EXHIBIT 10.2

  

   

  

   

  

  
    MANAGEMENT AGREEMENT

    This AGREEMENT made as of the 18th day of September 2020 by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), CERES
      ORION L.P., a New York limited partnership (the “Partnership”) and QUANTICA CAPITAL AG, a private company limited by shares (Aktiengesellschaft) organized under the laws of Switzerland (“Quantica” or the
      “Advisor”).

    W I T N E S S E T H :

    WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized for the purpose of speculative trading of commodity interests, including
      futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving capital appreciation; and

    WHEREAS, such trading to be conducted directly or indirectly through investment in a master fund of which CMF would be the trading manager and Quantica would be
      the advisor; and

    WHEREAS, the Fifth Amended and Restated Limited Partnership Agreement dated as of March 31, 2019, as amended (the “Partnership Agreement”) permits CMF to
      delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership, which advisors may or may not have any prior experience managing client funds; and

    WHEREAS, the Advisor is regulated and licensed as a manager of collective assets (Verwalter von Kollektivvermögen) by
      the Swiss Financial Market Supervisory Authority (FINMA), registered as a commodity trading advisor and a commodity pool operator with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”); and

    WHEREAS, CMF is registered as a commodity pool operator with the CFTC and is a member of 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 interest 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, effective October 1, 2020, 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, whether directly or indirectly through a master fund, from time to time by CMF in commodity interests, including commodity
        futures and options on futures contracts and spot and forward contracts. All such trading on behalf of the Partnership shall be in accordance with (i) the trading policies expressly set forth in Appendix B hereto (the “CMF Trading
        Policies”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the
        Partnership’s assets.  CMF has initially selected the Advisor’s Quantica Managed Futures Program (the “Program”), as described in Appendix A attached hereto, 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 CMF Trading
        Policies 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 incur losses.

    
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    (b) CMF acknowledges receipt of the description of the Advisor’s Program, attached hereto as Appendix A. All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through a 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 original, fax copy or email 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.  The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution
        with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other 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 (via EGUS or by original, fax copy or email copy).

    (c) The initial allocation of the Partnership’s assets to the Advisor shall be made to the Program, as described in Appendix A, provided that CMF, the Partnership and the Advisor agree that the leverage applied to the assets of the Partnership
        allocated to the Advisor (“Allocation Amount”), either directly or indirectly through a master fund, shall initially be 2x, which may be changed by CMF from time to time with 5 days’ prior notice to the Advisor but in no event shall the leverage
        applied to the Allocation Amount exceed 2x. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program 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 provide five days’ prior written notice to CMF of
        any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material.  If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology
        or markets traded will not be utilized for the Partnership without the prior written consent of CMF.  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 to be materially accurate.  Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account, whether directly or
        indirectly through a master fund, which will be attached as Appendix C to this Agreement, 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.

    
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    (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”), its members, 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) 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 Sections 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 the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential.

    (e) 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 of the Partnership (as defined in
        Section 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 of the Partnership to any such trading advisors pursuant to this Section 1
        shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder.

    (f) 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 calendar 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 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 Section 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.

    
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    2. INDEPENDENCE OF THE ADVISOR.  For all purposes herein, the Advisor shall be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership
        in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor.  The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or
        omissions of any other trading advisor to the Partnership.

    3. COMPENSATION. 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 compensate the Advisor in accordance with Schedule I attached hereto and such Schedule I 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 and employees may render advisory, consulting and management services to other clients and accounts. The Advisor and its officers, directors and employees shall be free to trade for their own
        accounts and to advise other investors and manage other commodity accounts during the term of this Agreement and to use the same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize 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 Advisor’s basic trading strategies for the Partnership 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 programs, strategies or methods for the Partnership
        that are inferior to strategies or methods employed for any other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being acknowledged,
        however, that different trading programs, strategies or methods may be utilized for differing sizes of accounts, accounts with different trading policies or risk parameters, accounts experiencing differing inflows or outflows of equity, accounts
        that commence trading at different times, accounts that 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.

