Document:

Executive Employment Agreement, Damian C. Georgino

 Exhibit 10.31 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This Executive Employment Agreement
by and between Heckmann Corporation (the “Company”) and Damian C. Georgino (“Executive”) is made effective on this 30 day of December, 2010 (the “Agreement”). The parties hereto
agree to the employment of Executive by the Company on the following terms and conditions: 
  

	1.	Commencement and Term of Agreement 

 Executive’s employment under this Agreement will commence on December 6, 2010 (the “Employment Start Date”) and continue for a period of three
(3) years (the “Term”), unless earlier terminated pursuant to the provisions of this Agreement. The Term may be modified or extended by mutual agreement. 

 

	2.	Positions and Appointments 

 Executive shall serve as Executive Vice President, Corporate Development and Chief Legal Officer of the Company and shall also serve as the Company’s Corporate Secretary. As such, Executive shall
report to and have the duties and responsibilities assigned by the Company’s Board of Directors, its Chairman and Chief Executive Officer and/or the Company’s President and Chief Operating Officer. Executive agrees to serve, without
additional compensation, as an officer or director for each of the Company’s subsidiaries, partnerships, joint ventures, limited liability companies and other affiliates as determined by the Company from time to time. Executive shall perform
his duties during reasonable business hours from the Company’s offices in Pittsburgh, Pennsylvania. Executive may be required to travel occasionally and/or for extended, reasonable periods of time for business purposes, including to any other
office maintained by the Company. Executive shall perform faithfully and diligently all duties assigned to Executive. 
  

	3.	Base Salary 

 The Company
will pay Executive a base salary in cash at the rate of $200,000 per annum, payable in accordance with the normal payroll practices of the Company. Executive’s base salary may be changed by mutual agreement at any time during the Term.

  

	4.	Incentive Compensation 

  

	4.1	Guaranteed Bonus. Executive shall receive an annual guaranteed bonus equal to thirty percent (30%) of Executive’s base salary (the
“Guaranteed Bonus”). The Guaranteed Bonus earned by Executive for any fiscal year shall be paid by the Company in cash (except as otherwise elected by Executive pursuant to Section 4.3) during the period
beginning on the first business day of the next succeeding fiscal year and ending on the 15th day of the third month of such succeeding fiscal year. 

  

	4.2	Discretionary Bonus. Executive shall be eligible to earn an annual discretionary bonus of up to thirty percent (30%) of Executive’s base salary (the
“Discretionary Bonus”), based upon the achievement of such Company and individual objectives as determined by the Compensation Committee of the Board of Directors of the Company (the
“Compensation Committee”). The Discretionary Bonus earned by Executive for any fiscal year of the Company shall be paid by the Company in cash (except as otherwise elected by Executive pursuant to
Section 4.3) during the period beginning on the first business day of the next succeeding fiscal year and ending on the 15th day of the third month of such succeeding fiscal year. 

	4.3	Equity Awards. 

  

	 	(a)	Stock Option. Upon approval by the Compensation Committee as soon as practicable following the Employment Start Date, Executive shall be granted pursuant to the
Company’s 2009 Equity Incentive Plan (the “Plan”) an option to purchase one hundred fifty thousand (150,000) shares of Company common stock (the “Option”) at a
price per share equal to the fair market value of a share of Company common stock determined on the Employment Start Date in accordance with the Plan. The Option shall vest over a three-year period at the rate of 33-1/3% upon the first anniversary
of the date of grant and 1/36 per month during the succeeding 24-month period, subject to the terms of this Agreement and Executive’s continued employment through each respective vesting date. 

 

	 	(b)	Common Stock in Lieu of Cash Bonus. At Executive’s written election made on or before December 31 of each calendar year during the Term, Executive may
receive payment of the Guaranteed Bonus and any Discretionary Bonus to which Executive may be entitled with respect to services to be performed during the next succeeding calendar year during the Term in the form of an award of fully vested shares
of Company common stock (the “Bonus Stock Award”) to be granted by the Compensation Committee pursuant to the Plan on the date such bonus would otherwise be paid in cash, with the number of such shares
determined by dividing the cash value of the bonus by the fair market value of a share of Company common stock determined on the date of grant in accordance with the Plan. 

 

	 	(c)	Awards Subject to Plan. The Option and the Bonus Stock Award, if any, will each be subject to the terms and conditions of the Plan and the applicable standard
form of award agreement provided pursuant to the Plan (except as modified by this Agreement), which Executive will be required to sign as a condition of receiving each such award. 

 

	4.4	Other Discretionary Compensation. During the Term hereof and as long as Executive is employed by the Company, Executive shall be entitled to receive annual or
other periodic discretionary cash, equity or other incentive compensation or bonus as the Board or the Compensation Committee shall determine to be appropriate from time to time, in their sole discretion. Executive may be eligible for future equity
awards at the sole discretion of the Compensation Committee. 

  

	5.	Expenses 

 The Company
shall promptly reimburse Executive for all reasonable travel, accommodation, marketing, entertainment, and other similar out-of-pocket business expenses necessarily incurred by Executive in the performance of his duties, provided that any expense
reimbursement claims are supported by relevant documentation and are made in accordance with the Company’s expense or travel policies. All such expense reimbursements shall (a) be paid no later than the earlier to occur of 30 days after
request for reimbursement or the last day of Executive’s taxable year following the taxable year in which the expense was incurred, (b) not be affected by the amount of expenses eligible for reimbursement in any other taxable year and
(c) not be subject to liquidation or exchange for another benefit. 

	6.	Benefits and Vacation 

Executive shall be entitled to participate in, and receive benefits as permitted by applicable law under, any pension benefit plan,
welfare benefit plan (including, without limitation, health insurance), vacation benefit plan, including 15 paid vacation days per annum, or other executive benefit plan made available by the Company to its senior executives. Any such plan or
benefit arrangement may be amended, modified, or terminated by the Company from time to time with or without notice to Executive. 
  

	7.	Termination of Employment 

  

	7.1	By Executive. 

  

	 	(a)	Voluntary Resignation without Good Reason. Executive may voluntarily terminate his employment with the Company at any time without “Good Reason” (as
defined below) upon thirty (30) days’ advance written notice to the Company. Upon such termination, Executive will be entitled to receive only his compensation earned through his final day of employment (the “Accrued
Compensation”), consisting of base salary, amounts due Executive pursuant to Sections 5 and 6, and Executive’s rights under all then outstanding equity awards held by Executive to the extent vested in accordance with their terms
through his final day of employment. 

