Document:

Exhibit 10.9

 

COMMODITY SUB-ADVISERY
AGREEMENT

 

AGREEMENT dated as of 7/13/2022 , between Volatility
Shares, LLC, a limited liability company with its principal place of business at 2000 PGA Blvd. Suite 4440 Palm Beach Gardens FL
33408 (herein called the “Sponsor”), and Penserra Capital Management LLC, a New York limited liability company with its
principal place of business at 4 Orinda Way, Suite 100-A Orinda, CA 94563 (herein called the “Commodity Sub-Adviser”)
(the “Agreement”).

 

WHEREAS, the Sponsor is the sponsor
of VS Trust, a Delaware statutory trust (herein called the “Trust”), that issues and will issue in the future, publicly offered
shares in exchange-traded investment products;

 

WHEREAS, the Sponsor wishes to retain
the Commodity Sub-Adviser to assist the Sponsor in providing advisory services in connection with such series of the Trust as now or hereafter
may be identified on Exhibit B hereto as such schedule may be amended from time to time with the consent of the parties hereto (each herein
called a “Fund”); and

 

WHEREAS, the Commodity Sub-Adviser
is willing to provide such services to the Sponsor upon the terms and conditions and for the compensation set forth below.

 

NOW, THEREFORE, in consideration
of the premises and mutual covenants herein contained, and intending to be legally bound hereby, it is agreed between the parties hereto
as follows:

 

1.
Appointment. Sponsor hereby appoints Commodity Sub-Adviser to provide Commodity Sub-Advisory services to each Fund identified
in Exhibit B in the management of each Fund’s commodity investments for the period commencing on the Start Date and Time (as defined
in Exhibit B below) and on the terms set forth in this Agreement. Commodity Sub-Adviser accepts such appointment and agrees to furnish
the services herein set forth for the compensation herein provided.

 

2.                Services
to be Performed. Commencing on the relevant Start Date, and subject always to the supervision of Sponsor, Commodity Sub-Adviser
will furnish an investment program in respect of, make investment decisions for, and place all orders for the purchase and sale of
futures contracts, forward contracts, options contracts, swap contracts and other commodity interests (“Commodity
Interests”), all on behalf of the Fund and as described in the Fund’s effective registration statement (the
“Registration Statement”), consistent with the investment objectives and restrictions of the Fund described
therein. In the performance of its duties, Commodity Sub-Adviser will satisfy its fiduciary duties to the Fund, will select and
monitor the Fund’s investments in Commodity Interests and will comply with the provisions of the Fund’s Trust Agreement
(the “Trust Agreement”) as filed with the Registration Statement, as the Trust Agreement may be amended from time
to time (to the extent Commodity Sub-Adviser has been notified in writing of such amendments at least 30 days prior to
effectiveness), and the Fund’s investment objectives, policies and restrictions as disclosed in the Registration Statement, as
such investment objectives, policies and restrictions may be amended from time to time (to the extent Commodity Sub-Adviser has been
notified in writing of such amendments at least 30 days prior to effectiveness). Sponsor will provide Commodity Sub-Adviser with
current copies of the Fund’s organizational documents, prospectus and any amendments thereto, and any written objectives (as
contained in the investment guidelines, if any), policies, procedures or limitations not appearing therein as they may be relevant
to Commodity Sub-Adviser’s performance under this Agreement, all of which will be binding on Commodity Sub-Adviser upon
receipt thereof from Sponsor at least 30 days prior to effectiveness or Start Date. Commodity Sub-Adviser and Sponsor will each make
its officers and employees available to the other from time to time at reasonable times to review investment policies of the Fund
and to consult with each other regarding the investment affairs of the Fund. Commodity Sub-Adviser will report to Sponsor with
respect to Commodity Sub-Adviser’s services hereunder.

 

     

     

    

 

All commissions and expenses
arising from the trading of Commodity Interests, or other transactions in the course of the administration of the Fund’s
account, shall be charged to the Fund’s account with its clearing broker(s). If requested by Commodity Sub-Adviser, Sponsor
shall deliver to Commodity Sub-Adviser, and renew when necessary, a commodity trading authorization appointing Commodity Sub-Adviser
as the Fund’s agent and attorney-in-fact for the purpose of trading Commodity Interests on behalf of the Fund. All trades for
the account of the Fund directed by Commodity Sub-Adviser shall be made through such clearing broker or brokers as agreed between
Sponsor and Commodity Sub-Adviser (each, a “clearing broker”). Notwithstanding the foregoing, Commodity
Sub-Adviser may place orders for Commodity Interest transactions for the Fund through executing brokers or floor brokers selected by
Commodity Sub-Adviser and may execute on behalf of the Fund “give-up” agreements with such executing brokers or floor
brokers where necessary; provided that Commodity Sub-Adviser will provide Sponsor and the Fund on a quarterly basis with a list of
the executing brokers or floor brokers Commodity Sub-Adviser is then using, and Sponsor may, within 5 days of receiving such list
after consultation with Commodity Sub-Adviser, object to the use of an executing broker or floor broker because the Sponsor
reasonably believes the use of such executing broker or floor broker would be detrimental to the Fund and its investors, and
Commodity Sub-Adviser shall cease using such broker on behalf of the Fund. Any over-the-counter contracts in Commodity Interests
transacted for the Fund’s account will be effected through the clearing broker or its affiliates, as agreed upon between
Commodity Sub-Adviser and Sponsor. Commodity Sub-Adviser from time to time may select other dealers through which any such
contracts will be traded, with the prior written consent of Sponsor.

 

Commodity Sub-Adviser further agrees that it:

 

		(a)	will use the same degree of skill and care in providing such
services as it uses in providing services to fiduciary accounts for which it has investment responsibilities;

 

		(b)	will conform to all applicable rules and regulations of the United States Commodity Futures Trading Commission
(the “CFTC”) in all material respects and in addition will conduct its activities under this Agreement in accordance
with any applicable regulations of any governmental or self-regulatory authority pertaining to its commodity trading advisory activities;

 

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		(c)	will report regularly to Sponsor and will make appropriate persons available for the purpose of reviewing
with representatives of Sponsor on a regular basis the management of the Fund’s Commodity Interests, including, without limitation,
review of the general investment strategies of the Fund with respect to Commodity Sub-Adviser’s management of the Fund’s Commodity
Interests and the performance of the Fund’s Commodity Interests in relation to standard industry indices and passively managed commodity
index tracking funds and general conditions affecting the marketplace, and will provide various other reports from time to time as reasonably
requested by Sponsor;

 

		(d)	will not, without the prior written approval of Sponsor, materially deviate or change the Fund’s
guidelines governing diversification, concentration and portfolio rebalancing of the Fund’s investments in individual commodities
and commodity groups;

 

		(e)	will monitor the pricing of the Fund’s Commodity Interests, and events relating to the
                                                                                   commodity markets in which the Fund trades, and will notify Sponsor as soon as it is reasonably able of any market events or other
                                                                                   situations that come to its attention (particularly those that may occur after the close of a foreign market in which the
                                                                                   Fund’s Commodity Interests may primarily trade but before the time at which the Fund’s Commodity Interests are priced on
                                                                                   a given day) that may  materially impact the pricing of one or more of the Fund’s Commodity Interests. In addition, Commodity
                                                                                   Sub-Adviser will assist Sponsor in evaluating the impact that such an event may have on the net asset value of the Fund and in
                                                                                   determining a recommended fair value of the affected asset or assets; and

 

		(f)	will prepare such books and records with respect to the Fund’s Commodity
Interests as reasonably requested by Sponsor and will furnish Sponsor such periodic and special reports as Sponsor may reasonably request.