    
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    (c) It is acknowledged that the Advisor and/or its officers, directors and employees presently act, and it is agreed that they may continue to act, as 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 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, if any, 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 December 31, 2021 (the “Initial Termination Date”), unless otherwise terminated as set forth in this Section.  If this Agreement is not terminated on the Initial Termination
        Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. At any
        time during the term of this Agreement, CMF may terminate this Agreement upon 30 days’ notice to the Advisor.  At any time during the term of this Agreement, CMF may elect to immediately terminate this Agreement if (i) the Net Asset Value per Unit
        of the Partnership shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets of the Partnership allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 25%
        or more as of the end of a trading day from such Net Assets of the Partnership’s previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership (excluding interests owned by CMF, an affiliate of CMF
        other than the Partnership, or any of their employees) shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement; (v) 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; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the
        Partnership; (vii) the Advisor fails to conform to the trading policies set forth in Appendix B attached hereto, as they may be changed from time to time; (viii) the Advisor merges, consolidates with another entity, sells a substantial portion of
        its assets, or becomes bankrupt or insolvent, (ix) Bruno Gmür 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, (x) the
        Advisor’s registration as a commodity trading advisor with the CFTC or its membership in NFA or any other regulatory authority, is terminated or suspended; or (xi) CMF reasonably believes that the Advisor has contributed 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.

    
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    (b) The Advisor may terminate this Agreement by giving not less than 30 days’ written notice to CMF (i) in the event that the trading policies of the Partnership as set forth in Appendix B attached hereto are changed in such manner that
        the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) after the Initial Termination Date; 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 NFA is terminated or suspended.

    (c) Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 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 subsection (a)(iii) of this Section 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 and 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
        gross negligence, bad faith, recklessness, intentional misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action
        or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or
        administrative forum shall deem proper; and further provided that no indemnification shall be available from the Partnership if such indemnification is prohibited by Section 16 of the Partnership Agreement.  The termination of any action, suit or
        proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership.

    (ii) Without limiting subsection (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 subsection (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 subsection (i) above, unless ordered by a court or administrative forum, 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 subsection (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.

    
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    (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, court costs and
        other legal expenses) incurred in connection therewith.

    (v) As used in this Section 6(a), the term “Advisor” shall include the Advisor, its affiliates, principals, officers, manager(s), employees and member(s) 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 Section 14 hereof, to the effect that such acts or omissions violated the terms of this Agreement in any material respect or involved gross negligence, bad faith, recklessness or intentional misconduct on the part of the
        Advisor (except as otherwise provided in Section 1(g)), or (ii) there has been a settlement of any action or proceeding with the Advisor’s prior written consent.

    (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, employees and partners 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 Section 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 Section 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 or delayed, of the party obligated to indemnify such party.

    
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    (e) The provisions of this Section 6 shall survive the termination of this Agreement.

    7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS.

    (a) The Advisor represents and warrants that:

    (i) All information with respect to the Advisor and its principals and the trading performance of any of them that has been provided to CMF, including, without limitation, the description of the Program contained in Appendix A, is complete and
        accurate in all material respects and such information does not contain any untrue statement of a material fact or omit to state a material fact that is necessary to make such statements and information therein not misleading.  All references to
        the Advisor and its principals, if any, in the Partnership’s current Private Placement Offering Memorandum and Disclosure Document (the “Memorandum”) or a supplement thereto will, after review and approval of such references by the Advisor prior to
        the use of such Memorandum in connection with the offering of Partnership units, be accurate in all material respects, except that with respect to pro forma or hypothetical performance information in such Memorandum, if any, this representation and
        warranty extends only to any underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments.