  

	 	(b)	Voluntary Resignation for Good Reason. Executive may voluntarily terminate his employment with the Company for Good Reason within ninety (90) days following
the initial existence of a condition constituting Good Reason, provided that Executive delivered to the Company written notice of such condition within thirty (30) days following its initial existence and the Company failed to cure such
condition within thirty (30) days following receipt of such notice. Upon such termination, Executive will be entitled to receive his Accrued Compensation. In addition, subject to Section 11 and provided that Executive executes a full
general release in a form satisfactory to the Company releasing all claims, known or unknown, that Executive may have against the Company and its affiliates and such release has become effective in accordance with its terms prior to the sixtieth
(60th) day following Executive’s termination date, then Executive shall be entitled to: 

  

	 	(i)	payment by the Company in a lump sum on the sixtieth (60th) day following Executive’s employment termination date of an amount equal to twelve
(12) months of Executive’s base salary then in effect immediately prior to Executive’s termination of employment; and 

  

	 	(ii)	payment by the Company of the premiums required to continue Executive’s group health care coverage under the applicable provisions of the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”), provided that Executive timely elects to continue such coverage under COBRA, for a period ending on the first to occur of (A) the date twelve (12) months following
Executive’s termination of employment, (B) the date Executive ceases to be eligible for coverage under COBRA, and (C) the date Executive becomes eligible for health care coverage through another employer; and 

  
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	 	(iii)	acceleration in full, effective as of Executive’s final day of employment, of the vesting and/or exercisability of all then outstanding equity awards held by
Executive. 

  

	 	(c)	Good Reason Defined. For purposes of this Agreement, “Good Reason” shall mean: (i) a material diminution in Executive’s base
salary, (ii) a material change in the geographic location(s) described in Section 2 at which the Executive must perform the services, excluding required business travel described in Section 2, (iii) a material reduction in
Executive’s duties, position, or responsibilities relative to Executive’s duties, position, or responsibilities in effect immediately prior to such reduction, or (iv) a material breach of this Agreement by the Company.

  

	7.2	By Company. 

  

	 	(a)	Without Cause. The Company may terminate Executive’s employment with the Company at any time without Cause (as defined below) upon thirty
(30) days’ advance written notice to Executive. Upon such termination, Executive will be entitled to receive his Accrued Compensation. In addition, subject to Section 11 and provided that Executive executes a full general release in a
form satisfactory to the Company releasing all claims, known or unknown, that Executive may have against the Company and its affiliates and such release has become effective in accordance with its terms prior to the sixtieth (60th) day
following Executive’s termination date, then Executive shall be entitled to 

  

	 	(i)	payment by the Company in a lump sum on the sixtieth (60th) day following Executive’s employment termination date of an amount equal to the sum of
(A) twelve (12) months of Executive’s base salary and (B) twelve (12) months of the Guaranteed Bonus, based in each case on Executive’s base salary rate in effect immediately prior to Executive’s termination of
employment; and 

  

	 	(ii)	payment by the Company of the premiums required to continue Executive’s group health care coverage under the applicable provisions of COBRA, provided that
Executive timely elects to continue such coverage under COBRA, for a period ending on the first to occur of (A) the date twelve (12) months following Executive’s termination of employment, (B) the date Executive ceases to be
eligible for coverage under COBRA, and (C) the date Executive becomes eligible for health care coverage through another employer; and 

  

	 	(iii)	acceleration in full, effective as of Executive’s final day of employment, of the vesting and/or exercisability of all then outstanding equity awards held by
Executive. 

  

	 	(b)	For Cause. The Company may terminate Executive’s employment with the Company at any time for Cause following written notice to Executive of his act(s) or
failure(s) to act constituting Cause for termination and, if such condition is capable of cure, Executive’s failure to cure such condition within thirty (30) days following such notice. Upon such termination, Executive will be entitled to
receive only his Accrued Compensation. 

  

	 	(c)	 Cause Defined. For purposes of this Agreement, “Cause” shall be deemed to exist if Executive shall at any time:
(i) commit a material breach of this Agreement, (ii) be guilty of gross negligence or willful misconduct in connection with or affecting the business or affairs of the Company, (iii) be guilty of insubordination, (iv) engage in
material and 

  
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intentional unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of the Company, or (v) be convicted of, or plead no
contest to, a felony criminal offense. Termination of Executive’s employment as a result of Executive’s death or Disability shall not constitute termination “without Cause.” 

 

	7.3	Death and Disability. 

  

	 	(a)	Executive’s employment with the Company will automatically terminate upon his death. Further, the Company reserves the right to terminate Executive’s
employment with the Company at any time during which Executive has a Disability (as defined below). Upon termination of Executive’s employment due to death or Disability, Executive or his estate will be entitled to receive his Accrued
Compensation. In addition, subject to Section 11 and provided that Executive or the representative of Executive’s estate executes a full general release in a form satisfactory to the Company releasing all claims, known or unknown, that
Executive may have against the Company and its affiliates and such release has become effective in accordance with its terms prior to the sixtieth (60th) day following Executive’s termination date, then in the event of such termination of
Executive’s employment due to death or Disability, Executive or his estate shall be entitled to the payments and benefits set forth in Section 7.2(a) above. 

 

	 	(b)	For purposes of this Agreement, a “Disability” means a physical or mental impairment that prevents Executive from performing the essential
duties of his position, with or without reasonable accommodation, for (i) a period of sixty (60) consecutive calendar days, or (ii) an aggregate of ninety (90) work days in any six (6) month period. A determination that
Executive has incurred a Disability will be made by the Company, in its sole discretion, but in consultation with a physician selected by the Company, provided that such selected physician consults with Executive’s physician in addition to any
examination of Executive and/or other tests on Executive that such selected physician performs or orders to be performed, and Executive hereby agrees to submit to any such examinations and/or other tests from time to time. Notwithstanding the
foregoing, any termination of employment due to a Disability will be made in accordance with applicable local laws. 

  

	8.	Change of Control 

  

	8.1	Effect of Non-Assumption of Equity Awards upon Change of Control. Notwithstanding any provision to the contrary contained in any plan or agreement evidencing an
equity award granted to Executive pursuant to this Agreement (unless such plan or agreement expressly disclaims this Section 8.1) and except as otherwise provided by Section 11, in the event of a Change of Control in which both
(a) the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiring Corporation”), does not assume or continue the Company’s rights and
obligations under such then-outstanding equity award of Executive or substitute for such then-outstanding equity award of Executive substantially equivalent equity awards for the Acquiring Corporation’s stock, and (b) the Company does not
cancel such equity award of Executive in exchange for payment to Executive with respect to each vested and unvested share underlying such equity award in cash or other property having a fair market value equal to the fair market value of the
consideration to be paid per share of common stock of the Company pursuant to the Change of Control transaction (less the exercise price per share subject to the award, if applicable), then the vesting, exercisability and settlement of such equity
award which is not assumed, continued, substituted for or canceled in exchange for payment by the Company shall be accelerated in full effective immediately prior to but conditioned upon the consummation of the Change of Control, provided that
Executive remains an employee of the Company immediately prior to the Change of Control. 

