Document:

Exhibit 10.05

SECOND AMENDMENT TO

TRADING ADVISORY AGREEMENT

This Second
Amendment (“Second Amendment”) to the Trading Advisory Agreement dated as of
April 3, 1997, and previously amended on September 29, 2000, (as so amended, the “Agreement”) by and
among JWH GLOBAL TRUST (the “Trust”), CIS INVESTMENTS, INC. (the “Managing
Owner”), and JOHN W. HENRY & COMPANY, INC (the “Advisor”) is hereby made as
of June 23, 2005.

 

WITNESSETH:

WHEREAS, the parties hereto entered in to the
Agreement to set forth the terms and condition upon which the Advisor renders
advisory services in connection with the Trust’s commodity interest trading
activities; and 

WHEREAS, the parties hereto desire to amend the
Agreement to extend the term of the Agreement and reflect a change in the
programs used by the Advisor; 

NOW, THEREFORE, in consideration of the premises and
the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

1. The term of Agreement is extended hereby to June
30, 2006. This Agreement shall automatically renew on the same terms as set
forth in the Agreement, as amended hereby, for additional twelve month periods,
unless the Managing Owner gives the Advisor written notice at least 45 days
prior to the expiration of the then current twelve month period.

2. Effective August 1, 2005, the Advisor shall begin to conduct the Trust’s commodity interest
trading activities pursuant to the following trading programs of the Advisor,
in the following allocations:

Financial and Metals Portfolio —30%

JWH GlobalAnalytics® Family of Programs —30%

International foreign Exchange Program—20%

Global Financial and Energy Portfolio —20%.

The Trust and the Managing Owner acknowledge that the
Advisor shall make such adjustments to existing positions held in the account
of the Trust as are necessary in order to
establish such allocations as of August 1, 2005.

IN WITNESS WHEREOF, the parties hereto have executed
this Second Amendment as of the
date first written above.

   
 

 

	
  JWH GLOBAL TRUST

  	
   

  
	
   

  	
   

  
	
  By:CIS
  Investments, Inc., its Managing Owner

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ SHAUN O’BRIEN

  	
   

  
	
  Name:

  	
  Shaun O’Brien

  	
   

  
	
  Its:

  	
                 CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CIS INVESTMENTS,
  INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ ANNETTE A.
  CAZENAVE

  	
   

  
	
  Name:

  	
  Annette A.
  Cazenave

  	
   

  
	
  Its:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  JOHN W. HENRY
  & COMPANY, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ MARK S.
  RZEPCZYNSKI

  	
   

  
	
  Name:

  	
  Mark S. Rzepczynski

  	
   

  
	
  Its:

  	
  President and
  Chief Investment Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Acknowledged and
  Agreed to by:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CARGILL INVESTOR
  SERVICES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Its:

  	
   

  	
   

  
					

 

 2Exhibit 10.06

THIRD AMENDMENT TO

TRADING ADVISORY AGREEMENT

 

This Third Amendment (“Third Amendment”) to the Trading Advisory Agreement
dated as of April 3, 1997, and previously amended on September 29,
2000 and June 23, 2005 (as so amended, the “Agreement”) by and among JWH
GLOBAL TRUST (the “Trust”), REFCO COMMODITY MANAGEMENT, INC., the successor to
CIS INVESTMENTS, INC. (the “Managing Owner”), and JOHN W. HENRY & COMPANY,
INC. (the “Advisor”) is hereby made as of June 27, 2006.

 

WITNESSETH:

 

WHEREAS, the parties hereto entered in to the Agreement to set forth the
terms and condition upon which the Advisor renders advisory services in
connection with the Trust’s commodity interest trading activities; and

 

WHEREAS, the parties hereto desire to amend the Agreement to extend the
term of the Agreement and reflect a change in the programs used by the Advisor;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1. The term of Agreement is extended hereby to June 30, 2007. This
Agreement shall automatically renew on the same terms as set forth in the
Agreement, as amended hereby, for additional twelve month periods, unless the
Managing Owner gives the Advisor written notice at least 45 days prior to the
expiration of the then current twelve month period.

 

2. Effective July 1, 2006, the Advisor shall begin to conduct the
Trust’s commodity interest trading activities pursuant to the following trading
programs of the Advisor, in the following allocations:

 

Financial and Metals Portfolio — 30%

JWH Global Analytics® — 30%

International Foreign Exchange Program — 20%

Global Diversified Portfolio — 20%.

 

The Trust and the Managing Owner acknowledge that the Advisor shall
make such adjustments to existing positions held in the account of the Trust as
are necessary in order to establish such allocations as of July 1, 2006.

 

3. The Trust confirms and the parties agree that the brokerage
commissions currently paid by the Trust shall remain at their current levels.

 

IN WITNESS  WHEREOF, the parties
hereto have executed this Third Amendment as of the date first written above.

 

	
  JWH GLOBAL TRUST

  	
   

  	
   

  	
   

  
	
  By:

  	
  Refco Commodity Management, Inc. its Managing Owner

  	
   

  	
   

  
	
  By:

  	
  /s/ Annette
  A. Cazenave

  	
   

  	
   

  	
   

  
	
  Name:  Annette A. Cazenave

  	
   

  	
   

  	
   

  
	
  Its:  Director/Vice president

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REFCO COMMODITY MANAGEMENT, INC.

  	
  JOHN W. HENRY & COMPANY, INC.