 

3. Preparation of Materials. Commodity
Sub-Adviser will cooperate with the Fund and Sponsor in the Fund’s endeavors to prepare and update, or cause to be prepared
and updated, if necessary, the Registration Statement and a prospectus and disclosure document included therein (the
“Prospectus”), promotional brochures or other marketing materials, responses to audits or examinations from a
regulatory agency or self-regulatory agency, as well as any other materials reasonably requested or required by Sponsor in
connection with the organization, operation, or marketing of the Fund or the registration or renewal of registration of the Shares
(as defined in the Prospectus) for sale to the public in all applicable jurisdictions (collectively, with the Registration Statement
and Prospectus, the “Materials”). In this regard, Commodity Sub-Adviser will furnish to Sponsor such information
as may be reasonably requested for inclusion in such Materials. Moreover, Commodity Sub-Adviser agrees to provide to Sponsor such
information as Sponsor requests in order for Sponsor to make all necessary disclosures regarding Commodity Sub-Adviser, its
principals, its trading performance, and otherwise as are required in the reasonable judgment of Sponsor to be made in such
Materials.

 

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4.
Representations and Warranties of Sponsor. Sponsor hereby represents and warrants to Commodity Sub-Adviser that:

 

		(a)	Sponsor is duly formed and validly existing as a Delaware
limited liability company, with full power to carry out its obligations under this Agreement and the Trust Agreement.

 

		(b)	This Agreement has been duly and validly authorized, executed and delivered by,
and is a valid and binding contract of, Sponsor, enforceable in accordance with its terms.

 

		(c)	Sponsor has met, and will continue to meet for so long as this Agreement remains in effect, any applicable
federal or state requirements, or the applicable requirements of any regulatory agency or self-regulatory organization, necessary to be
met in order to perform services for the Fund pursuant to this Agreement.

 

		(d)	Sponsor is a commodity pool operator duly registered with the CFTC and is a member in good standing of
the National Futures Association (“NFA”). Sponsor shall maintain such registration and membership in good standing
during the term of this Agreement.

 

		(e)	The Materials do not and will not contain any untrue statement of a material fact or omit to state any
                                                                                                     material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they
                                                                                                     are made, not misleading, or omit to state any material information required to be disclosed therein under the Commodity Exchange
                                                                                                     Act of 1936 (“CEA”), the Securities Act of 1933, and the rules promulgated thereunder; provided, however, that this
                                                                                                     representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information
                                                                                                     furnished to Sponsor by or on behalf of Commodity Sub-Adviser as to it, including, without limitation, all references to Commodity
                                                                                                     Sub-Adviser and its affiliates, controlling persons, members, directors, officers and employees, as well as to Commodity Sub-Adviser’s trading approach and past performance record, which has been or may be provided by Commodity Sub-Adviser for
                                                                                                     inclusion in the Materials.

 

		(f)	Shares of the Fund will be offered and sold in compliance with the requirements set forth in the Registration
Statement, the Prospectus, the Trust Agreement and CFTC Regulation 4.12(c) (“Rule 4.12(c)”). In connection with the
offer and sale of the Shares, Sponsor will, and Sponsor will use its reasonable efforts to ensure that any third party selling agents
will, comply fully at all times with all federal, state and foreign securities laws, the CEA, Rule 4.12(c), and all rules and regulations
applicable to the offer and sale of the Shares to the public.

 

		(g)	The representations and warranties made in this Agreement
by Sponsor shall be continuing during the term of this Agreement, and if at any time any event has occurred which would make or tend
to make any of the foregoing not true, Sponsor will promptly notify Commodity Sub-Adviser.

 

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		(h)	Commodity Sub-Adviser’s failure to perform any of its obligations under the Agreement will be
excused in the event such failure results from the failure by Sponsor to perform its responsibilities under this Agreement, provided that
Commodity Sub-Adviser shall notify Sponsor of its nonperformance and shall use commercially reasonable efforts to provide Services under
this Agreement notwithstanding such failure.

 

5.
Representations and Warranties of Commodity Sub-Adviser. Commodity Sub-Adviser hereby represents and warrants to the Sponsor
that:

 

		(a)	The information and materials relating to Commodity Sub-Adviser, its businesses, principals, and past
performance record that has been requested by Sponsor, has been delivered to Sponsor and is current, accurate and complete in all material
respects, and the Commodity Sub-Adviser is in compliance with all federal and state applicable laws, rules and regulations. Commodity
Sub-Adviser will provide Sponsor with updated or amended copies of any such materials when and if such materials are updated or amended.

 

		(b)	Commodity Sub-Adviser has met, and will continue to meet for so long as this Agreement remains in effect,
any applicable federal or state requirements, or the applicable requirements of any regulatory agency or industry self-regulatory organization,
necessary to be met in order to perform services for the Fund pursuant to this Agreement.

 

		(c)	Commodity Sub-Adviser is not presently registered as a commodity trading advisor with the CFTC or as
a member of the NFA, but Commodity Sub-Adviser represents that it shall register as a commodity trading advisor with the CFTC and as a
member of the NFA by September 30, 2022. Commodity Sub-Adviser shall maintain such registration and membership in good standing during
the term of this Agreement. Further, Commodity Sub-Adviser agrees to notify Sponsor promptly upon (i) a statutory disqualification of
Commodity Sub-Adviser under Sections 8a(2) or 8a(3) of the CEA, (ii) a suspension, revocation or limitation of Consultant’s commodity
trading advisor or commodity pool operator registration or NFA membership, or (iii) the institution of an action or proceeding that could
lead to a statutory disqualification under the CEA or an investigation by any governmental agency or self-regulatory organization of which
Commodity Sub-Adviser is subject or has been advised it is a target (which investigation shall not include routine compliance examinations).