  
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	8.2	Effect of Termination Following Change of Control. In the event that upon or within one (1) year following a Change of Control either Executive voluntarily
terminates his employment with the Company for Good Reason or the Company terminates Executive’s employment with the Company without Cause, Executive will be entitled to receive his Accrued Compensation. In addition, subject to Section 11
and provided that Executive executes a full general release in a form satisfactory to the Company releasing all claims, known or unknown, that Executive may have against the Company and its affiliates and such release has become effective in
accordance with its terms prior to the sixtieth (60th) day following Executive’s termination date, then Executive shall be entitled to the following in lieu of the payments and benefits to which Executive would otherwise be entitled upon
such termination in accordance with Section 7.1(b) or Section 7.2(a), as applicable: 

  

	 	(a)	payment by the Company in a lump sum on the sixtieth (60th) day following Executive’s termination of employment of an amount equal to the sum of (i) two
(2) times Executive’s annual base salary and (ii) two (2) times the Guaranteed Bonus, based in each case on Executive’s based salary rate as in effect either immediately prior to Executive’s termination of employment or
immediately prior to the consummation of the Change of Control, whichever is greater; and 

  

	 	(b)	payment by the Company of the premiums required to continue Executive’s group health care coverage under COBRA, or, following cessation of eligibility under COBRA,
under an individual health care plan, for a period ending on the first to occur of (i) the date twenty-four (24) months following Executive’s separation from service, and (ii) the date Executive becomes eligible for health care
coverage through another employer, provided that in no event will the Company’s payment obligation exceed the then effective premium rate for group health care continuation coverage under COBRA; and 

 

	 	(c)	acceleration in full, effective as of Executive’s final day of employment, of the vesting and/or exercisability of all then outstanding equity awards held by
Executive. 

  

	8.3	Section 280G. If, due to the payments and benefits provided by Section 8 and any other payments and benefits to which Executive is entitled pursuant to
this Agreement or otherwise, Executive would be subject to any excise tax pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), due to characterization of any such payments or benefits
as excess parachute payments pursuant to Section 280G(b)(1) of the Code, the amounts payable under Section 8 will be reduced (to the least extent possible) in order to avoid any “excess parachute payment” under
Section 280G(b)(1) of the Code. Any reduction in the payments and benefits required by this Section 8.3 will be made in the following order: (i) reduction of cash payments; (ii) reduction of accelerated vesting of equity awards
other than stock options; (iii) reduction of accelerated vesting of stock options; and (iv) reduction of other benefits paid or provided to Executive. In the event that acceleration of vesting of equity awards is to be reduced, such
acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis.

  

	8.4	Change of Control Defined. For purposes of this Agreement, “Change of Control” means the earliest to occur of the following events:

  
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	 	(a)	the acquisition or ownership by any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, and
any successor statute, as it may be amended from time to time (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of
the combined voting power of the outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); or 

 

	 	(b)	as a result of or in connection with either an actual or threatened election contest (“Election Contest”) or other actual or threatened solicitation of
proxies or consents by or on behalf of a person other than the Board of Directors (“Proxy Contest”) subject in any such event to Rule 14(a)-12(c) under the Exchange Act, the individuals comprising the Company’s Board of
Directors immediately before such Election Contest or Proxy Contest cease to constitute a majority of the Board of Directors; or 

  

	 	(c)	consummation of a reorganization, merger, consolidation or similar corporate transaction, or series of related such transactions, as a result of which the holders of
Outstanding Voting Securities immediately prior to such transaction(s) fail to retain immediately after such transaction(s) direct or indirect beneficial ownership of more than fifty percent (50%) of the Outstanding Voting Securities determined
immediately after such transaction(s); or 

  

	 	(d)	the sale, exchange or other disposition of all or substantially all of the assets of the Company; or 

 

	 	(e)	approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

 

	9.	Confidential Information 

  

	9.1	Executive acknowledges that, during the course of his employment with the Company, he will have access to confidential business information and secrets. Executive
agrees, both during the term of his employment and following its termination, that he will hold the confidential business information and secrets in the strictest confidence, and that he will not use or attempt to use or disclose any business
secret, intellectual property, customer list, or other confidential information to any other person or entity without the prior written authorization of the Company. 

 

	9.2	The restrictions of clause 9.1 do not apply to any confidential information that (a) has entered into the public domain other than by a breach of this Agreement or
other obligation of confidentiality of which Executive is aware, or (b) solely to the extent and for the duration required, is required to be disclosed under a validly-issued court order, pursuant to a request by government regulators, and
which disclosure the Company is unable legally to prevent. 

  

	10.	Further Obligations of Executive 

  

	10.1	Executive shall comply with all applicable rules of law, securities laws, regulations, and codes of conduct of the Company in effect from time to time in relation to
dealings in shares, notes, debentures, or other securities. 

  

	10.2	Executive represents that his employment with the Company does not violate any prior agreement with a former employer or third party. 

  
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	11.	Application of Section 409A 

  

	11.1	Notwithstanding anything contained in this Agreement to the contrary, no amount payable on account of Executive’s termination of employment which constitutes a
“deferral of compensation” (“Section 409A Deferred Compensation”) within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the “Section 409A
Regulations”) shall be paid unless and until Executive has incurred a “separation from service.” For purposes of this Agreement, “separation from service” shall have the meaning of such term as defined by the
Section 409A Regulations. Furthermore, if Executive is a “specified employee” within the meaning of the Section 409A Regulations as of the date of Executive’s separation from service, no amount that constitutes
Section 409A Deferred Compensation which is payable on account of Executive’s separation from service shall be paid to Executive before the date (the “Delayed Payment Date”) which is first day of the seventh
(7th) month after the date of Executive’s separation from service or, if earlier, the date of Executive’s death following such separation from service. All such amounts that would, but for this Section, become payable prior to the
Delayed Payment Date will be accumulated and paid on the Delayed Payment Date. 

  

	11.2	To the extent that all or any portion of the Company’s payment of or reimbursement to Executive for the cost of health care coverage premiums pursuant to
Sections 7.1(b)(ii), 7.2(a), or 8.2(b) (the “Company-Provided Benefits”) would exceed an amount for which, or continue for a period of time in excess of which, such Company Provided Benefits would qualify for an
exemption from treatment as Section 409A Deferred Compensation, then, for the duration of the applicable period during which the Company is required to provide such benefits: (a) the amount of Company-Provided Benefits furnished in any
taxable year of Executive shall not affect the amount of Company-Provided Benefits furnished in any other taxable year of Executive; (b) any right of Executive to Company-Provided Benefits shall not be subject to liquidation or exchange for
another benefit; and (c) any reimbursement for Company-Provided Benefits to which Executive is entitled shall be paid no later than the last day of Executive’s taxable year following the taxable year in which Executive’s expense for
such Company-Provided Benefits was incurred. 