  
	
  By:

  	
  /s/ Robert
  Shapiro

  	
   

  	
  By:

  	
  /s/

  
	
  Name:  Robert Shapiro

  	
   

  	
  Name:  Mark S. Rzepczynski

  
	
  Its:  Chief Financial Officer

  	
   

  	
  Its:  President and Chief Investment
  OfficerExhibit 10.07

JWH Global Trust

(A Delaware Business Trust)

Units of Beneficial
Interest

(Subscription Price: Net
Asset Value per Unit)

Form Of

AMENDED AND
RESTATED

ADDITIONAL SELLING AGENT AGREEMENT

            ,
2007

	
  

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

Dear
Sir,

R.J. O’Brien Fund Management, LLC, a
Delaware Limited Liability Company (referred to herein in its corporate
capacity and as managing owner as “RJOFM” or “Managing Owner”), became the
managing owner on Novermber 30, 2006 to the JWH GLOBAL TRUST (the “Trust”),
which was formed pursuant to the Delaware Business Trust Act (12 Del. C.
Section 3801 set seq.) of the State of Delaware (the “Delaware Act”) on  November 12, 1996, for the purpose of
engaging in speculative trading of futures contracts on currencies, interest
rates, energy and agricultural products, metals and stock indices; options on
such futures contracts, and spot and forward contracts on currencies and
precious metals.  As described in the
Prospectus referred to below, the Trust engages in speculative trading in the
commodities markets under the direction of John W. Henry & Company, Inc. (“JWH”).  The Trust publicly offers units of beneficial
interest in the Trust (the “Units”) through us, R.J. O’brien Securities LLC, a
limited liability company formed under the laws of the State of Delaware (the “Lead
Selling Agent”), on a best-efforts basis pursuant to the Amended and Restated
Selling Agreement dated as of                               ,2007
among us, the Trust and others (the “Selling Agreement”), a copy of which will
be furnished to you.  In connection with
the offering of Units, CIS Investments, Inc. and Refco Commodity Management
Inc. (the “Prior Managing Owners”) preceded RJOFM as managing owner to the
Trust and are believed to have filed with the United States Securities and
Exchange Commission (the “SEC”), pursuant to the United States Securities Act
of 1933, as amended (the “1933 Act”) and the rules and regulations promulgated
by the SEC thereunder (the “SEC Regulations”) :

(i)                                     on August 19, 1997, a registration statement
on S-1, relating to the registration of $75,000,000 in units in the Trust
(together, will all subsequently registered units, the “Units), as amended by
Amendment No. 1 thereto filed on September 24, 1997

    
 

 

relating to the registration
of an additional $80,000,000 in Units, which registrations of $155,000,000 in
Units were declared effective by the SEC on September 24, 1997 (SEC File No.
333-33937) (the “1997 Registration”);

(ii)                                  on June 5, 1998, Post-Effective Amendment No.
1 to the 1997 Registration on Form S-1 was filed with the SEC and declared
effective by the SEC shortly thereafter;

(iii)                               on March 9, 1999, Post-Effective Amendment
No. 2 to the 1997 Registration on Form S-1 was filed with the SEC and declared
effective by the SEC on March 31, 1999;

(iv)                              on November 29, 1999, Post-Effective
Amendment No. 3 to the 1997 Registration on Form S-1 was filed with the SEC and
declared effective by the SEC on January 3, 2000;

(v)                                 on September 18, 2000, Post-Effective
Amendment No. 4 to the 1997 Registration on Form S-1 was filed with the SEC and
declared effective by the SEC shortly thereafter;

(vi)                              on May 29, 2001, Post-Effective Amendment No.
5 to the 1997 Registration on Form S-1 was filed with the SEC; and declared
effective by the SEC on July 3, 2001;

(vii)                           on March 12, 2002, Post-Effective Amendment
No. 6 to the 1997 Registration on Form S-1 was filed with the SEC and declared
effective by the SEC shortly thereafter;

(viii)                        on December 5, 2002, Post-Effective Amendment
No. 7 to the 1997 Registration on Form S-1 was filed with the SEC and declared
effective by the SEC on January 3, 2003;

(ix)                                 on May 15, 2003, a registration statement on
Form S-1, for the registration of an additional $300,000,000 in Units, was
filed with the SEC and declared effective by the SEC on July 2, 2003 (SEC File
No. 333-105282) (the “2003 Registration”);

(x)                                   on February 7, 2004, Post-Effective Amendment
No. 1 to the 2003 Registration Statement on Form S-1 was filed with the SEC and
declared effective by the SEC on April 2, 2004;

(xi)                                on October 6, 2004, a registration statement
on Form S-1, for the registration of an additional $500,000,000 in Units, was
filed with the SEC and was declared effective by the SEC on November 1, 2004
(SEC File No. 333-119560) (the “2004 Registration”);

(xii)                             on June 24, 2005, Post-Effective Amendment
No. 1 to the 2004 Registration Statement on Form S-1 was filed with the SEC and
declared effective by the SEC shortly thereafter; and

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(xiii)                          on July 12, 2005, Post-Effective Amendment
No. 2 to the 2004 Registration Statement on Form S-1 was filed with the SEC,
which was declared effective August 1, 2005.

On September 19, 2007, a , a
registration statement on Form S-1 for the registration of an additional
$81,120,000 in Units was filed with the SEC by the Managing Owner and declared
effective on                  ,
2007, which registration statement also operated as a post-effective amendment
to the previously filed registration statements .

The Registration Statement referred
to above as having been filed by the Managing Owner and the prospectus included
therein are hereinafter called the “Registration Statement” and the “Prospectus,”
respectively, except that if the Trust files a post-effective amendment to the
Registration Statement, then the term “Registration Statement” shall, from and
after the filing of each such amendment, refer to the applicable Registration
Statement, as amended by such amendment, and the term “Prospectus” shall refer
to the amended prospectus then on file with the SEC as part of the applicable
Registration Statement; and if a prospectus as first issued in compliance with
the SEC Regulations shall differ from the prospectus on file at the time the
applicable Registration Statement or any amendment thereto shall have become
effective, the term “Prospectus” shall refer to the prospectus most recently so
issued from and after the date on which it shall have been issued, including
any amendment or supplement thereto.