 

		(d)	There are no material actions that are required to be disclosed pursuant to CFTC Rule 4.24(l), except
for the actions identified on Exhibit A hereto.

 

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		(e)	Commodity Sub-Adviser has valid fidelity bond and errors and omissions insurance covering its obligations
under this Agreement.

 

		(f)	Commodity Sub-Adviser is a New York limited liability company with full power and authority to enter
into this Agreement.

 

		(g)	This Agreement has been duly and validly authorized, executed and delivered by, and is a valid and binding
contract of, Commodity Sub-Adviser enforceable in accordance with its terms.

 

		(h)	The representations and warranties made in this Agreement by Commodity Sub-Adviser shall be continuing
during the term of this Agreement, and if at any time any event has occurred which would make or tend to make any of the representations
and warranties in this Agreement not true, Commodity Sub-Adviser will promptly notify Sponsor.

 

6.
Expenses. During the term of this Agreement, Commodity Sub-Adviser will pay all expenses incurred by it in connection with
its activities under this Agreement other than the cost of investments (including brokerage commissions and other related expenses) purchased
or sold for the Fund.

 

7. Compensation.
For the services provided and the expenses assumed pursuant to this Agreement, Sponsor will pay Commodity Sub-Adviser, and
Commodity Sub-Adviser agrees to accept as full compensation therefor, commencing on the relevant Start Date, an Annual Management
Fee, based on the Fund’s average daily net assets (total assets of the Fund, minus the sum of its accrued liabilities) as
described in Exhibit B.

 

The daily fee accrual shall be calculated by multiplying
the fraction of one divided by the number of days in the calendar year by the applicable annual rate of fee, and multiplying this product
by the net assets of the Fund (not reduced by its cash reserves) as of the close of business on the last preceding business day on which
the Fund’s net asset value was determined. The Commodity Sub-Adviser will obtain the Fund’s net asset value for the purpose
of this calculation from the Fund’s custodian and provide the invoice to the Sponsor.

 

The management fee shall accrue on each calendar day beginning
on the Start Date, and shall be payable monthly in arrears on the first business day of the next succeeding calendar month.

 

For the month and year in which the
Start Date falls, or this Agreement terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement
is in effect during the month and year, respectively.

 

8. Independence of Commodity
Sub-Adviser. Commodity Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless
otherwise expressly provided or authorized herein, have no authority to act for or represent Sponsor or the Fund in any way or
otherwise be deemed an agent of Sponsor or the Fund. Commodity Sub-Adviser shall not offer or sell or solicit any offers to purchase
the Shares. However, when requested by Sponsor at such reasonable times and upon adequate notice as mutually agreed to, Commodity
Sub-Adviser will assist in the general explanation and presentation of Commodity Sub-Adviser’s trading strategies and methods
solely as it relates to the Fund, to the employees of Sponsor or its affiliates and to the Fund’s selling agents or to other
agents of Sponsor; provided, however, that nothing in this section will require Commodity Sub-Adviser to disclose confidential and
proprietary information concerning its trading strategies and methods. The parties acknowledge that Commodity Sub-Adviser,
individually or in conjunction with Sponsor, has not been an organizer or promoter of the Fund. Nothing herein contained shall be
deemed to require the Fund to take any action contrary to the Trust Agreement, Rule 4.12(c), or any applicable statute, regulation
or exchange rule.

 

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 9. Right to Advise Others; Position Limits.

 

		(a)	Commodity Sub-Adviser’s present business is advising with respect to the
                                                                 purchase and sale of Commodity Interests. The services provided by Commodity Sub-Adviser under this Agreement are not to be deemed
                                                                 exclusive. Sponsor acknowledges that, subject to the terms of this Agreement, Commodity Sub-Adviser may render advisory, consulting
                                                                 and management services to other clients. Commodity Sub-Adviser shall be free to advise others and manage other Commodity Interest
                                                                 trading accounts, including accounts owned by it or its principals, during the term of this Agreement and to use the same or
                                                                 different information, computer programs and trading strategy which it obtains, produces or utilizes in the performance of services
                                                                 for the Fund. In that connection, however, Commodity Sub-Adviser represents and warrants that: (i) in rendering consulting, advisory
                                                                 and management services to other Commodity Interest trading accounts and entities, it will use its best efforts to achieve an
                                                                 equitable treatment of all accounts and will use a fair and reasonable system of order entry for all accounts; (ii) it will not
                                                                 deliberately use any investment strategies for the Fund which it or its principals know are inferior to those currently offered by
                                                                 Commodity Sub-Adviser and employed by Commodity Sub-Adviser for other accounts; and (iii) it will not use the Sponsor and
                                                                 Fund’s proprietary information, including Fund data, formulas, market information, product plans, research, software, trade
                                                                 secrets, strategies, or know-how (“Confidential Information”) in rendering services to other clients, without the
                                                                 express written permission of the Sponsor. In respect of the preceding sentence, the Sponsor recognizes that the Commodity
                                                                 Sub-Adviser employs other investment strategies not utilized by the Fund that may have different return characteristics but with
                                                                 different fees, volatility, or risk.

 

		(b)	Commodity Sub-Adviser agrees to comply with the position limits imposed on certain Commodity Interest
                                                                                   contracts by the CFTC or applicable contract market. If, at any time during the term of this Agreement, Commodity Sub-Adviser is
                                                                                   required to aggregate the Fund’s Commodity Interest positions with the positions of any other person for purposes of applying
                                                                                   the CFTC or exchange imposed speculative position limits, Commodity Sub-Adviser will promptly notify Sponsor if the Fund’s
                                                                                   positions are included in an aggregate amount which exceeds the applicable speculative position limit. Commodity Sub-Adviser
                                                                                   represents that, if speculative position limits are reached in any Commodity Interest contract, it will modify the trading
                                                                                   instructions to the Fund’s account in a reasonable and good faith effort to achieve an equitable treatment. Commodity
                                                                                   Sub-Adviser currently believes and represents that such speculative limits will not materially affect its investment recommendations
                                                                                   or strategy for the Fund given Commodity Sub-Adviser’s current accounts and all proposed accounts for which Commodity Sub-Adviser has a contract to act as a commodity trading advisor and its ability to rely on the CFTC’s independent account
                                                                                   controller exemption from aggregation in Part 150 of the CFTC regulations.

 

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10.
Records of the Fund. Sponsor will instruct the Fund’s clearing broker(s) to furnish copies of all trade confirmations
and monthly trading reports to Commodity Sub-Adviser. Commodity Sub-Adviser will maintain a record of all trading orders for the Fund’s
account that have been filled and will monitor the Fund’s open positions. Upon the request of Sponsor, Commodity Sub-Adviser shall
permit Sponsor or its agents to inspect such information as Sponsor may reasonably request. With respect to the principals, Commodity
Sub-Adviser will provide records indicating whether its principals have proprietary accounts with a long/short strategy.