  

	11.3	Any equity award which constitutes Section 409A Deferred Compensation and which would vest and become payable upon a Change of Control in accordance with
Section 8.1 shall vest in full as provided by Section 8.1 but shall be converted automatically at the effective time of such Change of Control into a right to receive in cash on the date or dates such award would have been settled in
accordance with its then existing settlement schedule (or on such earlier date as provided by Section 8.2(c)) an amount or amounts equal in the aggregate to the intrinsic value of the equity award at the time of the Change of Control.

  

	11.4	Notwithstanding any provision of this Agreement to the contrary, to the extent that any amount constituting Section 409A Deferred Compensation would become payable
under this Agreement solely by reason of a Change of Control, such amount shall become payable only if the event constituting a Change of Control would also constitute a change in ownership or effective control of the Company or a change in the
ownership of a substantial portion of the assets of the Company within the meaning of the Section 409A Regulations. 

  

	11.5	The Company intends that income provided to Executive pursuant to this Agreement will not be subject to taxation under Section 409A of the Code. The provisions of
this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A and the Section 409A Regulations. However, the Company does not guarantee any particular tax effect for income provided
to Executive pursuant to this Agreement. In any event, except for the Company’s responsibility to withhold applicable income and employment taxes from compensation paid or provided to Executive, the Company shall not be responsible for the
payment of any applicable taxes incurred by Executive on compensation paid or provided to Executive pursuant to this Agreement. 

  
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	12.	Miscellaneous 

  

	12.1	This Agreement, the Company’s 2009 Equity Incentive Plan and the equity award agreements thereunder evidencing the awards described in Section 4.3, and the
Company’s Employee Nondisclosure, Confidentiality and Inventions Assignment Agreement constitute the entire agreement and understanding between the Company and Executive and supersede any other agreements, whether oral or written, with respect
to the subject matter of this Agreement. This Agreement may only be modified or amended by a further agreement in writing signed by the parties hereto. 

  

	12.2	In the event of any dispute or claim relating to or arising out of Executive’s employment relationship with the Company, this Agreement, or the termination of
Executive’s employment with the Company for any reason (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race, national origin, disability or other discrimination or harassment), Executive and
the Company agree that all such disputes shall be fully, finally and exclusively resolved by binding arbitration conducted before a single neutral arbitrator pursuant to the rules for arbitration of employment disputes by the American Arbitration
Association in the counties of Riverside or Los Angeles, California. The arbitrator shall permit adequate discovery and is empowered to award all remedies otherwise available in a court of competent jurisdiction and any judgment rendered by the
arbitrator may be entered by any court of competent jurisdiction. The arbitrator shall issue an award in writing and state the essential findings and conclusions on which the award is based. BY EXECUTING THIS AGREEMENT, EXECUTIVE AND THE COMPANY ARE
BOTH WAIVING THE RIGHT TO A JURY TRIAL WITH RESPECT TO ANY SUCH DISPUTES. The Company shall bear the costs of the arbitrator, forum and filing fees. Each party shall bear its own respective attorney fees and all other costs, unless otherwise
provided by law and awarded by the arbitrator. 

  

	12.3	This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts when taken together shall constitute
one and the same original. 

  

	12.4	Except to the extent that applicable law requires that any specific action be taken or performed by the Company’s Compensation Committee, or to the extent
otherwise provided in this Agreement, any action to be taken or performed, or direction to be provided, by the Company under this Agreement may be taken, performed, or provided at the direction of the President and Chief Operating Officer of the
Company or another executive officer of the Company, as determined from time to time by the Company’s Board of Directors or Chief Executive Officer. 

  

	12.5	Any waiver by the Company of any provision, or any breach of any provision, of this Agreement shall not operate or be construed as a waiver of any subsequent breach of
such provision or any other provision herein. 

  

	12.6	Due to the personal nature of the services contemplated under this Agreement, this Agreement and Executive’s rights and obligations hereunder may not be assigned
by Executive. The Company may assign its rights, together with its obligations hereunder, in connection with any sale, transfer, or other disposition of all or substantially all of its business and/or assets, provided that any such assignee of the
Company agrees to be bound by the provisions of this Agreement. 

  
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	12.7	All payments under this Agreement shall be subject to reduction for taxes and other withholdings required to be withheld by law. 

 

	12.8	This Agreement is governed by and shall be construed in accordance with the laws of the State of California, and without giving effect to conflict of law principles.

 [Signature Page on Following Page.] 

  
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 THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY
PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW. 
  

									
	Heckmann Corporation	 		 	
					
	 By:
	 	/s/ Richard J. Heckmann	 		 	Date:	 	 
		 	 Name: Richard J. Heckmann

Title: Chairman of the Board & CEO
	 		 		 	
			
	Executive	 		 	
					
	 By:
	 	/s/ Damian Georgino	 		 	Date:	 	 
		 	Name: Damian GeorginoCUSTOMER AGREEMENT

 Exhibit 10.1 
 Global Futures and Options Department 
 Deutsche Bank Securities Inc. 

60 Wall Street 
 New York, New York 10019

 Telephone (212) 250-2034 

Telefax (212) 797-2042 

FUTURES AND OPTIONS AGREEMENT 
 FOR INSTITUTIONAL CUSTOMERS 
 In consideration of the
acceptance by Deutsche Bank Securities Inc. (which, together with its affiliates (“Affiliates”) is referred to as “DBSI” unless otherwise specified herein) of one or more accounts for the undersigned, PowerShares DB
Multi-Sector Commodity Trust, a Delaware Statutory Trust organized in series (the “Trust”) with respect to one of its series, PowerShares DB Gold Fund (“Customer”) (all accounts of the Customer with DBSI
being collectively referred to as the “Account”), Customer agrees that this Agreement shall govern all dealings between Customer and DBSI relating to transactions that DBSI may execute, clear and/or carry on Customer’s behalf for the
purchase or sale of futures contracts (“Futures Contracts”) or options thereon (“Option Contracts”; Futures Contracts and Option Contracts collectively being “Contracts”). 

 

 1.  Relevant Law. 

      The Account and every Contract executed and/or cleared by DBSI on Customer’s behalf shall be
subject to (a) this Agreement; (b) the Commodity Exchange Act, as amended (“CEA”) and all rules, regulations and interpretations of the Commodity Futures Trading Commission (the “Commission”); (c) all rules,
regulations and interpretations of the National Futures Association (“NFA”); and (d) the constitution, by-laws, rules, interpretations and customs of each applicable exchange and clearing organization (each exchange and clearing house
being collectively an “Exchange”) ((b) through (d), as in effect from time to time, collectively being “Relevant Law”).

