Document:

EX-10.1

 Exhibit 10.1 

BILIBILI INC. 
 AMENDED
AND RESTATED 2018 SHARE INCENTIVE PLAN 
 (Adopted on February 27, 2018, as
amended by the board of directors on March 23, 2020 and October 3, 2022) 

ARTICLE 1 
 PURPOSE

 The purpose of this Amended and Restated 2018 Share Incentive Plan (the “Plan”) is to promote the success and enhance
the value of Bilibili Inc., an exempted company formed under the laws of the Cayman Islands (the “Company”), by linking the personal interests of the Directors, Employees, and Consultants to those of the Company’s shareholders
and by providing such individuals with an incentive for outstanding performance to generate superior returns to the Company’s shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract,
and retain the services of the Directors, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. 

ARTICLE 2 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1 “Applicable
Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or
national market system, of any jurisdiction applicable to Awards granted to residents therein. 
 2.2 “Award” means an
Option, Restricted Share or Restricted Share Unit award granted to a Participant pursuant to the Plan. 
 2.3 “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 

2.4 “Board” means the Board of Directors of the Company. 

 2.5 “Cause” with respect to a Participant means (unless otherwise expressly
provided in the applicable Award Agreement, or another applicable contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on the Participant’s Awards) a
termination of employment or service based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Participant: 

(a) has been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties or is
incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 
 (b) has been
dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information; 

(c) has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Service
Recipient; or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses); 

(d) has materially breached any of the provisions of any agreement with the Service Recipient; 

(e) has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of,
the Service Recipient; or 
 (f) has improperly induced a vendor or customer to break or terminate any contract with the Service Recipient
or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship. 
 A termination for Cause shall
be deemed to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date on which the Service Recipient first delivers written notice to the Participant of a finding of termination for Cause. 

2.6 “Code” means the Internal Revenue Code of 1986 of the United States, as amended. 

2.7 “Committee” means a committee of the Board described in Article 10. 

2.8 “Consultant” means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a
Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the
Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

2.9 “Corporate Transaction”, unless otherwise defined in an Award Agreement, means any of the following transactions,
provided, however, that the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 

  
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 (a) an amalgamation, arrangement or consolidation or scheme of arrangement (i) in which
the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following which the holders of the voting securities of the Company do
not continue to hold more than 50% of the combined voting power of the voting securities of the surviving entity; 
 (b) the sale, transfer
or other disposition of all or substantially all of the assets of the Company; 
 (c) the complete liquidation or dissolution of the
Company; 
 (d) any reverse takeover or series of related transactions culminating in a reverse takeover (including, but not limited to, a
tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding immediately prior to such takeover are converted or exchanged by virtue of the takeover into
other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a
person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions that the Committee
determines shall not be a Corporate Transaction; or 
 (e) acquisition in a single or series of related transactions by any person or
related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more
than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction. 

2.10 “Director”, means a member of the Board or a member of the board of directors of any Subsidiary of the Company. 

2.11 “Disability”, unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive
long-term disability payments under the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered by such
policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions of the position
held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she
furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 
 2.12 “Effective Date” shall
have the meaning set forth in Section 11.1. 
 2.13 “Employee” means any person, including an officer or a Director,
who is in the employment of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a director’s fee by a Service Recipient
shall not be sufficient to constitute “employment” by the Service Recipient. 

  
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 2.14 “Exchange Act” means the Securities Exchange Act of 1934 of the United
States, as amended. 
 2.15 “Fair Market Value” means, as of any date, the value of Shares determined as follows: 

(a) If the Shares are listed on one or more established stock exchanges or national market systems, including without limitation, the New York
Stock Exchange or the Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as
determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported on the
website maintained by such exchange or market system or such other source as the Committee deems reliable; 
 (b) If the Shares are
regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such Shares as quoted on such system or by such securities dealer
on the date of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on
that date, on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

(c) In the absence of an established market for the Shares of the type described in (a) and (b) above, the Fair Market Value thereof
shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the development of the Company’s business operations and the general economic
and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company’s business operation and the general economic and market conditions since such
transaction, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value. 

2.16 “Group Entity” means any of the Company and Subsidiaries of the Company. 

2.17 “Hong Kong Listing Rules” means the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited, as amended or supplemented from time to time. 
 2.18 “Hong Kong Stock Exchange” means The Stock Exchange of Hong
Kong Limited. 
 2.19 “Incentive Share Option” means an Option that is intended to meet the requirements of
Section 422 of the Code or any successor provision thereto. 