 

 11. Indemnity and Liability.

 

		(a)	In any threatened, pending or completed action, suit, or proceeding to which Commodity Sub-Adviser, its
                                                                                   members, officers, directors, employees or associated persons (collectively, “its affiliates”) was or is a party
                                                                                   or is threatened to be made a party by reason of the fact that Commodity Sub-Adviser is or was a commodity trading advisor of the
                                                                                   Fund or otherwise, the Fund and the Sponsor, jointly and severally, shall indemnify and hold harmless, subject to subsection (d)
                                                                                   below, Commodity Sub-Adviser and its affiliates against any loss, liability, damage, cost, expenses (including attorneys’ fees
                                                                                   and accountants’ fees), judgments and amounts paid in settlement actually and reasonably incurred by it or its affiliates in
                                                                                   connection with any action, suit or proceeding if Commodity Sub-Adviser acted in good faith and in a manner it reasonably believed
                                                                                   to be in or not opposed to the best interests of the Fund, and provided that its conduct does not constitute willful misfeasance,
                                                                                   bad faith, gross negligence or reckless disregard of its obligations and duties under this Agreement. The termination of any action,
                                                                                   suit or proceeding by judgment, order or settlement shall not, of itself, create a presumption that Commodity Sub-Adviser did not
                                                                                   act in good faith or in a manner which it reasonably believed to be in or not opposed to the best interests of the Fund.

 

		(b)	Expenses incurred in defending a threatened or pending civil, administrative or criminal action, suit
                                                                                   or proceeding against Commodity Sub-Adviser or its affiliates may, in the sole discretion of Sponsor, be paid by the Fund in advance
                                                                                   of the final disposition of such action, suit or proceeding, if and to the extent that the person on whose behalf such expenses are
                                                                                   paid shall agree to reimburse the Fund in the event indemnification is not permitted under this Section.

 

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		(c)	Commodity Sub-Adviser agrees to indemnify, defend and hold harmless the Fund, Sponsor and its affiliates
(as defined above) against any loss, liability, damage, cost, expenses (including attorneys’ fees and accountants’ fees),
judgments and amounts paid in settlement actually and reasonably incurred by it or its affiliates by reason of any act or omission of
Commodity Sub-Adviser relating to the Fund (including costs and expenses of investigating and defending any claims, demand or suit and
attorneys’ and accountants’ fees) if such act involved willful misfeasance, bad faith or gross negligence on the part of Commodity
Sub-Adviser in the performance of its duties under this Agreement, or by reason of its reckless disregard of its obligations and duties
under this Agreement.

 

		(d)	The foregoing provisions for indemnification shall survive the termination of this Agreement.

 

		(e)	Commodity Sub-Adviser acknowledges as to it that the indemnities provided in this Agreement by Sponsor
and the Fund to Commodity Sub-Adviser shall be inapplicable in the event of any liability accruing to the extent, if any, caused by or
based upon Commodity Sub-Adviser’s misrepresentations, omissions or breach of any warranty in this Agreement.

 

		(f)	The Fund and Sponsor acknowledge as to each of them that the indemnities
                                                                 provided in this Agreement by the Commodity Sub-Adviser to the Fund and Sponsor shall be inapplicable in the event of any liability
                                                                 accruing to the extent, if any, caused by or based upon the Fund’s or Sponsor’s misrepresentations, omissions or breach
                                                                 of any warranty in this Agreement.

 

		(g)	Notwithstanding anything in this Agreement to the contrary, all securities laws impose liabilities under
certain circumstances on persons who act in good faith, and, therefore, nothing in this Agreement shall constitute a waiver or limitation
of liability under such laws to the extent (but only to the extent) such liability may not be waived, modified or limited.

 

12.
Term; Termination; Amendment. This Agreement shall become effective on the date of execution of the Agreement and shall
remain in effect until otherwise terminated pursuant to this Section.

 

This Agreement may be
terminated at any time, without penalty, by either Sponsor or Commodity Sub-Adviser upon 180 days written notice. However, if this
notice of termination is made by Commodity Sub-Adviser before Start Date, Commodity Sub-Adviser shall repay Sponsor all expenses
(including attorneys’ fees) reasonably incurred by it or its affiliates in connection with securing an alternative Commodity
Sub-Adviser, acceptable to the Sponsor, by the Start Date. If this notice of termination is made by Sponsor before Start Date,
Sponsor shall repay Commodity Sub-Adviser all expenses (including attorneys’ fees) reasonably incurred by it or its affiliates
in connection with preparation necessary to register as a commodity trading advisor with the CFTC and as a member of the NFA by the
Start Date.

 

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Termination of this Agreement shall not affect the right
of Commodity Sub-Adviser to receive payments on any unpaid balance of the compensation described in Section 7 earned prior to the effective
date of such termination.

 

13.
Notice. Any notice under this Agreement shall be in writing, addressed and delivered or mailed, using overnight delivery
service with a trackable service, to the other party

 

	If to Sponsor:	If to Commodity Sub-Adviser:
	 	 
	Justin Young	Attention: Legal
	Volatility Shares LLC	Penserra Capital Management LLC
	2000 PGA Blvd.	4 Orinda Way
	Suite 4440	Suite 100-A
	Palm Beach Gardens	Orinda
	FL 33408	CA 94563

 

or such address as each such party may later designate for
the receipt of such notice.

 

14.
Assignment and Successors. This Agreement may not be assigned nor the duties hereunder delegated by either party without
the express written consent of the other party. This Agreement is made solely for the benefit of, and shall be binding upon, the parties
and their respective successors and assigns, and no other person shall have any right or obligation under it.

 

 15. Notice of Threatened, Pending or Completed Actions, Suits or Proceedings.

 

		(a)	Sponsor will promptly give written notice to Commodity Sub-Adviser of: (i) any threatened, pending or
completed action, suit or proceedings (including without limitation any reparations or administrative proceeding threatened or instituted
under the CEA) to which Sponsor or the Fund was or is a party or is threatened to be a party; and (ii) any judgments or amounts paid by
Sponsor or the Fund in settlement in connection with any such threatened, pending or completed action, suit or proceeding.

 

		(c)	Written notices required to be given pursuant to this Section 16 shall contain all pertinent information
concerning the threatened, pending or completed action, suit or proceeding and, in the case of any pending or completed action suit or
proceeding, shall include a copy of the complaint, petition or similar documents asserting a claim.

 

		(d)	Sponsor and Commodity Sub-Adviser agree to use their best efforts to maintain the confidentiality of
                                                                                   notices received pursuant to this Section 16 and agree not to disclose the contents of such notices to persons other than their
                                                                                   affiliates and advisors, or except as may be required, in their good faith judgment, by any applicable law or regulation.

