as expressly modified hereby,
all other provisions in the Prior Agreement shall continue in full force and effect.

 

 

 

[Remainder of This Page Intentionally Left
Blank; Signature Page Follows]

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IN WITNESS WHEREOF, the Parties have caused
this Amendment No. 3 to be executed as of the date first set forth above.

 

	AccuShares Investment Management, LLC	 	S&P Opco, LLC
	 	 	 
	 	 	 	 	 
	BY:	/s/ Forrest G. Gilman	 	BY:	/s/ John Connolly
	 	(Signature)	 	 	(Signature)
	 	 	 	 	 

 

	NAME: 	Forrest G. Gilman	 	NAME: 	John
Connolly
	 	(Print
Name)	 	 	(Print
Name)
	 	 	 	 	 
	 	Vice President,	 	 	 
	TITLE:	Chief Financial Officer and Treasurer	 	TITLE:	Senior Director of Finance
	 	 	 	 	 
	DATE:	April 2, 2015	 	DATE:	April 3, 2015

 

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AMENDMENT
NO. 4 TO ETF LICENSE NUMBER 1 & 

AMENDMENT NO. 3 TO ETF LICENSE NUMBER 2

 

This AMENDMENT NO. 4 to
the ETF License Number 1 (“ETF License 1”) and AMENDMENT NO. 3 to the ETF License Number 2 (collectively, “Amendment
Nos. 3 and 4”), each entered into by and between AccuShares Investment Management, LLC (as successor-in-interest to AccuShares
Management LLC), having a place of business at 300 First Stamford Place, 4th Floor East, Stamford, CT 06902 (“LICENSEE”),
and S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability company, having a place of
business at 55 Water Street, New York, NY 10041 (“S&P”), with Commencement Dates of October 1, 2013 (each
individually an “ETF License” and collectively the “ETF Licenses”), is entered into as of
April 2, 2015 (the “Amendment Nos. 3 and 4 Effective Date”) by and between LICENSEE and S&P. S&P and
LICENSEE shall be collectively known as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, the Parties
have entered into the ETF Licenses pursuant to the ETF Master Agreement with an Effective Date of October 1, 2013 between the Parties
(the “Master Agreement”); and,

 

WHEREAS, each ETF
License has previously been amended by the Amendment to ETF License Number 1 & ETF License Number 2 entered into as of January
1, 2014 (“Amendment No. 1”) and Amendment No. 2 to ETF License Number 1 & ETF License Number 2 entered into
as of January 1, 2015 (“Amendment No. 2”); and,

 

WHEREAS, as of the
same date hereof, ETF License 1 is being further amended by an Amendment No. 3 (“Amendment No. 3”); and,

 

WHEREAS, the ETF
Licenses, as amended by Amendment No. 1 and Amendment No. 2 (and, in the case of ETF License 1, Amendment No. 3) shall be referred
to hereinafter collectively as the “Prior ETF Licenses”; and,

 

WHEREAS, the Prior
ETF Licenses incorporate the terms and conditions of the Master Agreement (collectively, the “Prior Agreement”);
and,

 

WHEREAS, the Parties
wish to amend the Prior Agreement as set forth below;

 

NOW, THEREFORE,
S&P and LICENSEE agree as follows:

 

1.                 
Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Prior Agreement.

 

2.                 
The Term of Amendment Nos. 3 and 4 commences on the Amendment Nos. 3 and 4 Effective Date and shall continue in effect with
respect to the applicable ETF License co-terminous with such ETF License.

 

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3.                 
S&P shall include the value of the S&P Index Tracked by a LICENSEE ETF on its data feed that is disseminated to
one or more financial data distribution platforms, such as those services offered by Thomson Reuters, and/or publish such S&P
Index on S&P’s own website, on a continuous basis during the LICENSEE ETF Shares trading hours for so long as any of
such LICENSEE ETF Shares remain Listed for trading.

4.                 
In the event of any conflict between the terms and conditions of Amendment Nos. 3 and 4 and the terms and conditions of
the Prior Agreement, the terms and conditions of Amendment Nos. 3 and 4 shall prevail.

 

5.                 
Except as expressly modified hereby, all other provisions in the Prior Agreement shall continue in full force and effect.

 

 

 

 

[Remainder of This Page Intentionally Left
Blank; Signature Page Follows]

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*** Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Securities and Exchange Commission.

    	 

    

IN WITNESS WHEREOF, the Parties have caused
Amendment Nos. 3 and 4 to be executed as of the date first set forth above.

 

	AccuShares Investment Management, LLC	 	S&P Opco, LLC
	 	 	 
	 	 	 	 	 
	BY:	/s/ Forrest G. Gilman	 	BY:	/s/ John Connolly
	 	(Signature)	 	 	(Signature)
	 	 	 	 	 

 

	NAME: 	Forrest G. Gilman	 	NAME: 	John
Connolly
	 	(Print
Name)	 	 	(Print
Name)
	 	 	 	 	 
	 	Vice President,	 	 	 
	TITLE:	Chief Financial Officer and Treasurer	 	TITLE:	Senior Director of Finance
	 	 	 	 	 
	DATE:	April 2, 2015	 	DATE:	April 3, 2015

 

 

    	Page 3 of 3

*** Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Securities and Exchange Commission.kbio_Ex101

		

			CONFIDENTIAL TREATMENT REQUESTED

		

		
			TERMINATION AGREEMENT
		

		
			 
		

		
			This Termin CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.ation Agreement (the “Termination Agreement”) is made effective as of July 24, 2014 (the “Termination Agreement Effective Date”) between KaloBios Pharmaceuticals,  Inc., a Delaware corporation, with its principal place of business at 442 Littlefield Ave., South San Francisco, California, U.S.A. 94080 (“KaloBios”), and Sanofi Pasteur S.A., a company organized and existing under the laws of the Republic of France, having offices located at 2, avenue Pont Pasteur, 69007 Lyon, France (“Sanofi”).  KaloBios and Sanofi are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 
		

		
			 
		

		
			RECITALS
		

		
			WHEREAS, Sanofi and KaloBios entered into a Development, Commercialization Collaboration and License Agreement effective as of January 8, 2010, which was amended by Amendment No. 1 made effective January 1, 2012, and by Amendment No. 2 made effective July 1, 2012, (collectively the “Agreement”) pursuant to which the Parties agreed to collaborate to develop products to treat or prevent Pseudomonas aeruginosa infections and related indications, including ventilator associated pneumonia, cystic fibrosis, and bronchiectasis; and 
		

		
			WHEREAS, Sanofi has determined that it desires to terminate the Agreement at will, as it is entitled to do under Section 13.3 of the Agreement; and
		

		
			WHEREAS, the Parties desire to confirm and agree on certain aspects of the termination of the Agreement as set forth below.
		

		
			NOW THEREFORE, in consideration of the foregoing premises and the mutual promises, covenants and conditions contained in this Termination Agreement, the Parties agree as follows:
		

		
			 
		

		
			ARTICLE 1
		

		
			DEFINITIONS
		

		
			The following terms shall have the meanings provided, whether in the singular or plural form.  Capitalized terms not defined below shall have the meanings given in the Agreement. In the event of any inconsistency between any terms defined in this Termination Agreement and those defined in the Agreement, the terms set out in this Termination Agreement shall prevail and govern.
		

		
			1.1“Collaboration Term”  refers to that period of time beginning on January 8, 2010 and ending on the Termination Agreement Effective Date.
		

		
			1.2“Field” means the diagnosis, treatment and/or prophylaxis of all human diseases and conditions caused by Pseudomonas aeruginosa or otherwise associated with Pseudomonas aeruginosa infections.
		

