Document:

EX-10.01

 Exhibit 10.01 
  

 

			
	Institutional Account Agreement	  	 

  

  
  

 

			
	 Account
 Number(s)
	  	 ###-#####

		
	Account Title	  	 SECOR MASTER FUND L.P.

 This Institutional Account Agreement (together with any annexes or supplements hereto, this
“Agreement”), dated as of July 12, 2017, is by and among SECOR Master Fund L.P., a limited partnership organized under the laws of Delaware (“you” or, as the context requires,
“your”), and J.P. Morgan Securities LLC (“JPMS”), JPMorgan Chase Bank, N.A., J.P. Morgan Securities plc, J.P. Morgan Securities (Asia Pacific) Limited, J.P. Morgan Securities Asia Private
Limited, J.P. Morgan Securities Australia Limited, JPMorgan Securities Japan Co., Ltd., J.P. Morgan Prime Nominees Limited, J.P. Morgan Markets Limited, J.P. Morgan Prime Inc. and any other JPM Affiliate notified to you from time to time (JPMS and
such JPM Affiliates, individually and collectively as the context requires, a “JP Morgan Entity,” “JP Morgan,” “us,” “our” or
“we”). 
 You and we hereby agree as follows: 

1. DEFINITIONS. As used in this Agreement, the following terms shall have the following meanings: 

“Activity” means all transactions (including Clearing Transactions), confirmations, agreements
(including this Agreement and Governing Agreements), loans and other extensions of credit, promises of performance, open contractual commitments and guaranties between or among one or more JP Morgan Entities and you, whenever arising. 

“Applicable Laws” means, as applicable to your Activities, all US (federal and state) and non-US laws, rules and regulations, and the applicable provisions of the constitution or rules of the exchange, market, clearing system or Depository where any of your Activities are executed, cleared or settled,
and of governing regulatory and self regulatory organizations, in each case as in effect from time to time. 

“Clearing Transactions” means all actions, agreements, promises of performance and transactions
relating to the execution, clearance, settlement of transactions in or the maintenance of accounts for the purpose of carrying, custodying or financing positions in, securities for you by JPMS and all transactions in which JPMS provides clearing,
fixed income clearing, custody or settlement services to or for you (including as prime broker in connection with prime broker transactions or fixed income clearing transactions, or in connection with any
give-up, free delivery or unsettled transaction, or when acting as a clearance and/or settlement agent in any clearing system, market, or exchange, domestic or international) or transactions in, or the custody
of, cash made in connection with, or in contemplation of, any of the foregoing. 

“Depository” means a clearing organization; settlement or netting system customarily used to
clear or net transactions; book entry system participant or entity that JPMS or other sub-custodian or agent permitted to be utilized by JP Morgan hereunder employs based upon customary market practice, such
as the Federal Reserve Bank or any participant in the Federal Reserve book-entry system, The Depository Trust & Clearing Corporation, Euroclear, Clearstream, Sicovam, the Mortgage-Backed Securities Division or the Government Securities
Division of the Fixed Income Clearing Corporation and any other similar organization. 
  

					
	  
 For JP Morgan Use Only (02-15-2017) Form # 0000

	 O 000 SEC Disc    O 000 W-9     O
000 IAA

 “Equity PB Account” means any of your accounts
maintained at a JP Morgan Entity beginning with the numbers 102 or 109 (or any successor accounts or any other accounts designated by JP Morgan; provided, that such designation or re-designation occurs
upon reasonable prior notice to you). 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended. 
 “Excluded Account” means any of the accounts listed on
Schedule I hereto, as amended from time to time by the parties hereto. 
 “FIC PB Account”
means any of your accounts maintained at a JP Morgan Entity beginning with the number 021 (or any successor accounts or any other accounts designated by JP Morgan; provided, that such designation or
re-designation occurs upon reasonable prior notice to you). 

“FINRA” means the Financial Industry Regulatory Authority. 

“Governing Agreement” means any agreement, contract, instrument or document of any kind,
excluding this Agreement, between you and one or more JP Morgan Entities as to which, in each case, you have any Obligation or hold any rights against any JP Morgan Entity, that is executed before, on, or after the date of this Agreement. 

“Guarantor” means a party who has guaranteed any of your Obligations. 

“JPM Affiliate” means any trust, limited liability company, corporation, partnership and any
other entity that is owned directly or indirectly by any signatory hereto or JP Morgan Chase & Co. (or any successor thereto), or which is controlled by or under common control with any signatory hereto or JP Morgan Chase & Co. (or
any successor thereto), and shall include any such entity existing on the date hereof or any entity that is formed, incorporated, or organized after the date hereof or otherwise meets the foregoing criteria after the date hereof. For the avoidance
of doubt, each JP Morgan Entity is also a JPM Affiliate. 
 “NYSE” means the New York Stock
Exchange, L.L.C. 
 “Obligation” means, (a) as the context requires each of your
obligations or liabilities to a JP Morgan Entity and of a JP Morgan Entity to you, including (i) a requirement to make a margin payment or settlement payment or to maintain Margin; (ii) any obligation of JPMS in connection with any
Clearing Transaction, or its acceleration, cancellation, termination or liquidation, whenever arising and whether fixed, liquidated, un-liquidated, matured, un-matured
or contingent; (iii) any requirement hereunder or with respect to an Activity; and (iv) any “debt” as defined in the U.S. Bankruptcy Code; and (b) any obligation or requirement you have to liquidate or
otherwise reduce a position, or to pay or perform under a guarantee or indemnity; in each case, whether or not payment or performance is due, including with respect to its acceleration, cancellation, termination or liquidation, whenever arising and
whether fixed, matured, unmatured, liquidated, unliquidated or contingent. 
 “Proxy and Related
Material” means, with respect to a security credited to your brokerage accounts at JP Morgan, all proxies and proxy solicitation material and other related material, including, interim and annual reports and other similar issuer
mailings, in each case, related to such security. 
 “Proxy and Related Material Delivery
Schedule” means the schedule of the same name attached hereto. 
 “Relevant
Counterparties” means, in respect of a Clearing Transaction, or a trade giving rise to a Clearing Transaction, the broker or dealer who executed such trade or transaction, the purchaser, seller, lender or borrower, as applicable,
with whom such trade was conducted, any broker or dealer clearing for any of the foregoing, and any Depository involved in such trade or transaction. 

The following terms used in this Agreement shall have the same meanings herein as set forth in the Uniform Commercial Code as
adopted in the State of New York as in effect from time to time: “Commodity Account,” “Commodity Contract,” “Commodity Intermediary,”
“Entitlement Order,” 

  
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“Financial Asset,” “Instrument,” “Investment Property,” “Proceeds,”
“Securities,” “Securities Account,” “Security Entitlement,” and “Securities Intermediary.” 

2. GENERAL OBLIGATIONS. This Agreement sets forth the terms and conditions pursuant to which JP Morgan will open
and maintain one or more Equity PB Accounts (and/or, if a Supplement Regarding Fixed Income Clearing Transactions is entered into by the parties hereto, FIC PB Accounts) for you (the “Accounts”) or otherwise transact
business with you. You shall pay and perform all of your Obligations owed to JP Morgan hereunder in accordance with their terms, including in connection with any acceleration thereof. The parties shall conduct all Activities relating to the Accounts
in accordance with Applicable Laws. 
 3. SECURITY INTEREST AND LIEN. 

(a) Grant of Security Interest. You grant to each JP Morgan Entity a continuing security interest in and lien
upon all of your rights, title and interests to: (i) any account maintained for you by or with any JP Morgan Entity (including, but not limited to, any or all Accounts),except for any Excluded Account; (ii) all property now or hereafter
credited to or held in any such account or otherwise held, or carried by or through, or subject to the control of any JP Morgan Entity or agent thereof, including all margin, Securities, Securities Accounts, monies, Commodity Contracts, Commodity
Accounts and Investment Property (including all Financial Assets and Instruments) whether fully paid or otherwise; (iii) all rights you have in any Obligation of any JP Morgan Entity under any Governing Agreement or otherwise, and all rights
you have in any unsettled transactions (provided that with respect to any Governing Agreement that is governed by English Law, JP Morgan’s security interest shall be subject to any netting, offset and recoupment rights under such Governing
Agreement); and (iv) all Proceeds of or distributions on any of the foregoing (collectively, clauses (i) through (iv), but excluding any Excluded Account, “Margin”), as security and margin for the payment and
performance of each of your Obligations to each JP Morgan Entity. Each item of property, including Investment Property, a Security, a general intangible, contract rights, an Instrument and cash, held in or credited to any Securities Account at a
Securities Intermediary shall be treated as a Financial Asset. 
 (b) Control. Each JP Morgan Entity shall,
without your further consent, comply with any orders or instructions of each other JP Morgan Entity with respect to Margin, including (i) any Entitlement Orders or other instructions, including to transfer to a JP Morgan Entity or other person
or to redeem any Margin, and (ii) if the JP Morgan Entity is a Commodity Intermediary, any instructions to such JP Morgan Entity to apply any value distributed on account of a Commodity Contract as directed by each other JP Morgan Entity. All
Margin is held as Margin by each JP Morgan Entity both for itself as a secured party and as agent and bailee of each other JP Morgan Entity, and each JP Morgan Entity acknowledges that it is so acting and that it is on notice of the security
interest you have granted to each other JP Morgan Entity. 
 (c) Transfers. Each JP Morgan Entity is
authorized, at any time and without notice to you, to use, credit, apply or transfer Margin within such JP Morgan Entity and/or to any other JP Morgan Entity to which you have an Obligation; provided that under no circumstances shall any Margin
pledged principally to secure Obligations to any JP Morgan Entity be applied or transferred to secure Obligations of any other JP Morgan Entity nor shall any Margin be required to be released if the JP Morgan Entity carrying such Margin determines
that such application or transfer would (i) render the value (after the application of haircuts) of the Margin to be less than the amount of the Obligations owed to it or the amount of Margin you are required to maintain at such JP Morgan
Entity, or (ii) render the value (after the application of haircuts) of the Margin to be less than the aggregate amount of the Obligations or the amount of Margin you are required to maintain, in the aggregate, (iii) be contrary to, or
result in any JP Morgan Entity not being in compliance with, Applicable Law, or (iv) constitute or cause the occurrence of a Default. For the avoidance of doubt, you understand that each JP Morgan Entity has the right to

  
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refuse to comply with your and third party entitlement orders and instructions, pursuant to the terms of the preceding sentence, and agree in so doing that such JP Morgan Entity does not violate
any duties a JP Morgan Entity may have as a Securities Intermediary or Commodity Intermediary. 
 (d) Covenants in
Respect of Margin; Power of Attorney. You covenant that with respect to Margin and the delivery of Margin, you will take such action as is necessary to cooperate with JP Morgan to perfect or preserve its first priority security interest, legal
or equitable charge or other mortgage or assignment in the Margin. You irrevocably appoint each JP Morgan Entity to be your attorney-in-fact and your agent to act in
your name and on your behalf to sign, seal, execute and deliver all documents, and do all such acts as may be required, to perfect the security interest hereunder or to realize upon any of JP Morgan’s rights hereunder. 