This Agreement amends and restates
the Form of Additional Selling Agent Agreement. 
Other selling agents, including those introduced by wholesalers (“Wholesalers”)
to us (the “Additional Selling Agents” and together with the Lead Selling Agent
and the Wholesalers, the “Selling Agents”), may be selected by us with the
consent of the Managing Owner.  We have
so selected you as an Additional Selling Agent. 
We confirm our agreement with you as follows.  Capitalized terms used but otherwise not
defined herein shall have the meanings ascribed to them in the Amended and
Restated Selling Agreement unless the context indicates otherwise.

1.             Appointment and Undertakings of the Additional
Selling Agent

(a)           Subject
to the terms and conditions set forth in this Agreement, the Selling Agreement
and the Registration Statement, the Additional Selling Agent is hereby
appointed, and hereby accepts such appointment, as one of the Trust’s
non-exclusive selling agents to offer and sell the Units on a best-efforts
basis without any commitment on the Additional Selling Agent’s part to purchase
any Units.  It is understood and agreed
that the Lead Selling Agent, with the consent of the Managing Owner, may retain
other selling agents (including those introduced by Wholesalers) and that the
Additional Selling Agent or any other Additional Selling Agent, with the
consent of the Lead Selling Agent and Managing Owner in their sole discretion,
may retain correspondent selling agents (“Correspondents”).  The Additional Selling Agent agrees to comply
with the terms and conditions of this Agreement and any terms and conditions of
the Selling Agreement applicable to Additional Selling Agents.

The Additional Selling Agent from
time to time will provide the Lead Selling Agent with a list of prospective
Correspondents.  Unless the prospective
Correspondent has a verifiable preexisting relationship with the Lead Selling
Agent (including previously having

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approached
or been approached by the Lead Selling Agent about being an Additional Selling
Agent for the Trust) as notified to the Additional Selling Agent in writing,
such Correspondent shall only be permitted to offer Units as a Correspondent of
the Additional Selling Agent pursuant to a Correspondent Selling Agreement in a
form agreed to by the Additional Selling Agent.

(b)           The
Additional Selling Agent agrees to use its reasonable efforts to procure
subscriptions for the Units as long as this Agreement and the Selling Agreement
remain in effect and to make the offering of Units at the offering price and
minimum amounts and on the other terms and conditions set forth in the
Prospectus and the Selling Agreement.

(c)           The
Additional Selling Agent shall offer and sell Units only to persons and
entities who satisfy the suitability and/or investment requirements set forth
in the Prospectus and the subscription agreements attached thereto and who, to
the Managing Owner’s satisfaction, complete the subscription agreements and
related subscription documents used in connection with the offering of the
Units (the “Subscription Documents”) and remit good funds for the full
subscription price.  The Additional
Selling Agent shall conduct a thorough review of the suitability of each
subscriber for Units that it solicits and of the Subscription Documents.  The Additional Selling Agent shall not
forward to the Managing Owner any Subscription Documents that are not in
conformity with the requirements specified in the Prospectus and in the
Subscription Documents appropriate for the particular subscriber, or that is
illegible in any respect or is not fully completed, dated, or signed, or that
represents the subscription of a person or entity not satisfying the
suitability and/or investment requirements applicable to such person or
entity.  The Additional Selling Agent
shall not execute any transactions in Units in a discretionary account over
which it has control without prior written approval of the customer in whose
name such discretionary account is maintained.

The Additional Selling Agent agrees
not to recommend the purchase of Units to any subscriber unless the Additional
Selling Agent shall have reasonable grounds to believe, on the basis of
information obtained from the subscriber concerning, among other things, the
subscriber’s investment objectives, other investments, financial situation and
needs, that the subscriber is or will be in a financial position appropriate to
enable the subscriber to realize to a significant extent the benefits of the
Trust, including the tax benefits (if any) described in the Prospectus; the
subscriber has a fair market net worth sufficient to sustain the risks inherent
in participating in the Trust, including loss of investment and lack of
liquidity; and the Units are otherwise a suitable investment for the
subscriber.  In addition to submitting
such information to the Managing Owner, the Additional Selling Agent agrees to
maintain files of information disclosing the basis upon which the Additional
Selling Agent determined that the suitability requirements of Section (b)(2) of
Rule 2810 of the Financial Industry Regulatory Authority. (“FINRA”) (formerly
Section 3 of Appendix F of the FINRA’s Rules of Fair Practice) were met as to
each subscriber (the basis for determining suitability may include the
Subscription Documents and other certificates submitted by subscribers).  In connection with making the foregoing
representations and warranties, the Additional Selling Agent further represents
and warrants that it has received copies of the Registration Statement, as amended
to the date hereof, and the Prospectus and has, among other things, examined
the following sections in the Prospectus and obtained such additional
information from the Managing Owner regarding the information set forth
thereunder as the Additional Selling Agent has deemed necessary or

 4
 

appropriate
to determine whether the Prospectus adequately and accurately discloses all
material facts relating to an investment in the Trust and provides an adequate
basis to subscribers for evaluating an investment in the Units:

“Summary”

“The Risks You Face”

“Investment Factors”

“How the Trust Works “

“John W. Henry & Company,
Inc.”

“The Managing Owner”

“Charges”

“Redemptions; Net Asset Value”

“Transactions Between CIS Group
and the Trust”

“Conflicts of Interest”

“The Trust and the Trustee”

“Tax Consequences”

“Plan of Distribution”

In connection with making the
representations and warran­ties set forth in this paragraph, the Additional
Selling Agent has not relied on inquiries made by or on behalf of any other
parties.

The Additional Selling Agent agrees
to inform all prospective purchasers of Units of all pertinent facts relating
to the liquidity and marketability of the Units as set forth in the Prospectus.