    (ii) The information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any, is based on (a) 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, or (b) with the written consent of CMF, a representative account of the Program, including but not limited to the performance table reported on the
        QMF Program’s factsheet, which shows the net returns of a referenced account managed by the Advisor during the period covered by such tables and required to be disclosed therein. The Advisor’s performance has been prepared by the Advisor or its
        agents in accordance with applicable CFTC and NFA rules and guidance and have been examined by an independent certified public accountant, a copy of such thereon has been provided to CMF.  The Advisor will have its performance table 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 and is duly registered with the CFTC as a commodity trading advisor, is a member of NFA,
        and is in compliance with any such other registration and licensing requirements as shall be necessary to enable it to perform its obligations hereunder.  The Advisor agrees to maintain and renew such registrations and licenses during the term of
        this Agreement including, without limitation, registration as a commodity trading advisor with the CFTC and membership in NFA and shall maintain its license as an asset manager of collective investment schemes by FINMA.

    (iv) The Advisor is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was formed.  It has full power and authority (corporate or otherwise) to enter into and perform its
        obligations under this Agreement.  The Advisor is qualified to do business and is in good standing as a foreign entity in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so
        qualified could materially adversely affect the Advisor’s ability to perform its obligations hereunder.

    
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    (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 a prospectus relating to the Partnership units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon
        the request of CMF to promptly 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) CMF and the Partnership have 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 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 New York and has full limited partnership power and authority to enter into this Agreement and to perform its
        obligations under this Agreement.

    (vii) The Partnership is a qualified eligible person as defined in CFTC Rule 4.7.

    
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    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, swap execution facility and/or the commodity exchange on which any particular
        transaction is executed and any rules and regulations of FINMA.

    (ii) To the extent permitted by law or regulation, the Advisor will promptly notify CMF, in writing, of the commencement of any material investigation, suit, action or proceeding involving the Advisor or any of its affiliates,
        officers, directors, employees and partners, agents or representatives, if 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 any material, non-routine investigation or audit of the Advisor’s business activities.

    (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 and reconcile 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 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 will 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) The Advisor will update any information previously provided to CMF under the Agreement, including, without limitation, information referenced in Section 7(a)(i) hereof

    (vii) The Advisor
        shall promptly notify CMF when the Advisor’s open positions maintained by the Advisor exceed the Advisor’s applicable speculative position limits.

    (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, swap execution facility and/or the commodity exchange on which any particular transaction is executed, to the extent that failure
        to so comply would have a materially adverse effect on CMF’s ability to act as described herein, the Partnership Agreement and in the Memorandum.

    
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    (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, to the extent
        that the failure to so comply would have a materially adverse effect on CMF's ability to act as described herein, the Partnership Agreement and in the Memorandum.

    (iii) CMF or the selling agents for the Partnership have policies, procedures, and internal controls in place that are reasonably designed to comply with applicable anti-money laundering laws, rules and regulations, including
        applicable provisions of the USA PATRIOT Act.  CMF or the selling agents for the Partnership have Customer Identification Programs (“CIP”), which require the performance of CIP due diligence in accordance with applicable USA PATRIOT Act
        requirements and regulatory guidance.  CMF or the selling agents for the Partnership also have policies, procedures, and internal controls in place that are reasonably designed to comply with regulations and economic sanctions programs administered
        by the U.S. Department of the Treasury’s Office of Foreign Assets Control. CMF or the selling agents for the Partnership has policies and procedures in place reasonably designed to comply with Section 312 of the USA PATRIOT Act, including processes
        reasonably designed to identify clients that may be senior foreign political figures1, in accordance with applicable requirements and regulatory guidance, and to conduct enhanced scrutiny on such clients where required under applicable
        law.  In addition, CMF or the selling agents for the Partnership has policies and procedures in place reasonably designed to prohibit accounts for foreign shell banks2 in compliance with Sections 313 & 319 of the USA PATRIOT Act.

    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.

     

      

     _________________

      
      1 A "senior foreign political figure" is defined as a current or former senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S.
        government (whether elected or not), a current or former senior official of a major non-U.S. political party, or a current or former senior executive of a non-U.S. government-owned commercial enterprise.  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.  For purposes of this definition, a "senior official" or "senior executive" means an individual with
        substantial authority over policy, operations, or the use of government-owned resources. An "immediate family member" of a senior foreign political figure means spouses, parents, siblings, children and a spouse's parents and siblings. A "close
        associate" of a senior foreign political figure means a person who is widely and publicly known (or is actually known) to be a close associate of a senior foreign political figure.