(e) Release of Excess Margin. JP Morgan shall comply with your written request to release Margin to you or to a
third party, to the extent that after giving effect to such release, (i) you are in compliance with all of your Activities and agreements with JP Morgan and (ii) after such release, all of your Activities and Obligations will be
collateralized in an amount not less than the amount required by Applicable Laws any applicable Governing Agreement and this Agreement. Margin available for release shall be reduced by the amount of any outstanding margin calls under any Activity.

 4. REPRESENTATIONS, WARRANTIES AND COVENANTS. 

(a) Representations of Each Party. Each party represents and warrants that: 

(i) it is authorized to enter into this Agreement and each Activity hereunder and to perform its respective
Obligations hereunder; 
 (ii) the Agreement is legal, valid, binding and enforceable against it, except as
enforceability may be limited by bankruptcy, moratorium on payment of debt or other laws affecting the rights of creditors generally; and 

(iii) the person who is executing this Agreement on its behalf is duly authorized to sign this Agreement in its
name. 
 (b) Covenants of Each Party. Each party covenants that at the time it enters into any Activity under
this Agreement, it will be authorized to enter into such Activity and to perform its respective Obligations hereunder. 

(c) Your Representations and Covenants. You represent, warrant and covenant, which representations and
warranties shall be deemed repeated each day on which this Agreement is in effect, that: 
 (i) you will
engage in all Activities as principal, and accordingly, you will determine the appropriateness for you of such Activities, and address any legal, tax or accounting considerations applicable to you. 

(ii) no person that is not a party to this Agreement has any interest in the Account or the property therein;

 (iii) you are and will be: (A) knowledgeable of and experienced in the risks of entering into the
Activities in which you engage; (B) capable of evaluating the merits and risks of such Activities; (C) able to bear the economic risks of such Activities, and (D) solely responsible for monitoring compliance with your own internal
restrictions and procedures governing investments, trading limits and manner of authorizing investments, and laws and regulations affecting your power, authority or ability to trade, invest or engage in such Activities; 

(iv) you will immediately notify JP Morgan of any material adverse change in your financial condition; 

  
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 (v) unless JP Morgan has expressly agreed otherwise in a written
agreement under which JP Morgan receives compensation specifically identified as consideration for acting in such capacity or providing such advice, (A) JP Morgan is not your fiduciary or adviser; (B) no advice furnished by JP Morgan shall
form a primary basis for any of your decisions; (C) no amounts paid by you to JP Morgan shall be attributable to any advice provided by JP Morgan; and (D) you will not rely on JP Morgan taking any action with respect to any account,
position or Activity, including advising you of any rights you may have or of the expiration of any periods for taking any action on any matter; 

(vi) before depositing in your Accounts, tendering as Margin or instructing JP Morgan to sell any securities
that are “restricted securities” or securities of an issuer of which you are an “affiliate” (as those terms are defined in Rule 144 under the Securities Act of 1933) you will
(A) advise JP Morgan of the status of such securities, (B) obtain clearance from JP Morgan with regard to the salability of such securities, (C) promptly furnish whatever information and documents (including opinions of legal counsel)
that JP Morgan may reasonably request and (D) not sell, pledge, assign or transfer such securities, unless you first provide any such required or requested documents; 

(vii) unless you advise us to the contrary in writing, at all times, none of your assets constitute, directly
or indirectly, plan assets subject to the fiduciary responsibility and prohibited transaction sections of ERISA, the prohibited transaction provisions of the Internal Revenue Code of 1986, as amended, or any federal, state, local or non-U.S. law that is similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended, and you will notify JP Morgan in the event
that you are aware that you are in breach of the foregoing; 
 (viii) you have the right to pledge and assign
to JP Morgan all Margin pledged and assigned hereunder; 
 (ix) the Margin is and at all times will be free
and clear of any liens, claims and encumbrances, except in favor of a JPM Affiliate, and you will not take any action that would impair a JP Morgan Entity’s first priority, perfected security interest in the Margin; 

(x) upon your delivery of Margin, the filing of any financing statements required by the Uniform Commercial
Code as in effect in the applicable jurisdictions (“UCC”), and such other filings, registrations, licenses, recordings or consents which have been made or obtained, this Agreement will create, as security for your
Obligations, a valid and perfected, first priority security interest in all Margin pledged by you to secure any and all Obligations and no further filings, registrations, licenses, recordings or consents of or with any governmental body, agency or
official are necessary to create, preserve or perfect such first priority security interest in all such Margin; and 

(xi) you will notify JP Morgan of any change in your registered address or address of record. 

5. EXTENSIONS OF CREDIT; MARGIN. We may from time to time lend you funds or securities or otherwise extend you
credit. Unless otherwise expressly agreed in writing, debit balances, other extensions of credit and loans are repayable upon demand. All Obligations may be evidenced by a debit to your account. Upon demand by JP Morgan, you shall transfer to JP
Morgan such Margin or additional Margin as JP Morgan may require in connection with your Obligations relating to your Account. The market value of Margin in your Accounts shall be determined by JP Morgan in its reasonable discretion. JP Morgan may
decline to accept any property as Margin or to ascribe value to any property for purposes of determining the value of Margin held, or to any unsettled or open position in your account. 

  
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 6. DEFAULT. Each of the matters provided for in clauses
(i) through (v) below shall constitute and be referred to as a “Default”: 

(i) you become bankrupt or insolvent, or a bankruptcy, re-organization,
insolvency or similar proceeding involving you or your property is commenced, or you admit your inability to pay your debts as they become due; 

(ii) in the good faith determination of JP Morgan, you materially breach, repudiate or default (however
denominated) under or in connection with any Obligation or Activity under this Agreement; 
 (iii)
[reserved]; 
 (iv) any of your representations or warranties made in connection with this Agreement shall
have been untrue in any material respect, either when made or when deemed repeated; or 
 (v) a Guarantor, if
any, fails to perform under its guarantee, or an event that would be a Default if it occurred with respect to you occurs with respect to a Guarantor. 

7. REMEDIES. If a Default occurs, then, without notice and notwithstanding any notice, termination or cure
provisions of any applicable Governing Agreement, each and any JP Morgan Entity, at its option, may: 
 (i)
in whole or in part, accelerate, cancel, terminate, liquidate or otherwise close out all transactions under this Agreement in accordance with the terms of this Agreement; 

(ii) retain any Margin, set-off, net, and/or recoup a JP Morgan
Entity’s Obligations to you against any of your Obligations to any JP Morgan Entity, and your Obligations to a JP Morgan Entity shall be deemed performed and discharged to the extent any JP Morgan Entity has effected a valid and unavoidable set-off, netting or recoupment; 
 (iii) calculate any Obligation due to
you by first deducting any Obligation that you owe to any JP Morgan Entity before determining the final amount of any such Obligation; 

(iv) foreclose, collect, sell or otherwise liquidate any or all Margin a JP Morgan Entity selects, in any order
and at any time, and apply the Proceeds thereof to satisfy any of your Obligations to it or any other JP Morgan Entity; 

(v) buy any and all property that may have been sold short; 

(vi) convert at your expense any Obligation from one currency into another currency at such rates as JP Morgan
shall determine; and 
 (vii) take any other action permitted by law or in equity or by any Activity to
protect, preserve or enforce JP Morgan’s rights or to reduce any risk to JP Morgan of loss or delay. 
 You agree that JP Morgan has no
obligation to liquidate any Margin in any particular manner. At any sale of Margin or other sale or purchase permitted hereunder or otherwise, each JP Morgan Entity may sell or purchase to or from itself or JPM Affiliates or third parties; and the
parties acknowledge and agree that the Securities subject to such sale or purchase are traded in a recognized market. Our rights and remedies hereunder are cumulative and are in addition to any other rights and remedies available at law or in
equity. You shall be liable for any unpaid amounts, and, to the extent permitted by law, for interest on any amount not paid when due for the period from the due date thereof to the date of payment at a rate equal to the cost (without proof or
evidence of any actual cost) to JP Morgan, as certified by it, if it were to fund the relevant amounts, plus 1% per annum. 

  
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 8. FEES AND CHARGES; ACCOUNT RELATED COSTS. JPMS may charge
commissions and other fees in respect of Clearing Transactions, custody or any other services furnished to you (collectively, “Service Fees”), and you shall pay such Service Fees at JPMS then-prevailing rates unless
otherwise agreed in writing. Unless otherwise agreed with you in writing, such Service Fees may be changed from time to time, upon prior written notice. With respect to any short sale transactions in securities that are or become hard-to-borrow, your account also may be charged a borrow fee, which may be imposed or increased from time to time in light of changing market conditions, with notice to
you (which in certain instances may not be prior notice) and you agree to pay such borrow fees at JP Morgan’s then-prevailing rates. JP Morgan reserves the right to impose minimum Service Fees on inactive accounts. Reasonable out-of-pocket expenses incurred by JP Morgan in the performance of its services hereunder and all other charges and disbursements incurred or made by JP Morgan in connection
with your Accounts shall be paid by you. You will pay any applicable value added tax and such other taxes, duties and fees as are applicable to Activities in your Accounts entered into by you. If you are required by law to make any deduction or
withholding from any payment due hereunder, you shall pay to us simultaneously with making such payment an additional amount as may be necessary in order for the total amount received by us after all deductions and withholdings to be equal to the
amount which we would have received had no deduction or withholding been made. Any and all taxes, including any interest and penalties with respect thereto, which may be levied or assessed under present or future laws upon or in respect to your
Accounts or upon or in respect of income thereof shall be paid by you. All such Service Fees, charges, expenses, disbursements and taxes as described above may be deducted by JP Morgan from your Accounts. 

9. ACTIVITY REPORTS; CONFIRMATIONS; ACCOUNT STATEMENTS. Activity reports relating to Activities in your Accounts
shall be conclusive and binding if not objected to within two days after being made available or provided to you by JP Morgan, electronically or otherwise. Information relating to such Activities that is contained in confirmations and account
statements, to the extent not included in such activity reports, shall be conclusive if not objected to in writing within three days (in the case of confirmations) and ten days (in the case of account statements), after transmission to you by mail
or otherwise. 
 10. AUTHORIZED PERSONS; INSTRUCTIONS. 

(a) JP Morgan is Authorized to Act on Instructions. JP Morgan is authorized to act upon any instructions relating
to your Account reasonably believed by JP Morgan to have been given by a person (including officers, directors, employees or Investment Advisors acting for you) whom JP Morgan reasonably believes has been authorized by you to give such instructions
(each, an “Authorized Person”). JP Morgan shall not be liable for acting in accordance with any such instruction; JP Morgan has no duty to make any inquiry as to such Authorized Person’s actual authority. You are
obligated to and will perform all your Obligations to, and Activities entered into with, JP Morgan based upon instructions from an Authorized Person. 

(b) Investment Advisor. In the event that you retain an investment advisor, manager or other agent
(“Investment Advisor”) to act for you, you agree and acknowledge that (i) such Investment Advisor, and not JP Morgan, is responsible for making or recommending investments; (ii) JP Morgan does not select,
endorse or recommend any Investment Advisor; and (iii) JP Morgan shall have no liability for acting in accordance with the instructions of such Investment Advisor. 