  
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 2.20 “Independent Director” means (i) if the Shares or other
securities representing the Shares are not listed on a stock exchange, a Director of the Company who is a Non-Employee Director; and (ii) if the Shares or other securities representing the Shares are
listed on one or more stock exchange, a Director of the Company who meets the independence standards under the applicable corporate governance rules of the stock exchange(s). 

2.21 “IPO” means the initial public offering of the Shares of the Company. 

2.22 “Non-Employee Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the Board. 

2.23 “Non-Qualified Share Option” means an Option that is not intended to be an
Incentive Share Option. 
 2.24 “Option” means a right granted to a Participant pursuant to Article 5 of the Plan to
purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option. 

2.25 “Participant” means a person who, as a Director, Consultant or Employee, has been granted an Award pursuant to the Plan.

 2.26 “Parent” means a parent corporation under Section 424(e) of the Code. 

2.27 “Plan” means this Amended and Restated 2018 Share Incentive Plan of Bilibili Inc., as amended and/or restated from time
to time. 
 2.28 “Related Entity” means any business, corporation, partnership, limited liability company or other entity
in which the Company, a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, or controls through contractual arrangements and consolidates the financial results according to applicable accounting
standards, but which is not a Subsidiary and which the Board designates as a Related Entity for purposes of the Plan. 
 2.29
“Restricted Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture. 

2.30 “Restricted Share Unit” means an Award granted pursuant to Article 7. 

2.31 “Securities Act” means the Securities Act of 1933 of the United States, as amended. 

2.32 “Service Recipient” means the Company or Subsidiary of the Company to which a Participant provides services as an
Employee, a Consultant or a Director. 
 2.33 “Share” means a class Z ordinary share of the Company, with a par value
US$0.0001 per share, and such other securities of the Company that may be substituted for Shares pursuant to Article 9. 

  
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 2.34 “Subsidiary” means any corporation or other entity of which a majority
of the outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company. 
 2.35 “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to a registration statement filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act. 

ARTICLE 3 
 SHARES
SUBJECT TO THE PLAN 
 3.1 Number of Shares. 

(a) Subject to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to all
Awards (including Incentive Share Options) (the “Award Pool”) shall be the number of Shares representing 10% of the total number of issued Shares as at the date on which the Company’s voluntary conversion of its secondary
listing status to primary listing on the Hong Kong Stock Exchange becomes effective (excluding Shares underlying Awards which have terminated, expired or lapsed in accordance with that have been forfeited in accordance with Section 3.1(b)) (the
“Scheme Limit”). 
 (b) To the extent that an Award terminates, expires, or lapses for any reason, any Shares subject to
the Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form or
combination by a Group Entity shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any Award under the Plan, in payment of the exercise
price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Restricted Shares are forfeited by the Participant or repurchased by the Company, such Shares
may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such action would cause an
Incentive Share Option to fail to qualify as an incentive share option under Section 422 of the Code. 
 3.2 Shares Distributed.
Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, at the discretion of the Committee,
any Shares distributed pursuant to an Award may be represented by American Depository Shares. If the number of Shares represented by an American Depository Share is other than on a
one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares. 

3.3 Shares in excess of the Scheme Limit. For the avoidance of doubt, subject to any increase in the Scheme Limit being approved by the
Company’s shareholders in accordance with Section 12.1, the Company may issue and allot new Shares and/or procure the purchase of, Shares on the open market to satisfy any Awards in excess of the Scheme Limit with the approval of the
Company’s shareholders and any other regulatory authority (including but not limited to the Hong Kong Stock Exchange’s approval where necessary). 

  
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 ARTICLE 4 

ELIGIBILITY AND PARTICIPATION 

4.1 Eligibility. Persons eligible to participate in this Plan include Employees, Consultants, and Directors, as determined by the
Committee. 
 4.2 Participation. Subject to the provisions of the Plan, the Committee may, from time to time, select from among all
eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award pursuant to this Plan. 