The Additional Selling Agent shall
offer and sell Units in compliance with the requirements set forth in the
Registration Statement (particularly the “Subscription Requirements” attached
as Exhibit B thereto), this Agreement and the Blue Sky Survey prepared by the
Trust’s counsel upon request of the Lead Selling Agent, a copy of which has
been provided to the Additional Selling Agent. 
The Additional Selling Agent represents and warrants that it shall
comply fully at all times with all applicable federal and state securities and
commodities laws (including without limitation the 1933 Act, the Securities Exchange
Act of 1934, as amended (the “1934 Act”), the Commodity Exchange Act, as
amended (the “CEA”), and the securities and Blue Sky laws of the jurisdictions
in which the Additional Selling Agent solicits subscriptions, all applicable
rules and regulations under such laws, and all applicable requirements, rules,
policy statements and interpretations of the FINRA, and the securities and
commodities exchanges and other governmental and self-regulatory authorities
and organizations having jurisdiction over it or the offering of Units).  The Additional Selling Agent shall under no
circumstances engage in any activities hereunder in any jurisdiction (i) in
which the Managing Owner has not informed the Additional Selling Agent that
counsel’s advice has been received that the Units are qualified for sale or are
exempt under the applicable securities or Blue Sky laws thereof or (ii) in
which the Additional Selling Agent may not lawfully engage.

The
Additional Selling Agent also agrees to comply with the requirement under
applicable federal and state securities laws to deliver to each offeree a
Prospectus and any amendments or supplements thereto (including summary
financial information).  Neither the
Additional Selling

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Agent
nor any of its employees, agents or representatives will use or distribute any
marketing material or information other than that prepared by the Trust and the
Managing Owner.  It is, however,
understood that the Additional Selling Agent may use documents that it prepares
solely for the purpose of communicating with its Registered Representatives and
Correspondents provided that the Additional Selling Agent provides to the Lead
Selling Agent a copy of each such document prior to such use.

The Additional Selling Agent further
agrees to comply with the requirements of the anti-money laundering regulations
applicable to brokers registered with the SEC under the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (the “USA Patriot Act”).   The Additional Selling Agent will enforce
and conduct client verification procedures which are sufficient to establish
the identity and source of funds of your customers, including purchasers of
Units.  The Additional Selling Agent will
record the evidence establishing the identities and sources of funds of such
customers and will retain or procure the retention of such evidence for a
period of not less than 5 years, and will promptly provide copies of such
evidence to the Lead Selling Agent in response to a request from its
regulators.  The Additional Selling Agent
agrees that none of its customers, nor any person controlling, controlled by,
or under common control with, any customer, nor any person having a beneficial
interest in the customer, or for whom the customer is acting as agent or
nominee in connection with the investment, is a country, territory, person or
entity named on any list of any government agency or regulatory body, including
without limitation the U.S. Office of Foreign Assets Control, or is a person or
entity that resides in or has a place of business in a country or territory
named on such lists.  The Additional
Selling Agent agrees and warrants that none of its customers is a senior
political figure,(1) or immediate family member(2) or close associate(3) of a
senior foreign political figure within the meaning of the USA PATRIOT Act.

(d)           The
additional services that the Additional Selling Agent will provide on an
ongoing basis to Unitholders will include but not be limited to: (i) inquiring
of the Managing Owner from time to time, at the request of Unitholders, as to
the Net Asset Value of a Unit, (ii) inquiring of the Managing Owner from time
to time at the request of the Unitholders, as to the commodities markets and
the activities of the Fund, (iii) assisting, at the request of the Managing
Owner, in the redemption of Units sold by the Additional Selling Agent, (iv)
responding to questions of Unitholders from time to time with respect to
monthly account statements, annual

(1)  A “senior
foreign political figure” is defined as a senior official in the executive,
legislative, administrative, military or judicial branches of a foreign
government (whether elected or not), a senior official of a major foreign
political party, or a senior executive of a foreign government-owned
corporation.  In addition, a “senior
foreign political figure” includes any corporation, business or other entity
that has been formed by, or for the benefit of, a senior foreign political
figure.

(2)  “Immediate
family” of a senior foreign political figure typically includes the figure’s
parents, siblings, spouse, children and in-laws.

(3)  A “close
associate” of a senior foreign political figure is a person who is widely and
publicly known to maintain an unusually close relationship with the senior
foreign political figure, and includes a person who is in a position to conduct
substantial domestic and international financial transactions on behalf of the
senior foreign political figure.

 

 6

 

reports
and financial statements furnished to Unitholders, and (v) providing such other
services to the owners of Units as the Managing Owner may, from time to time,
reasonably request.

All payments for subscriptions shall
be made by transfer of funds to the escrow account of the Trust as described in
the Prospectus, provided that any such arrangements must comply in all relevant
respects with SEC Regulations 10b-9 and 15c2-4.

(e)           The Additional
Selling Agent (i) acknowledges that, other than as set forth herein, it is not
authorized to act as the agent of the Lead Selling Agent in any connection or
transaction and (ii) agrees not to so act or to purport to so act.

2.             Compensation

(a)           In
consideration for the Additional Selling Agent performing the obligations under
this Agreement, the Lead Selling Agent shall cause the paying agent or its
designee to pay the Additional Selling Agent a selling commission of 3% of the
subscription value of the Unit(s) sold by the Additional Selling Agent, or in
the event that the Additional Selling Agent shares the selling commission with
a Wholesaler, the Additional Selling Agent’s proportionate share of such
difference..  Such commissions will be
paid in respect of each subscription as promptly as practicable after each month-end
closing.