11. CLEARING TRANSACTIONS. 

(a) Delivery of Trade Details; Risk; Settlement Payment. When JP Morgan engages in Clearing Transactions for you:
(i) you will furnish trade details in accordance with JP Morgan’s requirements as to content, manner and timeliness of delivery, as may be established from time to time; 

  
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(ii) written instructions to you from JP Morgan shall include transmissions by or through facsimile transmission or delivered electronically (using the facsimile number or email address listed in
our records); (iii) you shall bear all the risks and costs related to each Clearing Transaction, including non-performance by any Relevant Counterparty; (iv) unless JP Morgan extends credit to you, no
later than the time at which JP Morgan becomes obligated to a Relevant Counterparty, you will provide JP Morgan, and be responsible for, the settlement payment (including the necessary securities) to enable JP Morgan to process, clear and settle the
delivery of the securities and cash related to such Clearing Transaction, and any cash or securities necessary to meet a demand for margin made by any Relevant Counterparty. If either you or any Relevant Counterparty fails for any reason to settle
the transaction and/or return any free delivery within a reasonable period of time, as determined by JP Morgan, you will be solely liable to JP Morgan for any and all loss, expenses or fail costs in connection therewith. JP Morgan shall have no
liability whatsoever to you in any such circumstance. Nothing contained herein shall be construed as imposing liability on any JP Morgan Entity as a principal party in connection with any Clearing Transaction in which it is acting as agent and you
shall not, under any circumstance, represent to any third party broker or dealer or any other entity that any JP Morgan Entity acts as a guarantor of any such Clearing Transaction. 

(b) Ability to Complete Transactions. You will execute only bona-fide orders. If required for settlement, you
will request a free delivery of cash or securities only when you have reasonable grounds to believe that the contra-party and the entity that executed your order have the financial capability to complete the contemplated transaction. 

(c) Clearing Procedures and Timing. JP Morgan will attempt to clear Clearing Transactions within a reasonable
period as determined by it, and utilize the same procedures it utilizes when clearing transactions on behalf of other customers. 

(d) Settlements of Hong Kong Securities. JP Morgan does not act as your agent in settling any transaction in
Hong Kong securities, but rather provides all settlement services in the capacity of independent service provider. Unless acting as executing broker or otherwise agreed, JP Morgan in its capacity as prime broker does not have the authority to
execute contract notes or act on your behalf in such transactions other than to perform the relevant settlement services. Even if JP Morgan has agreed to make related filings on your behalf, you are responsible for attending to all stamp duty
liabilities and other taxes and charges in respect of any transactions in Hong Kong securities. Where you give JP Morgan an instruction to settle any transaction in Hong Kong securities on your behalf, you will be deemed to have confirmed to JP
Morgan at the time of the instruction, that all stamp duty obligations and liabilities have been met by you, unless you specifically request JP Morgan’s services in writing in arranging for the payment of any applicable Hong Kong stamp duty.

 12. SHORT AND LONG SALES; AUTHORITY TO BORROW. 

(a) Designation. Where required by Applicable Laws, you will appropriately designate any sell orders as
“short” or “long.” You agree that any sell order you designate as long shall be for securities you then own. If such securities cannot be delivered by JP Morgan from your Accounts, the placing of such order shall constitute your
representation that you will deliver them as soon as it is possible to do so, without undue inconvenience or expense to JP Morgan. 

(b) Authority to Borrow. If JP Morgan is responsible for settling a short sale on your behalf, or if you fail to
deliver any securities you have sold in a long sale, you authorize JP Morgan to borrow the securities necessary to enable JP Morgan to make delivery. You agree to be responsible for any cost or loss JP Morgan may incur borrowing or maintaining the
borrowing of such securities. In the event that JP Morgan is unable to borrow or make delivery, you acknowledge that you will also be responsible of any resulting loss or cost sustained by JP Morgan. You acknowledge that any such borrowing may be
terminated or closed out at any time. 

  
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 (c) Designation Discrepancies. Your executing broker may identify
your sale as “short” or “long” in the trade information reported by it to JP Morgan, and JP Morgan may reconcile such information with the trade information reported to it by you. In
order to enable JP Morgan and your executing broker to comply with their obligations under Applicable Laws, you acknowledge that JP Morgan may advise your executing broker of any discrepancies between the trade information provided by your executing
broker and the trade information provided by you. 
 (d) Threshold Securities. In order to enable JP Morgan to
comply with its obligations under Applicable Laws, JP Morgan reserves the right to reject orders in Threshold Securities, as defined in Regulation SHO, in which JP Morgan has aged fails in such securities. 

(e) Substitute Dividend Payments. When income is paid in relation to any securities sold short on, or by
reference to, an “ex-date” on which such short position remains open, JP Morgan shall debit a sum of money or property from your account equivalent to the amount necessary to enable JP Morgan to make
the equivalent payment to its lender in relation to the applicable securities loan, together with such additional amounts as may be agreed by you and JP Morgan. 

13. OPTIONS TRANSACTIONS. 

(a) Options Disclosures. In the event you purchase or write (i.e., sell) listed options, you hereby agree
and acknowledge the following: 
 (i) all options transactions shall be subject to the constitution, rules,
regulations, customs and usages of the Options Clearing Corporation and any exchange or other marketplace where executed; 

(ii) you will not, acting either alone or in concert with others, violate the position or exercise limits of
the exchanges, which limits may change from time to time; 
 (iii) you have read and understood the Options
Risk Disclosure Document and Special Statement for Uncovered Writing and have determined that options trading is not unsuitable for you; and 

(iv) you have read and understood the section of the Options Risk Disclosure Document entitled “Exercise
and Assignment” and you understand that (A) with respect to any option over which the Options Clearing Corporation has control if you fail to give instructions to the contrary prior to the expiration date, of any such option, the Options
Clearing Corporation will automatically exercise any such option which is in the money by a certain amount, which amount is determined by the Options Clearing Corporation in its discretion; (B) JP Morgan shall have no responsibility to advise
you when an option in your account is nearing expiration and shall bear no responsibility for any loss incurred by you arising out of the fact that an option in your account was not exercised unless you have instructed JP Morgan to exercise such
option by the time established by JP Morgan; (C) you may not receive actual notice of an exercise assignment until the week following the expiration date; (D) exercise assignment notices for option contracts are allocated among customer
short positions pursuant to a procedure that randomly selects from among all customer short positions, including positions established on the day of assignment, those contracts that are liable for assignment at any time; and (E) all
American-style short options are liable for assignment at any time, and by contrast, European-style short options are subject to assignment only on the expiration date. A more detailed description of such random allocation procedure is available
upon request. 
 You understand that JP Morgan is required by Applicable Laws, including but not limited to FINRA Rule 2360, to obtain from
you certain information regarding your investment objectives and financial situation in order to determine that options transactions are not unsuitable for you and you hereby agree to provide JP Morgan with all information required to allow JP
Morgan to make such determination. 

  
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 (b) Limits. Options transactions are subject to risk, position,
exercise and/or credit limits of which JP Morgan may notify you from time to time and/or established by the relevant exchange. JP Morgan may amend or impose any limit at any time in its discretion. You, acting alone or in concert with others, shall
not exceed the position and exercise limits set forth by the relevant exchange. You hereby authorize JP Morgan to liquidate or close-out any of your positions or exercise any other remedy in JP Morgan’s
sole discretion, without notice to you, if at any time, you exceed any applicable position or exercise limits. You shall be solely liable for any losses associated with such liquidation or close-out. 

14. LIMITATION OF LIABILITY; INDEMNIFICATION. 

(a) Limitation of Liability. JPMS shall have no liability with respect to any breach of its Obligations hereunder
which does not arise from its willful misfeasance, bad faith or gross negligence. To the extent permitted by Applicable Law, you agree that, except for liabilities specifically provided for hereunder, no party hereto shall have any liability for any
consequential, indirect, incidental, or any similar damages (even if informed of the possibility or likelihood of such damages). 

(b) Indemnity. You shall indemnify and hold JPMS, its officers, directors, employees and agents harmless from
and against, and shall pay JPMS on demand, any and all losses, claims, damages, liabilities, obligations, penalties, excise taxes, judgments and awards and costs incurred by JPMS (including costs of collection, reasonable attorneys’ fees, court
costs and other expenses) in connection with, related to or arising from (i) your Obligations; (ii) enforcing its rights hereunder; (iii) any investigation, litigation or proceeding involving you, your accounts, any property therein
(including claims to such property by third parties) or any Activity; and (iv) JPMS acting in reliance upon instructions JPMS reasonably believes to be transmitted by an Authorized Person (collectively, clauses (i) through (iv),
“Costs”), except for such Costs to the extent that they arise from the willful misconduct, bad faith or gross negligence of JPMS, its officers, directors, employees or agents. For the avoidance of doubt, your indemnity
for claims as described above includes claims asserted by third party brokers or dealers in connection with Clearing Transactions (including JP Morgan’s right to refuse to enter into a Clearing Transaction for you). Whether or not demand has
been made, you authorize JP Morgan to debit any of your accounts for any and all such Costs. 
 15. AGENTS; SUB-CUSTODIANS. 
 (a) Employment of Agents. JPMS may employ agents or
subcontractors in the performance of its Obligations under this Agreement. The appointment of any such agent or subcontractor pursuant to this Section 15(a) shall not relieve JPMS of any of its Obligations under this Agreement. Notwithstanding
the foregoing, no Depository shall be considered an agent or subcontractor of JPMS and JPMS shall have no liability for any loss or damage arising out of the insolvency, acts or omissions of any Depository used by it or one of its agents,
subcontractors or sub-custodians. 
 (b) Appointment of Sub-custodians. JPMS may appoint sub-custodians, including JPM Affiliates, of assets held by or through your Accounts. JPMS will exercise reasonable skill, care and
diligence in the selection of any such sub-custodian and will be responsible to you for satisfying itself as to the ongoing suitability of such sub-custodian to provide
custodial services, will maintain an appropriate level of supervision over such sub-custodian and will make appropriate inquiries periodically to confirm that the obligations of such sub-custodian continue to be competently discharged. Anything herein to the contrary notwithstanding, JPMS will be liable only for loss or damage (subject to the limitations in Section 14 above) arising out of
the insolvency, acts or omissions of any sub-custodian appointed by it that is a JPM Affiliate, but shall not be liable for any such loss or damage arising out of the insolvency, acts or omissions of any sub-custodian appointed by it that is not a JPM Affiliate, provided that JPMS has complied with its undertakings in the preceding sentence. 

  
 10 

(MKL) Standard Form IAA 2017-02-15 

 16. REHYPOTHECATION. 

(a) Use. Unless prohibited by Applicable Laws, you expressly authorize JPMS (i) to hold and register any
Securities which constitute Margin hereunder in the name of JPMS or in another name other than your name, (ii) to pledge, repledged, hypothecate, rehypothecate, sell, lend or otherwise transfer or use any amount of the securities which
constitute Margin hereunder (collectively with any of the uses described in clause (i), “Used”) either separately or in common with other property for any amounts due to JPMS thereon, and for a greater
sum than, and for periods longer than, your Obligations, and JP Morgan shall have no obligation to retain a like amount of similar property in its possession and control, and (iii) to use or invest cash Margin at its own risk. 