4.3 Jurisdictions. In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Committee
may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in which the Participant resides, is employed, operates or is incorporated.
Moreover, the Committee may approve such supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for
any other purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan. Notwithstanding the foregoing, the Committee may
not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws. 
 ARTICLE 5 

OPTIONS 
 5.1
General. The Committee is authorized to grant Options to Participants on the following terms and conditions: 
 (a) Exercise
Price. The exercise price per Share subject to an Option shall be determined by the Committee and set forth in the Award Agreement which may be a fixed price or a variable price related to the Fair Market Value of the Shares. The exercise price
per Share subject to an Option may be amended or adjusted in the absolute discretion of the Committee, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws or
any exchange rule, a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company’s shareholders or the approval of the affected Participants. 

(b) Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in
part, including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as provided in Section 12.1. The Committee shall also determine any conditions, if any, that must
be satisfied before all or part of an Option may be exercised. 

  
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 (c) Payment. The Committee shall determine the methods by which the exercise price of
an Option may be paid, the form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in Chinese Renminbi, (iii) cash or check
denominated in any other local currency as approved by the Committee, (iv) Shares held for such period of time as may be required by the Committee in order to avoid adverse financial accounting consequences and having a Fair Market Value on the
date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then
issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is
then made to the Company upon settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or (vii) any combination of the foregoing. Notwithstanding any other provision of
the Plan to the contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option in any
method which would violate Section 13(k) of the Exchange Act. 
 (d) Evidence of Grant. All Options shall be evidenced by an
Award Agreement between the Company and the Participant. The Award Agreement shall include such additional provisions as may be specified by the Committee. 

(e) Effects of Termination of Employment or Service on Options. Termination of employment or service shall have the following effects
on Options granted to the Participants: 
 (i) Dismissal for Cause. Unless otherwise provided in the Award Agreement, if a
Participant’s employment by or service to the Service Recipient is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination, whether or not the Option is then vested and/or exercisable;

 (ii) Death or Disability. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to
the Service Recipient terminates as a result of the Participant’s death or Disability: 
  

	 	(a)	 the Participant (or his or her legal representative or beneficiary, in the case of the Participant’s
Disability or death, respectively), will have until the date that is 12 months after the Participant’s termination of Employment to exercise the Participant’s Options (or portion thereof) to the extent that such Options were vested and
exercisable on the date of the Participant’s termination of Employment on account of death or Disability; 

  
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	 	(b)	 the Options, to the extent not vested and exercisable on the date of the Participant’s termination of
Employment or service, shall terminate upon the Participant’s termination of Employment or service on account of death or Disability; and 

  

	 	(c)	 the Options, to the extent exercisable for the 12-month period
following the Participant’s termination of Employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 12-month period.

 (iii) Other Terminations of Employment or Service. Unless otherwise provided in the Award Agreement, if a
Participant’s employment by or service to the Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or because of the Participant’s death or Disability: 

 

	 	(a)	 the Participant will have until the date that is 90 days after the Participant’s termination of Employment
or service to exercise his or her Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s termination of Employment or service; 

 

	 	(b)	 the Options, to the extent not vested and exercisable on the date of the Participant’s termination of
Employment or service, shall terminate upon the Participant’s termination of Employment or service; and 

  

	 	(c)	 the Options, to the extent exercisable for the 90-day period
following the Participant’s termination of Employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 90-day period.

 5.2 Incentive Share Options. Incentive Share Options may be granted to Employees of the Company or a Subsidiary
of the Company. Incentive Share Options may not be granted to employees of a Related Entity or to Independent Directors or Consultants. The terms of any Incentive Share Options granted pursuant to the Plan, in addition to the requirements of
Section 5.1, must comply with the following additional provisions of this Section 5.2: 
 (a) Individual Dollar Limitation.
The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other
limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options. 
 (b) Exercise Price. The exercise price of an Incentive Share Option
shall be equal to the Fair Market Value on the date of grant. However, the exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more than ten percent of the total combined voting
power of all classes of shares of the Company or any Parent or Subsidiary of the Company may not be less than 110% of Fair Market Value on the date of grant and such Option may not be exercisable for more than five years from the date of grant. 

  
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 (c) Transfer Restriction. The Participant shall give the Company prompt notice of any
disposition of Shares acquired by exercise of an Incentive Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such Shares to the Participant. 

(d) Expiration of Incentive Share Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth
anniversary of the Effective Date. 
 (e) Right to Exercise. During a Participant’s lifetime, an Incentive Share Option may be
exercised only by the Participant. 
 5.3 Timing of Grant. The Committee will not, at any time during which the Company has a primary
listing status on the Main Board of the Hong Kong Stock Exchange, grant Options to Participants under the Plan, unless such grant of Options complies with the relevant Hong Kong Listing Rules and Applicable Laws. 