 2.  Margin. 
       (a)    The Trust, on behalf of the Customer, agrees that it will deposit and maintain cash, acceptable securities or other assets (as defined in
Section 2(d)), in order to satisfy initial and variation margin requirements and make any premium payments in connection with each Contract, in the amount, at the times and in the manner required by DBSI or Relevant Law. DBSI has no obligation
to set uniform margin requirements, commissions or other charges and DBSI’s margin requirements may exceed Exchange requirements. After providing Customer with reasonable prior notice, DBSI, exercising reasonable discretion, may change the
margin requirements for any Account or Contract. 
       (b)    DBSI will
comply with all applicable provisions of the CEA and Commission regulations relating to the segregation and handling of customer property with respect to property deposited by the Trust, on behalf of the Customer. Without limitation of the
foregoing, DBSI will not pledge, rephypothecate, loan or invest any such property except in connection with the margining of Contracts entered into by the Trust, on behalf of the Customer. Any property deposited by the Trust, on behalf of the
Customer, may be transferred or pledged by DBSI to any Exchange or clearing broker to satisfy obligations of customers of DBSI.

 

 
       (c)    DBSI agrees that it will pay
Customer interest on cash margin deposited by the Trust, on behalf of the Customer, at rates mutually agreed to from time to time. Customer will receive all interest or other distributions or income on securities Customer has deposited with DBSI.

       (d)    For purposes of this Section, acceptable securities or other
assets means securities or other assets acceptable (i) under the rules of the relevant Exchange and (ii) to DBSI in its reasonable discretion. The value of acceptable securities or other assets deposited in Customer’s Accounts will be
determined by DBSI in its reasonable judgment. 
       (e)    Customer will
be entitled to or responsible for any profit, loss or risk, and any related costs, arising from currency conversions or exposures incidental to Customer’s trading of Contracts (including those related to the margining of Contracts denominated
in currencies other than those deposited by Customer). Any currency conversions will be made at DBSI’s then current rates of exchange. 

3.  Other Payments To DBSI. 
       The Trust, on behalf of the Customer, agrees to pay (i) commissions and brokerage charges for each Contract and Account as mutually agreed by Customer and DBSI
from time to time; (ii) all fees, charges, taxes, fines and penalties incurred by DBSI or imposed by any regulatory or self-regulatory organization (including any Exchange) with respect to such Contracts or Accounts; (iii) any and all
losses, debit balances or deficiencies in any Account; and (iv) any interest on any deficiencies or debit balance in such Account and on any funds advanced to or provided on behalf of Customer at a rate to be agreed upon by the Trust, on behalf
of the Customer, and DBSI. Such interest rate shall be confirmed to Customer in writing. 
 4.  Option Exercise; Delivery.

       (a)    The Trust, on behalf of the Customer, is required to give
DBSI notice of any intention to make or take delivery under any Futures Contract or to exercise any Option Contract, in accordance with DBSI’s instructions, and to satisfy any payment or delivery requirements in connection with its performance
under such Futures or Option Contracts. 
       (b)    The Trust, on behalf
of the Customer, understands that certain Option Contracts are subject to exercise at any time. Upon the receipt of an exercise notice for this type of Option Contract, DBSI will allocate the notices in accordance with Relevant

 
Law to customers who have open short positions in the Option Contract (including Customer). The assignment of any exercise notice to Customer by DBSI will be final and binding upon Customer. DBSI
will use reasonable efforts to notify Customer of any assignment of an exercise notice to Customer. 

      (c)    If the Trust, on behalf of the Customer, does not furnish DBSI with
instructions regarding the disposition of a Contract within the time specified by DBSI, DBSI will be entitled to take or refrain from taking any action it deems appropriate and will have no liability to Customer. These actions might include the
exercise of, or failure to exercise, an Option Contract or the liquidation of any Contract on any Exchange (including those Exchanges whose rules provide for automatic exercise). 
 5.  Position Limits. 

      (a)    The Trust, on behalf of the Customer, agrees to comply with the position
limits established by Relevant Law, to notify DBSI promptly if it is required to file any position report and, upon request, promptly to provide copies of any such reports to DBSI. 

      (b)    Upon reasonable notice to Customer, DBSI may limit the size and number of
open Contracts (net or gross) that Customer may execute, clear and/or carry with it. DBSI’s position limits may be more restrictive than the limits imposed under Relevant Law. The Trust, on behalf of the Customer, agrees that it will not place
any order, which, if filled, would cause Customer to exceed these limits. Further, DBSI may require Customer to liquidate any open positions carried in Customer’s Account, and may refuse to accept any order of Customer establishing a new
position in order to comply with such limits. 
 (c) DBSI may in its sole discretion select executing brokers, clearing and
non-clearing brokers and floor brokers, whether or not affiliated or related to DBSI, to execute, clear or carry Customer’s transactions hereunder.

 

  
 -2-

 
 6.  Advice; No Warranty as to Information, Etc. 

      (a)    The Trust, on behalf of the Customer, acknowledges and agrees that:
(i) Customer and any advisor of Customer have sole responsibility for all decisions for the Account; (ii) DBSI is not an advisor or fiduciary with respect to Customer, any Account or any action of Customer in connection with an Account or
Contract and DBSI assumes no responsibility for compliance with any law or regulation governing the conduct of any such fiduciary or advisor or for Customer’s compliance with any law or regulation governing or affecting Customer;
(iii) DBSI makes no representation, warranty or guarantee as to, and will not be liable or responsible for, the accuracy, completeness or reliability of any advice or recommendation, or any market information, furnished to Customer;
(iv) recommendations to Customer as to any particular transaction at any given time may differ among DBSI’s personnel and may vary from any recommendations made to others; and (v) any advice provided by DBSI with respect to a Contract
or Account is incidental to DBSI’s business as a futures commission merchant and will not serve as the primary basis for any decision by or on behalf of Customer. 
       (b)    The Trust, on behalf of the Customer, agrees that DBSI, its officers, directors, stockholders, representatives or associated persons may have
certain conflicts of interest in connection with the services contemplated hereby, including but not limited to conflicts arising from positions established for their proprietary accounts in Contracts that are the subject of market recommendations
furnished to Customer. Such positions or other actions of such persons may not be consistent with any recommendations furnished to Customer by DBSI. 
 7.  Trust and Customer Representations, Warranties and Agreements. 
       The Trust, and to the extent applicable, the Trust on behalf of the Customer, represents and warrants to DBSI that as of the date of this Agreement and on the date each
transaction relating to a Contract or Account is entered into under this Agreement:

       (a)    (i)  The Trust is
duly organized under the laws of the applicable jurisdiction and the execution, delivery and performance of this Agreement by the Trust, on behalf of the Customer, have been authorized by all necessary corporate or other action; (ii) the Trust,
on behalf of the Customer, has full power and authority to enter into this Agreement and to perform its obligations under this Agreement; (iii) this Agreement is valid and binding on the Trust, on behalf of the Customer, is enforceable against
it in accordance with its terms and neither this Agreement nor the trading of Contracts violate Relevant Law or any other law or regulation governing or affecting Customer’s activities under this Agreement or any order or agreement applicable
to Customer or Customer’s property; (iv) the Trust, on behalf of the Customer, has and will maintain in full force and effect any and all necessary governmental or other approvals or authorizations to execute and deliver this Agreement,
perform its obligations hereunder; (v) the Trust, on behalf of the Customer, and any other person involved in the management of Customer or its Account, are in compliance with all Relevant Law and any other law or regulation governing or
affecting Customer’s activities under this Agreement, including but not limited to all applicable registration requirements; and (vi) the Trust, on behalf of the Customer, is acting solely as principal and no person other than Customer has
any interest in or any control over any Account of Customer. 