(b) Rights of Ownership. You acknowledge that, with respect to Securities Used by JPMS (i) in certain
circumstances you may not be able to exercise voting and other attendant rights of ownership, (ii) rather than a dividend you may receive a payment which will not be eligible for the preferential tax rate or treatment which may apply to
dividends and (iii) JPMS may receive and retain certain benefits (e.g., payments) to which you will not be entitled. Other than as specifically described in this Section 16, no such Use shall limit JPMS’s Obligations to you
hereunder. 
 17. TERMINATION; SURVIVAL; SUCCESSORS. Either party may terminate this Agreement upon 30
days’ prior written notice; provided, however, that your termination of this Agreement shall not be effective until you have fully satisfied your Obligations. Your indemnity under Section 14 shall survive termination of this
Agreement. This Agreement shall extend to and be binding upon all of the parties (whether now existing or hereafter added) and their respective successors and permitted assigns. 

18. AMENDMENT. JP Morgan may modify the terms of this Agreement at any time upon prior written notice to you to
the extent that such modification is required by Applicable Law. This Agreement may not be waived or modified absent a written instrument signed by an authorized representative of JP Morgan. 

19. RESOLUTION OF DISPUTES. 

(a) DISPUTE DETERMINATION. ANY DISPUTE BETWEEN YOU AND A JP MORGAN ENTITY DIRECTLY OR INDIRECTLY BASED UPON, ARISING OUT OF,
RELATING TO OR IN CONNECTION WITH JP MORGAN’S BUSINESS, ANY OBLIGATION, THIS AGREEMENT, ANY CLAIM BY YOU AGAINST A JP MORGAN ENTITY OR ANY CLAIM BY A JP MORGAN ENTITY AGAINST YOU (REFERRED TO COLLECTIVELY HEREIN AS A
“DISPUTE”) SHALL BE DETERMINED BY LITIGATION IN A COURT EXCEPT THAT WITH RESPECT TO DISPUTES WHICH ARE ELIGIBLE FOR ARBITRATION PURSUANT TO FINRA RULE 10101 AND/OR THE RULES OF THE NYSE, AS ADOPTED BY FINRA, EITHER
PARTY RETAINS THE RIGHT TO PROCEED BY OR COMPEL ARBITRATION. IF EITHER PARTY CHOOSES TO PROCEED BY ARBITRATION, YOU AND JP MORGAN AGREE TO THE PROCEDURES, AND TO ABIDE BY THE REQUIREMENTS, LISTED IN SECTION 20 BELOW. SHOULD EITHER PARTY CHOOSE TO
PROCEED BY LITIGATION, YOU AND JP MORGAN AGREE TO FOLLOW THE PROCEDURES, AND TO ABIDE BY THE REQUIREMENTS, LISTED IN THIS SECTION 19. IF THIS SECTION 19 OR SECTION 20 IS INCONSISTENT WITH THE PROVISIONS OF ANY OTHER AGREEMENT, THIS SECTION 19 AND
SECTION 20 SHALL PREVAIL; PROVIDED, HOWEVER, IF THE DISPUTE ARISES SOLELY WITH RESPECT TO A TRANSACTION ARISING UNDER A GOVERNING AGREEMENT, YOU AND JP MORGAN AGREE TO FOLLOW THE PROCEDURES, AND ABIDE BY THE REQUIREMENTS, LISTED IN
SUCH GOVERNING AGREEMENT. 

  
 11 

(MKL) Standard Form IAA 2017-02-15 

 (b) Exclusive Jurisdiction. With respect to any application for a
provisional remedy, any application for judgment on an arbitration award, and with regard to any suit, action, or other proceeding (excluding an arbitration proceeding and enforcement of a judgment or award as provided in Section 19(c) below)
with respect to, based upon or relating to a Dispute, each party irrevocably (i) submits to the exclusive jurisdiction of the U. S. District Court for the Southern District of New York (located in New York County), or, if such court does not
have jurisdiction, the Supreme Court of the State of New York, County of New York (each, the “Court,” as applicable); (ii) waives any objection that it may have at any time to the laying of venue of any
proceedings brought in any such Court, waives any claim that such proceedings have been brought in an inconvenient or improper forum and further waives the right to object, with respect to such proceedings, that such Court does not have any
jurisdiction over such party; (iii) will not commence any action or proceeding with respect to, based upon or relating to a Dispute in any other court; (iv) agrees, subject, and without prejudice, to the right to arbitration in accordance
with Section 20 below, that all claims with respect to, based upon or relating to any Dispute may be heard and determined in such Court; and (v) waives and agrees not to assert any claim of immunity from any legal process (whether through
service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to such party or its property. 

(c) Enforcement. Any judgment or award obtained with respect to a Dispute may be enforced in the courts of any
jurisdiction where the party and/or any of its property may be found without re-examination of the matters previously adjudicated or determined, and each party irrevocably submits to the jurisdiction of each
such court for such purpose. 
 (d) Service of Process. You irrevocably designate and appoint the individual
or entity specified on the signature page as an authorized agent to receive service of process on your behalf in connection with any Dispute, including with respect to any arbitration or other proceeding, such appointment to continue until you
appoint a different authorized agent acceptable to JP Morgan. If for any reason such authorized agent is unable to act as such, you will promptly notify JP Morgan and promptly appoint an authorized agent acceptable to JP Morgan. You irrevocably
consent to service of process given in any of the manners provided for notices in this Section, provided that nothing in this Agreement will affect the right of either party to service of process in any other manner permitted by Applicable Law. 

(e) WAIVER OF JURY TRIAL. EACH OF YOU AND JP MORGAN (AND, TO THE EXTENT PERMITTED BY LAW, ON BEHALF OF THEIR RESPECTIVE
EQUITY HOLDERS AND CREDITORS) KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAWS, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY DISPUTE AND ANY RIGHT IT MAY HAVE TO CONSOLIDATE ANY SUCH
ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF DISPUTE, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. IN
THE EVENT OF DISPUTE, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 20. ARBITRATION.

 (a) PROCEEDINGS. THE PROVISIONS OF THIS SECTION 20 ARE APPLICABLE ONLY TO ARBITRATION PROCEEDINGS ELIGIBLE FOR
ARBITRATION PURSUANT TO FINRA RULE 10101 AND/OR THE RULES OF THE NYSE AS ADOPTED BY FINRA. YOU HAVE THE RIGHT TO HAVE ANY ACTION OR PROCEEDING 

  
 12 

(MKL) Standard Form IAA 2017-02-15 

 
DETERMINED BY BINDING ARBITRATION. THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE. BY SIGNING AN ARBITRATION AGREEMENT THE PARTIES AGREE AS FOLLOWS: 

(i) ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO
A TRIAL BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS FILED. 

(ii) ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY’S ABILITY TO HAVE A COURT REVERSE OR
MODIFY AN ARBITRATION AWARD IS VERY LIMITED. 
 (iii) THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS,
WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS. 

(iv) THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASONS FOR THEIR AWARD UNLESS, IN AN ELIGIBLE CASE, A JOINT
REQUEST FOR AN EXPLAINED DECISION HAS BEEN SUBMITTED BY ALL PARTIES TO THE PANEL AT LEAST 20 DAYS PRIOR TO THE FIRST SCHEDULED HEARING DATE. 

(v) THE PANEL OF ARBITRATORS MAY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE
SECURITIES INDUSTRY. 
 (vi) THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING
A CLAIM IN ARBITRATION. IN SOME CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT. 

(vii) THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE
INCORPORATED INTO THIS AGREEMENT. 
 (b) FORBEARANCE. ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE HELD ONLY AT THE
FACILITIES OF, BEFORE AN ARBITRATION PANEL APPOINTED BY, AND PURSUANT TO THE RULES OF FINRA. THE AWARD OF THE ARBITRATORS, OR OF THE MAJORITY OF THEM, SHALL BE FINAL, AND JUDGMENT UPON THE AWARD RENDERED MAY BE ENTERED IN ANY COURT, STATE OR
FEDERAL, HAVING JURISDICTION. NO PERSON SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION, NOR SEEK TO ENFORCE ANY PRE-DISPUTE ARBITRATION AGREEMENT AGAINST ANY PERSON WHO HAS INITIATED IN COURT
A PUTATIVE CLASS ACTION; WHO IS A MEMBER OF A PUTATIVE CLASS WHO HAS NOT OPTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOMPASSED BY THE PUTATIVE CLASS ACTION UNTIL: 

(i) THE CLASS CERTIFICATION IS DENIED; OR 

(ii) THE CLASS IS DECERTIFIED; OR 

(iii) THE CUSTOMER IS EXCLUDED FROM THE CLASS BY THE COURT. 

SUCH FORBEARANCE TO ENFORCE AN AGREEMENT TO ARBITRATE SHALL NOT CONSTITUTE A WAIVER OF ANY RIGHTS UNDER THIS AGREEMENT EXCEPT TO THE EXTENT
STATED HEREIN. 

  
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(MKL) Standard Form IAA 2017-02-15 

 (c) Provisional Remedy. Notwithstanding the provisions of paragraph
A above, either party may seek, in either Court, any such temporary or provisional relief or remedy (“provisional remedy”) provided for by the laws of the United States or the laws of the State of New York as would be
available in an action based upon such dispute or controversy in the absence of an agreement to arbitrate. The parties intend to have any such application for a provisional remedy decided by the Court to which it is made and that such application
shall not be referred to or settled by arbitration. No such application for a provisional remedy, nor any act or conduct by either party in furtherance of or in opposition to such application, shall constitute a relinquishment or waiver of any right
to have the underlying dispute or controversy with respect to which such application is made settled by arbitration in accordance with paragraphs (a) and (b) above. 

21. OTHER AGREEMENTS. The provisions of this Agreement shall amend and restate and supersede any prior
Institutional Account Agreement or Professional Account Agreement entered into by and between you and JP Morgan. The rights and remedies granted herein to each party are in addition to any other rights and remedies which arise under any Governing
Agreement. For the avoidance of doubt, each JP Morgan Entity that is a party to a Governing Agreement may exercise any rights thereunder separately from the exercise of any rights under this Agreement. 

22. CONSENT TO ELECTRONIC DELIVERY. You consent to electronic delivery of all documents that may be required to
be delivered to you, including prospectuses, confirmations, activity reports and/or account statements. Such electronic delivery may be effected through JP Morgan’s web site, through software provided to you by JP Morgan, and/or by delivery to
the electronic mail address you provide to JP Morgan. 
 23. MUTUAL FUND TRANSACTIONS. In the event you engage
in mutual fund transactions, you hereby agree and acknowledge that JP Morgan shall process orders for the purchase or redemption of mutual fund shares provided that (i) JP Morgan receives the orders from you by the earlier of 4:00 p.m. on such
day or such other time as determined by JP Morgan or required by Applicable Laws or the applicable mutual fund’s prospectus and (ii) the applicable mutual fund has accepted the order for processing on that day. Orders that are accepted by
the applicable mutual fund shall be priced by such mutual fund at the applicable net asset value of the mutual fund shares as computed by the mutual fund that same day for such transactions. 

24. DEBIT BALANCES;
TRUTH-IN-LENDING. You acknowledge receipt of JP Morgan’s Truth-in-Lending
disclosure statement or any analogous disclosure statement. You understand that interest will be charged on any debit balances in your accounts in accordance with the methods described in such statement or in any amendment thereof or revision
thereto which may be provided to you or at the rate provided for in Section 7 above, if higher and not prohibited by Applicable Laws. Any debit balance that is not paid at the close of an interest period will be added to the opening balance for
the next interest period. 
 25. MISCELLANEOUS. 