ARTICLE 6 
 RESTRICTED
SHARES 
 6.1 Grant of Restricted Shares. The Committee, at any time and from time to time, may grant Restricted Shares to
Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Shares to be granted to each Participant. 

6.2 Restricted Shares Award Agreement. Each Award of Restricted Shares shall be evidenced by an Award Agreement that shall specify the
period of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. Unless the Committee determines otherwise, Restricted Shares shall be held by the Company
as escrow agent until the restrictions on such Restricted Shares have lapsed. 
 6.3 Issuance and Restrictions. Restricted Shares
shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted
Shares). These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

6.4 Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon
termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited or repurchased in accordance with the Award Agreement; provided, however, the
Committee may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting from specified
causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Shares. 

  
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 6.5 Certificates for Restricted Shares. Restricted Shares granted pursuant to the
Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and
restrictions applicable to such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 

6.6 Removal of Restrictions. Except as otherwise provided in this Article 6, Restricted Shares granted under the Plan shall be released
from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate the time at which any restrictions shall lapse or be removed. After the restrictions have lapsed, the Participant
shall be entitled to have any legend or legends under Section 6.5 removed from his or her Share certificate, and the Shares shall be freely transferable by the Participant, subject to applicable legal restrictions. The Committee (in its
discretion) may establish procedures regarding the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on the Company. 

ARTICLE 7 
 RESTRICTED
SHARE UNITS 
 7.1 Grant of Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted Share
Units to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Share Units to be granted to each Participant. 

7.2 Restricted Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award Agreement that shall
specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

7.3 Form and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the date or dates on which
the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may pay Restricted Share Units in the form of cash, Shares or a combination thereof. 

7.4 Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon
termination of employment or service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited or repurchased in accordance with the Award Agreement; provided, however, the Committee
may (a) provide in any Restricted Share Unit Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived in whole or in part in the event of terminations resulting from specified
causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Share Units. 

  
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 ARTICLE 8 

PROVISIONS APPLICABLE TO AWARDS 

8.1 Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or
rescind an Award. 
 8.2 No Transferability; Limited Exception to Transfer Restrictions. 

8.2.1 Limits on Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 8.2, by applicable law and by the Award
Agreement, as the same may be amended: 
  

	 	(a)	 all Awards are non-transferable and will not be subject in any manner
to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; 

  

	 	(b)	 Awards will be exercised only by the Participant; and 

 

	 	(c)	 amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and,
in the case of Shares, registered in the name of, the Participant. 

 In addition, the shares shall be subject to the
restrictions set forth in the applicable Award Agreement. 
 8.2.2 Further Exceptions to Limits on Transfer. The exercise and
transfer restrictions in Section 8.2.1 will not apply to: 
  

	 	(a)	 transfers to the Company or a Subsidiary; 

 

	 	(b)	 transfers by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act; 

  

	 	(c)	 the designation of a beneficiary to receive benefits if the Participant dies or, if the Participant has died,
transfers to or exercises by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution; or 

 

	 	(d)	 if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by
the Participant’s duly authorized legal representative; or 

  
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	 	(e)	 subject to the prior approval of the Committee or an executive officer or director of the Company authorized by
the Committee, transfer to one or more natural persons who are the Participant’s family members or entities owned and controlled by the Participant and/or the Participant’s family members, including but not limited to trusts or other
entities whose beneficiaries or beneficial owners are the Participant and/or the Participant’s family members, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the
Committee or may establish. Any permitted transfer shall be subject to the condition that the Committee receives evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes and on a basis consistent with the
Company’s lawful issue of securities. 

 Notwithstanding anything else in this Section 8.2.2 to the contrary,
but subject to compliance with all Applicable Laws, Incentive Share Options, Restricted Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the
intended tax consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all Applicable Laws, any contemplated transfer by gift to “immediate family” as referenced in clause (b) above is subject
to the condition precedent that the transfer be approved by the share plan administrator in order for it to be effective. 
 8.3
Beneficiaries. Notwithstanding Section 8.2, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon
the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant,
except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a
person other than the Participant’s spouse as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no
beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation
may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Committee. 
 8.4 Performance
Objectives and Other Terms. The Committee, in its discretion, shall set performance objectives or other vesting criteria which, depending on the extent to which they are met, will determine the number or value of the Awards that will be granted
or paid out to the Participants. 