(b)           The
Additional Selling Agent shall receive ongoing compensation, payable monthly by
the paying agent or its designee of 3% per annum (or approximately .25% per
month) of the month-end Net Asset Value of the Units sold by a Registered Representative
of the Additional Selling Agent which remain outstanding for more than twelve
months (including the month as of the end of which such Unit is redeemed)
assuming (i) the Additional Selling Agent’s continued registration with the
Commodity Futures Trading Commission (the “CFTC”) as a futures commission
merchant or introducing broker and continued membership with the National
Futures Association (“NFA”) in such capacity and (i) the Registered
Representative’s compliance with the additional requirements described in
subsection 1(d), registration at the time such payment is made with the CFTC
and compliance with all applicable proficiency requirements (including those
imposed by the FINRA as a condition of receiving “trailing commissions”) by
either passing the Series 3 National Commodity Futures Exam or the Series 31
exam or being “grandfathered” from having to do so.  Such ongoing compensation shall begin to
accrue with respect to each Unit only after the end of the twelfth full month
after the sale of such Unit.  In the
event the Additional Selling Agent’s Wholesaler, if any, is not eligible to
receive ongoing compensation, the paying agent shall retain the amount that
would have been due to the Wholesaler in the absence of ineligibility.  For purposes of determining when ongoing
compensation should begin to accrue, Units shall not be deemed to be sold until
the day Units are issued, and not the day when subscriptions are accepted by
the Managing Owner or subscriptions funds are deposited in escrow.

Furthermore, the Lead Selling Agent
shall not compensate the Additional Selling Agent, and the Additional Selling
Agent shall not compensate its employees or other persons, unless the recipient
thereof is legally qualified and permitted to receive such compensation.  Also, such ongoing compensation may be paid
by the Lead Selling Agent to the Additional Selling Agent and by the Additional
Selling Agent to its employees or other persons, only in respect of outstanding
Units sold by such persons to Unitholders and only so long as the additional
services

 7
 

described
in Section 1(d) above are provided by such person to Unitholders.  With respect to particular Units, substitute
Registered Representatives who are appropriately registered and who agree to
perform the services described in Section 1(d) above with respect to such Units
(“Substitute Registered Representatives”) may also receive ongoing compensation
with respect to such Units.

In respect of Correspondents, if any,
selected by the Additional Selling Agent (with the consent of the Lead Selling
Agent and the Managing Owner), the Lead Selling Agent shall pay to the
Additional Selling Agent selling commissions and ongoing compensation or
installment sales commissions as set forth above, a portion (as agreed between
the Additional Selling Agent and each such Correspondent) of which shall be
passed on by the Additional Selling Agent to such Correspondents.

The Additional Selling Agent agrees
that it will promptly pass on to its Registered Representatives and Correspondents
the applicable portions of the selling commissions received from the Lead
Selling Agent to which such Registered Representatives and Correspondents are
entitled pursuant to, respectively, the Additional Selling Agent’s standard
compensation procedures  and the
Additional Selling Agent’s agreement with each such Correspondent.

The Additional Selling Agent,
although otherwise entitled to ongoing compensation, will not be entitled to
receipt thereof with respect to particular Units for any month during any
portion of which the Registered Representative who is receiving such ongoing
compensation is at any time not properly registered with the CFTC or does not
agree to provide the ongoing services described above.  However, the Lead Selling Agent agrees that
Substitute Registered Representatives may receive such ongoing
compensation.  The Additional Selling
Agent shall, at the request of the Lead Selling Agent, inform the Lead Selling
Agent of currently outstanding Units sold by the Additional Selling Agent or
any Correspondent with respect to which ongoing compensation may not be paid.

Ongoing compensation which cannot be
paid because the Additional Selling Agent or its Correspondent (or a Registered
Representative of either) has not met the eligibility requirements shall be
retained by the paying agent.

In the event that the payment of
ongoing compensation is restricted by FINRA, the payment of such ongoing
compensation shall be limited to the maximum amount permissible pursuant to
such restrictions, which is the case with respect to all Units registered
subsequent to October 2004.

The Additional Selling Agent shall
not, directly or indirectly, pay or award any finder’s fees, commissions or
other compensation to any person engaged by a potential investor for investment
advice as an inducement to such advisor to advise the purchase of Units;
provided, however, the normal sales commissions payable to a registered
broker-dealer or other properly licensed person for selling Units shall not be
prohibited hereby.

(c)           Notwithstanding
any other provision of this Agreement to the contrary, the Managing Owner shall
have sole discretion to accept or reject any subscription for the Units in
whole or in part.

 8
 

 

(d)           The
Lead Selling Agent agrees to make all payments, or cause all payments to be
made to the Additional Selling Agent pursuant to this Section 2 within 10
business days following the end of a monthly period in which compensation is
earned.  .

3.             Representations and Warranties
of The Lead Selling Agent  

The Lead Selling Agent hereby
represents and warrants as follows:

(a)           The
Lead Selling Agent is a limited liability company formed under the laws of the
State of  Delaware and is validly
existing, and in good standing under the laws of the State of Illinois and has
power and authority to enter into and carry out its obligations under this
Agreement.

(b)           The
Lead Selling Agent has all governmental and regulatory registrations,
qualifications, approvals and licenses required to perform its obligations
under this Agreement (including, but not limited to, registration as a
broker-dealer with the SEC, membership in such capacity in the FINRA, and
registration or qualification under the laws of each state in which the Lead
Selling Agent will offer and sell Units); the performance by the Lead Selling
Agent of its obligations under this Agreement will not violate or result in a
breach of any provision of its certificate of incorporation or by-laws or any
agreement, order, law, or regulation binding upon it.

(c)           This
Agreement has been duly and validly authorized, executed, and delivered on
behalf of the Lead Selling Agent and is a valid and binding agreement of the
Lead Selling Agent enforceable against the Lead Selling Agent in accordance
with its terms, subject only to bankruptcy, insolvency, reorganization,
moratorium or similar laws at the time in effect affecting the enforceability
generally of rights of creditors except as enforceability of the
indemnification provisions contained in this Agreement may be limited by applicable
law and the enforcement of specific terms or remedies may be unavailable.

4.             Representations and Warranties
of The Additional Selling Agent  

The Additional Selling Agent hereby represents and warrants as follows:

(a)           The
Additional Selling Agent is a duly organized                                       ,
validly existing, and in good standing under the laws of the state of its
incorporation and has power and authority to enter into and carry out its
obligations under this Agreement.