		
			1.3“First Commercial Sale” means the first sale to a Third Party of a Licensed Product by KaloBios (including its Affiliates and any successor(s)), or its licensees or sub-licensees or any of their respective agents or distributors, in a given regulatory jurisdiction after Regulatory Approval has been obtained in such jurisdiction.
		

		
			1.4“KaloBios Field”  means the diagnosis, treatment and/or prophylaxis of Pseudomonas aeruginosa in patients with either Cystic Fibrosis or Bronchiectasis. 
		

		
			 
		

		 

		

			CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.

		

 

		

			CONFIDENTIAL TREATMENT REQUESTED

		

		
			 
		

		
			1.5“KaloBios Know-How” means all Know-How that is Controlled by KaloBios or its Affiliates, which is necessary for the Development, manufacture and/or Commercialization of a Licensed Product.  
		

		
			1.6“KaloBios Patent” means any Patent that (a) is Controlled by KaloBios or its Affiliates and (b) claims the composition of matter, manufacture or use of a Licensed Product, which would be infringed by the manufacture, use or sale of such Licensed Product by a Third Party.  KaloBios Patents existing as of the Termination Agreement Effective Date are set forth on Exhibit B to be incorporated by reference. 
		

		
			1.7“Licensed Product” means any Antibody incorporating any KaloBios Technology that (a) has been raised, engineered or otherwise targeted or optimized to bind specifically and directly to PcrV (whether exclusively or in addition to any other target such Antibody may modulate) and (b) competes for binding to PcrV with a naturally occurring receptor of PcrV, or, once bound to the PcrV, exhibits antagonistic activity against PcrV, agonist activity against PcrV, ADCC (antibody dependent cellular cytotoxity) and/or other [***], including [***] KB001, KB001-A or another anti-Pa Antibody targeting PcrV.  
		

		
			1.8“Net Sales” means the gross amount invoiced by KaloBios (including its Affiliates and any successor(s)), or its licensees, sub-licensees, or any of their respective agents or  distributors on account of sales of Licensed Product to Third Parties (including without limitation Third Party distributors and wholesalers), less the total of each of the following, in each case to the extent actually incurred or allowed and not already deducted, credited or otherwise reflected in the amount invoiced:
		

		
			(a)trade, cash and/or quantity discounts, credits, allowances, rebates and returns (including, but not limited to, wholesaler and retailer returns);
		

		
			(b)excise, sales and other consumption taxes and customs duties and other compulsory payments made to government authorities to the extent included in the invoice price;
		

		
			(c)amounts repaid or credited by reason of rejections, defects, recalls or returns or because of charge-backs, retroactive price reductions, refunds or billing errors; and 
		

		
			(d)sales commissions actually paid to any Third Party and non-employee wholesalers and distributors.
		

		
			Each of the deductions set forth above shall be reasonable and customary, and shall be determined on an accrual basis in accordance with applicable generally acceptable accounting standards or US GAAP, consistently applied and as applicable to the booking of such sales for a particular country.
		

		
			1.9“[***] Milestones” shall have the meaning given in Section [***] below.
		

		
			1.10“Royalty Cap” means Forty Million United States Dollars (US$40,000,000).
		

		
			1.11“Royalties” shall have the meaning given in Section 3.1(a) below.
		

		
			1.12“Sanofi Field” means the Field, but excluding the KaloBios Field.
		

		
			1.13“Sanofi Know-How” means all Know-How that is Controlled by Sanofi or its Affiliates as of the Termination Agreement Effective Date and is necessary for the Development, manufacture and/or Commercialization of a Licensed Product.  
		

		 

		

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			1.14“Sanofi Patent” means any Patent that (a) is Controlled by Sanofi or its Affiliates as of the Termination Agreement Effective Date (including Sanofi’s interest in any Joint Patents), and (B) claims the composition of matter, manufacture or use of a Licensed Product.  
		

		
			1.15“Sanofi Technology” means the Sanofi Patents and Sanofi Know-How. 
		

		
			1.16“Sublicense[***] Cap” means Forty Million United States Dollars (US$40,000,000).
		

		
			1.17“Sublicense Revenue” shall have the meaning given in Section 3.2 below. 
		

		
			1.18“Successful Completion” shall have the meaning given in Section 3.3 below.
		

		
			1.19“Third Party Agreements” means any or all agreements between Sanofi, its Affiliates and Third Parties, relating solely to the Development, manufacture or Commercialization of Licensed Products as listed in Exhibit A attached hereto.
		

		
			1.20“Transition Completion Date” [***]
		

		
			 
		

		
			ARTICLE 2
		

		
			TERMINATION; TIMING; EFFECT
		

		
			2.1Termination. Pursuant to Section 13.3 of the Agreement, Sanofi hereby notifies KaloBios that it is terminating the Agreement at will. The Parties agree that the effective date of such termination shall be the Termination Agreement Effective Date, as stated on the first page hereof, and KaloBios hereby waives any further notice of such termination. 
		

		
			2.2Consequences of Termination By Sanofi.  The Parties intend and agree that Section 13.4 and 13.9 of the Agreement are superseded in their entirety by Sections 2.2 and 2.3 hereof. The Parties further agree to use reasonable efforts to accomplish the transitions called for in this Section 2.2 and elsewhere in this Termination Agreement as soon as reasonably possible, but in any event by the Transition Completion Date. 
		

		
			(a)Regulatory Filings; Data.  Sanofi shall transfer, assign or otherwise make available to KaloBios all Regulatory Filings, Regulatory Approvals, and related preclinical, analytical,  and clinical data and all Materials generated by or on behalf of Sanofi, its Affiliates (or its licensees and sublicensees) developed pursuant to the Agreement during the Collaboration Term and, in the case of the license to Sanofi Technology granted to KaloBios under subsection (e) below, necessary for the Development, manufacture and/or Commercialization of Licensed Products throughout the Territory. Sanofi agrees that it will, effective as of the date hereof, begin to transfer, assign or otherwise make available to KaloBios  that specific data and Materials required to be transferred, assigned or otherwise made available to KaloBios under  this Section 2.2(a) of this Termination Agreement and otherwise as agreed by the Parties through the transition process. Sanofi will prepare and provide as soon as practical following the Termination Agreement Effective Date, a complete list of such data and Materials by the Transition Completion Date, which list shall be incorporated by reference herein. Sanofi shall expressly indicate on the lists it provides to KaloBios which information and/or materials are assigned to KaloBios (i.e. the ownership is transferred and Sanofi will no longer utilize) and which information and/or materials are made available to KaloBios (i.e. the ownership in which is retained by Sanofi, but KaloBios may use for Development and Commercialization of Licensed Product in accordance with this Termination Agreement).  KaloBios agrees that Sanofi (i) shall provide, on request, copies of records, data and materials supporting summaries or slides previously provided, but (ii) shall have 
		

		 

		

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		no obligation to transfer any original records, data and materials already delivered to KaloBios during the Collaboration Term. 
		

		
			(b)Manufacturing Process.  Sanofi shall make available, through the non-exclusive license granted to KaloBios pursuant to section 2.2(e) below,  the manufacturing process for the Licensed Products to KaloBios or its designee (which will be designated as soon as reasonably practical but in no event later than the Transition Completion Date). The Parties will develop and agree on a written technology transfer plan, with scope, deliverables and timelines. For greater certainty, the term “technology transfer” as used herein means a transfer of documents and Materials and does not include hands-on training or assistance other than being reasonably available to respond to questions. Further, Sanofi shall indicate which information and/or Materials are assigned to KaloBios and which information and/or Materials may be accessed by KaloBios through the non-exclusive license granted to it pursuant to section 2.2(e) below. The Parties agree that they will begin the manufacturing process technology transfer called for under this Section 2.2(b)  immediately following the Termination Agreement Effective Date, such transfer to be completed by the Transition Completion Date [***].  For greater certainty, Sanofi shall have no obligation to transfer any information regarding the manufacturing process that Sanofi was granted access to under any agreement with [***].  
		

