| Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April 1, 2023, each of Messrs. Nicholas D.
Gerber and Andrew F Ngim tendered his resignation as a Management Director of the United States Commodity Funds LLC (“USCF”),
which is the general partner of the United States Natural Gas Fund, LP (the “Registrant”). The resignation of each of Messrs.
Gerber and Ngim was effective upon the later of April 1, 2023 and the appointment of his successor. While Mr. Ngim will no longer serve
on the Board of Directors of USCF, he will continue to serve as Chief Operating Officer of USCF and as a portfolio manager of United States
Copper Index Fund and United States Commodity Index Fund, in addition to his other roles for USCF’s affiliates. On April 1, 2023,
each of Mr. Stuart P. Crumbaugh and Ms. Kathryn D. Rooney was appointed as a Management Director of USCF, effective immediately.
There are no arrangements or understandings between
Mr. Crumbaugh and any other person pursuant to which he was selected as a director of USCF.
Stuart P. Crumbaugh, 59, Management Director of
USCF since April 2023 and Chief Financial Officer, Secretary and Treasurer of USCF since May 2015. Also, Mr. Crumbaugh is the Chief Financial
Officer of The Marygold Companies, Inc., formerly Concierge Technologies, Inc. (“Marygold”), the parent of USCF Investments,
Inc. (“USCF Investments”) (formerly Wainwright Holdings, Inc.) since December 2017. He is also the Treasurer and a member
of the Board of Directors of Marygold & Co., a subsidiary of Marygold, since November 2019. In addition, Mr. Crumbaugh has served
as a director of USCF Investments, the parent and sole member of USCF, since December 2016. Mr. Crumbaugh has been a principal of USCF
listed with the CFTC and NFA since July 1, 2015 and, as of January 2017, he is a principal of USCF Advisers. USCF Advisers, an affiliate
of USCF, is an investment adviser registered under the Investment Advisers Act of 1940, and, as of February 2017, is registered as a commodity
pool operator, NFA member and swap firm. Since June 2015, Mr. Crumbaugh has been the Treasurer and Secretary of USCF Advisers. He has
served as a Management Trustee, Chief Financial Officer and Treasurer of (1) USCF ETF Trust since May 2015 and (2) USCF Mutual Funds Trust
since October 2016. Mr. Crumbaugh joined USCF as the Assistant Chief Financial Officer on April 6, 2015. Prior to joining USCF, Mr. Crumbaugh
was the Vice President Finance and Chief Financial Officer of Sikka Software Corporation, a software service healthcare company providing
optimization software and data solutions from April 2014 to April 6, 2015. Mr. Crumbaugh served as a consultant providing technical accounting,
IPO readiness and M&A consulting services to various early stage companies with the Connor Group, a technical accounting consulting
firm, for the periods of January 2014 through March 2014; October 2012 through November 2012; and January 2011 through February 2011.
From December 2012 through December 2013, Mr. Crumbaugh was Vice President, Corporate Controller and Treasurer of Auction.com, LLC, a
residential and commercial real estate online auction company. From March 2011 through September 2012, Mr. Crumbaugh was Chief Financial
Officer of IP Infusion Inc., a technology company providing network routing and switching software enabling software-defined networking
solutions for major mobile carriers and network infrastructure providers. Mr. Crumbaugh earned a B.A. in Accounting and Business Administration
from Michigan State University in 1987 and is a Certified Public Accountant – Michigan (inactive).
There are no arrangements or understandings between
Ms. Rooney and any other person pursuant to which she was selected as a director of USCF.
Kathryn D. Rooney, 50, Management Director of
USCF since April 2023 and Chief Marketing Officer of USCF since January 2016. Since January 2017, she also has served as a member of the
Board of Directors of The Marygold Companies, which is the parent of USCF Investments, Inc. USCF Investments, Inc. is the sole member
of USCF. Previously, Ms. Rooney was the National Sales Director at USCF from January 2007 to December 2015. Ms. Rooney was the Director
of Business Development at the Ameristock Corporation, a California-based registered investment adviser, from September 2003 to January
2007. Prior to joining the Ameristock Corporation, she was Regional Sales Director at Accessor Capital Management, a registered investment
adviser that was based in Seattle, Washington, from October 2002 to August 2003, National Sales Director at ALPS Mutual Fund Services,
Inc., a boutique investment services company offering outsourced back office operations and distribution services to mutual fund managers,
from June 1999 to October 2002, and Trust Officer at Fifth Third Bancorp, an American bank holding company headquartered in Ohio, from
June 1994 to May 1999. Additionally, Ms. Rooney has been registered as an associated person of USCF since August 2015 and from December
2005 to April 2009. Additionally, effective as of February 2017, she is an associated person of USCF Advisers, LLC, an affiliate of USCF,
which is an investment adviser registered under the Investment Advisers Act of 1940, and, as of February 2017, is registered as a commodity
pool operator, NFA member and swap firm. Ms. Rooney graduated from Wellesley College with a Bachelor of Arts in economics and psychology
in June 1994.