  
 13 

 8.5 Share Certificates. 

(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing the
Shares pursuant to the exercise of any Award, unless and until the Committee has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance with all Applicable Laws, regulations of governmental
authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. All Share certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems
necessary or advisable to comply with all Applicable Laws, and the rules of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or traded. The Committee may place legends on any Share certificate to
reference restrictions applicable to the Shares. In addition to the terms and conditions provided herein, the Committee may require that a Participant make such reasonable covenants, agreements, and representations as the Committee, in its
discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise
of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee. 
 (b) Notwithstanding anything
herein to the contrary, unless otherwise determined by the Committee or required by Applicable Laws, the Company shall not deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such Shares shall be
recorded on the books of the Company or, as applicable, its transfer agent or share plan administrator. 
 8.6 Paperless
Administration. Subject to Applicable Laws, the Committee may make Awards and provide applicable disclosure and procedures for exercise of Awards by an internet website or interactive voice response system for the paperless administration of
Awards. 
 8.7 Foreign Currency. A Participant may be required to provide evidence that any currency used to pay the exercise price
of any Award was acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is paid in Chinese
Renminbi or other foreign currency, as permitted by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official rate promulgated by the People’s Bank of China for Chinese Renminbi, or for jurisdictions
other than the People’s Republic of China, the exchange rate as selected by the Committee on the date of exercise. 
 ARTICLE 9

 CHANGES IN CAPITAL STRUCTURE 

9.1 Adjustments. In the event of any dividend, share split, combination or exchange of Shares, amalgamation, arrangement or
consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the shares of Shares or the share price
of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the
Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto);
and (c) the grant or exercise price per share for any outstanding Awards under the Plan. 

  
 14 

 9.2 Corporate Transactions. Except as may otherwise be provided in any Award
Agreement or any other written agreement entered into by and between the Company and a Participant, if the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction, the Committee may, in its sole discretion, provide
for (i) any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise the vested portion of such Awards during a period of time as the Committee shall determine, or
(ii) the purchase of any Award for an amount of cash equal to the amount that could have been attained upon the exercise of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good faith that no amount
would have been attained upon the exercise of such Award, then such Award may be terminated by the Company without payment), or (iii) the replacement of such Award with other rights or property selected by the Committee in its sole discretion
or the assumption of or substitution of such Award by the successor or surviving corporation, or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and prices, or (iv) payment of such Award in cash
based on the value of Shares on the date of the Corporate Transaction plus reasonable interest on the Award through the date as determined by the Committee when such Award would otherwise be vested or have been paid in accordance with its original
terms, if necessary to comply with Section 409A of the Code. 
 9.3 Outstanding Awards – Other Changes. In the event of any
other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 9, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to
Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 

9.4 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or
consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly
provided in the Plan or pursuant to action of the Committee under the Plan, and no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number of Shares subject to an Award or the grant or exercise price of any Award. 

  
 15 

 ARTICLE 10 

ADMINISTRATION 
 10.1
Committee. The Plan shall be administered by the Board or a committee of one or more members of the Board (the “Committee”) to whom the Board shall delegate the authority to grant or amend Awards to Participants other than
any of the Committee members, Independent Directors and executive officers of the Company. Reference to the Committee shall refer to the Board in absence of the Committee. Notwithstanding the foregoing, the full Board, acting by majority of its
members in office, shall conduct the general administration of the Plan if required by Applicable Laws, and with respect to Awards granted to the Committee members, Independent Directors and executive officers of the Company and for purposes of such
Awards the term “Committee” as used in the Plan shall be deemed to refer to the Board. 
 10.2 Action by the Committee. A
majority of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present, and acts approved unanimously in writing all members of the Committee in lieu of a meeting, shall be
deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of a Group Entity, the Company’s
independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

10.3 Authority of the Committee. Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and
discretion to: 
 (a) designate Participants to receive Awards; 

(b) determine the type or types of Awards to be granted to each Participant; 

(c) determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

(d) determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant
price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 

(e) determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be
paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
 (f) prescribe the form of
each Award Agreement, which need not be identical for each Participant; 
 (g) decide all other matters that must be determined in
connection with an Award; 
 (h) establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer
the Plan; 
 (i) interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; 

