Management Agreement among the Partnership, Ceres Managed Futures LLC and Krom



 EXHIBIT 10.2(a) 

MANAGEMENT AGREEMENT 
 AGREEMENT made as of the 26th day of April, 2011, among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), COMMODITY ADVISORS FUND L.P., a Delaware limited partnership (the
“Partnership”) and KROM RIVER INVESTMENT MANAGEMENT (CAYMAN) LIMITED, an exempted company incorporated in the Cayman Islands with limited liability (“Krom Cayman”) and KROM RIVER TRADING AG, a company incorporated in Switzerland
(“Krom Switzerland” and, together with Krom Cayman and each separately, the “Advisor”). 
 W I
T N E S S E T H : 
 WHEREAS, CMF is the general partner of Commodity
Advisors Fund L.P., a limited partnership organized for the purpose of speculative trading of commodity interests, including futures contracts, options, swaps, forward contracts and other over-the-counter instruments and derivatives on U.S. and
non-U.S. markets with the objective of achieving capital appreciation, such trading to be conducted directly or through investment in KR Master Fund L.P., a Delaware limited partnership (the “Master Fund”) of which CMF is the general
partner and the Advisor is the advisor; and 
 WHEREAS, the Limited Partnership Agreement establishing the Partnership (the
“Limited Partnership Agreement”) permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership; and 

WHEREAS, Krom Switzerland is registered with the PolyReg General Self-Regulatory Organisation (“PolyReg”) in Switzerland and
the Advisor is exempt from registration as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”); and 
 WHEREAS, CMF is registered as a commodity pool operator with the CFTC and is a member of the National Futures Association (“NFA”); and 

WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement in order to set forth the terms and conditions upon which
the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity trading activities during the term of this Agreement. 

NOW, THEREFORE, the parties agree as follows: 
 1. DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s
agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by CMF in commodity interests, including commodity futures contracts, options and forward
contracts, excluding financial futures and forward contracts unless such contracts are traded for bona fide hedging purposes. The Advisor may also engage in swap transactions and other derivatives transactions on behalf of the Partnership with the
prior approval of CMF. All such trading on behalf of the Partnership shall be in accordance with the trading policies (the “Trading Policies”) set forth in the Partnership’s Private Placement Offering Memorandum and Disclosure
Document dated as of March 31, 2011, as supplemented (the “Memorandum”), and as such Trading Policies may be changed from time to time upon receipt by the advisor of prior written notice of such change, and pursuant to the trading
strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets as described in the Memorandum. CMF has initially selected the Advisor’s Krom River Commodity Program at 150% Leverage (the “Program”) to
manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the
ordinary course of trading. The Advisor may not deviate from the Trading Policies set forth in the Memorandum without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be
directed by it 







 
for the Partnership will be profitable or will not result in losses. CMF and the Advisor each acknowledge that the description of the Advisor in the Offering Memorandum is in draft form as of the
time of the signing of this Agreement. 
 (b) CMF acknowledges receipt of the description of the Program, attached hereto as
Appendix A. All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no
authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the
Advisor, with the prior written permission (by either original, email or fax copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with
instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees
relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original, email or fax copy). 
 (c) The initial allocation of the Partnership’s assets to the Advisor will be made to the Program as described in the Memorandum. In the event the Advisor wishes to use a trading system or
methodology other than or in addition to the system or methodology outlined in the Memorandum in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its
intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will not make any changes to the trading system or methodology to be utilized for the Partnership or in the markets
traded for the Partnership which the Advisor deems material without providing five days’ prior written notice to CMF and obtaining CMF’s prior written consent. In addition, the Advisor will notify CMF of any changes to the trading system
or methodology that would require a change in the description of the trading strategy or methods described in Appendix A or the Memorandum, as applicable, even if the Advisor deems such changes not to be material. Further, the Advisor will provide
the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving
CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its
business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar
equivalents in individual foreign currencies of more than $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. 

(d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of
the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to
its customers or any other information which the Advisor is required by applicable law to keep confidential) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or state law or NFA rule or
order. Notwithstanding Paragraphs 1(d) and 4(d) of this Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is
required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by Federal or state law or NFA rule or order. The Partnership and CMF acknowledge that all trading and investment
advice and information to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice and/or information confidential. Further, CMF agrees to treat as confidential any results of proprietary
accounts and/or proprietary information with respect to the Advisor’s trading systems obtained from the Advisor. 