(a) Money Laundering and Terrorist Financing. JP Morgan is committed to complying with U.S. statutory and
regulatory requirements designed to combat money laundering and terrorist financing, including but not limited to the USA Patriot Act of 2001 and those administered by the Office of Foreign Assets Control (collectively, “AML and
Sanctions Laws”). You understand that JP Morgan is required by such AML and Sanctions Laws to obtain certain identification documents or other information in order to comply with its customer identification procedures and you
acknowledge that until you provide the required information or documents, JP Morgan may not be able to open or maintain accounts or effect any transactions for you. You hereby acknowledge and agree that you will not use your accounts in a manner
that may cause a violation of AML and Sanctions Laws. 

  
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(MKL) Standard Form IAA 2017-02-15 

 (b) Brokerage Account Mechanics- Impartial Lottery Allocation; Proxies
and Related Material; Documentation as a Condition Precedent to the Transfer of Securities; and Disclosure to Issuers of Securities and Other Persons. The following shall apply to brokerage accounts maintained for you by JP Morgan and the
securities credited thereto. 
 (i) In the event JP Morgan holds on your behalf bonds or preferred stocks in
street name or bearer form which are callable in part, you agree that you will participate in the impartial lottery allocation system of the called securities in accordance with FINRA rules, or if not applicable, any other appropriate
self-regulatory organization. When any such call is favorable, no allocation will be made to any account with respect to which JP Morgan has actual knowledge that an officer, director or employee of a JPM Affiliate has any financial interest until
all other customers are satisfied on an impartial lottery basis. 
 (ii) You hereby appoint each investment
adviser specified in the Proxy and Related Material Delivery Chart (each, a “Proxy Agent”) to receive and act upon Proxy and Related Material related to the account specified opposite such Proxy Agent’s name on
such chart (such account referred to herein as such Proxy Agent’s, “Proxied Account”) and you hereby instruct JP Morgan to deliver all Proxy and Related Material for each Proxied Account to the Proxy Agent
appointed therefor at the mailing address specified opposite such Proxy Agent’s name on such chart and to accept instructions related to such Proxy and Related Material from such Proxy Agent. If no Proxy Agent is appointed for an account, then
all Proxy and Related Material will be delivered to you in accordance with Section 25(e). In connection with the foregoing appointment and instruction, if you have appointed a Proxy Agent, you acknowledge that (i) only one copy of Proxy
and Related Material is available for distribution and accordingly you will receive such materials through your Proxy Agent and you will not receive a copy thereof and (ii) notwithstanding such appointment, material related to the
reorganization of the capitalization of any issuer of securities credited to a Proxied Account will be delivered to you in accordance with Section 25(e) rather than through your Proxy Agent. 

(iii) You will provide us with any necessary documentation (including prospectuses and opinions) in order to
satisfy legal transfer requirements, in accordance with Applicable Laws. 
 (iv) You hereby instruct JP
Morgan not to disclose your name, address or holdings in securities to an issuer of common stock credited to your account who requests such information from JP Morgan. You acknowledge that pursuant to Applicable Law, JP Morgan, in certain
circumstances, may not have the flexibility to follow such instruction. You may rescind this instruction on written notice delivered to JP Morgan. 

(v) Without limiting JP Morgan’s rights under Applicable Law, you hereby agree that JP Morgan may, without
notice to you, disclose information relating to you: (i) if it considers such disclosure to be required by any court of competent jurisdiction or by Applicable Law; (ii) to any governmental or regulatory or supervisory or self-regulatory
body; (iii) in defense of claims or enforcement of rights; (iv) to any of JP Morgan’s external lawyers, accountants, auditors, insurers and others providing advice and/or other service to JP Morgan; or (v) to any registrars,
depositories, clearing agents, exchanges, sub-custodians, other agents or service providers or other trading venues requiring such disclosure. 

(c) No Waiver. Neither JP Morgan’s failure to insist at any time upon strict compliance with this Agreement
or with any of the terms hereof, nor any continued course of such conduct on its part, shall constitute or be considered a waiver by JP Morgan of any of its rights or privileges hereunder. For the avoidance of doubt, JP Morgan may provide notices to
you that it is not required to provide to you and may refrain from making Margin calls or otherwise insisting on strict performance of your Obligations, 

  
 15 

(MKL) Standard Form IAA 2017-02-15 

 
and you acknowledge and agree that no such conduct shall constitute, or be relied upon by you as constituting, a waiver of JP Morgan’s rights to strict performance of all agreements with you
or as imposing any obligation on JP Morgan not contained in any agreement with you. No demands, calls, tenders or notices that JP Morgan may have made or given in the past in any one or more instances shall constitute a requirement that JP Morgan
make or give the same in the future. 
 (d) Assignment. Any assignment of your rights and Obligations without
obtaining the prior written consent of an authorized representative of JP Morgan shall be null and void. Each JP Morgan Entity shall have the right to assign all of its rights and Obligations to any other JP Morgan Entity without prior notice to
you, or to any third party if part of a general transfer of the prime brokerage business by JP Morgan to such third party, with such notice as required under Applicable Law. 

(e) Notices. 

(i) Notices to JP Morgan. Any notices, demands, correspondence or other communications from you to JP
Morgan under this Agreement shall be written, addressed to JP Morgan, 383 Madison Avenue, New York, New York 10179, Attention: Chief Legal Officer, or such other address of which we give you written notice and shall be effective upon actual receipt
by JP Morgan at such address. 
 (ii) Notices to You. Except as otherwise specifically provided herein
all notices and communications provided under this Agreement shall be in writing or confirmed in writing and delivered to the party entitled to receive such notices at the physical address, facsimile number or email address of the intended recipient
specified in JP Morgan’s records, or to such other address as you may provide. Any such notice or communication shall be deemed to be received (A) if sent by facsimile or email, on the day it was sent, (B) if delivered by hand to a
physical address, on the day it was so delivered, (C) if sent by US mail to an address within the US, on the earlier of the date of delivery or the second business day after the time of placing in the mail, and in proving delivery, it shall be
sufficient to prove that the notice was properly addressed, stamped, and posted or (D) if delivered by some other means, on the day of delivery. 

(f) Force Majeure. In no event shall JPMS be liable for (i) any cost, damages or delay caused, directly or
indirectly, by war, acts of terrorism, riots, civil commotion, strikes, labor disputes, government acts, laws or regulations, exchange or market rulings, suspension of trading, embargoes, natural disasters, electrical failures, telephone
communication line failures, computer failures, unavailability of the Federal Reserve Bank wire or telex or otherwise or communication facility or otherwise or any other cause of contingency to the extent beyond JP Morgan’s control that may
prevent or delay the performance of any JPMS’s Obligations (an “Extraordinary Event”); or (ii) any damages caused, directly or indirectly, by your executing broker, by erroneous information received from you
or by your failure to deliver instructions, including a failure which results in a lack of position or a failure to exercise rights on your behalf. In the event of an Extraordinary Event that may prevent or delay the performance of any of
JPMS’s Obligations, the performance of JPMS’s Obligations shall be excused for the period of the delay and JP Morgan will in no event be liable for any loss, liability, damage, claim, cost or expense (including fees and expenses of legal
counsel) arising from such delay or non-performance. 
 (g) Credit
Information and Investigation; Sharing of Information. You authorize JP Morgan and, if applicable, your broker, in its or their discretion, to make and obtain reports concerning your credit standing and business conduct. You may make a written
request within a reasonable period of time for a description of the nature and scope of the reports made or the information received by a JP Morgan Entity pursuant to the foregoing authorization. You acknowledge that JPM Affiliates share many
computer systems and employees, and also share information concerning their respective customers for the purpose of monitoring and approving credit, legal, regulatory and underwriting exposures and administration of the customer’s accounts with
and transactions with or through any JPM Affiliate. Such information will be treated by each JPM Affiliate pursuant to its policies and procedures designed to 

  
 16 

(MKL) Standard Form IAA 2017-02-15 

 
protect the confidentiality and security of customer information and to ensure that such information is used only in a manner that is consistent with Applicable Laws. 

(h) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO ANY CHOICE OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. 

(i) Severability. If any provision hereof is or should become inconsistent with any present or future law, rule
or regulation of any sovereign government or regulatory body having jurisdiction over the subject matter of this Agreement, such provision shall be deemed to be rescinded or modified in accordance with any such law, rule or regulation. In all other
respects, this Agreement shall continue to remain in full force and effect. 
 (j) Headings. The headings of
the provisions hereof are for descriptive purposes only and shall not modify or qualify any of the rights or obligations set forth in such provisions. 

(k) Construction. References to times in this Agreement are to the prevailing time in New York City. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” Unless otherwise expressly provided, any
time JP Morgan is authorized or entitled to take any action, refrain from taking any action or make any determination, it may do so in its sole discretion, exercised in good faith. The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms. 
 (l) Recording. For the protection of the
parties, and as a way of correcting misunderstandings, you authorize JP Morgan, at its discretion and without prior notice to you, to monitor and/or record any or all telephone conversations between you and any of JP Morgan’s employees or
agents which may be used in connection with any dispute between the parties or in any other way related to this Agreement. 

(m) Right to Decline or Set Limits. Nothing in this Agreement obligates JP Morgan to enter into any Activity
with you, including but not limited to Clearing Transactions, notwithstanding past practice or market custom. Rather, JP Morgan may (i) decline to execute, clear or settle any Clearing Transaction and (ii) decline to enter into, execute,
extend, renew or “roll over” any other Activity with you, including any Activity done on an “open” or “demand” basis. Such a declination, in and of itself,
shall not operate as a termination of this Agreement. JP Morgan may, at any time, place a limit (expressed in dollars, positions, or number of units) on the size of transactions that JP Morgan will accept for execution, clearance and/or settlement.

 (n) Performance. Each Activity hereunder has been entered into in consideration of each other Activity
hereunder and, unless otherwise determined by JP Morgan, (i) your performance of each and every one of your Obligations when due is a condition precedent to JP Morgan’s performance of its Obligations to you and (ii) the Obligation of
each JP Morgan Entity to you shall be suspended and shall not mature until you have paid and performed in full all of your Obligations when due to each JP Morgan Entity. 

(o) Netting Contract. It is understood that this Agreement constitutes a “netting
contract” and each payment entitlement and payment obligation under any Activity hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment
obligation”, respectively (except insofar as one or both of the parties is not a “financial institution” as that term is defined in the Federal Deposit Insurance Corporation Improvement Act of 1991).

 (p) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an
original, and all of which, taken together, shall constitute one and the same agreement. 

  
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(MKL) Standard Form IAA 2017-02-15 

 (q) Facsimiles or PDFs. Receipt of a facsimile or pdf copy hereof
or of any writing delivered in connection herewith shall have the same force and effect as receipt of the original executed copy thereof. 