 

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16.
Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement is held or made invalid
by a court decision, statute, rule or otherwise, the remainder of this Agreement will not be affected thereby.

 

(a)
Except as necessary to meet legal or regulatory requirements (e.g., reporting requirements set forth by the Securities and Exchange
Commission), neither Party shall use the other Party’s name, trademark, service mark, logo, or refer to the other Party directly
or indirectly in any media release, public announcement, or public disclosure relating to this Agreement or its subject matter, including
in any promotional or marketing materials, customer lists or business presentations without the prior written consent from the other Party.

 

17.
Applicable Law, Entire Agreement, Amendments, Arbitration. This Agreement shall be construed in accordance with applicable
federal law and the laws of the State of New York. This Agreement is the entire agreement of the parties in respect of the subject matter
and may be amended only by a writing signed by the parties. In the event of any dispute arising out of or relating to this Agreement,
the Parties agree that the dispute will be resolved by final and binding arbitration under the Commercial Arbitration Rules of the American
Arbitration Association. The arbitration shall take place before a panel of three arbitrators. Within 30 days after the commencement of
the arbitration, each party shall designate in writing a single independent arbitrator. The two arbitrators designated by the Parties
shall then select a third arbitrator. Each arbitrator shall have a background in either investment management, actuarial science or law.
The arbitrators shall have the authority to permit limited discovery, including depositions, prior to the arbitration hearing, and such
discovery shall be conducted consistent with the Federal Rules of Civil Procedure. The arbitrators shall have no power or authority to
award damages in excess of the limitation of liability set forth herein or otherwise award damages disclaimed under this Agreement. The
arbitrators may, in their discretion, award the cost of the arbitration, including reasonable attorney fees, to the prevailing party.
Any award made may be confirmed in any court having jurisdiction. Any arbitration shall be confidential, and except as required by law,
neither Party may disclose the content or results of any arbitration hereunder without the prior written consent of the other Party, except
that disclosure is permitted to a Party’s auditors, legal advisors, regulators and financial advisors.

 

18.
Obligations of Fund Only. This Agreement is executed on behalf of the Fund by officers of the Sponsor as officers and not
individually and the obligations imposed upon the Fund by this Agreement are not binding upon any of the Trust’s officers individually,
the Fund’s shareholders individually or any other Fund, but are binding only upon the assets and property of each Fund separately.

 

19.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
but such counterparts shall, together, constitute only one instrument.

 

20. Force
Majeure. Neither Party will be liable for any default or delay in the performance of its obligations under this Agreement if and
to the extent: (i) the default or delay is caused, directly or indirectly, by fire, flood, pandemic, elements of nature or acts of
God, or any other cause beyond the reasonable control of the Party; and (ii) the non-performing Party is without fault and the
default or delay could not have been prevented by reasonable precautions (“Force Majeure Event”). The non-performing
Party is excused from further performance for as long as such circumstances prevail and the Party continues to use reasonable
efforts to recommence performance. Any Party so delayed will promptly notify the Party to whom performance is due and describe the
circumstances causing the delay.

 

[SIGNATURES ON THE FOLLOWING
PAGE]

 

    11

     

    

 

IN WITNESS WHEREOF, Sponsor and
Commodity Sub-Adviser have caused this Agreement to be executed as of the day and year first above written.

 

	Volatility Shares, LLC, a Delaware 

limited liability company	 	Penserra Capital Management LLC, a New York limited liability company
	 	 	 	 	 
	By:	/s/ Justin P. Young	 	By:	/s/ Dustin Lewellyn
	 Name:  	Justin P. Young	 	Name:  	Dustin Lewellyn
	 Title:	President	 	Title:	CIO

 

[Signature page to Commodity Sub-Advisory Agreement]

 

     

     

    

 

EXHIBIT A

 

(Section 5e)

(List Administrative, Civil or Criminal Actions, Pending or
Concluded, or Indicate “None”)

 

None

 

None

 

    A-1

     

    

 

EXHIBIT B

 

	Fund (ticker symbol)	 	Start Date	 	Annual Management Fee
	-1x Short VIX Futures ETF (SVIX)	 	October 31, 2022	 	 	0.20	%
	2x Long VIX Futures ETF (UVIX)	 	October 31, 2022	 	 	0.20	%

 

 

B-1Exhibit 10.3

 

Execution Version

 

SUBSCRIPTION AGREEMENT

 

September 16, 2022

 

CF Acquisition Corp. VI

110 East 59th Street

New York, NY 10022

 

Rumble Inc.

218 Adelaide Street West, Suite 400

Toronto, ON M5H 1W7

Canada

 

Ladies and Gentlemen:

 

In connection with the business
combination (the “Transaction”) between CF Acquisition Corp. VI, a Delaware corporation (the “Company”),
and Rumble Inc., a corporation formed under the laws of the Province of Ontario, Canada (“Target”), pursuant to that
certain Business Combination Agreement, dated as of December 1, 2021 (as may be amended from time to time, the “Transaction Agreement”),
by and between the Company and Target, contingent upon and effective as of the Transaction Closing (as defined below), the Company desires
to issue 50,254,401 shares of the Company’s Class C common stock, par value $0.0001 per share (the “Class C Common Stock”)
(such Class C Common Stock having been authorized pursuant to the New SPAC Charter (as defined in the Transaction Agreement)), to the
undersigned (“Subscriber”) at the Transaction Closing (as defined below) for a per share price of $0.0001 and an aggregate
purchase price of $5,025.44 (the “Subscriber Payment”) in a private offering exempt from the registration requirements
of the Securities Act of 1933, as amended (the “Securities Act”).

 

In connection therewith, Subscriber
and the Company are entering into this subscription agreement (this “Subscription Agreement”) and hereby agree as follows:

 

1. Subscription.
Effective and contingent upon the Transaction Closing, Subscriber hereby subscribes for and agrees to purchase from the Company, and the
Company agrees to issue and sell to Subscriber, 50,254,401 shares of Class C Common Stock (the “Subscriber Shares”)
in consideration for the Subscriber Payment on the terms provided for herein.

 

2. Closing;
Delivery of Shares.

 

(a) The
closing of the sale of the Subscriber Shares contemplated hereby (the “Closing”) shall occur on the date hereof concurrently
with the consummation of the Transaction (the “Transaction Closing”). The undersigned acknowledges and agrees that
this Subscription Agreement shall automatically terminate without any further action by, or liability to, any party hereto upon the termination
of the Business Combination Agreement and the subscription contemplated hereunder shall be null and void.