		
			(c)Third Party Agreements.  Sanofi shall, at the request of KaloBios, assign to KaloBios any or all Third Party Agreements, to the extent permissible under the terms of such agreements. Sanofi represents and warrants that attached hereto as Exhibit A is an initial list of all Third Party Agreements, for KaloBios review and decision on whether to accept assignment of one or more of those Third Party Agreements, to the extent permissible under the respective Third Party Agreement. Sanofi will provide an update to Exhibit A, if any, by the Transition Completion Date. Upon receiving any necessary consent to do so, Sanofi will provide KaloBios with copies of all such Third Party Agreements. For greater certainty, KaloBios acknowledges that it will not receive copies of any such agreements until the Third Party in question has consented to such disclosure if required under the terms of the applicable agreement. Sanofi will take reasonable steps to provide or pass through any services to KaloBios under Third Party Agreements, consistent with their terms, until any requested consent to assignment has been received or a new, direct agreement with KaloBios is in place; provided however that KaloBios shall reimburse Sanofi for the cost of any such Third Party services engaged on their behalf and approved in advance by KaloBios for services during the period beginning on the Termination Agreement Effective Date and ending on the Transition Completion Date. 
		

		
			(d)Marks; Other Intellectual Property. As of the Termination Agreement Effective Date, Sanofi represents and warrants that there are no Marks relating solely to Licensed Products existing and available to transfer to KaloBios. 
		

		
			(e)Sanofi License.  Sanofi hereby grants to KaloBios, effective on the Termination Agreement Effective Date, a [***] license under Sanofi Technology to Develop, make, have made, use, sell, offer for sale, have sold, import and otherwise Commercialize Licensed Products in the Sanofi Field or in the KaloBios Field, as the case may be, in the Territory.  The Parties agree and acknowledge that the economic terms of the license provided under this Subsection 2.2(e) are provided for in Article 3 of this Termination Agreement.
		

		
			(f)Interim Supply.     The Parties agree that any inventories of KB001-A and/or [***] (as defined in the Agreement) in Sanofi’s or its Affiliates or subcontractors’ possession are hereby assigned to KaloBios and Sanofi shall cooperate with KaloBios to transfer such inventories to KaloBios or its designee as soon as KaloBios or its designee confirms that it is ready to receive such Materials following the Termination Agreement Effective Date.  The Parties agree that Sanofi’s obligations regarding supply of Licensed Product under the Agreement are terminated as of the Termination Agreement Effective Date and no further notice of termination, for example, of the Supply Agreement between the Parties dated as of October 10, 2010, as amended, is necessary, and that KaloBios waives the right to any such notice under that Supply Agreement.
		

		

		

		 

		

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			CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.

		

 

		

			CONFIDENTIAL TREATMENT REQUESTED

		

		(g)Transition Assistance.  Sanofi shall provide such assistance, at no cost to KaloBios, as may be reasonably necessary or useful for KaloBios to commence or continue Developing or Commercializing Licensed Products  in the Sanofi Field in the Territory, to the extent Sanofi is then performing or having performed such activities, including transferring or amending as appropriate, upon request of KaloBios, any agreements or arrangements with Third Party vendors with respect to Licensed Products.  To the extent that any such contract between Sanofi and a Third Party is not assignable to KaloBios, then Sanofi shall reasonably cooperate with KaloBios to arrange to continue to and provide such services from such entity.  In no event shall Sanofi be required to perform any transition assistance after the Transition Completion Date. 
		

		
			(h)Confidential Information. With the exception of Sanofi’s Confidential Information transferred, assigned or licensed to KaloBios pursuant to Sections 2.2(a) and 2.2(e), each Party agrees to destroy all written copies of the other Party’s Confidential Information (as that term is defined in the Agreement) acquired from the Party during the Collaboration Term, provided that each Party shall be entitled to retain a complete copy of all such Confidential Information for purpose of ensuring compliance with its obligations herein, and further provided that neither Party shall be required to delete from any servers or other electronic archiving devices any Confidential Information from the other Party. The Parties agree that as of the Termination Agreement Effective Date, neither of them shall use the Confidential Information (as that term is defined in the Agreement) of the other Party except as expressly permitted under surviving clauses of the Agreement and this Termination Agreement. 
		

		
			(i)Transfer Costs; Permits. With regard to the physical transfer of any information and/or Materials pursuant to this Section 2.2, the Parties will agree in advance on shipping or transfer method, timing, destination and an estimate of out-of-pocket costs to do so. KaloBios will pay directly or reimburse Sanofi for all out-of-pocket shipping costs approved in advance by KaloBios, and will be responsible at its cost for obtaining any necessary permits to allow such transfer. Sanofi shall cooperate reasonably in any such permitting process.
		

		
			2.3Survival. The Parties confirm that except as expressly provided for in this Termination Agreement, only the following provisions of the Agreement shall survive termination of the Agreement Articles 1, 11, 12 (as modified herein), 14 and 15; Sections 8.10, 9.1, 10.3, 10.4, 13.7, and 13.8.
		

		
			 
		

		
			ARTICLE 3
		

		
			PAYMENTS; PAYMENT CAPS
		

		
			3.1Royalties.
		

		
			(a)As a consequence of termination of the Agreement, including the license to Sanofi Technology granted under Section 2.2(e) hereof, KaloBios shall pay Sanofi tiered royalties on Net Sales of Licensed Product in the Territory, as follows (the “Royalties”), subject to the Royalty Cap: (i) [***] percent ([***]%) of the first $[***] in cumulative Net Sales of Licensed Products in the Territory; and (ii) [***] percent ([***]%) of cumulative Net Sales of Licensed Products in excess of $[***]. 
		

		
			(b)The Royalties shall be payable upon First Commercial Sale on a country-by-country basis, until [***] ([***]) years from First Commercial Sale. Such royalties shall be reduced, on a country-by-country basis, by [***] percent ([***]%) in the event and for so long as KaloBios’s total royalty obligations for sales of Licensed Product in that country exceed [***] percent ([***]%). 
		

		
			3.2Sublicense Revenue. In addition to the Royalty payments described above, subject to the Sublicense[***] Cap, KaloBios shall pay to Sanofi (a) [***] percent ([***]%) of all [***] actually received by KaloBios for the license, sublicense, transfer (other than by Acquisition) or assignment of the right to sell or 
		

		 

		

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			CONFIDENTIAL TREATMENT REQUESTED

		

		otherwise distribute Licensed Product [***] anywhere in the Territory, and (b) [***] percent ([***]%) of all [***] actually received by KaloBios for the license, sublicense, transfer (other than by Acquisition) or assignment of the right to sell or otherwise distribute Licensed Product [***] anywhere in the Territory (collectively, “Sublicense Revenue”).  Sublicense Revenue shall mean any [***] payments actually made to KaloBios, but shall not include [***] of Licensed Products [***] to the extent made in return for [***] including but not limited to [***]. 
		