      
        2 The term shell bank means a bank that does not maintain a physical presence in any country and is not subject to inspection by a banking authority.  In addition, a shell bank generally does not employ
          individuals or maintain operating records.

      

    

     

      

    
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    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 (email) copy or other electronic means (as CMF deems
        appropriate under the circumstances) 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,

      New York, New York  10036

      Attention:  Patrick Egan

    Email:  patrick.egan@morganstanley.com

    If to the Advisor:

    Quantica Capital AG

    Freier Platz 10

    Schaffhausen, CH-8200, Switzerland

    Attention: Bruno Gmür

    

    

    Email: Bruno.Gmuer@quantica-capital.com

    

    

    with a copy to:

    Karin Jans

    Bärengasse 29, CH–8001

    Zurich, Switzerland

    Email: Karin.Jans@quantica-capital.com

    

    

    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 NFA or, if
        NFA 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 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 party to this Agreement may have rights under Section 6 hereof.

    
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    16. COUNTERPARTS.  This Agreement may be executed in any number of counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement. Any signature on the
        signature page of this Agreement may be an original, a fax or electronically transmitted signature or may be executed by applying an electronic signature using DocuSign© or, if permitted by CMF (such permission not to be unreasonably withheld), any
        other similar program.

    

    

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    PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT
      DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION.  THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR
      DISCLOSURE.  CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

    YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON
      MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL
      THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED.

    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

          	 	
            QUANTICA CAPITAL AG

          
	 	 	 
	 	 	 
	 	 	 
	
            By:

          	
            /s/ Patrick T. Egan                                 

              

          	 	
            By:

          	
            /s/ Bruno Gmür                                        

              

          
	 	
            Name:   Patrick T. Egan

          	 	 	
            Name: Bruno Gmür

          
	 	
            Title:   President and Director

          	 	 	
            Title: Founder & CIO

          
	 	 	 	 
	 	 	 	 
	
            CERES ORION L.P.

          	 	
            By:

          	
            /s/ Nicolas Mirjolet                                   

              

          
	 	 	 	 	
            Name: Nicolas Mirjolet

          
	
            By:

          	
            Ceres Managed Futures LLC

                (General Partner)

          	 	 	
            Title: CEO

          
	 	 	 	 
	 	 	 	 
	
            By:

          	
            /s/ Patrick T. Egan                                     

              

          	 	 
	 	
            Patrick T. Egan

          	 	 
	 	
            President and Director

          	 	 


    

    

    
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    SCHEDULE I

    The compensation payable to the Advisor shall be as follows:

    	
            Allocation Amount

          	
            Monthly Management Fee (“Management Fee”)

          	
            Annual Incentive Fee

            (“Incentive Fee”)

          
	
            $1 – $49,999,999

          	
            0.75%

          	
            20%

          
	
            $50,000,000 or more

          	
            0.60%

          	
            20%

          


    

    

    (a) The monthly Management Fee shall be equal to the applicable Management Fee indicated in the table above of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Net Assets of the
        Partnership allocated to the Advisor as of the last business day of each month by the Management Fee indicated in the table above and dividing the result thereof by 12).

    (b) The annual Incentive Fee shall be equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership.

    (c) “Net Assets of the Partnership” shall have the meaning set forth in Section 7(d)(2) of the Partnership Agreement 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, management fees, administrative fees, ongoing selling agent fees or Incentive Fees payable as of the date of such determination.