  
 16 

 (j) amend terms and conditions of Award Agreements; and 

(k) make all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to
administer the Plan, including design and adopt from time to time new types of Awards that are in compliance with Applicable Laws. 
 10.4
Decisions Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive
on all parties. 
 ARTICLE 11 

EFFECTIVE AND EXPIRATION DATE 

11.1 Effective Date. The Plan shall become effective as of the date on which the Board adopts the Plan (the “Effective
Date”). The Plan shall be ratified by the shareholders of the Company by written resolutions or at a meeting duly held in accordance with the applicable provisions of the Company’s Memorandum of Association and Articles of Association
within 12 months of the Effective Date.
 11.2 Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the
Plan after, the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

ARTICLE 12 
 AMENDMENT,
MODIFICATION, AND TERMINATION 
 12.1 Amendment, Modification, and Termination. At any time and from time to time,
the Board may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws or stock exchange rules, the Company shall obtain shareholder approval of any Plan
amendment in such a manner and to such a degree as required, unless the Company decides to follow home country practice, and (b) unless the Company decides to follow home country practice, shareholder approval is required for any amendment to
the Plan that increases the Scheme Limit (other than any adjustment as provided by Article 3.1(a) or Article 9). 
 In the event that the
Plan is terminated while any Award remains outstanding (and, if applicable, unexercised), the provisions of this Plan shall remain in full force to the extent necessary to give effect to the vesting or exercise of any such Award. 

12.2 Awards Previously Granted. Except with respect to amendments made pursuant to Section 12.1, no termination, amendment, or
modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 

  
 17 

 ARTICLE 13 

GENERAL PROVISIONS 
 13.1
No Rights to Awards. No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Participants, employees, and other persons
uniformly. 
 13.2 No Shareholders Rights. No Award gives the Participant any of the rights of a shareholder of the Company unless
and until Shares are in fact issued to such person in connection with such Award. 
 13.3 Taxes. No Shares shall be delivered under
the Plan to any Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall have the
authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable Laws
to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company
withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with
respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy any income and payroll tax
liabilities applicable to the Participant with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of
withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for the applicable income and payroll tax purposes that are applicable to such supplemental taxable income. 

13.4 No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right
of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employment or services of any Service Recipient. 

13.5 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any
payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the relevant Group Entity. 

  
 18 

 13.6 Indemnification. To the extent allowable pursuant to Applicable Laws, each
member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim,
action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of
judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own
behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of
law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 13.7 Relationship to Other
Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the any Group Entity except to the
extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 
 13.8 Expenses. The expenses of
administering the Plan shall be borne by the Group Entities. 
 13.9 Titles and Headings. The titles and headings of the Sections in
the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

13.10 Fractional Shares. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall
be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate. 
 13.11
Limitations Applicable to Section 16 Persons. Notwithstanding anything herein to the contrary, the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall
be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements
for the application of such exemptive rule. To the extent permitted by the Applicable Laws, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

13.12 Government and Other Regulations. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject
to all Applicable Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any other similar law in any
applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company may restrict the transfer of such Shares in such manner as
it deems advisable to ensure the availability of any such exemption. 
 13.13 Governing Law. The Plan and all Award Agreements shall
be construed in accordance with and governed by the laws of the Cayman Islands. 

  
 19 

 13.14 Arbitration. Any dispute, controversy, difference or claim arising out of or
relating to the Plan and all Award Agreements, including but not limited to (a) the existence, validity, interpretation, performance, breach or termination of the Plan and any of the Award Agreements or (b) any dispute regarding non-contractual obligations arising out of or relating to the Plan and any of the Award Agreements, shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration
Centre (the “HKIAC”) under the HKIAC Administered Arbitration Rules in force when the notice of arbitration is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be Hong Kong. The
number of arbitrators shall be three. The arbitration proceedings shall be conducted in English. The procedures for the taking of evidence shall be governed by the IBA Rules on the Taking of Evidence in International Arbitration as current on the
date of commencement of the arbitration. Judgment upon the award may be entered by any court having jurisdiction of the award or having jurisdiction over the relevant party of its assets. 

13.15 Section 409A. To the extent that the Committee determines that any Award granted under the Plan is or may become subject to
Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and the Award Agreements shall be interpreted in
accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulation or other guidance that may be issued after the
Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code and related Department of Treasury
guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award agreement or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the
benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance. 