		
			3.3[***] Milestones. [***] while this Termination Agreement is in effect, and [***] entered into a [***] (“[***] Milestones”) to [***] for any [***] occurring after the [***] of such [***]. Each [***] by [***] to [***] hereunder shall be [***] only on the [***] of such [***]. For purposes of this Section, “Successful Completion” means, for any applicable [***] achievement of the [***] for such [***] as specified in the applicable [***].  If in a calendar year, [***] achieves more than [***]  milestone, then the [***] shall be [***]. For example, if the [***] occurrence of [***] in a single calendar year are [***] (and [***] were not achieved in any previous year), then [***] and [***] shall be [***] in a [***].
		

		

		

		 

		

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			3.4Definitions. For the purposes of this Article 3 and the [***] Milestone events, “Acquired” or “Acquisition” shall mean, with respect to [***] (a) a [***] or other [***] under applicable law of [***] with a [***] in which the shareholders of [***] or any [***] that [***] or [***] immediately prior to such [***] do not continue to [***] at least [***] percent ([***]%) of the aggregate ordinary voting power entitled to vote for the election of directors represented by the issued and outstanding stock of the entity surviving or resulting from such merger, acquisition, consolidation or other business combination; or (b) a sale or other disposition of title (other than one or more licenses or equivalent transactions generating [***]) to all or substantially all of the assets of KaloBios to which this Termination Agreement relates to one (1) or more [***] in one transaction or a series of related transactions. “Biopharmaceutical Company” shall mean an [***].
		

		
			3.5Reporting; Payments; Caps; Royalty Reports.
		

		
			(a)KaloBios shall, within [***] days of any event generating any form of payment to Sanofi hereunder, whether in the form of [***], or otherwise, but not including routine Royalty payments (which are addressed in paragraph (d) below)), notify Sanofi of such event in writing in accordance with Section 7.5 hereof.
		

		
			(b)If KaloBios enters into one or more transactions generating the right to receive Sublicense Revenue, then Section 3.3 shall not apply to [***]. Upon any subsequent termination of such Sublicense Revenue transaction(s) due to [***] or its [***] shall continue to [***] of any [***] which would have [***] as though such [***] had continued in full force and effect.
		

		

		

		 

		

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		(c)Notwithstanding any other provision of this Termination Agreement, (i) the total payments of Royalties that KaloBios or its Affiliates (or any successor thereof) shall be obligated to pay to Sanofi will not in any event exceed the Royalty Cap, and (ii) the total payments of Sublicense Revenue [***] that KaloBios shall be obligated to pay to Sanofi shall not exceed the Sublicense[***] Cap.
		

		
			(d)The first Royalty payment shall be made within [***] days following the end of the calendar quarter in which any event triggering a Royalty payment first occurs (e.g. if First Commercial Sale of a Licensed Product occurs on January 30th in a given year, Sanofi shall receive the corresponding Royalty payment by no later than May 30th of the same year). For all subsequent Royalty payments, payment shall be made within [***] days following the end of the calendar quarter in which the Net Sales for such quarter have been earned by KaloBios (e.g. for KaloBios’ Net Sales earned from January 1st to March 31 in a given year, Sanofi shall receive the corresponding Royalty payment by no later than May 30th of the same year).  Royalty payments shall be made by KaloBios to Sanofi to such account as Sanofi may direct in writing. Each Royalty payment shall be accompanied by an itemized written report showing the basis on which the Royalty payment amount(s) were calculated. If no Royalty payment is due to Sanofi for such reporting period, the report shall state this. In respect of all payments due to Sanofi hereunder, except for Royalty payments or service payment reimbursements, KaloBios shall remit such payments to Sanofi, to such account as Sanofi may direct in writing, within [***] days of the occurrence of any event under Article 3 obligating KaloBios to make a payment to Sanofi (other than Royalty payments) without having received any invoice from Sanofi. With regard to payments by KaloBios to Sanofi as reimbursement for services engaged by Sanofi on KaloBios’ behalf in accordance with Sub-section 2.2(c) hereof, KaloBios shall remit such payments to Sanofi, to such account as Sanofi may direct in writing, within fourteen (14) days of receipt of Sanofi’s invoices for such services.
		

		
			All payments due to Sanofi hereunder shall be paid in Dollars and made by wire transfer of immediately available funds into an account designated by Sanofi.  Any payments or portions thereof due hereunder that are not received by Sanofi on the date such payments are due under this Termination Agreement shall bear interest at a rate equal to the lesser of: (a) [***], or any successor thereto, at 12:01 a.m. on the first day of each calendar quarter in which such payments are overdue; or (b) the [***], in each case calculated on the number of days such payment is delinquent, compounded monthly.
		

		
			To the extent a Party disputes any amount hereunder it shall immediately notify the other Party. If a payment is found to be in error due to the accounting of KaloBios, interest shall be payable as set out above from the period of the initial due date until the dispute is resolved.   
		

		
			(e)The rate of exchange to be used in computing the amount of currency equivalent in Dollars of Net Sales invoiced in other currencies shall be made at the average of the daily closing exchange rates reported in The Wall Street Journal (U.S., Western Edition) over the applicable reporting period for the payment due.
		

		
			(f)KaloBios will maintain complete and accurate records in sufficient detail to permit Sanofi to confirm the correct amount of all payments owed under this Termination Agreement including all Royalty, Sublicense Revenue and [***].  Upon reasonable prior notice, such records shall be available during regular business hours for a period of [***] from the end of the calendar year to which they pertain for examination at the expense of Sanofi, and not more often than once each calendar year, by an independent certified public accountant selected by Sanofi and reasonably acceptable to KaloBios, for the sole purpose of verifying the correct amount of the [***] Sublicense Revenue and Royalty payments owed by KaloBios pursuant to this Termination Agreement.  Any such auditor shall not disclose KaloBios’ Confidential Information to Sanofi or any Third Party, except to the extent such disclosure is necessary to accomplish such purpose.  Any amounts shown to be owed but unpaid shall be paid by KaloBios in accordance with Subsection 3.5(d) following receipt of the accountant’s report. Sanofi shall be responsible for the full cost of such audit unless such audit discloses an underpayment by KaloBios of more than [***] percent ([***]%) of the amount due, in which case KaloBios shall be responsible for the full cost of such audit. 
		

		 

		

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			3.6Taxes.   
		

		
			(a)Taxes on Income.  Each Party shall be solely responsible for the payment of all taxes it is liable for.  
		

		
			 
		

		
			(b)Tax Cooperation.  The Parties agree to cooperate with one another and use reasonable efforts to avoid or reduce tax withholding or similar obligations in respect of royalties, milestone payments, and other payments made by KaloBios to Sanofi under this Termination Agreement.  To the extent KaloBios is required to deduct and withhold taxes on any payment to Sanofi, KaloBios shall pay the amounts of such taxes to the proper Governmental Authority in a timely manner, deduct this amount from the payment due to Sanofi and promptly transmit to Sanofi evidence of such withholding sufficient to enable Sanofi to claim any amount allowed by its own tax authorities.  In order to benefit from the provisions of the double tax treaty between France and the United States, Sanofi will complete and sign the Certificate of Residence and Application for a Reduction of Withholding Tax on Royalties forms or such other applicable forms and send them to KaloBios immediately upon the Termination Agreement Effective Date and every January thereafter.   In the event Sanofi fails to promptly provide such forms duly completed and signed, KaloBios will notify Sanofi in writing to the address listed in Section 6.5, that it must send such forms to KaloBios.  If, after thirty (30) days of such written notice to Sanofi, KaloBios has not received such documents, KaloBios will declare and pay withholding tax at the common rate of the applicable corporate income tax, and such tax will then be deducted from the corresponding payment by KaloBios to Sanofi, and proof of payment will be sent to Sanofi as evidence of such payment. 
		