      (b)    Customer is not an employee, partner, officer, director or owner of more
than ten percent of the equity interest of a futures commission merchant, an introducing broker, Exchange or any self-regulatory organization nor is Customer an employee or commissioner of the Commission, except as previously disclosed in writing to
DBSI. 
       (c)    If Customer is subject to the Financial Institution
Reform, Recovery and Enforcement Act of 1989, the certified resolutions set forth following this Agreement have been caused to be reflected in the minutes of Customer’s Board of Directors (or other comparable governing body) and this Agreement
is and shall be, continuously from the date hereof, an official record of Customer. 

      (d)  If Customer is an insured depository subject to the Federal Deposit Insurance Act,
Customer has taken all action and maintained such records required to be taken or maintained by it to effect and maintain the enforceability of this Agreement pursuant to the Federal Deposit Insurance Act, and the person executing this Agreement on
behalf of Customer is an authorized person with at least the rank of vice president. 

 

  
 -3-

 
       (e)    Unless Customer notifies
DBSI to the contrary, Customer is a “U.S. Person.” For purposes of this Section 7(e), a “U.S. Person” is a Customer located in the United States, its territories or possessions, or if Customer is a foreign incorporated
collective investment vehicle (a fund) whose place of business is outside of the United States, its territories and possessions, such Customer will be deemed to be a “U.S. Person” if 10% or more of such Customer is beneficially owned by
residents of the United States, its territories or possessions. 
 (f)    The Trust, on behalf of the
Customer, agrees promptly to notify DBSI in writing if any of the warranties or representations contained in this Section 7 becomes inaccurate or incomplete in any respect and to provide financial and other information to DBSI at any time upon
its reasonable request, and represents that any such information will be accurate and complete in every material respect. The Trust, on behalf of the Customer, shall also notify DBSI promptly of any material adverse change in the financial condition
of Customer, regardless of whether Customer has previously furnished financial information to DBSI. 
 8.  Indemnification;
Limitation of Liability. 
       (a)    Customer shall indemnify, defend
and hold harmless DBSI and its officers, employees and agents for any fine, penalty, tax, loss, liability or cost, including reasonable attorneys’ fees, incurred by DBSI that directly or indirectly arises out of or is related to
(i) Customer’s refusal or failure to comply with Relevant Law or any other law or regulation governing or affecting Customer’s activities under this Agreement or any provision of this Agreement or (ii) Customer’s breach of
any representation, warranty, covenant or obligation contained in this Agreement. In addition, the Trust, on behalf of the Customer, agrees to pay any attorneys’ fees and expenses incurred by DBSI in collecting any amount due by Customer under
this Agreement or in defending against any claim brought by Customer in any suit, arbitration or reparations proceeding in which DBSI is the prevailing party. 
       (b)    The Trust, on behalf of the Customer, acknowledges that DBSI does not guarantee the performance by any Exchange or other third party,
including any third party clearing or intermediate broker, with respect to any Contract and, accordingly, the Trust, on behalf of the Customer, agrees that DBSI has no responsibility or liability to Customer for any loss or cost sustained or
incurred by Customer due to Customer’s, an Exchange’s or any other third party’s actions or omissions in connection with any

 
Contract unless caused solely by DBSI’s gross negligence or willful breach of this Agreement. 
       (c)    DBSI shall not be liable for the non-performance of any obligation, or any fine, sanction, penalty, expense, tax, loss, liability or cost,
caused by any events outside the control of DBSI, including but not limited to any (i) action or order of any government, judicial institution, Exchange or other self regulatory organization, (ii) temporary or permanent suspension or
termination of trading for whatever reason, (iii) failure or malfunction of transmission or communication facilities, (iv) delay or failure by any Exchange to enforce its rules or pay or return any amount owed with respect to any Contracts
executed and/or cleared for Customer’s Accounts or (v) actions or omissions of third party brokers. 
 (d)
NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL DBSI OR ANY OF ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS BE LIABLE UNDER ANY THEORY OF TORT, CONTRACT, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY FOR LOST
PROFITS, LOST REVENUES, LOST BUSINESS OPPORTUNITIES OR EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR SIMILAR DAMAGES, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES, REGARDLESS OF WHETHER SUCH DAMAGES WERE
FORESEEABLE OR WHETHER DBSI HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 (e)    Notwithstanding
anything to the contrary provided herein, DBSI agrees that, pursuant to Section 3804(a) of the Delaware Statutory Trust Act, the liabilities of the Customer shall be limited such that (a) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing and relating to this Agreement with respect to the Customer shall be enforceable against the assets of the Customer only, and not against the assets of the Trust (other than those assets of the Trust
that are the Customer’s assets) generally or the assets of any other series of the Trust and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing and relating to this Agreement with
respect to the Trust generally and any other series of the Trust shall be enforceable against the assets of the Customer. DBSI further agrees that it shall not seek satisfaction of any such obligation from the shareholders, any individual
shareholder, officer, representative or agent of the Trust, or the Customer, nor shall DBSI seek satisfaction of any such obligation from DB

 

  
 -4-

 Commodity Services LLC (the managing owner of the Trust and the Customer), its members,
managers, directors or officers. 
 9.  Communication Between the Parties; Confirmations Conclusive. 

      (a)    The Trust, on behalf of the Customer, must specify in a written notice to
DBSI the persons authorized to place orders or give DBSI instructions on Customer’s behalf. Any additions or amendments to this notice must be communicated to DBSI and any oral communication of such an addition or amendment must be promptly
confirmed by the Trust, on behalf of the Customer, in writing. DBSI will not be bound by such amendments or additions until written confirmation is received. 
       (b)    DBSI may rely on any order for the purchase or sale of Contracts, or any notice or other communications that are given by the Trust, on
behalf of the Customer, or that DBSI reasonably believes to have originated from the Trust, on behalf of the Customer, or from Customer’s duly authorized agent and the Trust, on behalf of the Customer, shall be bound by any such order, notice
or communication and any action taken or not taken by DBSI in reliance thereon. 