13.16 Appendices. Subject to Section 12.1, the Committee may approve such supplements, amendments or appendices to the Plan as it
may consider necessary or appropriate for purposes of compliance with Applicable Laws or otherwise and such supplements, amendments or appendices shall be considered a part of the Plan; provided, however, that no such supplements shall increase the
share limitation contained in Section 3.1 of the Plan without the approval of the Board. 

  
 20AMENDMENT
4

This amendment
(the “Amendment”) between the parties signing below (“Parties”) amends the Existing Agreement
as of October 1, 2022 (the “Effective Date”):

	Term	Means
	“Existing
    Agreement”	The
    Marketing Agent Agreement among ALPS, the General Partner and the Fund dated as of February 15, 2008, as amended
	“ALPS”	ALPS
    Distributors, Inc.
	“General
    Partner”	United
    States Commodity Funds LLC
	“Fund”	United
    States Gasoline Fund, LP

Except as
amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in
Schedule A and general terms in Schedule B.

 

IN
WITNESS WHEREOF, the Parties have caused this Amendment to be executed by their duly authorized representatives.

	ALPS DISTRIBUTORS, INC.	 	UNITED STATES COMMODITY FUNDS LLC
	 	 	 
	By:	/s/ Stephen Kyllo	 	By:	/s/ John P. Love
	 	 	 	 	 
	Name:	Stephen Kyllo	 	Name:	John P. Love
	 	 	 	 	 
	Title:	SVP & Director	 	Title:	President & CEO
	 	 	 	 	 

 

	UNITED
    STATES GASOLINE FUND, LP, BY UNITED STATES COMMODITY FUNDS LLC AS GENERAL PARTNER

 

	By:
	/s/ John P. Love
	 	 
	Name:
	John
    P. Love
	 	 
	Title:
	President
    & CEO

 

Marketing Agent
Agreement Amendment 4

    	 

    	 

    

Schedule
A to this Amendment

Amendments

Effective
as of Effective Date, the Existing Agreement is amended as follows:

		1.	The
                                         following shall be added to the end of Section 4.1:

“In
carrying out its duties and obligations pursuant to this Agreement, some or all services may be delegated by Marketing Agent to
one or more of its affiliates or other Persons (and any required Fund and/or General Partner consent to such delegation shall
not be unreasonably revoked or withheld in respect of any such delegations), provided that such affiliates or other Persons are
selected in good faith and with reasonable care and are monitored by Marketing Agent. If Marketing Agent delegates any services,
(i) such delegation shall not relieve Marketing Agent of its duties and obligations hereunder, and (ii) if required by applicable
Law, Marketing Agent will identify such agents and the services delegated and will update Fund and/or General Partner when making
any material changes in sufficient detail to enable Fund and/or General Partner to object to a particular arrangement.”

		2.	Section
                                         4.3 of the Existing Agreement shall be deleted in its entirety and replaced with the
                                         following new Section 4.3:

“4.3
Marketing Agent Fee. The Marketing Agent shall be paid by the General Partner for the services of the Marketing Agent as
marketing agent to the Fund hereunder, a fee for its services, calculated daily and payable monthly, as follows (the “Fee”):
2.5 basis points of the Fund’s total net assets.

The
General Partner shall reimburse Marketing Agent for all associated expenses with respect to the performance of Marketing Agent
services performed hereunder, including the cost of placing advertisements in various periodicals; web construction and development;
and the printing and production of various marketing materials.”

		3.	Exhibit
                                         C of the Existing Agreement shall be deleted in its entirety and replaced with
                                         the following new Exhibit C attached hereto.

    	Page 2 of 5

    	 

    

EXHIBIT
C

SCHEDULE
OF SERVICES

With respect to the provision of
Marketing Agent Support Services, Marketing Agent shall perform the following:

		·	Fund
                                         call center support

 

Capital Markets:

 

		·	Answer
                                         questions from Market Makers (“MMs”) regarding portfolio holdings, portfolio
                                         trading clarity and Net Asset Value pricing

		·	Coordinate
                                         MM block trades with designated Authorized Participants for creations/redemptions

		·	Coordinate
                                         trades with Lead Market Makers (“LMMs”) or other MMs for large trades or
                                         tighter pricing strategies

		·	Distribute
                                         marketing material to MMs who in turn can distribute to interested clients

		·	Handle
                                         settlement issues between custodian and Authorized Participants and MMs