(b)           The
Additional Selling Agent has all governmental and regulatory registrations,
qualifications, approvals and licenses required to perform its obligations
under this Agreement (including, but not limited to, registration as a
broker-dealer with the SEC, membership in such capacity in the FINRA,
registration as a futures commission merchant or introducing broker under the
CEA and membership with NFA, and registration or qualification under the laws
of each state in which the Additional Selling Agent will offer and sell Units);
the performance by the Additional Selling Agent of its obligations under this
Agreement will not violate or result in a breach of any provision of its
certificate of incorporation or by-laws or any agreement, order, law, or
regulation binding upon it.

 9
 

 

(c)           This
Agreement has been duly and validly authorized, executed, and delivered on
behalf of the Additional Selling Agent and is a valid and binding agreement of
the Additional Selling Agent enforceable against the Additional Selling Agent
in accordance with its terms, subject only to bankruptcy, insolvency,
reorganization, moratorium or similar laws at the time in effect affecting the
enforceability generally of rights of creditors except as enforceability of the
indemnification provisions contained in this Agreement may be limited by
applicable law and the enforcement of specific terms or remedies may be
unavailable.

(d)           Neither
the Additional Selling Agent nor any of its principals have been the subject of
any administrative, civil, or criminal actions within the five years preceding
the date hereof that would be material for an investor’s decision to purchase
the Units which are not disclosed to the Trust, the Managing Owner or the Lead
Selling Agent.

(e)           The
information, if any, relating to the Additional Selling Agent which the
Additional Selling Agent has furnished to the Trust and the Managing Owner for
use in the Registration Statement is correct.

(f)            In
respect of purchasers of Units that are not individuals, the Additional Selling
Agent shall have received, prior to sale of Units to each such purchaser,
evidence that the purchaser is authorized to invest in the Units and shall
provide the Lead Selling Agent with copies of such evidence upon reasonable
request of the Lead Selling Agent.

(g)           The
Additional Selling Agent has established anti-money laundering policies and
procedures that comply with applicable laws, rules and regulations, including
the USA Patriot Act, Rule 3011 of the FINRA and Rule 445 of the New York Stock
Exchange, and that;

 

 10

 

1.     The Additional Selling Agent has conducted
client verification procedures which are sufficient to establish the identity
and source of funds of your customers, including purchasers of Units.

2.     The Additional Selling Agent has recorded
the evidence establishing the identities and sources of funds of such customers
and you will retain or procure the retention of such evidence for a period of
not less than 5 years, and you will promptly provide copies of such evidence to
CISSI in response to a request from its regulators.

3.     None of the Additional Selling Agent’s
customers, nor any person controlling, controlled by, or under common control
with, any customer, nor any person having a beneficial interest in the
customer, or for whom the customer is acting as agent or nominee in connection
with the investment, is a country, territory, person or entity named on any
list of any government agency or regulatory body, including without limitation
the U.S. Office of Foreign Assets Control, or is a person or entity that
resides in or has a place of business in a country or territory named on such
lists.

4.     None of the Additional Selling Agent’s
customers is a senior political figure, or immediate family member or close
associate of a senior foreign political figure within the meaning of the USA
PATRIOT Act.

5.     The Additional Selling Agent agrees that it
will notify the Lead Selling Agent if the foregoing representations and
warranties become inaccurate and that it will update the foregoing
representations and warranties as necessary for the Lead Selling Agent to
comply with its anti-money laundering obligations.

5.             Authorization Under the Selling
Agreement

The Additional Selling Agent agrees
to be bound by any action taken by the Lead Selling Agent or the Managing Owner,
in accordance with the provisions of the Selling Agreement, to terminate the
Selling Agreement or the offering of the Units, to consent to changes in the
Selling Agreement or to approve of or object to further amendments to the
Registration Statement or amendments or supplements to the Prospectus, if, in
the judgment of the Lead Selling Agent or the Managing Owner, such action would
be advisable.  The Lead Selling Agent
agrees that, at the Additional Selling Agent’s request, the Lead Selling Agent
will require any documents required to be delivered to or by the Lead Selling
Agent pursuant to Section 9 of the Selling Agreement to be addressed and
delivered to the Additional Selling Agent.

6.             Covenants of the Lead Selling
Agent

(a)           The
Lead Selling Agent will cause the Managing Owner to provide the Additional
Selling Agent with copies of any amendment or supplement to the Prospectus
filed with the CFTC and SEC.  The Lead
Selling Agent will notify the Additional Selling Agent imme­diately (i) when
any amend­ment to the Registration Statement shall have become effective and
(ii) of the

 11
 

issuance by the SEC, CFTC or any other
Federal or state regula­tory body of any order suspending the effective­ness of
the Regis­tration Statement under the 1933 Act, the CFTC regis­tration or NFA
mem­bership of the Managing Owner as a commodity pool operator or the
registration of Units under the Blue Sky or securi­ties laws of any state or
other jurisdiction or any order or decree enjoining the offering or the use of
the then current Prospectus or of the institution, or notice of the intended
institu­tion, of any action, investigation or proceeding for that purpose.

(b)           The
Lead Selling Agent will cause the Managing Owner to deliver to the Additional
Selling Agent as promptly as practicable from time to time during the period
when the Prospectus is required to be delivered under the 1933 Act, such number
of copies of the Pro­spectus (as amended or sup­ple­mented) as the Additional
Selling Agent may reasonably request for the purposes con­templated by the 1933
Act or the SEC Regu­la­tions.

(c)           The
Lead Selling Agent will cause the Managing Owner to furnish to the Additional
Selling Agent a reason­able number of copies of any amendment or amendments of,
or supple­ment or supplements to, the Prospectus which will amend or supplement
the Prospectus.