  
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 (e) Subject to Paragraph 8(b)(iv) hereof, the Advisor understands and agrees that CMF may
designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Paragraph 3(b) hereof) as it shall determine in its absolute discretion. The
designation of other trading advisors and the apportionment or reapportionment of Net Assets to any such trading advisors pursuant to this Paragraph 1 shall neither terminate this Agreement nor modify in any regard the respective rights and
obligations of the parties hereunder. 
 (f) Subject to Paragraph 8(b)(iv) hereof, CMF may, from time to time, in its absolute
discretion, select additional trading advisors and reapportion funds among the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor
agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any
other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. 

(g) The Advisor shall assume financial responsibility for any errors committed or caused by it in transmitting orders for the purchase or
sale of commodity interests for the Partnership’s account including payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the brokers on such trades. The
Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the commodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the
provisions of Paragraph 8(a)(iii) of any errors with respect to the account, and the Advisor shall use its best efforts to identify and promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in accordance
with its instructions to any broker utilized to execute orders for the Partnership. 
 2. INDEPENDENCE OF THE ADVISOR.
For all purposes herein, each party shall be deemed to be an independent contractor of the others and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the others in any way and shall not be deemed
an agent, promoter or sponsor of the others or any other trading advisor to the Partnership. The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any partners for any acts or omissions of any other trading advisor to
the Partnership. 
 3. COMPENSATION. (a) In consideration of and as compensation for all of the services to be
rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay Krom Cayman (i) an incentive fee payable quarterly equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the
Partnership and (ii) a monthly fee for professional management services equal to 1/12 of 2% (2% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the adjusted net assets of the
Partnership as of the last business day of each month by 2.0% and dividing the result thereof by 12). 
 (b) “Net
Assets” shall have the meaning set forth in Section 7(d)(1) of the Limited Partnership Agreement effective as of May 1, 2011, and without regard to further amendments thereto, provided that in determining the Net Assets of the
Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions or incentive fees payable as of the date of such determination. 
 (c) “New Trading Profits” shall mean the excess, if any, of Net Assets managed by the Advisor at the end of the quarter over Net Assets managed by the Advisor at the end of the highest previous
quarter or Net Assets allocated to the Advisor at the date trading commences by the Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets resulting from new capital contributions,
redemptions, reallocations or capital distributions, if any, made during the fiscal quarter decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal quarter,


  
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whether the assets are held separately or in margin accounts. Ongoing expenses shall be attributed to the Advisor based on the Advisor’s proportionate share of Net Assets and shall not
exceed a maximum of 1/12 of .50% per month of the beginning of month Net Assets. Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership. Ongoing expenses include
offering and organizational expenses of the Partnership. No incentive fee shall be paid to Krom Cayman until the end of the first full calendar quarter of the Advisor’s trading for the Partnership, which fee shall be based on New Trading
Profits (if any) earned from the commencement of trading by the Advisor on behalf of the Partnership through the end of the first full calendar quarter of such trading. Interest income earned, if any, will not be taken into account in computing New
Trading Profits earned by the Advisor. If Net Assets allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there will be a corresponding proportional reduction in the related loss carryforward
amount that must be recouped before Krom Cayman is eligible to receive another incentive fee. 
 (d) Quarterly incentive fees
and monthly management fees shall be paid within twenty (20) business days following the end of the period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar
quarter or a calendar month, as the case may be, the quarterly incentive fee shall be computed as if the effective date of termination were the last day of the then current quarter and the monthly management fee shall be prorated to the effective
date of termination. If, during any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly management fee shall be
prorated by the ratio which the number of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 

(e) The provisions of this Paragraph 3 shall survive the termination of this Agreement. 

4. RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The services provided by the Advisor hereunder are not to be deemed exclusive.
CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and shareholder(s) may render advisory, consulting and/or management services to
other clients and accounts. The Advisor and its officers, directors, employees and shareholder(s) shall be free to trade for their own accounts and to advise other investors and/or manage other accounts during the term of this Agreement and to use
the same information, computer programs and trading strategies, programs or formulas as the Advisor uses in the performance of services to CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes the rendering
of such consulting, advisory and management services to other accounts and entities will not require any material change in the Program and will not affect the capacity of the Advisor to continue to render services to CMF for the Partnership of the
quality and nature contemplated by this Agreement. 
 (b) If, at any time during the term of this Agreement, the Advisor is
required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will promptly notify CMF in writing if
the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the application of any speculative position
limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the Advisor’s other accounts. The Advisor further
represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading strategies or methods for the Partnership that are inferior to strategies or methods employed for any other client or account for which it
trades the Program or a program substantially similar to the Program and that it will not knowingly or deliberately favor any client or account managed by it for which it trades the Program or a program substantially similar to the Program over any
other client or account for which it trades the Program or a program substantially similar to the Program in any manner, it being acknowledged, however, that different trading strategies or methods may be utilized for differing sizes of


  
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accounts, accounts with different trading policies, accounts experiencing differing inflows or outflows of equity, accounts which commence trading at different times, accounts which have
different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results. 

(c) It is acknowledged that the Advisor and/or its officers, employees, directors and shareholder(s) presently act, and it is agreed that
they may continue to act, as manager and/or advisor for other accounts managed by them, and may continue to receive compensation with respect to services for such accounts in amounts which may be the same, more or less than the amounts received from
the Partnership. 
 (d) The Advisor agrees that it shall make such information available to CMF respecting the performance of
the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals as shall be reasonably requested by CMF. The Advisor presently believes and represents that existing speculative position limits
will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which
they have contracted to act as trading advisor. 
 5. TERM. (a) This Agreement shall continue in effect until
June 30, 2012. CMF may, in its sole discretion, renew this Agreement for additional one-year periods upon notice to the Advisor not less than 30 days prior to the expiration of the previous period. After June 30, 2012, CMF may terminate
this Agreement at any month-end upon 30 days’ notice to the Advisor. At any time during the term of this Agreement, CMF may elect to immediately terminate this Agreement upon 5 days’ notice to the Advisor if (i) the Net Asset Value
per unit shall decline as of the close of business on any day to $400 or less; (ii) the Partnership’s aggregate net assets decline to less than $1,000,000; (iii) the Net Assets allocated to the Advisor (adjusted for redemptions,
distributions, withdrawals or reallocations, if any) decline by 50% or more as of the end of a trading day from such Net Assets’ previous highest value; (iv) limited partners owning at least 50% of the outstanding units shall vote to
require CMF to terminate this Agreement; (v) the Advisor fails to comply with the terms of this Agreement; (vi) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to
the Partnership require CMF to terminate this Agreement; (vii) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; or (viii) the Advisor fails to conform
to the Trading Policies set forth in the Limited Partnership Agreement or the Memorandum as they may be changed from time to time in accordance with this Agreement. At any time during the term of this Agreement, CMF may elect immediately to
terminate this Agreement if (i) the Advisor merges, consolidates with another entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent, (ii) Chris Brodie dies, becomes incapacitated, leaves the employ of the
Advisor, ceases to control the Advisor or is otherwise not managing the trading programs or systems of the Advisor, (iii) Krom Switzerland’s registration with the PolyReg or any other regulatory authority, is terminated or suspended or the
Advisor is no longer entitled to rely on an exemption from registration with the CFTC as a commodity trading advisor and does not become registered with the CFTC as a commodity trading advisor, (iv) the Advisor fails to apply for registration
as a commodity trading advisor with the CFTC and apply to become a member of the NFA within a commercially reasonable amount of time from the date of this Agreement, or (v) CMF reasonably believes that the Advisor has or may contribute to any
material operational, business, or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution. 

(b) The Advisor may terminate this Agreement by giving not less than 30 days’ notice to CMF (i) in the event that the Trading
Policies of the Partnership as set forth in the Memorandum are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) after June 30, 2012; or (iii) in the
event that CMF or the Partnership fails to comply with the terms of this Agreement. The Advisor may immediately terminate this Agreement if CMF’s registration as a commodity pool operator or its membership in the NFA is terminated or suspended.