(signature page follows) 

  
 18 

(MKL) Standard Form IAA 2017-02-15 

 BY SIGNING THIS AGREEMENT, YOU ACKNOWLEDGE THAT: 

THE SECURITIES IN YOUR MARGIN ACCOUNTS AND ANY SECURITIES FOR WHICH YOU HAVE NOT FULLY PAID, TOGETHER WITH ALL ATTENDANT OWNERSHIP RIGHTS,
MAY BE USED BY JP MORGAN AS MORE SPECIFICALLY SET FORTH IN SECTION 16 ABOVE; AND 
 THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE AT SECTIONS 19 AND 20. 
 IN WITNESS WHEREOF, each of the
parties hereto has caused a counterpart of this Institutional Account Agreement to be duly executed and delivered as of the date first above written. Parties organized under the laws of the Cayman Islands hereby execute this Institutional Account
Agreement as a deed. 
  

									
	 SECOR MASTER FUND L.P.

By: Ceres Managed Futures LLC
	  	 
 
 

 

 

 

	J.P. MORGAN SECURITIES LLC
 JPMORGAN CHASE BANK, N.A.

J.P. MORGAN SECURITIES PLC
 J.P. MORGAN SECURITIES (ASIA
PACIFIC) LIMITED
 J.P. MORGAN SECURITIES ASIA PRIVATE LIMITED

J.P. MORGAN SECURITIES AUSTRALIA LIMITED
 JPMORGAN
SECURITIES JAPAN CO., LTD.
 J.P. MORGAN PRIME NOMINEES LIMITED

J.P. MORGAN MARKETS LIMITED
 J.P. MORGAN PRIME
INC.

				
		 		  	 	By:	 	 	   /s/ Thomas Zeng

	 By:
	 	   /s/ Patrick T. Egan
	  	 	 Thomas Zeng

	  
 Patrick T. Egan, President &
Director—Ceres
 Managed Futures LLC

 
 Name and Title of Signatory

 
	  	 	 Managing Director

					
	 Witnessed by:
	  	  

[Cayman entities only]
  
	  	
	 Witness’s Name:
	  	  

[Cayman entities only]
  
	  	
	 Date:
	  	  

[Cayman entities only]
  
	  	
	Individual or Entity for Service of Process
	  	

  

							
	For JP Morgan Use Only (02-15-2017) Form # 0000
	O 000 SEC Disc	  	O 000 W-9	  	O 000 IAA	  	

 Proxy and Related Material Delivery Schedule to the Institutional Account
Agreement 
 For purposes of Section 25(b)(ii): 
  

					
	 Proxy Agent
	  	Mailing Address of Proxy Agent	  	Proxied Accounts
		  		  	
		  		  	

  
 (MKL) Standard Form IAA
2017-02-15 

 SCHEDULE I 

EXCLUDED ACCOUNTS 
  

			
	 Name of Account Maintained at JPMorgan Chase Bank, N.A.
	  	 DDA A/C #

	 SECOR Master Fund L.P.
	  	###############

  
 (MKL) Standard Form IAA
2017-02-15 

 SUPPLEMENT TO INSTITUTIONAL ACCOUNT AGREEMENT 

REGARDING FIXED INCOME CLEARING TRANSACTIONS 

The terms and conditions hereof (this “Supplement”) shall supplement and become part of the
Institutional Account Agreement (the “IAA”) to which this Supplement is attached. This Supplement shall apply to Activities that are processed and cleared in a FIC PB Account (“Fixed Income Clearing
Transactions”) but shall not apply to Activities that are processed and cleared in an Equity PB Account. Capitalized terms used without definition herein shall have the meanings ascribed to them in the IAA. Each Fixed Income
Clearing Transaction shall be deemed a Clearing Transaction. In the event of any inconsistency between any term or provision contained in this Supplement and any term or provision contained in the IAA, the relevant term or provision contained in
this Supplement shall govern solely to the extent of such inconsistency. Except as provided herein, all other terms of the IAA shall continue in full force and effect. 

1. Fixed Income Clearance; Trade Reporting and Processing. It is agreed that you shall be the party in interest for each
Fixed Income Clearing Transaction entered into with your trading counterparties (“Executing Counterparty or Counterparties”), and you shall bear any and all risks and costs related to such Fixed Income Clearing
Transaction, including non-performance by an Executing Counterparty. Furthermore, you agree that you shall timely provide to JP Morgan any securities or money required for JP Morgan to complete such
transaction and to satisfy any demand for margin made by an Executing Counterparty or JP Morgan in respect of a Fixed Income Clearing Transaction. 

You agree to report the Trade Details (as defined below) of all Fixed Income Clearing Transactions excluding same day settlement transactions)
by 6:00 p.m. on the trade date. JP Morgan may decline Fixed Income Clearing Transactions reported after such times. Fixed Income Clearing Transactions reported after 6:00 p.m. may be processed the next business day. You agree to be responsible for
any costs associated with any fail resulting from late reporting, which may include a one-day, 50-basis-point surcharge to finance the Fixed Income Clearing Transaction
and a $100 late fee. 
 JP Morgan may, at any time, place a limit (expressed in dollars, positions, or number of units) on the size of
transactions that JP Morgan will accept for clearance and/or settlement. JP Morgan may by notice to you, which may be provided orally, require you immediately to liquidate or otherwise reduce, reverse or hedge a position or account to reduce the
amount of your Obligations or JP Morgan’s obligations to third parties or otherwise mitigate risk, and you hereby authorize JP Morgan to take such action on your behalf for your account and risk if you fail to comply with JP Morgan’s
request. 
 2. Repurchase, Reverse Repurchase, Buy/Sell Back, Sell/Buy Back Transactions or Securities Lending
with Third Parties. If you request that JP Morgan clear and settle repurchase transactions and/or reverse repurchase transactions that you may execute with third parties, you agree that: (a) each such repurchase and/or reverse
repurchase transaction shall be deemed a Clearing Transaction, (b) you will notify JP Morgan of the Trade Details (as defined below) of the repurchase and/or reverse repurchase transactions in the Federal Reserve Bank or The Depository
Trust & Clearing Corporation no later than 12:00 p.m. on the settlement date; provided, that for those such transactions cleared outside of the Federal Reserve Bank or The Depository Trust & Clearing Corporation, you shall
notify JP Morgan of the Trade Details (as defined below) on trade date; and provided, further, that in the event such transaction is for the same day value, you shall notify JP Morgan of the Trade Details (as defined below) no later
than 4 hours before the relevant market clearing closing deadline, (c) you shall be the party in interest for such Clearing Transaction and you shall bear all the risks related to such Clearing Transaction including non-performance by the third party and (d) you will provide JP Morgan the necessary securities or cash, as the case may be, to enable JP Morgan to process, clear and settle the delivery of the securities and
cash related to such transactions, including any cash or securities necessary to meet a demand for margin made by the third party. 

  

			
	FIC-1
	 (v.2) Form # 0000

01009
	  	 JPM Standard Form

FIC Supplement to IAA (2017-02-15)

 You shall not, under any circumstances represent to any third party that any JP Morgan Entity
acts as guarantor of any repurchase, reverse repurchase, buy/sell back, sell/buy back or securities lending transactions you execute with such third party. 

3. Trade Details. You will furnish Trade Details (as defined below) in accordance with JP Morgan’s requirements as
to content, manner and timeliness of delivery, as may be established from time to time. The term “Trade Details” shall mean the specific third party, the department at the specific third party, the purchase/settlement
date, the purchase or sale price, and in connection with a repurchase, reverse repurchase, buy/sell back or sell/buy back Clearing Transaction as described in Section 2 of this Supplement, the purchased securities, the pricing rate and the
repurchase date. 
 4. Collection of Principal and Interest Payments. JP Morgan will receive payments of
principal and interest due and payable on or on account of securities held by JP Morgan in your account. JP Morgan shall not, however, be responsible to (a) claim payments of principal and interest due and payable with respect to securities
that are the subject of repurchase, reverse repurchase, buy/sell back or sell/buy back transactions with third parties or (b) enforce collection, by legal means or otherwise, of any payments of principal and/or interest not paid when due. 

5. Fees. From time to time, JP Morgan and you will agree on compensation to be paid with respect to Fixed Income Clearing
Transactions. JP Morgan reserves the right to impose minimum fees. 
 6. FICC Subaccount. In the event that JP
Morgan establishes a subaccount for you at the Mortgage-Backed Securities Division of the Fixed Income Clearing Corporation (“FICC”), (a) your margin requirement attributable to such subaccount shall be pursuant to
Section 5 of the IAA, and (b) you shall pay all transaction, maintenance and other fees and charges that are related to your subaccount. For the avoidance of doubt, all activities transacted through the FICC subaccount shall be deemed
Fixed Income Clearing Transactions hereunder. You shall comply with margin calls for Clearing Transactions cleared through the FICC as follows: (a) if you are notified by 12:00 p.m., such margin call shall be satisfied on the same day by the
close of the Federal Reserve wire for money transactions, or (b) if you are notified after 12:00 p.m., such margin call shall be satisfied by the close of the Federal Reserve wire for money transactions on the next New York business day;
provided, that, in the event that JP Morgan receives an intraday margin call from the FICC with respect to your subaccount (including, for the avoidance of doubt, after 12:00 p.m.) and JP Morgan determines in its sole discretion exercised in good
faith that the margin that you maintain at JP Morgan is insufficient to comply with such margin call from the FICC, JP Morgan may notify you that additional margin is required to the extent of such insufficiency, and you shall satisfy such margin
call on the same day by the close of the Federal Reserve wire for money transactions. 
 7. Activity Reports. To the extent
that cash, positions and/or transactions in securities or loans are credited to your account prior to the actual settlement of the applicable transactions to which such assets relate, including repurchase, reverse repurchase, buy/sell back or
sell/buy back transactions, such credit is a conditional entry subject to the actual settlement thereof and the fulfillment by you and third parties of your and their obligations in connection with the settlement of the applicable transaction. No
such conditional credit or entry shall release you from any such obligations. Securities or loans that are credited to your account, including those related to unsettled transactions, may be subject to repurchase, reverse repurchase, buy/sell back,
sell/buy back or other transactions that you have entered into with JP Morgan or third parties, which may substantially reduce the value of your account. In any such case your rights, in respect of such loans or securities shall consist of your
rights under the applicable repurchase, reverse repurchase, buy/sell back, sell/buy back or other transaction agreement. 
 8.
Non-Waiver. For the avoidance of doubt and as set forth in the IAA, JP Morgan may decline to clear or settle any Fixed Income Clearing Transaction including, notwithstanding your compliance with
Section 10 of this Supplement. Further, nothing contained in this Supplement nor compliance with the provisions of this Supplement shall constitute a limitation on or a waiver by JP Morgan of any of its rights under the IAA. 