 

(b) The
Company shall deliver to Subscriber (i) at the Closing, the Subscriber Shares in book entry
form, free and clear of any liens or other restrictions (other than those arising under state or federal securities laws), in the
name of the Subscriber (or his nominee in accordance with his delivery instructions), and (ii) as
promptly as practicable after the Closing, evidence from the Company’s transfer agent of the issuance to Subscriber of the Subscriber
Shares (in book entry form) on and as of the Closing Date. 

 

     

     

    

 

3. Company
Representations and Warranties. The Company represents and warrants to the Subscriber that:

 

(a) Organization
and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State
of Delaware. The Company has the corporate power and authority to own, lease and operate its properties and conduct its business as presently
conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

(b) Authorization;
Enforcement. This Subscription Agreement has been duly authorized, executed and delivered by the Company and is enforceable against
the Company in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether
considered at law or equity.

 

(c) Issuance.
The Subscriber Shares have been duly authorized pursuant to the New SPAC Charter (as defined in the Transaction Agreement) and, when issued
and delivered to the Subscriber against full payment therefor in accordance with the terms of this Subscription Agreement, the Subscriber
Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive
or similar rights created under the New SPAC Governing Documents (as defined in the Transaction Agreement) or under the laws of the State
of Delaware.

 

(d) No
Conflicts. The execution, delivery and performance of this Subscription Agreement, including the issuance and sale of the Subscriber
Shares and the consummation of the transactions contemplated hereby, will be done in accordance with Nasdaq marketplace rules, and (i)
will not conflict with or result in a material breach or material violation of any of the terms or provisions of, or constitute a material
default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company
or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, license, lease or any other
agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries
is bound or to which any of the property or assets of the Company is subject, which would have a material adverse effect on the business,
properties, assets, liabilities, operations, condition (including financial condition), stockholders’ equity or results of operations
of the Company (a “Material Adverse Effect”) or materially affect the validity of the Subscriber Shares or the legal
authority or ability of the Company to perform in all material respects its obligations under the terms of this Subscription Agreement;
(ii) result in any violation of the provisions of the organizational documents of the Company; or (iii) result in any violation of any
statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over the Company or any of its properties that would have a Material Adverse Effect or materially affect the validity of the Subscriber
Shares or the legal authority or ability of the Company to perform in all material respects its obligations under the terms of this Subscription
Agreement.

 

(e) Filings,
Consents and Approvals. Assuming the accuracy of the representations and warranties of the Subscriber, the Company is not required
to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other
federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution,
delivery and performance by the Company of this Subscription Agreement (including the issuance of the Subscriber Shares), other than (i)
those required to consummate the Transaction as provided under the Transaction Agreement, (ii) the filings required by applicable state
or federal securities laws, (iii) any filings or notices required by Nasdaq, (iv) those required to consummate the Transaction as provided
under the Transaction Agreement, and (v) any consent, waiver, authorization or order of, notice to, or filing or registration, the failure
of which to obtain would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

The Company understands that
the foregoing representations and warranties shall be deemed material to and have been relied upon by the Subscriber.

 

    - 2 -

     

    

 

4. Subscriber
Representations, Warranties and Covenants. The Subscriber represents and warrants to the Company that:

 

(a) Subscriber
Status. At the time the Subscriber was offered the Subscriber Shares, he was, and the Subscriber (i) is an “accredited investor”
(within the meaning of Rule 501 of Regulation D under the Securities Act) (an “Accredited Investor”), and (ii) is acquiring
the Subscriber Shares only for his own account and not for the account of others, and not on behalf of any other account or person or
with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act.

 

(b) Nature
of Investment. The Subscriber understands that the Subscriber Shares are being offered in a transaction not involving any public offering
within the meaning of the Securities Act and that the Subscriber Shares delivered at the Closing have not been registered under the Securities
Act. The Subscriber understands that the Subscriber Shares may not be resold, transferred, pledged or otherwise disposed of by the Subscriber
absent an effective registration statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S.
persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act
or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and
(iii) in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates
(if any) or any book-entry shares representing the Subscriber Shares delivered at the Closing shall contain a legend or restrictive notation
to such effect, and as a result of such restrictions, the Subscriber may not be able to readily resell the Subscriber Shares and may be
required to bear the financial risk of an investment in the Subscriber Shares for an indefinite period of time. The Subscriber acknowledges
that the Subscriber Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The Subscriber
understands that he has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Subscriber
Shares.

 

(c) Authorization
and Enforcement. The execution, delivery and performance by the Subscriber of this Subscription Agreement are within the powers of
the Subscriber, have been duly authorized and will not constitute or result in a breach or default under or conflict with any federal
or state statute, rule or regulation applicable to the Subscriber, any order, ruling or regulation of any court or other tribunal or of
any governmental commission or agency, or any agreement or other undertaking, to which the Subscriber is a party or by which the Subscriber
is bound. The signature on this Subscription Agreement is genuine, and the Subscriber has sufficient legal competence and capacity to
execute the same, and this Subscription Agreement constitutes a legal, valid and binding obligation of the Subscriber, enforceable against
the Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of
equity, whether considered at law or equity.

 

(d) Other
Representations. The Subscriber understands and agrees that the Subscriber is purchasing the Subscriber Shares directly from the Company.
The Subscriber further acknowledges that there have been no representations, warranties, covenants and agreements made to the Subscriber
by the Company, or any of its officers or directors, expressly (other than those representations, warranties, covenants and agreements
included in this Subscription Agreement) or by implication.

 

    - 3 -

     

    

 

(e) Receipt
of Disclosure. The Subscriber acknowledges and agrees that the Subscriber has received such information as the Subscriber deems necessary
in order to make an investment decision with respect to the Subscriber Shares. Without limiting the generality of the foregoing, the Subscriber
acknowledges that it has received (or in the case of documents filed with the Securities and Exchange Commission (the “Commission”),
had access to) the following items (collectively, the “Disclosure Documents”): (i) the final prospectus of the Company,
dated as of February 18, 2021 and filed with the Commission (File No. 333-252598) on February 19, 2021 (the “SPAC Prospectus”),
(ii) each filing made by the Company with the Commission following the filing of the SPAC Prospectus through the date of this Subscription
Agreement, (iii) the Transaction Agreement, and (iv) the final prospectus of the Company dated as of August 11, 2022 and filed with the
Commission (File No. 333-262725) on August 12, 2022, as supplemented on August 24, 2022. The undersigned understands the significant extent
to which certain of the disclosures contained in items (i) and (ii) above shall not apply following the Transaction Closing. The Subscriber
represents and agrees that the Subscriber and the Subscriber’s professional advisor(s), if any, have had the full opportunity to
ask the Company’s management questions, receive such answers and obtain such information as the Subscriber and such Subscriber’s
professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Subscriber Shares.