(d)           The
Lead Selling Agent will cause the Managing Owner to deliver to the Additional
Selling Agent copies of all written communications to any Unitholder (other
than tax information) whose Units were sold by the Additional Selling Agent or
its Correspondents.

7.             Indemnification and Contribution

(a)           The
Lead Selling Agent shall indemnify, hold harmless, and defend the Additional
Selling Agent and any person who controls the Additional Selling Agent within
the meaning of Section 15 of the 1933 Act, to the same extent, and subject to
the same conditions and procedural requirements, that the Managing Owner agrees
to indemnify the Lead Selling Agent pursuant to Section 10 of the Selling
Agreement; provided that, in no case shall the Lead Selling Agent be liable
under this indemnity to the Additional Selling Agent if the loss, liability,
claim, damage or expense of the Additional Selling Agent arises out of any
untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement or the Prospectus (or any amendment or supplement
thereto) or any omission or alleged omission therefrom of a material fact
required to be stated therein or necessary in order to make the statements
therein not misleading made in reliance upon and in conformity with information
relating to the Additional Selling Agent and furnished or approved by the
Additional Selling Agent.  In addition,
the Lead Selling Agent shall indemnify, hold harmless and defend the Additional
Selling Agent (and any controlling person) for any loss, liability, claim,
damage or expense incurred by the Additional Selling Agent arising from any
breach of this Agreement by the Lead Selling Agent.  The Additional Selling Agent agrees that in
no event shall JWH be liable to it directly for any loss, liability, claim,
damage or expense whatsoever suffered by the Additional Selling Agent in
connection with the offering of Units or this Agreement.

(b)           The
Additional Selling Agent shall indemnify, hold harmless, and defend the Trust,
the Managing Owner, the Lead Selling Agent, JWH and any person who controls any
of the foregoing within the meaning of Section 15 of the 1933 Act against any
and all loss, liability, claim, damage and expense whatsoever incurred by any
such party arising from any material

 12
 

breach by the Additional Selling Agent of its
representations, warranties, obligations and undertakings set forth in this
Agreement.  The Trust, the Managing Owner
and JWH are expressly made third party beneficiaries of this Agreement.

(c)           If
the indemnification provided for in this Section 7 shall not be permitted under
applicable law in respect of any loss, liability, claim, damage or expense
referred to herein, then the indemnitor shall, in lieu of indemnifying the
indemnified party contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage or expense, (A) in
such proportion as shall be appropriate to reflect the relative benefits
received by the Lead Selling Agent on the one hand and the Additional Selling
Agent on the other from the offering of the Units by the Additional Selling
Agent or (B) if the allocation provided by clause (A) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (A) above but also the relative fault
of the Lead Selling Agent on the one hand and the Additional Selling Agent on
the other with respect to the statements or omissions which resulted in such
loss, liability, claim, damage or expense, as well as any other relevant
equitable considerations.  Relative fault
shall be determined by reference to whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by the Lead Selling Agent on the
one hand or the Additional Selling Agent on the other, the intent of the
parties and their relative knowledge, access to information and opportunity to
correct or prevent such statement or omission. 
The parties agree that it would not be just and equitable if
contributions pursuant to this Section 7 were to be determined by a pro rata
allocation or by any other method of allocation which does not take into
account the equitable considerations referred to herein.  The amount paid or payable by the indemnified
party as a result of the loss, liability, claim, damage or expense referred to
above in this Section 7, shall be deemed to include, for purpose of this
Section 7, any legal or other expenses reasonably incurred by such otherwise
indemnified party in connection with investigating or defending any such action
or claim.

8.             Termination

(a)           This
Agreement shall terminate on the earlier of (i) such date as the Lead Selling
Agent may determine by giving 30 days’ prior written notice to the Additional
Selling Agent, (ii) the termination of the Selling Agreement or the offering of
the Units or (iii) by the Lead Selling Agent, without notice, upon breach by
the Additional Selling Agent of, or non-compliance by the Additional Selling
Agent with, any material term of this Agreement.

(b)           The
Additional Selling Agent shall have the right to terminate its participation
under this Agreement (i) at any time upon breach by the Lead Selling Agent of
or non-compliance with, any material term of this Agreement; and (ii) at any
time upon thirty business days’ prior written notice of such termination to the
Lead Selling Agent and the Trust.

(c)           The
termination of this Agreement for any reason set forth in Sections 8(a)(i),
8(a)(ii) or 8(b) shall not affect (i) the ongoing obligations of the Lead
Selling Agent to pay selling commissions, ongoing compensation or installment
selling commissions accrued prior to the termination hereof, (ii) the
Additional Selling Agent’s obligations under Section 1(d) hereof or (iii) the
indemnification obligations under Section 7 hereof.  In the event this Agreement is terminated
pursuant to Section 8(a)(iii), the Lead Selling Agent may withhold accrued but
unpaid

 13
 

selling commissions and ongoing compensation
or installment selling commissions due the Additional Selling Agent until the
Lead Selling Agent has been put in the same financial position as it would have
been in absent such breach or non-compliance.

9.             Confidentiality

(a)           The
Lead Selling Agent hereby covenants and agrees that under no circumstances will
it solicit any of the Additional Selling Agent’s customers whose names become
known to the Lead Selling Agent in connection with the offering of the
Units.  The Lead Selling Agent agrees
that it will take such steps to ensure the confidentiality of the Additional
Selling Agent’s client list as the Additional Selling Agent may reasonably
request.

(b)           The
Additional Selling Agent hereby covenants and agrees that under no
circumstances will it solicit any customer of the Lead Selling Agent or any
other Additional Selling Agent for the Trust whose name becomes known to the
Additional Selling Agent in connection with the offering of the Units.  The Additional Selling Agent agrees that it
will take such steps to ensure the confidentiality of the Lead Selling Agent’s
or any other Additional Selling Agent’s client list as the owner of such list
may reasonably request.  The Additional Selling
Agent further covenants and agrees not to solicit any selling agent which has
been introduced to the Lead Selling Agent by any Wholesaler or any other
Additional Selling Agent.