		·	Coordinate
                                         with Marketing Agent’s designated web team with respect to website and MM holdings
                                         file support

		·	Coordinate
                                         with the Marketing Agent’s order desk regarding creation and redemption orders

 

Marketing Agent Operations:

 

		·	Maintain
                                         and supervise FINRA registrations for licensed individuals

		o	Coordinate Continuing Education
requirements

		o	Administer & maintain
required filings/licenses with FINRA

		·	Provide
                                         Fund advertising and sales literature review, approval and record maintenance of online
                                         submission, review/approval and real-time status updates through SS&C Advertising
                                         Review Portal

		o	File required materials with
FINRA

		o	Provide advertising regulatory
and disclosure guidance

		o	Consult and support client’s
marketing model and strategy

		·	Exchange-Traded
                                         Product Order Processing Oversight

		·	Intermediary/AP
                                         Services

		o	Due Diligence and Oversight
Services

		o	Facilitate document delivery
and communicate announcements

		o	AP Agreement Retention –
Online access provided via the Client Portal

 

Creative Services:

 

Brand Management,
Design, Graphic Production, Web Development, Maintenance & Hosting. Marketing Agent or its designee will provide design,
development, maintenance and hosting for the website, along with the design and production of marketing materials and brand management,
on behalf of the General Partner and/or the Funds. The design, development and production of web and marketing materials are based
on content provided by General Partner and brand guidelines as created by Marketing Agent or its designee, as approved by the
General Partner. Marketing Agent or its designee will work closely with General Partner to ensure messaging and layout is approved
for all projects. Project completion will be based on the receipt of required content from General Partner and its Fund Accountant,
and approvals by General Partner.

 

Design and Graphic Production
– Project Scope to Include

		·	Design
                                         and production of materials, to include:

		o	Collateral

		o	Marketing Materials (digital
and print)

		o	Presentation Decks

		o	Advertisements

		o	Regulatory report covers

		·	Email
                                         Blasts

		o	Design, HTML Development
and Distribution (distribution lists to be managed and provided by the General Partner)

		o	Report monthly results to
the General Partner’s Chief Marketing Officer

    	Page 3 of 5

    	 

    

Web Design,
Development and Maintenance – Project Scope to Include

		·	Fully
                                         customizable site (additional hours and fees may apply to project scope changes and
                                         development as agreed upon, in writing, by Marketing Agent or its designee and the General
                                         Partner)

		·	Maintenance
                                         and Hosting of website

		·	All
                                         content and data to be reviewed/provided and approved by General Partner to Marketing
                                         Agent or its designee

		·	Screen
                                         shots of edits will be provided to General Partner for review and approval before being
                                         assisted by the Creative Services team to initiate the needed compliance review (if applicable)
                                         and approval process

 

SSL Certificate – Secured
Website Project Scope 

		·	As
                                         the domain owner, to facilitate and place an SSL certificate for the URL/Fund website
                                         and required server updates, General Partner will be responsible as communicated by Marketing
                                         Agent or its designee to complete domain process for the renewal of the certificate

    	Page 4 of 5

    	 

    

Schedule
B to this Amendment

General
Terms

		1.	Capitalized
                                         terms not defined herein shall have the meanings given to them in the Existing Agreement.

		2.	The
                                         Parties’ duties and obligations are governed by and limited to the express terms
                                         and conditions of this Amendment, and shall not be modified, supplemented, amended or
                                         interpreted in accordance with, any industry custom or practice, or any internal policies
                                         or procedures of any Party. This Amendment (including any attachments, schedules and
                                         addenda hereto), along with the Existing Agreement, as amended, contains the entire agreement
                                         of the Parties with respect to the subject matter hereof and supersedes all previous
                                         communications, representations, understandings and agreements, either oral or written,
                                         between the Parties with respect thereto.

		3.	This
                                         Amendment may be executed in counterparts, each of which when so executed will be deemed
                                         to be an original. Such counterparts together will constitute one agreement. Signatures
                                         may be exchanged via facsimile or electronic mail and signatures so exchanged shall be
                                         binding to the same extent as if original signatures were exchanged.

		4.	This
                                         Amendment and any dispute or claim arising out of or in connection with it, its subject
                                         matter or its formation (including non-contractual disputes or claims) shall be governed
                                         by and construed in accordance with the laws of the same jurisdiction as the Existing
                                         Agreement.

	Page 5 of 5

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