		
			 
		

		
			3.7Non-Monetary Consideration.  In the event KaloBios receives any non-monetary consideration in connection with the sale of a Licensed Product, KaloBios’s payment obligations under this Article 3 shall be based on the fair market value of such other consideration.  In such case, KaloBios shall disclose the terms of such arrangement to Sanofi and the Parties shall endeavor in good faith to agree on such fair market value.
		

		
			 
		

		
			3.8Blocked Currency.  In each country where the local currency is blocked and cannot be removed from the country, royalties accrued in that country shall be paid to Sanofi in Dollars based on the Dollar reported sales for the quarter in accordance with applicable Laws and accounting standards, unless otherwise mutually agreed.
		

		
			 
		

		
			ARTICLE 4
		

		
			INTELLECTUAL PROPERTY
		

		
			4.1Ownership of Inventions. Each Party represents and warrants that lists of the Sole Inventions of that Party, of any Joint Inventions and any Joint Patents, each as of the Termination Agreement Effective Date, will be provided to the other Party as soon as practical following the Termination Agreement Effective Date but in any event not later than the Transition Completion Date, and will be attached hereto as Exhibits C (KaloBios’ Sole Inventions), D (Sanofi’s Sole Inventions), E (Joint Inventions) and F (Joint Patents), respectively, and are incorporated by this reference. Each Party may practice any Joint Inventions listed in Exhibit D in any field on a cost-free, non-exclusive basis in the Territory, without obligation to report to the other Party.
		

		
			4.2Notification. KaloBios shall promptly notify Sanofi in writing if it becomes aware of any (1) existing or threatened misuse of any Sanofi Technology, or (2) any allegation of infringement or misappropriation made by a Third Party in connection with the manufacture, use, sale or importation of a Licensed Product made 
		

		 

		

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		under the license granted by Sanofi herein, and shall share with Sanofi any available information relating to such notice. 
		

		
			4.3Publications. 
		

		
			(a)Sanofi and KaloBios may jointly or separately publish data generated by them collectively or individually during Collaboration Term, provided that the Party wishing to publish provides the other Party a draft copy of any proposed public disclosure at least [***] in advance of the proposed submission date  and the receiving Party shall have the right to require modifications of the proposed public disclosure in order to (a) to protect KaloBios’ Confidential Information and/or Sanofi Confidential Information, as the case may be; (b) for [***] reasons or [***] reasons; and/or (c) to delay such submission for an additional [***] as may be reasonably necessary to seek patent protection for the information disclosed in such proposed public disclosure (if applicable).
		

		
			(b)KaloBios shall have the right to publish data generated by KaloBios using the Sanofi Technology following the Termination Agreement Effective Date, provided that KaloBios provides a draft copy of any proposed public disclosure to Sanofi [***] in advance of the proposed submission date  and Sanofi shall have the right to require modifications of the proposed public disclosure in order to  (a) to protect Sanofi’s Confidential Information; (b) for [***] reasons or [***] reasons; and/or (c) to delay such submission for an additional [***] as may be reasonably necessary to seek patent protection for the information disclosed in such proposed public disclosure (if applicable). 
		

		
			 
		

		
			 
		

		
			ARTICLE 5
		

		
			MUTUAL RELEASES
		

		
			5.1Mutual General Release.    
		

		
			(a)In consideration for the release provided in Section 5.1(b) of this Termination Agreement, and effective upon the Termination Agreement Effective Date, KaloBios, for itself and its Affiliates, predecessors, successors, assigns, officers, directors, shareholders, agents, employees, and representatives, past or present, and all persons acting under, by, through, or with any of them (collectively, the “KaloBios Releasors”), hereby releases and forever discharges Sanofi and its Affiliates, predecessors, successors, assigns, officers, directors, shareholders, agents, employees, and representatives, past or present, and all persons acting under, by, through, or with any of them (collectively, the “Sanofi Releasees”) from any and all actions, causes of action, obligations, costs, expenses, damages, losses, claims, liabilities, suits, debts, demands, and benefits (including attorneys’ fees and costs) of whatever character, in law or in equity, known or unknown, suspected or unsuspected,  of any kind or nature whatsoever, based on any act, omission, event, occurrence, or nonoccurrence from the beginning of the world to the day of the Termination Agreement Effective Date, including but not limited to any claims or causes of action arising out of or in any way relating to the Agreement, the Parties’ entering into the Agreement, and the Parties’ respective performance of their obligations under the Agreement, excluding only any claims or rights arising out of the performance of the Parties’ respective obligations under this Termination Agreement including any provisions of the Agreement surviving in accordance with the terms of Section 2.3 hereof.
		

		
			(b)In consideration for the release provided in Section 5.1(a) of this Termination Agreement, and effective upon the Termination Agreement Effective Date, Sanofi, for itself and its Affiliates, predecessors, successors, assigns, officers, directors, shareholders, agents, employees, and representatives, past or present, and all persons acting under, by, through, or with any of them (collectively, the “Sanofi Releasors”), hereby releases and forever discharges KaloBios and its Affiliates, predecessors, successors, assigns, officers, directors, shareholders, agents, employees, and representatives, past or present, and all persons acting under, by, through, or with any of them (collectively, the “KaloBios Releasees”) from any and all actions, causes of action, obligations, costs, 
		

		 

		

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		expenses, damages, losses, claims, liabilities, suits, debts, demands, and benefits (including attorneys’ fees and costs) of whatever character, in law or in equity, known or unknown, suspected or unsuspected,  of any kind or nature whatsoever, based on any act, omission, event, occurrence, or nonoccurrence from the beginning of the world to the day of the Termination Agreement Effective Date, including but not limited to any claims or causes of action arising out of or in any way relating to the Agreement, the Parties’ entering into the Agreement, and the Parties’ respective performance of their obligations under the Agreement, excluding only any claims or rights arising out of the performance of the Parties’ respective obligations under this Termination Agreement including any provisions of the Agreement surviving in accordance with the terms of Section 2.3 hereof.
		

		
			(c)In addition to the provisions of Sections 5.1(a) and 5.1(b) of this Termination Agreement, KaloBios hereby expressly waives and releases any and all defenses, rights, and benefits that it or any of the other KaloBios Releasors might have in relation to any of the Sanofi Releasees, and Sanofi hereby expressly waives and releases any and all defenses, rights, and benefits that it or any of the other Sanofi Releasors might have in relation to any of the KaloBios Releasees, under or by virtue of any laws or statutes relating to the release of unknown claims, such as or similar to § 1542 of the California Civil Code, which reads: 
		

		
			Section 1542  Certain Claims Not Affected by General Release  A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his settlement with the debtor.
		

		
			KaloBios or Sanofi may hereafter discover facts other than or different from those that it now knows or believes to be true with respect to the subject matter of the releases in this section, but each of KaloBios and Sanofi hereby expressly waives and fully, finally, and forever settles and releases any known or unknown, suspected or unsuspected, contingent or non-contingent claim against the Sanofi Releasees and the KaloBios Releasees, respectively, whether or not concealed or hidden, without regard to the subsequent discovery or existence of such different or additional facts.  
		