  

			
	FIC-2
	 (v.2) Form # 0000

01009
	  	 JPM Standard Form

FIC Supplement to IAA (2017-02-15)

 9. Monthly Financial Statements. You will provide us with monthly financial
statements by the 20th day of the month following the end of each month. 
 10. Collateral in Connection with Clearing
Transactions. In addition to any other margin or collateral requirements of any JP Morgan Entity, you shall maintain at all times with JPMS cash or securities acceptable to JPMS as a clearing deposit or otherwise to secure the
payment and performance of your Obligations in amount determined by JPMS in its sole discretion in connection with Clearing Transactions under this Supplement. Upon termination of this Agreement, JP Morgan reserves the right to withhold margin, as
determined by it in its commercially reasonable discretion exercised in good faith, for ninety (90) days to satisfy Obligations due to reclaims or claw-backs by a clearing system or Depository in connection with Activities cleared or processed
in your FIC PB Account prior to such termination. 
 11. Authorization of Repurchase and Reverse Repurchase Transactions. You
authorize JP Morgan to engage in repurchase or reverse repurchase transactions on your behalf with a JP Morgan Entity, including J.P. Morgan Securities LLC. Any such repurchase or reverse repurchase transaction shall be subject to the terms of the
Master Repurchase Agreement entered between you and J.P. Morgan Securities LLC, or other JP Morgan Entity, and you agree to be bound by its terms, which include, without limitation, the rate, term, margin amounts and securities types, as you will be
notified pursuant to a separate confirmation of trade provided to you, and as set forth in a daily account statement provided to you. You acknowledge that you may not rely on JP Morgan to engage in repurchase or reverse repurchase transactions on
your behalf and that this authorization is not considered a line of credit or a commitment on the part of JP Morgan, nor shall past practice or custom obligate JP Morgan to engage in any such repurchase or reverse repurchase transactions in the
future. 
 12. Additional Authorization to Transfer Margin. Each JP Morgan Entity is authorized to transfer or request the transfer
of Margin or property, including cash, to or from any other JP Morgan Entity to satisfy any of your Obligations under any master repurchase agreement or securities lending agreement, including forms of such agreements is published by the Bond Market
Association (“BMA”), BMA and the International Securities Market Association (“ISMA”), and the International Securities Lenders Association (“ISLA”). If
such transfer is made to satisfy an Obligation under a repurchase agreement, global master repurchase agreement, or global master repurchase agreement, then such Margin or property shall be treated as Additional Purchase Securities, Margin
Securities or Collateral, as such terms are defined under the BMA, TBMA/ISMA or ISLA form, respectively. You acknowledge that, notwithstanding a JP Morgan Entity’s right to transfer or request the transfer of Margin or property, JP
Morgan’s rights hereunder shall not be construed as an obligation to transfer or request the transfer of Margin or property. You further acknowledge that the decision to transfer Margin or property on a particular occasion or occasions shall
not be construed as an obligation to do so in the future, and you may not rely on JP Morgan taking action hereunder. This section shall be without prejudice and in addition to any other rights JP Morgan is at any time otherwise entitled to (whether
by operation of law, contract or otherwise), including JP Morgan’s right to make a request for Margin to be delivered in some other manner. 

(continued on next page) 

  

			
	FIC-3
	 (v.2) Form # 0000

01009
	  	 JPM Standard Form

FIC Supplement to IAA (2017-02-15)

 13. Settlement Obligations. Notwithstanding anything to the contrary in the IAA,
(a) amounts required from you prior to the settlement of Fixed Income Clearing Transactions and (b) debits to your account for settlement obligations in relation to your Fixed Income Clearing Transactions shall be payable or repayable, as
the case may be, upon demand by JP Morgan. 
 SECOR MASTER FUND L.P. 

By: Ceres Managed Futures LLC 
  

			
	 By:
	 	     /s/ Patrick T.
Egan

			
	 Name and Title:
	 	      Patrick T. Egan, President & Director — Ceres Managed Futures LLC

			
		
	 Date:
	 	 July 12, 2017

  

			
	FIC-4
	 (v.2) Form # 0000

01009
	  	 JPM Standard Form

FIC Supplement to IAA (2017-02-15)

 SUPPLEMENT TO INSTITUTIONAL ACCOUNT AGREEMENT 

REGARDING PRIME BROKERAGE SERVICES 

The terms and conditions hereof (this “Supplement”) shall supplement, become part of, and be
subject to, the Institutional Account Agreement (the “IAA”) to which it is attached. This Supplement sets forth additional terms and conditions under which JP Morgan will provide prime brokerage services for your
accounts that are processed and cleared in an Equity PB Account. Notwithstanding the foregoing or anything else contained in this Supplement, this Supplement shall not apply to Activities that constitute clearance services to you for transactions
executed away from JP Morgan involving securities that are processed and cleared in a FIC PB Account (“Fixed Income Clearing Transactions”). Each transaction hereunder shall be deemed a “Clearing
Transaction”, as defined in the IAA. All defined terms in the IAA shall have the same meanings herein as they have in the IAA. In the event of any inconsistency between any term or provision contained in this Supplement and any term
or provision contained in the IAA, the relevant term or provision contained in this Supplement shall govern solely to the extent of such inconsistency. Except as provided herein, all other terms of the IAA shall continue in full force and effect.
The prime brokerage services hereunder shall be provided in a manner not inconsistent with the no-action letter dated January 25, 1994 issued by the Division of Market Regulation of the Securities and
Exchange Commission (the “SEC Letter”), as amended or supplemented. 
 1. Prior to the commencement of any
prime brokerage activity, JP Morgan will enter into an agreement with the executing broker you have designated which will set forth the terms and conditions under which your executing broker will be authorized to accept orders from you for
settlement by JP Morgan (each, a “PB Agreement”). Thereafter JP Morgan will enter into PB Agreements with any additional executing brokers you designate to it from time to time. JP Morgan will accept for
clearance and settlement trades executed on your behalf by your executing broker with which it has executed a PB Agreement with respect to you. On the day following each transaction, JP Morgan will send you a notification of each trade placed with
your executing broker based upon the information provided by you. This notification contains some but not all of the information required to appear in a confirmation. Your executing broker is responsible for delivering to you a confirmation of each
trade executed and settled on your behalf. 
 2. JP Morgan may become obligated to settle trades executed on your behalf by your executing
broker and reported to JP Morgan by you and your executing broker, provided that you have reported to JP Morgan promptly upon execution of the trade, but in no event later than 5:30 p.m. (New York time) on the trade date, or by such other
time as JP Morgan may advise you, all the details of such trades including the contract amount, the security involved, the number of shares or the number of units and whether the transaction was a long, or a short sale or a purchase, and
further provided that JP Morgan has not “DK’d” (“indicated it does not know”) or has not subsequently disaffirmed such trades. If JP Morgan becomes obligated to settle a trade, you shall be responsible and
liable to JP Morgan for making the settlement payment (including the delivery of applicable securities) with respect to each such trade. If JP Morgan determines not to settle a trade, JP Morgan shall send you a cancellation notification to offset
the notification sent to you under Section 1 of this Supplement whereupon you shall be solely responsible and liable to your executing broker for settling such trade and JP Morgan shall not have settlement responsibility for such trade. In
addition, JP Morgan may be required to cease providing prime brokerage services to you in accordance with the PB Agreement. 
 3. If
(a) (i) an insolvency, bankruptcy, or similar proceeding occurs in respect of your executing broker, (ii) your executing broker’s registration is terminated or it ceases to do business as a broker-dealer, or (iii) your executing
broker fails, refuses or is unable, for any reason or for no reason, to settle a trade, and (b) JP Morgan agrees to settle any trades executed on your behalf by such executing broker, regardless whether JP Morgan did not DK and did not
disaffirm such trades, then you shall be solely responsible, and liable to JP Morgan, for any losses, costs or expenses arising out of or incurred in connection with JP Morgan’s agreement to settle such trades. 

  

			
	PBS-1
	 (v.2) Form # 0000

01010
	  	 JPM Standard Form

Prime Broker Supplement to IAA (2017-02-15)

 4. You shall maintain in your account with JP Morgan such minimum net equity in cash or
securities as JP Morgan may require, from time to time (the “JP Morgan Net Equity Requirements”), which shall in no event be less than the minimum net equity required by the SEC Letter (the
“SEC Net Equity Requirements”). In the event your account falls below the SEC Net Equity Requirements, you hereby authorize JP Morgan to notify promptly all executing brokers with whom it has a PB
Agreement on your behalf of such event. Moreover, if you fail to restore your account to compliance with the SEC Net Equity Requirements within the time specified in the SEC Letter, JP Morgan shall: (a) notify all such executing brokers that JP
Morgan is no longer acting as your prime broker and (b) “DK” all prime brokerage transactions on your behalf with trade date after the business day on which such notification was sent. In the event either: (a) your account falls below
the JP Morgan Net Equity Requirements, (b) JP Morgan determines that there would not be enough cash in your account to settle such transactions or that a maintenance margin call may be required as a result of settling such transactions, or
(c) JP Morgan determines that the continuation of prime brokerage services to you presents an unacceptable risk to JP Morgan taking into consideration all the facts and circumstances, JP Morgan may disaffirm all your prime brokerage
transactions and/or cease to act as your prime broker. 
 5. If you have instructed your executing broker to send confirmations to you in
care of JP Morgan, as your prime broker, the confirmation sent by such executing broker is available to you promptly from JP Morgan, at no additional charge. 

6. If your account is managed on a discretionary basis, you hereby acknowledge that your prime brokerage transactions may be aggregated with
those of other accounts of your advisor, according to your advisor’s instructions, for execution by your executing brokers in a single bulk trade and for settlement in bulk by JP Morgan. You hereby authorize JP Morgan to disclose your name,
address and tax ID number to your executing brokers. In the event any trade is disaffirmed, as soon as practicable thereafter, JP Morgan shall supply your executing brokers with the allocation of the bulk trade, based upon information provided by
your advisor. 
 SECOR MASTER FUND L.P. 

By: Ceres Managed Futures LLC 
  

			
	 By:
	 	     /s/ Patrick T.
Egan

			
	Name and Title:	 	      Patrick T. Egan, President & Director — Ceres Managed Futures LLC
		
	Date:	 	 July 12, 2017

  

			
	PBS-2
	 (v.2) Form # 0000

01010
	  	 JPM Standard Form

Prime Broker Supplement to IAA (2017-02-15)

 

 
 LIQUID SHARES NOTICE TERMS AND CONDITIONS 

These terms and conditions apply to any locate notice that we issue to you (or to an investment manager or other agent acting on your behalf)
in relation to liquid shares being shares to which EU Regulation No 236/2012 on short selling and certain aspects of credit default swaps (the “Regulation”) applies and which meet the liquidity requirement established
in Article 22 of EU Regulation No 1287/2006, or are included in the main national equity index as identified by the relevant competent authority of a member state and are the underlying financial instrument for a derivative contract admitted to
trading on a trading venue (as contemplated under Article 6(4) of Commission Implementing Regulation (EU) No 827/2012) (“Shares”) (each such notice a “Liquid Shares Notice”). 

These terms and conditions are supplemental to the Institutional Account Agreement entered into between you and us (the
“IAA”). To the extent that there is a conflict between these terms and conditions and the terms and conditions of the IAA, these terms and conditions shall prevail. Words and expressions defined in the IAA have the
same meanings in these terms. 
 Confirmation: If we issue a Liquid Shares Notice to you or to an investment manager or other
agent acting on your behalf, this will be confirmation by us that (subject to these terms and conditions): (a) we consider that we can make Shares of the description and up to the maximum number specified in the Liquid Shares Notice (the
“Maximum Number”) available to you for settlement in due time (being the standard settlement time for the relevant Shares following the time of the trade) taking into account the amount of the Shares specified in the
Liquid Shares Notice and market conditions; and (b) such Shares are easy to borrow or purchase in the relevant quantity taking into account market conditions and other information available to us on the supply of such Shares. If we issue a
Liquid Shares Notice to an investment manager or other agent acting on your behalf and on behalf of another party or parties, the aggregate number of Shares that we consider we can make available for settlement to all parties for whom such
investment manager or other agent is acting will be equal to the Maximum Number of Shares. 
 No Commitment: The Liquid Shares
Notice represents our assessment of our ability to make Shares available to you for settlement and is not an undertaking to lend or otherwise procure the transfer of Shares to you. 