      (c)    Confirmations of trades and any other similar notices, including but not
limited to purchase and sale statements, sent to the Trust, on behalf of the Customer, shall be conclusive and binding unless The Trust, on behalf of the Customer, or Customer’s agent notifies DBSI to the contrary, (i) where a report is
made orally, orally at the time received by the Trust, on behalf of the Customer, or its agent, or (ii) where a report or notice is in writing, in writing prior to the opening of trading on the next day following receipt of the report on which
the relevant Exchange is open for business. Monthly statements of the Account shall be conclusive and binding unless the Trust, on behalf of the Customer, or Customer’s agent notifies DBSI to the contrary within five business days of
Customer’s receipt thereof. 
       (d)    DBSI shall transmit all
communications to the Trust, on behalf of the Customer, at Customer’s address, telex, telefax or telephone number or to such other address as Customer may hereafter direct in writing. The Trust, on behalf of the Customer, shall transmit all
communications to DBSI to the address, telex, telefax or telephone number at the beginning of this Agreement, Attention: Futures Administrator. All payments and deliveries to DBSI shall be wired, mailed or otherwise transmitted to DBSI pursuant to
DBSI’s instructions and shall be deemed received only when actually received by DBSI. 

 

 10.  Security Interest. 

      Subject to Section 8(e) above, all money, credit balances, Contracts and other property in which
Customer has any ownership interest, now or at any future time held in Customer’s Account or otherwise held by DBSI for Customer or any affiliate of Customer and any amount due to DBSI for Customer’s Account from any Exchange or clearing
broker in connection with any Contracts, and all proceeds thereof, is hereby pledged to DBSI and shall be subject to a general lien and first priority security interest and right of setoff in DBSI’s favor to secure any indebtedness of Customer
to DBSI arising under this Agreement or any transactions in Contracts hereunder. 
 11.    DBSI’s Right to Liquidate
Customer Positions. 
       (a)    In addition to all other rights of
DBSI set forth in this Agreement, DBSI has the right, upon the occurrence of any of the events specified in (i) through (viii) below, to take any or all of the actions specified in subdivision (b) of this Section: 

      (i)        if DBSI is so directed or required by a
regulatory or self-regulatory organization or Exchange having jurisdiction over DBSI or the Account; 

     (ii)        if the Trust, on behalf of the Customer, repudiates,
violates, breaches or fails to perform on a timely basis any obligation, term, covenant or condition required to be performed by the Trust, on behalf of the Customer, under this Agreement; 

    (iii)        if the Trust, on behalf of the Customer, fails to post the
initial or variation margin required by this Agreement, or fails to pay any required premium or make any other payments required under this Agreement or in connection with any Contract; 

    (iv) if the Trust, on behalf of the Customer, is in material breach of or in material default under any
contract or agreement to which it is a party or by which it or any of its assets are bound; 

     (v) if any representation made by the Trust, or the Trust on behalf of the Customer, or by
Customer’s Advisor, if any, is not accurate or complete, or ceases to be accurate or complete in any material respect; 

      (vi)    if a voluntary or involuntary case or other proceeding is commenced by
or against the 

 

  
 -5-

 
Trust, with respect to the Customer, seeking liquidation, reorganization or other relief with respect to itself or any of its debts under any bankruptcy, insolvency or similar law, or seeking the
appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official of it or any substantial part of its assets, or if the Trust, on behalf of the Customer, enters into or proposes to enter into any
arrangement for the benefit of any of its creditors, or if the Trust, on behalf of the Customer, or any or all of its property is or becomes subject to any agreement, order, judgment or decree that provides for Customer’s merger, consolidation,
dissolution, winding-up, liquidation, reorganization or appointment of a trustee, receiver, liquidator, conservator, custodian or similar officer for Customer or for Customer’s property, or if the Trust, on behalf of the Customer, takes any
corporate action to authorize any of the foregoing; 
 (vii)    if the Account, any
other account maintained by the Trust, on behalf of the Customer, or an affiliate of Customer with DBSI or the property described in Section 10 becomes subject to any lien, warrant, attachment or similar order or encumbrance; or 

(viii)    if, after allowing the Trust, on behalf of the Customer, an opportunity to provide
assurances acceptable to DBSI within a reasonable time period, DBSI reasonably determines such action is necessary for its protection. 
       (b)    In each such instance, DBSI may (1) satisfy any obligations due DBSI out of any of Customer’s property in DBSI’s custody or
control, (2) liquidate any or all of Customer’s Contracts, (3) decline to execute any or all of Customer’s outstanding orders, (4) make Customer’s obligations to DBSI immediately due and payable, (5) acting in a
commercially reasonable manner, sell any or all of Customer’s property in DBSI’s custody or control and set off and apply any such property or the proceeds of the sale of such property to satisfy any amounts owed by Customer to DBSI,
(6) set off any obligations of DBSI under this Agreement against the obligations of Customer to DBSI hereunder, (7) set off any cash, Contracts or property held for Customer by DBSI against amounts owed to DBSI by Customer hereunder,
(8) purchase or borrow any securities or other property required to settle any outstanding transactions or positions for the Account, and (9) settle any outstanding transactions or positions for the Account. 

      (c)    Before exercising any rights under Section 11(b), DBSI will send a
notice to the Trust, on behalf

 
of the Customer, of the action that it intends to take provided that DBSI will be entitled to take any such action regardless of whether such notice is received by the Trust, on behalf of
the Customer. Any prior demand or notice by DBSI shall not be a waiver of any right of DBSI to take any action authorized by this Agreement or Relevant Law. 
       (d)    At all times, Customer will be liable for the payment of any debit balance or deficiency in the Account, together with interest on such
amounts and all costs relating to any liquidation or collection, including reasonable attorneys’ fees. 
 12.  Payment Netting
and Setoff. 
       The Trust, on behalf of the Customer, acknowledges and agrees that DBSI
has the right to setoff and apply any amounts, fees or charges due to it hereunder against amounts held in any Accounts of Customer subject to this Agreement provided that any Account subject to setoff under this Section is owned solely
by the same Customer. 
 13.  Termination. 
       A party wishing to terminate this Agreement must provide the other party with written notice of termination sent by certified mail specifying the effective date of such
termination. Any termination under this Section will not affect any transactions entered into prior to the effective date of such termination or any liability or obligation incurred prior to such date. Upon termination under this Section, DBSI will
either transfer all open positions in Customer’s Account to another futures commission merchant of Customer’s choice, if so instructed by the Trust, on behalf of the Customer, or liquidate all such positions. DBSI will not transfer any of
Customer’s property or Contracts held or controlled by it until the Trust, on behalf of the Customer, satisfies all obligations to DBSI arising under this Agreement, including the payment of any fees for the transfer of Contracts to another
futures commission merchant upon termination of this Agreement. 