		
			 
		

		
			 
		

		
			ARTICLE 6
		

		
			 
		

		
			CONFIDENTIALITY
		

		
			 
		

		
			6.1Confidential Information under this Termination Agreement. Except to the extent expressly authorized by this Termination Agreement or otherwise agreed in writing by the Parties, each Party agrees it shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as provided for in this Termination Agreement (which includes the exercise of any rights or the performance of any obligations hereunder) any Confidential Information furnished to it by the other Party pursuant to this Termination Agreement except for that portion of such information or materials that the receiving Party can demonstrate by competent written proof:
		

		
			(a)was already known to the receiving Party or its Affiliate, other than under an obligation of confidentiality, at the time of disclosure by the other Party;
		

		
			(b)was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party;
		

		
			(c)became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement;
		

		

		

		 

		

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		(d)is subsequently disclosed to the receiving Party or its Affiliate by a Third Party who has a legal right to make such disclosure; or
		

		
			(e)is subsequently independently discovered or developed by the receiving Party or its Affiliate without the aid, application, or use of the disclosing Party’s Confidential Information, as evidenced by a contemporaneous writing.
		

		
			6.2Definition. The Parties agree that the term “Confidential Information” as used in this Termination Agreement means any and all information communicated in writing, orally or visually or in any tangible or electronic form or media, and any full or partial copies thereof, disclosed by the disclosing Party relating to, but not limited to, business plans and strategy, research and development (including but not limited to pre-clinical studies and current and future clinical trials), relationships with Third Parties, technology, trade secrets, Know-How, proprietary information, inventions (whether or not patentable), unpublished Patent applications, licenses, software, programs, prototypes, designs, analysis codes, discoveries, techniques, methods, ideas, concepts, data, engineering and manufacturing information, procedures, specifications, diagrams, drawings, schematics, blue prints, parts lists, and samples, and financial information including sales and royalties, and also the confidential information of any Third Party which is disclosed to the disclosing Party and is in turn disclosed to the receiving Party or otherwise learned by visual or other inspection.  The Parties agree that the information in any technology transfer plan or other document disclosing Sanofi Technology is also Confidential Information under this Termination Agreement.
		

		
			 
		

		
			6.3Confidential Information under the Agreement. The Parties agree that the term “Confidential Information” as defined in the Agreement shall apply to information exchanged between the Parties during the Collaboration Term and also includes all Confidential Information disclosed under the Non-Disclosure or Confidentiality Agreements dated March 30, 2009 and August 1, 2009 between the Parties. Such Confidential Information under the Agreement shall be subject to the Agreement’s requirements of confidentiality as contained in Article 12 of the Agreement, for a period of [***] from the Termination Agreement Effective Date (except with regard to any Confidential Information which is a trade secret of either Party, in which case, the receiving Party’s obligation to hold such information in confidence shall be of indefinite duration or unless and until such information is no longer a trade secret).
		

		
			ARTICLE 7
		

		
			MISCELLANEOUS
		

		
			7.1Entire Agreement; Amendment.  This Termination Agreement, including the Exhibits hereto or incorporated by reference herein, sets forth the complete, final and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties hereto with respect to the subject matter hereof and supersedes, as of the Termination Agreement Effective Date, all prior agreements and understandings between the Parties with respect to the subject matter hereof.  There are no covenants, promises, agreements, warranties, representations, conditions or understandings, either oral or written, between the Parties other than as are set forth herein and therein, with respect to the subject matter of this Agreement.  No subsequent alteration, amendment, change or addition to this Termination Agreement shall be binding upon the Parties unless reduced to writing and signed by an authorized officer of each Party. 
		

		
			7.2Publicity; Terms of Agreement.  
		

		
			(a)The Parties agree that the terms of this Termination Agreement are the Confidential Information of both Parties, subject to the special authorized disclosure provisions set forth in Section 7.2 and Section 7.3. The Parties shall communicate and use reasonable efforts to agree on key messages associated with this 
		

		 

		

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		Termination Agreement.  If either Party desires to make a public announcement or news release concerning this Termination Agreement, such Party shall give reasonable prior advance notice of the proposed text of such announcement to the other Party for its prior review and comment (except as otherwise provided herein), which the disclosing Party will consider in good faith.  The Parties agree that the public announcement of the execution of this Termination Agreement will be made by a KaloBios press release immediately following such execution.  In the case of a public disclosure required by Law, the disclosing Party shall provide the other Party with a reasonable time to review and comment on such proposed disclosure, and in any event the reviewing Party shall not unreasonably withheld its approval of such proposed disclosure.  Neither Party shall be required to seek the permission of the other Party to repeat any information regarding the terms of this Termination Agreement that have already been publicly disclosed by such Party, or by the other Party, in accordance with this Section.  
		

		
			(b)The Parties acknowledge that either or both Parties may be obligated to file a copy of this Termination Agreement (and/or provide a summary disclosure thereof) with the United States Securities and Exchange Commission or other Government Authorities, including but not limited to tax authorities.  Each Party shall be entitled to make such a required filing, provided that it requests confidential treatment of at least the commercial terms and sensitive technical terms hereof and thereof to the extent such confidential treatment is reasonably available to such Party.  In the event of any such filing, each Party will provide the other Party with a copy of any such summary thereof and/or this Termination Agreement marked to show provisions for which such Party intends to seek confidential treatment and shall reasonably consider and incorporate the other Party’s comments thereon to the extent consistent with the legal requirements governing redaction of information from material agreements that must be publicly filed.  
		

		
			7.3Authorized Disclosure.  Notwithstanding the obligations set forth in Section 7.2 and the Agreement, a Party may disclose the other Party’s Confidential Information and the terms of this Termination Agreement to the extent:
		

		
			(a)such disclosure is reasonably necessary: (i) to such Party’s directors, attorneys, independent accountants or financial advisors for the sole purpose of enabling such directors, attorneys, independent accountants or financial advisors to provide advice to the receiving Party, provided that in each such case on the condition that such directors, attorneys, independent accountants and financial advisors are bound by confidentiality and non-use obligations consistent with those contained in this Termination Agreement; or (ii) to actual or potential investors, licensees, sub-licensees and/or acquirers solely for the purpose of evaluating an actual or potential investment or acquisition; provided that in each such case on the condition that such actual or potential investors and/or acquirers are bound by confidentiality and non-use obligations consistent with those contained in this Termination Agreement and having a minimum duration of at least [***] (and of indefinite duration with regard to disclosure of any trade secrets, unless and until such information is no longer a trade secret); or
		

		
			(b)such disclosure is required by Law or judicial or administrative process, provided that in such event such Party shall promptly inform the other Party such required disclosure and provide the other Party an opportunity to challenge or limit the disclosure obligations.  Confidential Information that is disclosed as required by Law or judicial or administrative process shall remain otherwise subject to the confidentiality and non-use provisions of this Article, and the Party disclosing Confidential Information pursuant to Law or court order shall take all steps reasonably necessary, including seeking of confidential treatment or a protective order to ensure the continued confidential treatment of such Confidential Information.
		

		
			7.4Force Majeure.  Each Party shall be excused from the performance of its obligations under this Termination Agreement to the extent that such performance is prevented by force majeure and the nonperforming Party promptly provides notice of the prevention to the other Party.  Such excuse shall be continued so long as the condition constituting force majeure continues and the nonperforming Party takes reasonable efforts to remove the condition.  For purposes of this Termination Agreement, force majeure shall include conditions beyond the reasonable control of the nonperforming Party, including an act of God or terrorism, voluntary or involuntary 
		

		 

		

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		compliance with any regulation, law or order of any government, war, civil commotion, labor strike or lock-out, epidemic, failure or default of public utilities or common carriers, destruction of production facilities or materials by fire, earthquake, storm or like catastrophe.  Notwithstanding the foregoing, a Party shall not be excused from making payments owed hereunder because of a force majeure affecting such Party.  If a force majeure persists for more than ninety (90) days, then the Parties will discuss in good faith the modification of the Parties’ obligations under this Termination Agreement in order to mitigate the delays caused by such force majeure.
		