 

(f) No
General Solicitation. The Subscriber became aware of the offering of the Subscriber Shares solely by means of direct contact between
the Subscriber and the Company. The Subscriber acknowledges that the Company represents and warrants that the Subscriber Shares (i) were
not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

(g) Investment
Risks. The Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the
Subscriber Shares, including those set forth in the Disclosure Documents and in the Company’s filings with the Commission. The Subscriber
is a sophisticated institutional investor and is able to fend for itself in the transactions contemplated herein and has such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Subscriber
Shares, and the Subscriber has sought such accounting, legal and tax advice as the Subscriber has considered necessary to make an informed
investment decision. Alone, or together with any professional advisor(s), the Subscriber has adequately analyzed and fully considered
the risks of an investment in the Subscriber Shares and determined that the Subscriber Shares are a suitable investment for the Subscriber
and that the Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of the Subscriber’s
investment in the Company. The Subscriber acknowledges specifically that a possibility of total loss exists.

 

(h) Compliance.
The Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscriber
Shares or made any findings or determination as to the fairness of this investment or the accuracy or adequacy of the Company’s
reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), including pursuant to Section 13(a) or 15(d) thereof.

 

(i) Diligence
Disclaimer. Neither the due diligence investigation conducted by the Subscriber in connection with making his decision to acquire
the Subscriber Shares nor any representations and warranties made by the Subscriber herein shall modify, amend or affect the Subscriber’s
right to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.

 

    - 4 -

     

    

 

(j) OFAC/Patriot
Act. The Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered
by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued
by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any
OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a
non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”).
The Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided
that the Subscriber is permitted to do so under applicable law. If the Subscriber is a financial institution subject to the Bank Secrecy
Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), the Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the
BSA/PATRIOT Act. To the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against
the OFAC sanctions programs, including the OFAC List. To the extent required, it maintains policies and procedures reasonably designed
to ensure that the funds held by the Subscriber and used to purchase the Subscriber Shares were legally derived.

 

 The Subscriber understands
that the foregoing representations and warranties shall be deemed material to and have been relied upon by the Company.

 

5. Additional
Covenants.

 

(a) Transfer
Restrictions.

 

(i) The
Subscriber Shares may only be transferred or otherwise disposed of in compliance with state and federal securities laws, the Lock-Up Agreement
executed by the Subscriber (as defined in the Transaction Agreement), and the New SPAC Charter, and shall not be pledged, margined or
hypothecated in any manner. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Subscription
Agreement and such transferee and each Subscriber affiliate transferee and their subsequent transferees shall have the rights and obligations
of the Subscriber under this Subscription Agreement.

 

(ii) The
Subscriber agrees to the imprinting, so long as is required by this Section  ‎5 ‎(a), of a legend on any of the Subscriber
Shares in the following form:

 

THIS SECURITY HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE FEDERAL, STATE AND FOREIGN SECURITIES LAWS.

 

    - 5 -

     

    

 

6. Trust
Account Waiver. The Subscriber hereby represents and warrants that it has read the SPAC Prospectus and understands that the Company
has established a trust account (the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”)
and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the
benefit of the Company’s public stockholders (the “Public Stockholders”), and that, except as otherwise described
in the SPAC Prospectus, the Company may disburse monies from the Trust Account only: (a) to the Public Stockholders in the event they
elect to redeem their Company shares in connection with the consummation of the Company’s initial business combination (as such
term is used in the SPAC Prospectus) (the “Business Combination”) or in connection with an extension of its deadline
to consummate a Business Combination, (b) to the Public Stockholders if the Company fails to consummate a Business Combination within
24 months after the closing of the IPO (as such date may be extended by amendment to the Company’s organizational documents), (c)
with respect to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any taxes and up to $100,000
in dissolution expenses, or (d) to the Company after or concurrently with the consummation of a Business Combination. For and in consideration
of the Company entering into this Subscription Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Subscriber hereby agrees that notwithstanding anything to the contrary contained in this Subscription
Agreement, Subscriber does not now and shall not at any time hereafter have, and waives any and all right, title and interest, or any
claims of any kind it has or may have in the future as a result of, or arising out of, this Subscription Agreement, the transactions contemplated
hereby or the Subscriber Shares, in or to any monies held in the Trust Account (or any distributions therefrom directly or indirectly
to Public Stockholders (“Public Distributions”)), and agrees not to seek recourse or make or bring any action, suit,
claim or other proceeding against the Trust Account or Public Distributions as a result of, or arising out of, this Subscription Agreement,
the transactions contemplated hereby or the Subscriber Shares, regardless of whether such claim arises based on contract, tort, equity
or any other theory of legal liability. To the extent the Subscriber commences any action or proceeding based upon, in connection with,
as a result of or arising out of, this Subscription Agreement, the transactions contemplated hereby or the Subscriber Shares, which proceeding
seeks, in whole or in part, monetary relief against the Company or its Representatives, the Subscriber hereby acknowledges and agrees
that the Subscriber’s sole remedy shall be against funds held outside of the Trust Account (other than Public Distributions) and
that such claim shall not permit the Subscriber (or any person claiming on his behalf or in lieu of any of it) to have any claim against
the Trust Account (including any distributions therefrom) or any amounts contained therein. Notwithstanding anything else in this Section
6 to the contrary, nothing herein shall (x) serve to limit or prohibit the Subscriber’s right to pursue a claim against Company
for legal relief against assets held outside the Trust Account, (y) serve to limit or prohibit any claims that the Subscriber may have
in the future against Company’s assets or funds that are not held in the Trust Account (including any funds that have been released
from the Trust Account to the Company (excluding, for the avoidance of doubt, funds released to redeeming stockholders of the Company)
and any assets that have been purchased or acquired with any such funds), or (z) be deemed to limit the Subscriber’s right, title,
interest or claim to the Trust Account by virtue of the Subscriber’s record or beneficial ownership of Class C Common Stock acquired
by any means other than pursuant to this Subscription Agreement, including to any redemption right with respect to any such securities
of the Company. For purposes of this Subscription Agreement, “Representatives” with respect to any person shall mean
such person’s affiliates and its and its affiliate’s respective directors, officers, employees, consultants, advisors, agents
and other representatives.

 

7. Miscellaneous.

 

(a) Transferability.
Neither this Subscription Agreement nor any rights that may accrue to the Subscriber hereunder (other than the Subscriber Shares acquired
hereunder, if any, subject to applicable securities laws) may be transferred or assigned by the Subscriber without the prior written consent
of the Company, and any purported transfer or assignment without such consent shall be null and void ab initio.

 

(b) Company
Reliance. The Subscriber acknowledges that the Company and the Target will rely on the acknowledgments, understandings, agreements,
representations and warranties of the Subscriber contained in this Subscription Agreement, provided, however, that the Closing may only
be enforced against the Subscriber by the Company and/or the Target. The Company is irrevocably authorized to produce this Subscription
Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters
covered hereby.