  
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 (c) Any termination of this Agreement in accordance with this Paragraph 5 shall be without
penalty or liability to any party, except for any fees due to the Advisor pursuant to Paragraph 3 hereof. 
 6.
INDEMNIFICATION. (a) (i) In any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the
management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subparagraph (a)(iii) of this Paragraph 6, indemnify and hold harmless the Advisor against any loss, liability,
damage, fine, penalty, obligation, cost, expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments, awards and amounts paid in settlement actually and
reasonably incurred by it in connection with such action, suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did
not constitute negligence, intentional misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity trading advisor, provided further that no indemnification shall be available from the Partnership if such indemnification
is prohibited by Section 16 of the Limited Partnership Agreement. 
 (ii) Without limiting subparagraph (i) above, to
the extent that the Advisor has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subparagraph (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify the Advisor
against the expenses (including, without limitation, attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith. 
 (iii) Any indemnification under subparagraph (i) above shall be made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion
that such indemnification is proper in the circumstances because the Advisor has met the applicable standard of conduct set forth in subparagraph (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to
the Advisor’s approval, which approval shall not be unreasonably withheld. The Advisor will be deemed to have approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying
to the Advisor of the notice of CMF’s selection, that the Advisor does not approve the selection. 
 (iv) In the event the
Advisor is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall
indemnify, defend and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal
expenses, judgments, awards and amounts including amounts paid in settlement) incurred in connection therewith. 
 (v) As used
in this Paragraph 6(a), the term “Advisor” shall include the Advisor, its principals, officers, directors, stockholders and employees and the term “CMF” shall include the Partnership. 

(b) (i) The Advisor agrees to indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any loss, liability,
damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement reasonably
incurred by them (A) as a result of the breach of any representations and warranties or covenants made by the Advisor in this Agreement, or (B) as a result of any act or omission of the Advisor relating to the Partnership if
(i) there has been a final judicial or regulatory determination, or a written opinion of an arbitrator pursuant to Paragraph 14 hereof, to the effect that such acts or omissions violated the terms of this Agreement in any material
respect or involved negligence or intentional misconduct on the part of the Advisor or were not taken or omitted, as the case may be, by the Advisor in good faith (except as otherwise provided in Paragraph 1(g)), or (ii) there has been a
settlement of any action or proceeding with the Advisor’s prior written consent. 

  
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 (ii) In the event CMF, the Partnership or any of their affiliates is made a party to any
claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals, officers, directors, shareholder(s) or employees unrelated to
CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without
limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses, judgments, awards and amounts including amounts paid in settlement) incurred in connection therewith. 

(c) In the event that a person entitled to indemnification under this Paragraph 6 is made a party to an action, suit or proceeding
alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage, cost or expense incurred in
such action, suit or proceeding which relates to the matters for which indemnification can be made. 
 (d) None of the
indemnifications contained in this Paragraph 6 shall be applicable with respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be
unreasonably withheld, of the party obligated to indemnify such party. A party will not be entitled to indemnification under this Paragraph 6 in the case of default judgments, confessions of judgment or settlements unless the party seeking to be
indemnified has obtained the consent of the other party as required by this Paragraph 6(d). Even if consent has been obtained, however, a party’s right to be indemnified will still be subject to the standard of liability, determinations and any
other limitations provided for in this Paragraph 6. 
 (e) The provisions of this Paragraph 6 shall survive the termination of
this Agreement. 
 7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a) The Advisor represents and warrants that: 
 (i) All references to the Advisor and its principals in the Memorandum, if any, are accurate in all material respects and as to them the Memorandum does not contain any untrue statement of a material fact
or omit to state a material fact which is necessary to make the statements therein not misleading, except that with respect to Table B and any other pro forma or hypothetical performance information in the Memorandum, if any, this representation and
warranty extends only to the underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments. Subject to such exception, all references to the Advisor and its principals in the
Memorandum will, after review and approval of such references by the Advisor prior to the use of such Memorandum in connection with the offering of the Partnership’s units, be accurate in all material respects. 