		
			7.5Notices.  Any notice required or permitted to be given under this Termination Agreement shall be in writing, shall specifically refer to this Termination Agreement, and shall be addressed to the appropriate Party at the address specified below or such other address as may be specified by such Party in writing in accordance with this Section, and shall be deemed to have been given for all purposes (a) when received, if hand-delivered or sent by confirmed facsimile or a reputable courier service, or (b) five (5) business days after mailing, if mailed by first class certified or registered airmail, postage prepaid, return receipt requested.
		

			
					
						 

					
					
						 

				
	
					
						If to KaloBios:  

					
					
						KaloBios Pharmaceuticals, Inc.

				
	
					
						 

					
					
						442 Littlefield Ave.

				
	
					
						 

					
					
						South San Francisco, CA  94080

				
	
					
						 

					
					
						U.S.A.

				
	
					
						 

					
					
						Attn:  Chief Legal Officer

				
	
					
						 

					
					
						[***]

				
	
					
						 

					
					
						 

				
	
					
						If to Sanofi:  

					
					
						Sanofi Pasteur S.A.

				
	
					
						 

					
					
						2, avenue Pont Pasteur

				
	
					
						 

					
					
						69007 Lyon, France

				
	
					
						 

					
					
						Attention: Vice President, Legal Affairs &

				
	
					
						 

					
					
						Attn:  Chief Legal Officer

				
	
					
						 

					
					
						General Counsel

				
	
					
						 

					
					
						[***]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Copy to: Sanofi Pasteur Limited

				
	
					
						 

					
					
						Attention: Legal Affairs

				
	
					
						 

					
					
						[***]

				

		
			 
		

		
			7.6No Strict Construction; Headings; Interpretation.  This Termination Agreement has been prepared jointly and shall not be strictly construed against either Party.  Ambiguities, if any, in this Termination Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision.  The headings of each Article and Section in this Termination Agreement have been inserted for convenience of reference only and are not intended to limit or expand on the meaning of the language contained in the particular Article or Section.  Except where the context otherwise requires, the use of any gender herein shall be deemed to be or include the other genders, the use of the singular shall be deemed to include the plural (and vice versa) and the word “or” is used in the inclusive sense (and/or).  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include the Person’s successors and assigns, (c) the words “herein”, ”hereof” and ”hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety 
		

		 

		

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		and not to any particular provision hereof and (d) all references herein to Sections or Exhibits shall be construed to refer to Sections or Exhibits of this Termination Agreement.
		

		
			7.7Assignment.  Neither Party may assign or transfer this Termination Agreement or any rights or obligations hereunder without the prior written consent of the other, except that a Party may make such an assignment without the other Party’s consent to an Affiliate or Acquirer of such Party or to a successor to substantially all of the business of such Party.  Any permitted successor or assignee of rights and/or obligations hereunder shall, in writing to the other Party, expressly assume performance of such rights and/or obligations.  Any permitted assignment shall be binding on the successors of the assigning Party.  Any assignment or attempted assignment by either Party in violation of the terms of this Section shall be null, void and of no legal effect.    
		

		
			7.8Performance by Affiliates.  Each Party may discharge any obligations and exercise any right hereunder through any of its Affiliates.  Each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Termination Agreement, and shall cause its Affiliates to comply with the provisions of this Termination Agreement in connection with such performance.  Any breach by a Party’s Affiliate of any of such Party’s obligations under this Termination Agreement shall be deemed a breach by such Party, and the other Party may proceed directly against such Party without any obligation to first proceed against such Party’s Affiliate.
		

		
			7.9Further Actions.  Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Termination Agreement.
		

		
			7.10Severability.  If any one or more of the provisions of this Termination Agreement is held to be invalid or unenforceable by any court of competent jurisdiction from which no appeal can be or is taken, the provision shall be considered severed from this Termination Agreement and shall not serve to invalidate any remaining provisions hereof.  The Parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering this Termination Agreement may be realized.
		

		
			7.11No Waiver.  Any delay in enforcing a Party’s rights under this Termination Agreement or any waiver as to a particular default or other matter shall not constitute a waiver of such Party’s rights to the future enforcement of its rights under this Agreement, except with respect to an express written and signed waiver relating to a particular matter for a particular period of time.
		

		
			7.12Independent Contractors.  Each Party shall act solely as an independent contractor, and nothing in this Termination Agreement shall be construed to give either Party the power or authority to act for, bind, or commit the other Party in any way.  Nothing herein shall be construed to create the relationship of partners, principal and agent, or joint-venture partners between the Parties.
		

		
			7.13English Language; Governing Law. This Termination Agreement was prepared in the English language, which language shall govern the interpretation of, and any dispute regarding, the terms of this Termination Agreement.  This Termination Agreement and all disputes arising out of or related to this Termination Agreement or any breach hereof shall be governed by and construed under the Laws of the State of New York, USA, without giving effect to any choice of law principles that would require the application of the Laws of a different jurisdiction.
		

		
			7.14Compliance.  In carrying out its rights and obligations hereunder, each Party shall comply with all applicable Laws.
		

		
			7.15Counterparts.  This Termination Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
		

		 

		

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			7.16Dispute Resolution. In the event of a dispute arising out of, relating to, or in connection with this Termination Agreement, including disputes over the interpretation or enforcement of this Termination Agreement, the Parties shall follow the dispute resolution provisions of Article 14 of the Agreement, which are incorporated herein by this reference as if set out in full.
		

		
			7.17Specific Performance
		

		
			(a) KaloBios acknowledges and agrees that Sanofi would be damaged irreparably in the event of an unauthorized use by KaloBios, its Affiliates, licensees, sub-licensees or agents, of the Sanofi Technology outside the scope of the license contained in Section 2.2(e) of this Termination Agreement in accordance with its specific terms. In such event, KaloBios agrees that Sanofi shall be entitled to injunctive relief to prevent breaches of this Termination Agreement and to enforce specifically this Termination Agreement.  Such remedies shall not be deemed to be the exclusive remedies for such a breach of this Termination Agreement but shall be in addition to all other remedies available to Sanofi at law or equity.  KaloBios shall not oppose the granting of an injunction, specific performance or other equitable relief sought in accordance with this section on the basis that Sanofi has an adequate remedy at law or that any award of equitable relief is not an appropriate remedy for any reason at law or in equity.  In seeking an injunction or injunctions in connection with this section, Sanofi shall not be required to provide any bond or other security in connection with any such injunction or order. 
		

		
			(b)KaloBios shall, with regard to any sub-licensee of the Sanofi Technology, include a requirement for specific performance similar to that set out in paragraph 7.17(a) as one of the terms of any such sub-license.
		

		
			 
		

		
			In Witness Whereof, the Parties have executed this Termination Agreement in duplicate originals by their duly authorized officers.
		

			
					
						_________

					
						 

					
						 

					
						

					
						 

					
					
						_________

					
						 

					
						 

					
						

					
						 

				
	
					
						Sanofi Pasteur S.A.

					
						By: _________________________

					
						Name:  Olivier Charmeil

					
						Title:  Chief Executive Officer

					
						Date: ________________________

					
					
						KaloBios Pharmaceuticals, Inc.