 

  
 -6-

 
 14.  Governing Law; Consent to Jurisdiction. 

      (a)    In case of a dispute between Customer and DBSI arising out of or related
to this Agreement or any transaction hereunder, (i) except with respect to Section 8(e) above, which shall be construed, interpreted, and enforced in accordance with and governed by the laws of the State of Delaware, the construction,
validity, performance and enforcement of this Agreement will be governed by the laws of the State of New York in all respects (without giving effect to principles of conflict of laws), and (ii) the Trust, on behalf of the Customer, and DBSI
each agrees to bring any legal proceeding against the other party exclusively in, and each such party consents in any legal proceeding brought by the other party in connection with or related to this Agreement or breach thereof, the Account or any
transactions entered into hereunder to the jurisdiction of, any state or federal court located within the City of New York. 

      (b)    The Trust, on behalf of the Customer, and DBSI each expressly waives
(i) all objections it may at any time have as to the jurisdiction of any court described in Section 14(a) above in which any such legal proceedings may be commenced and (ii) any defense of sovereign immunity or other immunity from
suit or enforcement, whether before or after judgment. The Trust, on behalf of the Customer, and DBSI each also agrees that any service of process mailed to it at any address provided by the receiving party shall be deemed a proper service.

 15.  Miscellaneous. 
       (a)    Available Funds. The Trust, on behalf of the Customer, agrees that all payments of cash by it to DBSI shall be made in immediately
available funds in such currency and to such bank account as DBSI may from time to time specify. If the Trust, on behalf of the Customer, is required by law to make any deduction or withholding, Customer will pay such amount to DBSI as will result
in DBSI’s receiving an amount equal to the full amount which would have been received had no such deduction or withholding been required. 
       (b)    Consent to Recording. The Trust, on behalf of the Customer, and DBSI each consents to the electronic recording of any or all telephone
conversations with the other party (without automatic tone warning device), the use of same as evidence by either party in any action or proceeding arising out of the Agreement and the recording party’s erasure, at its sole discretion, of any
recording as part of its regular procedure for handling of recordings. 

 

       (c)    Authority to Disclose
Information. The Trust, on behalf of the Customer, hereby authorizes DBSI to disclose any financial, credit or business information it has obtained concerning Customer to any Affiliate of DBSI, and authorizes any such Affiliate to disclose like
information to DBSI, in either case solely for the purpose of permitting DBSI to perform its obligations, or enforce its rights, under this Agreement. Any such information will be kept confidential according to the internal policies of DBSI and its
Affiliates. 
       (d)    Modification. This Agreement may only be
modified or amended by mutual written consent of DBSI and the Trust, on behalf of the Customer. Any modification, amendment, alteration or waiver of this Agreement will not affect any outstanding orders or transactions or any legal rights or
obligations that may have already arisen between DBSI and Customer. 

      (e)    Cumulative Rights; No Waiver. The rights and remedies conferred
upon DBSI will be cumulative, and its forbearance to exercise any right or remedy under this Agreement will not waive its right to take such action at any later time, nor shall such forbearance constitute a modification of this Agreement.

       (f)    Successors and Assigns. This Agreement will inure to
the benefit of DBSI, its permitted successors and assigns, and will be binding upon Customer and Customer’s successors and assigns, provided, however, that this Agreement may not be assigned or delegated by either party without the prior
written consent of the other party hereto and any purported assignment or delegation without such consent shall be void. 

      (g)    Severability. If any term or provision of this Agreement or the
application thereof to any persons or circumstances is found to be inconsistent with any Relevant Law or otherwise to be invalid or unenforceable, such inconsistent, invalid or unenforceable provision will be deemed to be superseded or modified to
conform to such Relevant Law, but the remainder of this Agreement and/or the application of such term or provision to persons or circumstances other than those as to which it is contrary, invalid or unenforceable, will not be affected thereby.

       (h)    Counterparts. This Agreement may be executed in any
number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
       (i)    Entire Agreement. This Agreement, together with any Annexes hereto entered into between DBSI

 

  
 -7-

 
and the Trust, on behalf of the Customer, constitutes the entire agreement between the Trust, on behalf of the Customer, and DBSI with respect to the subject matter hereof and supersedes any
prior agreements between the parties with respect to such subject matter. 

      (j)    Multiple Customers. If the signatory of this Agreement has the
authority to enter into the Agreement on behalf of more than one Customer (each such Customer being identified on the attached Schedule I), the execution of the Agreement by such signatory shall be sufficient to bind each such Customer to the
terms of the Agreement to the same extent and with the same force and effect as if each Customer had executed a separate Agreement.

 16.  Acknowledgment of Receipt of Disclosure Statements; Hedging Election. 

      (a) Customer acknowledges and agrees that it has received from DBSI and has read and understood the
following document: 
 (Please check box to so acknowledge) 

x Risk Disclosure Statement For Futures and Options pursuant to Appendix A to CFTC
Regulation 1.55(c). 
       (b)    Pursuant to CFTC Regulation 190.06(d),
Customer specifies and agrees, with respect to hedging transactions in the Account, that, in the unlikely event of DBSI’s bankruptcy, it prefers that the bankruptcy trustee (check appropriate box): 

 ̈ Election A - Liquidate all open contracts without first seeking instructions
either from or on behalf of Customer. 
 x Election B - Attempt to obtain instructions with
respect to the disposition of all open contracts. 
 (If neither box is checked, Customer shall be deemed to have elected A.) 

The undersigned has read, understands and agrees to all of the provisions of this Agreement.

 

  
 -8-

			
	 December 31, 2010

	 Dated

			
	
	 Customer Name:

	 PowerShares DB Multi-Sector Commodity Trust with respect
to PowerShares DB Gold Fund

	 By:
	 	 DB Commodity Services LLC, the Managing Owner of

		 	 PowerShares DB Gold Fund

  

													
	 By:
	 		 		 	 By:
	 		    	
		 	 /s/ Alex N. Depetris
	 		 	         /s/ Michael
Gilligan

		 		    	 Authorized Signature
	 		 		 		    	 Authorized Signature

		 	 Name:
	    	 Alex N. Depetris
	 		 		 	 Name:
	    	 Michael Gilligan

		 	 Title:
	    	 Vice President
	 		 		 	 Title:
	    	 Principal Financial Officer

  

	
	 60 Wall Street

	 Address

	
	 New York, New York

	 City, State

	
	 10005

	 Zip Code

					
			
	  
	 		 	  

	 Telephone
	 		 	 Telefax

  
 -9-

 Schedule I—Independent Customers Deemed to Have Entered Into Separate Agreements
Hereunder

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