(ii) The information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any, is based on all
of the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein. The Advisor’s performance tables have been examined by
independent administrators and qualified asset management finance professionals and the report thereon has been provided to CMF. The Advisor will have its performance tables so examined no less frequently than annually during the term of this
Agreement. 
 (iii) The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a
securities investment adviser. The Advisor is exempt from registration with the CFTC as a commodity trading advisor, while Krom Switzerland is registered with the PolyReg and is in compliance with any such other registration and licensing
requirements as shall be necessary to enable it to perform its obligations hereunder. Krom Switzerland agrees to maintain and renew its registrations and licenses, as applicable, with PolyReg or any other suitable regulator during the term of this
Agreement. The Advisor shall apply for registration as a 

  
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commodity trading advisor with the CFTC and apply to become a member of the NFA (and use their best efforts to complete those processes in a timely manner) the earlier of (i) when the
Advisor is required to register as commodity trading advisor with the CFTC and apply to become a member of the NFA by applicable law, rule or regulation or (ii) a commercially reasonable amount of time from the date of this Agreement.

 (iv) Each of Krom Cayman and Krom Switzerland is a corporation duly organized, validly existing and in good standing under
the laws of the Cayman Islands and Switzerland, respectively and each has full corporate power and authority to enter into this Agreement and to provide the services required of it hereunder. 

(v) The Advisor will not, by acting as a commodity trading advisor to the Partnership, breach or cause to be breached any undertaking,
agreement, contract, statute, rule or regulation to which it is a party or by which it is bound. 
 (vi) This Agreement has
been duly and validly authorized, executed and delivered by the Advisor and is a valid and binding agreement enforceable in accordance with its terms. 
 (vii) At any time during the term of this Agreement that an offering memorandum or prospectus relating to the units is required to be delivered in connection with the offer and sale thereof, the Advisor
agrees upon the request of CMF to provide the Partnership with such information as shall be necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate. 

(b) CMF represents and warrants for itself and the Partnership that: 

(i) CMF is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and
has full limited liability company power and authority to perform its obligations under this Agreement. 
 (ii) Each of CMF and
the Partnership has the capacity and authority to enter into this Agreement on behalf of the Partnership. 
 (iii) This
Agreement has been duly and validly authorized, executed and delivered on CMF’s and the Partnership’s behalf and is a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 

(iv) CMF will not, by acting as the general partner to the Partnership and the Partnership will not, breach or cause to be breached any
undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit or affect the performance of its duties under this Agreement. 

(v) CMF is registered as a commodity pool operator and is a member of the NFA, and it will maintain and renew such registration and
membership during the term of this Agreement. 
 (vi) The Partnership is a limited partnership duly organized and validly
existing under the laws of the State of Delaware and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement. 

8. COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP. 
 (a) The Advisor agrees as follows: 
 (i) In connection with its activities on
behalf of the Partnership, the Advisor will comply with all applicable laws, including rules and regulations of the CFTC, NFA, PolyReg and/or the commodity exchange on which any particular transaction is executed. 

  
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 (ii) The Advisor will promptly notify CMF of the commencement of any investigation, suit,
action or proceeding involving the Advisor or any of its affiliates, officers, directors, employees, agents or representatives; regardless of whether such investigation, suit, action or proceeding also involves CMF. The Advisor will provide CMF with
copies of any correspondence (including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA, or any commodity exchange in connection with an investigation or
audit of the Advisor’s business activities and, in relation to Krom Switzerland, PolyReg or any other suitable regulator to which it may be subject from time to time. 
 (iii) In the placement of orders for the Partnership’s account and for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system,
which shall, on an overall basis, be no less favorable to the Partnership than to any other account managed by the Advisor. The Advisor acknowledges its obligation to review the Partnership’s positions, prices and equity in the account managed
by the Advisor daily and within two business days to notify, in writing, the broker and CMF and the Partnership’s brokers of (A) any error resulting in a loss of $1,000 or more committed by the Advisor or its principals or employees;
(B) any trade which the Advisor believes was not executed in accordance with its instructions; and (C) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its
records and the information reported on the account’s daily and monthly broker statements. 
 (iv) The Advisor will
maintain a net worth of not less than $1,000,000 during the term of this Agreement. 
 (v) The Advisor intends to use its best
efforts to close out all futures positions prior to any applicable delivery period, and will use its best efforts to avoid causing the Partnership to take delivery of any commodity. 

(vi) CMF shall have the right for a period of 12 months following the date of this Agreement to allocate up to $150,000,000 in funded
assets to the Advisor’s Program on behalf of any collective investment vehicle or account operated or managed by CMF and the Advisor represents that such allocation will not exceed the capacity limits of the Program. 