10.           Miscellaneous

(a)           Nothing
in this Agreement shall constitute the Lead Selling Agent as partners with the
Additional Selling Agent that is a party to this Agreement or with other
Additional Selling Agents.  The
obligations of the Lead Selling Agent, of the Additional Selling Agent that is
a party to this Agreement and of all other Additional Selling Agents are
several and not joint.

(b)           This
Agreement shall be binding upon and inure to the benefit of the respective
successors and permitted assigns of the parties hereto; provided, however, that
a party hereto may not assign any rights, obligations, or liabilities hereunder
without the prior express written consent of the other parties hereto and of
the Managing Owner.

(c)           All
notices required or desired to be delivered under this Agreement shall be in
writing and shall be effective when delivered personally on the day delivered
or, when given by registered mail, postage prepaid, return receipt requested,
on the day of receipt, addressed as follows (or to such other address as the
party entitled to notice shall hereafter designate in accordance with the terms
hereof):

if to the Lead Selling Agent:

R.J. O’Brien Securities, LLC

222 S Riverside Plaza  Suite 900

Chicago, Illinois 60606

if to the Additional Selling Agent:

 14
 

 

______________________

______________________

_______________________

(d)           This
Agreement shall be governed by, and construed in accordance with, the law of
the State of Illinois without regard to the principles of choice of law
thereof.

(e)           All
captions used in this Agreement are for convenience only, are not a part
hereof, and are not to be used in construing or interpreting any aspect hereof.

(f)            This
Agreement may be executed in counterparts, each such counterpart to be deemed
an original, but which all together shall constitute one and the same
instrument.

(g)           This
Agreement may not be amended except by the express written consent of the
parties hereto.  No waiver of any
provision of this Agreement may be implied from any course of dealing between
or among any of the parties hereto or from any failure by any party hereto to
assert its rights under this Agreement on any occasion or series of occasions.

(h)           The
provisions of this Agreement shall survive the termination of this Agreement
with respect to any matter arising while this Agreement was in effect. If the
foregoing is in accordance with your understanding of our agreement, please
sign and return a counterpart hereof, whereupon this instrument along with all
counterparts will become a binding agreement between us in accordance with its
terms.

11.           Exhibits

(a)           Exhibit A: R.J. O’Brien
Securities LLC Privacy Policy

 (b)          Exhibit
B: R.J. O’Brien Securities LLC Business Continuity Plan Summary

	
  

  	
  Very truly yours,

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  R.J. O’Brien Securities, LLC

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	 

	
   

  	
   

  	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CONFIRMED AND ACCEPTED

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  By:

  	
   

  	
   

  	
   

  	 

	
   

  	
  Its:

  	
   

  	
   

  	
   

  	 

												

 

 15

 

EXHIBIT
A

R.J.
O’Brien Securities, LLC

PRIVACY
POLICY

Respecting the privacy and security of personal information is
important to us.  Please read this
Privacy Policy carefully.

We do not disclose any nonpublic personal information about our
customers or former customers to anyone, except as permitted by law.

12.               Collection of
Information

We collect nonpublic personal information about you from the following
sources:

-                    Information we
receive from you on applications or other forms;

-                    Information
about your transactions with us, our affiliates or others; and

-                    Information we
receive from a consumer reporting agency.

13.

14.               Information
Sharing with Nonaffiliated Third Parties as Permitted by Law

We are permitted by law
to share all the information we collect, as described above, with (1) companies
that perform marketing services on our behalf and (2) other third parties that
assist us with preparing and processing orders and statements.

15.

16.               Confidentiality
and Security

We restrict access to nonpublic personal information about you to those
employees who need to know that information to provide products or services to
you.  We maintain physical, electronic
and procedural safeguards that are designed to protect your nonpublic
information.

 

 16

 

EXHIBIT B

R.J.
O’Brien Securities, LLC’s Business Continuity Planning

R.J.
O’Brien Securities, LLC has developed a Business Continuity Plan on how we will
respond to events that significantly disrupt our business.  Since the timing and impact of disasters and
disruptions is unpredictable, we will have to be flexible in responding to
actual events as they occur.  With that
in mind, we are providing you with this information on our business continuity
plan.

Contacting
Us — If after a
significant business disruption you cannot contact us as you usually do at
(312) 373-5000, you should call our alternative number (312) 451-6830.

Our Business Continuity Plan — We plan to quickly recover and resume
business operations after a significant business disruption and respond by
safeguarding our employees and property, making a financial and operational
assessment, protecting the firm’s books and records, and allowing our customers
to transact business.  In short, our
business continuity plan is designed to permit our firm to resume operations as
quickly as possible, given the scope and severity of the significant business
disruption.

Our
business continuity plan addresses: data back up and recovery; all mission
critical systems; financial and operational assessments; alternative
communications with customers, employees, business constituents, and
regulators; alternate physical location of employees; critical supplier,
contractor, bank and counter-party impact; and regulatory reporting.

Varying Disruptions — Significant business disruptions can vary in their scope, such as
only our firm, a single building housing our firm, the business district where
our firm is located, the city where we are located, or the whole region.  Within each of these areas, the severity of
the disruption can also vary from minimal to severe.  In a disruption to only our firm or a
building housing our firm, we will transfer our operations to a local site when
needed and expect to recover and resume business within one day.  In a disruption affecting our business
district, city, or region, we will transfer our operations to a site outside of
the affected area, and recover and resume business within 2 days.  In either situation, we plan to continue in
business, and notify you through telephone or email with information on how to
contact us.  If the significant business
disruption is so severe that it prevents us from remaining in business, we will
assure our customer’s prompt access to their funds and securities.

For more information — If you have questions about our business continuity planning, you
can contact us at 312-373-5000 or at info@rjosecurities.com

 

 17

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