					
						By: _________________________

					
						Name:  David Pritchard

					
						Title:  President and Chief Executive Officer

					
						Date: ________________________

				

		
			 
		

		

		

		 

		

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			EXHIBIT A
		

		
			INITIAL LIST OF THIRD PARTY AGREEMENTS
		

			
					
						[***]

					
					
						[***]

					
					
						[***]

					
					
						[***]

				
	
					
						[***]

					
					
						[***]

					
					
						[***]

					
					
						[***]

				
	
					
						[***]

					
					
						[***]

					
					
						[***]

					
					
						[***]

				
	
					
						[***]

					
					
						[***]

					
					
						[***]

					
					
						[***]

				
	
					
						[***]

					
					
						[***]

					
					
						[***]

					
					
						[***]

				
	
					
						[***]

					
					
						[***]

					
					
						[***]

					
					
						[***]

				
	
					
						[***]

					
					
						[***]

					
					
						[***]

					
					
						[***]

				

		
			 
		

		
			 
		

		

		

		 

		

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			ADDITIONAL EXHIBITS INCORPORATED BY REFERENCE
		

		
			EXHIBIT B: KaloBios Patents existing as of the Termination Agreement Effective Date
		

		
			EXHIBIT C: KaloBios’ Sole Inventions existing as of the Termination Agreement Effective Date
		

		
			EXHIBIT D: Sanofi’s Sole Inventions existing as of the Termination Agreement Effective Date
		

		
			EXHIBIT E: Joint Inventions existing as of the Termination Agreement Effective Date
		

		
			EXHIBIT F: Joint Patents existing as of the Termination Agreement Effective Date
		

		
			 
		

		

		

		 

		

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			EXHIBIT B

		

		

			 

		

		

			KALOBIOS PATENTS AS OF TERMINATION AGREEMENT EFFECTIVE DATE – KB001/KB001-A

		

		

			 

		

		

			CONFIDENTIAL

		

		 
		

			
					
						Patent or Application

					
						Title

					
					
						Applicant/

					
						Assignee(s)

					
					
						Geography

					
					
						Utility

					
						Filing Date

					
					
						Status

					
					
						 Patent or

					
						Application 

					
						Publication No.**

					
						#:Application No.

				
	
					
						KB001/1-A

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Method of and Compositions for Immunization with the Pseudomonas V Antigen*

					
					
						Med. Coll. Wisconsin;

					
						Univ. of Calif.

					
						 

					
					
						CA

					
						EP [***]

					
						JP1

					
					
						23 Nov 1999

					
						 

					
						 

					
					
						Issued: EP(2), CA, JP 

					
					
						EP 1049488B1

					
						EP1666058B1

					
						CA 2,318,536C

					
						JP04707234B2

				
	
					
						Method of and Compositions for Immunization with the Pseudomonas V Antigen*

					
					
						Med. Coll. Wisc.;

					
						Univ. of Calif.

					
					
						US

					
						(CIP)

					
					
						26 Jan 2001

					
						 (subject to TD)

					
					
						Issued:  US 

					
					
						US 6,827,935

					
						 

					
						 

				
	
					
						Method and Compositions for Immunization with the Pseudomonas V Antigen*

					
					
						Med. Coll. Wisconsin Res. Fdn;

					
						Regents Univ. of Calif.

					
					
						US
EP [***]

					
						AU, JP

					
					
						25 Jan 2002

					
						 (subject to TD)

					
					
						Issued:  

					
						US (2) , EP, AU, JP 

					
					
						US 7,494,653

					
						US 8,101,347

					
						EP 1353688B1

					
						AU2007231760(B2)

					
						 JP 4355786B2

				
	
					
						Antibodies to the PcrV Antigen of Pseudomonas aeruginosa*

					
						(composition of matter)

					
						 

					
						 

					
						 

					
						[***]

					
					
						KaloBios

					
					
						US

					
						AU, [***], CA, CN,  EA, EP, HK, [***], IN, KR, MX,  JP,  NZ, SG, [***]

					
					
						1 Dec 2008

					
					
						Issued:  US, MX, NZ

					
						Pending: See Geography (left);  +US CON 

					
					
						US 8,044,181

					
						AU2008333985

					
						#[***]

					
						CA2,706,732

					
						CN 101910197

					
						EA201000903

					
						EP 2220117(A2)

					
						HK1142343A

					
						#[***]

					
						IN 45/2011

					
						JP 2011505381

					
						KR 20100097719

					
						MX301710

					
						NZ586357

					
						SG186017

					
						US 2012-0020986

					
						#[***]

				

		
			 
		

		
			** Boldface: issued or granted patents; Publication numbers provided when possible; # indicates patent application number for unpublished applications
		

		
			 
		

		
			KaloBios Confidential
		

		
			 
		

		

		

		 

		

			Page 1

		

		

			CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.

		

 

		

			CONFIDENTIAL TREATMENT REQUESTED

		

		

			 

		

		

			EXHIBIT B

		

		

			 

		

		

			KALOBIOS PATENTS AS OF TERMINATION AGREEMENT EFFECTIVE DATE – KB001/KB001-A

		

		

			 

		

		

			CONFIDENTIAL

		

		 
		

			
					
						Patent or Application

					
						Title

					
					
						Applicant/

					
						Assignee(s)

					
					
						Geography

					
					
						Utility

					
						Filing Date

					
					
						Status

					
					
						Patent or

					
						Application 

					
						Publication No.**

					
						#:Application No.

				
	
					
						Combination Antibiotic and Antibody Therapy for the Treatment of Pseudomonas aeruginosa Infection*

					
						[***]

					
					
						KaloBios/

					
						UCSF

					
					
						US

					
						CA, EP, JP

					
					
						4 Feb 2010

					
					
						Pending:  US, CA, EP, JP

					
					
						US 2010-0272736

					
						CA 2,751,433

					
						EP2393515 (A1)

					
						JP 2012516897

					
						 

				
	
					
						A Method of Treating a Staphylococcus Infection in a Patient having a Low-level pathogenic Pseudomonas aeruginosa Infection*

					
						[***]

					
					
						KaloBios

					
					
						US 

					
						CA, EP, JP

					
					
						21 Dec 2010

					
					
						Pending:  US, EP, CA, JP

					
					
						US 8,642,039

					
						CA 2,784,033

					
						EP 2515935(A1)

					
						JP 2013515079

					
						 

				

		
			 
		

		
			** Boldface: issued or granted patents; Publication numbers provided when possible; # indicates patent application number for unpublished applications
		

		
			 
		

		
			KaloBios Confidential
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			Page 2

		

		

			CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.

		

 

		

			CONFIDENTIAL TREATMENT REQUESTED

		

		

			 

		

		EXHIBIT C
		

		
			KALOBIOS’ SOLE INVENTIONS
		

		
			Inventions KaloBios Intends to Maintain as Trade Secrets:
		

		
			[***]
		

		

		

		 

		

			 

		

		

			CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.

		

 

		

			CONFIDENTIAL TREATMENT REQUESTED

		

		

			 

		

		
		

		
			EXHIBIT D
		

		
			SANOFI’S SOLE INVENTIONS
		

		
			Inventions Sanofi Intends to Maintain as Trade Secrets:
		

		
			[***]
		

		
			[***]
		

		 

		

			 

		

		

			CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.

		

 

		

			CONFIDENTIAL TREATMENT REQUESTED

		

		

			 

		

		
		

		
			EXHIBIT E
		

		
			JOINT INVENTIONS
		

		
			None
		

		

		

		 

		

			 

		

		

			CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.

		

 

		

			CONFIDENTIAL TREATMENT REQUESTED

		

		

			 

		

		
		

		
			EXHIBIT F
		

		
			JOINT PATENTS
		

		
			None
		

		 

		

			 

		

		

			CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]