    (d) “New Trading Profits” shall mean the excess, if any, of Net Assets of the Partnership managed by the Advisor at the end of the fiscal period over Net Assets of the Partnership managed by the Advisor at the end of the highest previous fiscal
        period or Net Assets of the Partnership 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 of the Partnership resulting from
        new capital contributions, redemptions, reallocations or capital distributions, if any, made during the fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the
        fiscal period, 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 of the Partnership.  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 the Advisor until the end of the
        first calendar year period 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
        calendar year period of such trading.  For the avoidance of doubt, the first Incentive Fee payment shall be made on December 31, 2020. Interest income earned, if any, shall not be taken into account in computing New Trading Profits earned by the
        Advisor.  If Net Assets of the Partnership allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there shall be a corresponding proportional reduction in the related loss carryforward amount
        that must be recouped before the Advisor is eligible to receive another Incentive Fee.

    
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    (e) Annual 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 annual period or a calendar month, as the case may be, the annual Incentive Fee shall be computed as if the effective date of termination were the last day of the then current annual period 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.

    

    

    

    

    

    

    

    

    

    

    

    

    
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    APPENDIX A

    The Quantica Managed Futures Program is a fully systematic investment program that aims to detect medium-term trend-following market inefficiencies in a diversified, liquid
      investment universe. The Advisor’s investment philosophy centers on the belief that quality risk-adjusted returns can be systematically captured from liquid markets by statistically analyzing risk-adjusted outperformance of one market versus other
      markets in the investment universe. The goal of the investment philosophy is to generate optimized long-term risk-adjusted compounded returns that are largely uncorrelated to traditional asset classes such as stocks and bonds. To achieve this goal,
      it employs a unique and proprietary, fully systematic approach to medium term trend-following that is based on risk-adjusted, relative trend identification that delivers style-consistent trend-following returns with the ability to enhance efficiency
      and diversification.

    

    

    

    

    

    

    

    

    

    

    
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    APPENDIX B

    Trading Policies of Ceres Orion L.P.

    	

          	1.	
            The Partnership will invest its assets only in commodity interests that an advisor believes are traded in sufficient volume to permit ease of taking and liquidating positions.  Sufficient volume, in this context,
              refers to a level of liquidity that an advisor believes will permit it to enter and exit trades without noticeably moving the market.

          


    	

          	2.	
            The Adviser will not initiate additional positions in any commodity interest if these positions would result in aggregate positions requiring margin of more than 66 2/3% of the Partnership’s net assets allocated to
              that advisor.  To the extent the CFTC and/or exchanges have not otherwise established margin requirements with respect to particular contracts: (i) forward contracts in currencies will be deemed to have approximately the same margin
              requirements as the same or similar futures contracts traded on the Chicago Mercantile Exchange; and (ii) swap contracts will be deemed to have margin requirements equivalent to the collateral deposits, if any, made with swap counterparties.

          


    	

          	3.	
            The Partnership may occasionally accept delivery of a commodity.  Unless such delivery is disposed of promptly by retendering the warehouse receipt representing the delivery to the appropriate clearinghouse, the
              physical commodity position will be fully hedged.

          


    	

          	4.	
            The Partnership will not employ the trading technique commonly known as “pyramiding,” in which the speculator uses unrealized profits on existing positions as margin for the purchase or sale of additional positions
              in the same or related commodities.

          


    	

          	5.	
            The Partnership will not utilize borrowings except short‐term borrowings if the Partnership takes delivery of any cash commodities.

          


    	

          	6.	
            The Advisor may from time to time employ trading strategies such as spreads or straddles on behalf of the Partnership.  The term “spread” or “straddle” describes a commodity futures trading strategy involving the
              simultaneous buying and selling of futures contracts on the same commodity but involving different delivery dates or markets and in which the trader expects to earn a profit from a widening or narrowing of the difference between the prices of
              the two contracts.

          


    

    

    	

          	7.	
            The Partnership will not permit the churning of its commodity trading accounts.  The term “churning” refers to the practice of entering and exiting trades with a frequency unwarranted by legitimate efforts to
              profit from the trades, driven by the desire to generate commission income.

          


    

    

    

    

    
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    APPENDIX C

    List of Commodity Interests

    
      

      

      

    

    

    

    

    

    

    

    

  

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