 

    - 6 -

     

    

 

(c) Survival.
All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing
until the expiration of any applicable statute of limitations.

 

(d) Amendments
and Waivers. This Subscription Agreement may not be amended, modified or waived except by an instrument in writing, signed by the
party against whom enforcement of such amendment, modification or waiver is sought.

 

(e) Entire
Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

 

(f) Successors
and Assigns. This Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and
acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors,
legal representatives and permitted assigns.

 

(g) Severability.
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of
the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full
force and effect. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

(h) Counterparts.
This Subscription Agreement may be executed in one or more counterparts (including by facsimile, electronic mail or in .pdf (including
any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures
and Records Act or other applicable law, e.g., www.docusign.com)) and by different parties in separate counterparts, with the same effect
as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall
constitute one and the same agreement.

 

(i) Specific
Performance. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to equitable relief, including an injunction or injunctions to prevent breaches of this Subscription Agreement and to
enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such
party is entitled at law, in equity, in contract, in tort or otherwise. Each party hereto further agrees that none of the parties hereto
or the Target shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining
any remedy referred to in this Section ‎7 ‎(i), and each party hereto irrevocably waives any right it may have to require
the obtaining, furnishing or posting of any such bond or similar instrument.

 

(j) GOVERNING
LAW AND JURY TRIAL. THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE.
EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS SUBSCRIPTION AGREEMENT AND
THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    - 7 -

     

    

 

(k) Venue.
Each party hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the United States District Court
for the Southern District of New York or, if there is no federal jurisdiction, in the state courts sitting in New York County in the State
of New York (the “Chosen Court”) for any actions, suits or proceedings arising out of or relating to this Subscription
Agreement and the transactions contemplated hereby (and each party agrees not to commence any action, suit or proceeding relating thereto
except in such courts). Each party hereby irrevocably and unconditionally waives any objection to the laying of venue of any action, suit
or proceeding arising out of this Subscription Agreement or the transactions contemplated hereby, in the Chosen Court, and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought
in any such court has been brought in an inconvenient forum. To the extent he has or hereafter may acquire any immunity from jurisdiction
of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution,
execution or otherwise) with respect to himself or his property, the Subscriber hereby irrevocably waives such immunity in respect of
his obligations with respect to this Subscription Agreement.

 

(l) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given (i)
when delivered in person, (ii) when delivered by facsimile or email, with affirmative confirmation of receipt, (iii) one (1) business
day after being sent, if sent by reputable, internationally recognized overnight courier service or (iv) three (3) business days after
being mailed, if sent by registered or certified mail, prepaid and return receipt requested, in each case, if to the Company to 444 Gulf
of Mexico Dr., Longboat Key, FL 34228, and if to the Subscriber at the address on its signature page hereto.

 

(m) Headings
and Certain Defined Terms. The headings set forth in this Subscription Agreement are for convenience of reference only and shall not
be used in interpreting this Subscription Agreement. In this Subscription Agreement, unless the context otherwise requires: (i) whenever
required by the context, any pronoun used in this Subscription Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) “including” (and with
correlative meaning “include”) means including without limiting the generality of any description preceding or succeeding
such term and shall be deemed in each case to be followed by the words “without limitation”; and (iii) the words “herein”,
“hereto” and “hereby” and other words of similar import in this Subscription Agreement shall be deemed in each
case to refer to this Subscription Agreement as a whole and not to any particular portion of this Subscription Agreement, and references
to any Section or Subsection shall refer to the numbered and lettered Sections and Subsections of this Subscription Agreement. As used
in this Subscription Agreement, the term: (x) “business day” shall mean any day other than a Saturday, Sunday or a legal holiday
on which commercial banking institutions in New York, New York are authorized to close for business (excluding as a result of “stay
at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the
closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems,
including for wire transfers, of commercially banking institutions in New York, New York are generally open for use by customers on such
day); (y) “person” shall refer to any individual, corporation, partnership, trust, limited liability company or other entity
or association, including any governmental or regulatory body, whether acting in an individual, fiduciary or any other capacity; and (z)
“affiliate” shall mean, with respect to any specified person, any other person or group of persons acting together that, directly
or indirectly, through one or more intermediaries controls, is controlled by or is under common control with such specified person (where
the term “control” (and any correlative terms) means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of such person, whether through the ownership of voting securities, by contract or otherwise).
For the avoidance of doubt, any reference in this Subscription Agreement to an affiliate of the Company will include the Company’s
sponsor, CFAC Holdings VI, LLC.

 

    - 8 -

     

    

 

(n) Further
Assurances. At Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as
the parties may reasonably deem practical and necessary in order to consummate the offer and sale of the Subscriber Shares as contemplated
by this Subscription Agreement.

 

(o) Third
Party Beneficiaries. The parties hereto agree that Target is an express third-party beneficiary of the representations, warranties
and covenants contained in this Subscription Agreement. The parties hereto acknowledge and agree that Target shall be entitled to specifically
enforce the Subscriber’s obligations to fund the Subscriber Payment and the provisions of this Subscription Agreement of which Target
is an express third-party beneficiary on the terms and subject to the conditions set forth in this Subscription Agreement. Except for
the foregoing, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and
their respective successors and assigns.

 

8. Non-Reliance
and Exculpation. The Subscriber acknowledges that he is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person other than the statements, representations and warranties contained in this Subscription Agreement in making
his investment or decision to invest in the Company.

 

{SIGNATURE PAGES FOLLOW}

 

    - 9 -

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Subscription Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

 

	 	Rumble inc.

 

	 	By:	/s/ Christopher Pavlovski
	 	 	Name: Christopher Pavlovski
	 	 	Title: Chief Executive Officer 

 

{Signature Page to
Class C Subscription Agreement} 

 

     

     

    

 

{SUBSCRIBER SIGNATURE PAGE TO THE SUBSCRIPTION
AGREEMENT}

 

IN WITNESS WHEREOF, the undersigned
has caused this Subscription Agreement to be duly executed by its authorized signatory as of the date first indicated above.

 

	Name(s) of Subscriber: 	2286404 Ontario Inc.

 

	Signature of Authorized Signatory of Subscriber: 	/s/ Ryan Milnes

 

	Name of Authorized Signatory: 	Ryan Milnes

 

	Title of Authorized Signatory: 	Director of 2286404 Ontario Inc.

 

Address for Notice to Subscriber:

 

	

 

	

 

	Attention:	 

 

	Email:	 

 

	Facsimile No.:	 

 

	Telephone No.:	 

 

Address for Delivery of Subscriber Shares to Subscriber (if not same
as address for notice):

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