(b) CMF agrees for itself and the Partnership that: 
 (i) CMF and the Partnership will comply with all applicable laws, including rules and regulations of the CFTC, NFA and/or the commodity exchange on which any particular transaction is executed.

 (ii) CMF will promptly notify the Advisor of the commencement of any material suit, action or proceeding involving it or the
Partnership, whether or not such suit, action or proceeding also involves the Advisor. 
 (iii) CMF will be responsible for
compliance with the USA Patriot Act and related anti-money-laundering regulations with respect to the Partnership and its limited partners. 
 (iv) CMF will make an allocation to the Advisor of a minimum of $60,000,000 in funded assets (whether from the Partnership or otherwise) to be traded pursuant to the Program within 60 days of the date of
this Agreement and will maintain a minimum of $60,000,000 in funded assets (excluding any declines for negative performance) to the Advisor to be traded pursuant to the Program for a period of 12 months from the date CMF first allocates assets to
the Advisor, provided, however, that notwithstanding the foregoing, CMF may at any time terminate this agreement pursuant to Paragraph 5 of this Agreement. 

  
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 9. COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the
parties pertaining to the subject matter hereof. 
 10. ASSIGNMENT. This Agreement may not be assigned by any party
without the express written consent of the other parties. 
 11. AMENDMENT. This Agreement may not be amended except by
the written consent of the parties. 
 12. NOTICES. All notices, demands or requests required to be made or delivered
under this Agreement shall be effective upon actual receipt and shall be made either by electronic mail (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt requested, postage
prepaid, to the addresses below or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given: 
 If to CMF or to the Partnership: 
 Ceres Managed Futures LLC 

522 Fifth Avenue, 14th Floor 
 New York, New York 10036 
 Attention: Jennifer Magro 

Email: Jennifer.magro@morganstanleysmithbarney.com 
 If to the Advisor: 
 Walker House 

87 Mary Street 

George Town, 

Grand Cayman KY1-9002 
 Cayman Islands 
 Attention: The Directors 

Email: info@walkerspv.com 
 Fax No.: (345) 945-3727 
 with a copy simultaneously to Krom Switzerland:

 Neuhofstrasse 3D 
 6340 
 Baar 

Switzerland 

Attention: Mike Cartier 
 Email: info@kromriver.com 
 Fax No.: 00 41 41 544-2650 

13. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 14. ARBITRATION. The parties agree that any dispute or controversy arising out of or relating to this Agreement or the
interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of the National Futures Association or, if the National Futures Association shall refuse jurisdiction, then in accordance with the rules, then in
effect, of the American Arbitration Association; provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state in


  
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writing his reasons for his award, and further provided, that any such arbitration shall occur within the Borough of Manhattan in New York City. Judgment upon any award made by the arbitrator may
be entered in any court of competent jurisdiction. 
 15. NO THIRD PARTY BENEFICIARIES. There are no third party
beneficiaries to this Agreement, except that certain persons not parties to this Agreement may have rights under Paragraph 6 hereof. 
 16. COUNTERPARTS. This Agreement may be executed in any number of counterparts, including via facsimile, each of which is an original and all of which when taken together evidence the same
agreement. 

  
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 IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as
of the day and year first above written. 
  

			
	CERES MANAGED FUTURES LLC
		
	By	 	/s/ Walter Davis
		 	Walter Davis
		 	President and Director


  

			
	COMMODITY ADVISORS FUND L.P.
		
	By:	 	Ceres Managed Futures LLC
		 	(General Partner)


  

			
		
	By	 	/s/ Walter Davis
		 	Walter Davis
		 	President and Director


  

					
	KROM RIVER INVESTMENT MANAGEMENT (CAYMAN) LIMITED
		
	By	 	/s/ Meline Von Brentano
		 	Name:	 	Meline Von Brentano
		 	Title:	 	Director


  

					
	KROM RIVER TRADING AG
		
	By	 	 /s/ Christopher Brodie

 

		 	Name:	 	Christopher Brodie
		 	Title:	 	Portfolio Manager


  

					
	KROM RIVER TRADING AG
		
	By	 	 /s/ Itay Simkin

 

		 	Name:	 	Itay Simkin
		 	Title:	 	CEO



  
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