Duration: Our confirmation will be valid in respect of sales of Shares entered into at or prior to the close of business on the
date of the relevant Liquid Shares Notice in the market within the European Economic Area on which the Shares specified in the Liquid Shares Notice are admitted to trading (or such other time as is specified in the Liquid Shares Notice). 

Liability: Our liability to you under these terms and conditions shall be subject to the provisions of the IAA including but not
limited to any limitation of liability and force majeure provisions. 
 No Representation: It is your sole responsibility to
ensure your compliance with the requirements of the Regulation. We accept no obligation or liability in this regard, and make no representation as to the compliance of any arrangements with the requirements of the Regulation. 

Confirmation: Without prejudice to the paragraph above, we confirm that as part of our business we participate in the borrowing
and purchasing of Shares. 

  

			
	 (v.1) Form # 5476

01091
	  	 JPMS Standard Form Liquid Shares Notice Terms and Conditions

Annex to Institutional Account Agreement 2017-02-15

 

 
 ILLIQUID SHARES NOTICE TERMS AND CONDITIONS 

These terms and conditions apply to any locate notice that we issue to you (or to an investment manager or other agent acting on your behalf)
in relation to illiquid shares being shares to which EU Regulation No 236/2012 on short selling and certain aspects of credit default swaps (the “Regulation”) applies and which neither meet the liquidity requirement
established in Article 22 of EU Regulation No 1287/2006 nor are included in the main national equity index as identified by the relevant competent authority of a member state and are the underlying financial instrument for a derivative contract
admitted to trading on a trading venue (as contemplated under Article 6(4) of Commission Implementing Regulation (EU) No 827/2012)) (“Shares”) (each such notice an “Illiquid Shares
Notice”). 
 These terms and conditions are supplemental to the Institutional Account Agreement entered into between you
and us (the “IAA”). To the extent that there is a conflict between these terms and conditions and the terms and conditions of the IAA, these terms and conditions shall prevail. Words and expressions defined in the IAA
have the same meanings in these terms and conditions. 
 Commitment: If we issue an Illiquid Shares Notice to you or to an
investment manager or other agent acting on your behalf, this will be a commitment by us to lend or otherwise transfer to you or to your order Shares of the description and up to the maximum number specified in the Illiquid Shares Notice (the
“Maximum Number”), subject to the terms set out below and the terms of the IAA. If we issue an Illiquid Shares Notice to an investment manager or other agent acting on your behalf and on behalf of another party or
parties, the maximum aggregate amount of our commitment to all parties for whom such investment manager or other agent is acting will be equal to the Maximum Number of Shares. 

Duration and undertaking: Our commitment will be valid in respect of sales of Shares entered into at or prior to the close of
business on the date of the relevant Illiquid Shares Notice in the market within the European Economic Area on which the Shares specified in the Illiquid Shares Notice are admitted to trading (or such other time as is specified in the Illiquid
Shares Notice) (the “Cut-off Time”). Provided that you have, or an investment manager or other agent acting on your behalf has, submitted to us before 7:00 p.m. (New York time)
(or such other time as is specified in the Illiquid Shares Notice) (the “Trade File Cut-off Time”) a trade file specifying the relevant sale transactions (the
“Trade File”), we undertake (subject to these terms and conditions and the terms of the IAA) to lend or otherwise transfer to you or to your order Shares of the description specified in the Illiquid Shares Notice in a
number (the “Actual Number”) equal to the lesser of (a) the number of such Shares specified in the Illiquid Shares Notice and (b) the number of such Shares specified in the Trade File, for settlement at such
time as is specified in the Trade File (being no earlier than the standard settlement time for the relevant Shares following the time of the trade). If the Trade File is submitted by an investment manager or other agent acting on your behalf and on
behalf of another party or parties, the aggregate number of Shares that we undertake to lend or otherwise transfer to all parties for whom such investment manager or other agent is acting will be equal to the Actual Number of Shares. 

Following the Trade File Cut-off Time we will have no further commitment to you in respect of any
Shares other than those specified in the Trade File. 
 Revocation or amendment: We may at any time by notice to you revoke or
reduce our commitment or specify a different Cut-off Time. Such notice will not affect our commitment to lend or otherwise transfer to you in accordance with these terms and conditions any Shares specified in
the Illiquid Shares Notice that you have sold before such notice is given and that are specified in a Trade File submitted to us (whether before or after your receipt of such notice) before the Trade File
Cut-off Time. 
 Terms: The fee or rate payable in respect of the loan or other
provision of Shares will be as notified to or agreed with you (or an investment manager or other agent acting on your behalf). 

Conditions: Our obligation to lend or otherwise transfer Shares to you in accordance with these terms and conditions is
conditional on (a) your continued compliance in all material respects with the terms of the IAA, 

  

			
	 (v.1) Form # 5477

01092
	  	 JPMS Standard Form Illiquid Shares Notice Terms and Conditions

Annex to Institutional Account Agreement 2017-02-15

 
including but not limited to your maintaining, providing or making available to us such amount of eligible margin or collateral in respect of the loan or other provision of Shares (together with
your other obligations) as is required under the IAA and any related documentation; and (b) no event permitting us to terminate the IAA without notice (“event of default”) or event which, upon the expiry of time or our determination
in accordance with the provisions of the IAA, would be an event of default having occurred. 
 Liability: Our liability for
any failure to lend or otherwise transfer Shares to you in accordance with these terms and conditions shall be subject to the provisions of the IAA including but not limited to any limitation of liability and force majeure provisions,
provided that any force majeure provisions shall operate to exclude our liability for any such failure rather than to terminate our obligation to lend or otherwise transfer Shares to you but without prejudice to our ability to rely on any
right under the IAA to be indemnified by you. 
 No representation: It is your sole responsibility to ensure your compliance
with the requirements of the Regulation. We accept no obligation or liability in this regard, and make no representation as to the compliance of any arrangements with the requirements of the Regulation. 

Acceptance: By making a request to us for a commitment in relation to Shares pursuant to these terms and conditions you will be
deemed to accept these terms and conditions. 

  

					
	 (v.1) Form # 5477

01092
	 	 Page 2
	  	
JPMS Standard Form Illiquid Shares Notice Terms and Conditions

Annex to Institutional Account Agreement 2017-02-15

 

 
 STANDARD SOVEREIGN DEBT NOTICE TERMS AND CONDITIONS 

These terms and conditions apply to any locate notice that we issue to you (or to an investment manager or other agent acting on your behalf)
in relation to sovereign debt instruments to which EU Regulation No. 236/2012 on short selling and certain aspects of credit default swaps (the “Regulation”) applies (“Sovereign
Debt”) (each such notice a “Standard Sovereign Debt Notice”). 
 These terms and conditions
are supplemental to the Institutional Account Agreement entered into between you and us (the “IAA”). To the extent that there is a conflict between these terms and conditions and the terms and conditions of the IAA,
these terms and conditions shall prevail. Words and expressions defined in the IAA have the same meaning in these terms. 

Confirmation: If we issue a Standard Sovereign Debt Notice to you (or to an investment manager or other agent acting on your
behalf), this will be confirmation by us that (subject to these terms and conditions) we consider that we can make Sovereign Debt of the description and up to the maximum amount specified in the Standard Sovereign Debt Notice (the
“Maximum Amount”) available to you for settlement in due time (being the standard settlement time for the relevant Sovereign Debt following the time of the trade) taking into account the amount of the Sovereign Debt
specified in the Standard Sovereign Debt Notice and market conditions. If we issue a Standard Sovereign Debt Notice to an investment manager or other agent acting on your behalf and on behalf of another party or parties, the aggregate amount of
Sovereign Debt that we consider we can make available for settlement to all parties for whom such investment manager or other agent is acting will be equal to the Maximum Amount of Sovereign Debt. 

No Commitment: The Standard Sovereign Debt Notice represents our assessment of our ability to make Sovereign Debt available to
you for settlement and is not an undertaking to lend or otherwise procure the transfer of Sovereign Debt to you. 
 Duration:
Our confirmation will be valid in respect of sales of Sovereign Debt entered into at or prior to the close of business on the date of the relevant Standard Sovereign Debt Notice (or such other time as is specified in the Standard Sovereign Debt
Notice). 
 Liability: Our liability to you under these terms and conditions shall be subject to the provisions of the IAA
including but not limited to any limitation of liability and force majeure provisions. 
 No Representation: It is your sole
responsibility to ensure your compliance with the requirements of the Regulation. We accept no obligation or liability in this regard, and make no representation as to the compliance of any arrangements with the requirements of the Regulation. 

Confirmation: Without prejudice to the paragraph above, we confirm that as part of our business we participate in the borrowing
and purchasing of Sovereign Debt. 

  

			
	 (v.1) Form # 5478

01093
	  	 JPMS Standard Form Standard Sovereign Debt Notice Terms and
Conditions
 Annex to Institutional Account Agreement 2017-02-15EX-10.02

 Exhibit 10.02 
  

 
 FOREIGN EXCHANGE AND BULLION AUTHORIZATION AGREEMENT (the
“Agreement”), dated as of July 12, 2017, among JPMorgan Chase Bank, N.A. (“JPMC”), SECOR Capital Advisors, LP (the “Investment Manager”), and SECOR Master Fund L.P. (the “Fund”). 

WHEREAS, from time to time, JPMC may enter into a Master Foreign Exchange Give-Up
Agreement (a “Give-Up Agreement”) with a third party (a “Dealer”) substantially in the form attached hereto as Exhibit B, with such changes to which JPMC and the Dealer may agree, or such
other form that is acceptable to JPMC; 
 WHEREAS, JPMC may, in its discretion, authorize the Investment Manager to enter
into transactions on behalf of JPMC with a Dealer or other entity subject to the terms and conditions set forth in this Agreement and any applicable Give-Up Agreement, Reverse Dealer Give Up Agreement,
Designated Trading Agreement, Reverse Give-In Agreement or Double Give Up Agreement; and 

WHEREAS, JPMC may, from time to time in its discretion, authorize the Investment Manager and/or a Designated Third Party (as
defined below) to enter into ETS Transactions (as defined below) over an electronic trading system selected by JPMC (an “ET System”) (i) on behalf of JPMC with one or more entities (each, an “ETS Counterparty”) that quotes
prices, and/or responds to price quotes, on such ET System and/or (ii) with JPMC directly, in each case subject to compliance with financial limits and other restrictions established by JPMC. 

NOW, THEREFORE, in consideration of the representations and premises set forth herein, JPMC, the Investment Manager, and the
Fund hereby agree as follows: 
 1. Terms used in this Agreement without definition have the meanings set forth in the
applicable Give-Up Agreement, the 1998 FX and Currency Option Definitions (published by the International Swaps and Derivatives Association, Inc. (“ISDA”), the Emerging Markets Traders Association
and the Foreign Exchange Committee) (the “FX Definitions”), or the 2005 ISDA Commodity Definitions (the “Bullion Definitions”) or any successor publications. In the event of any inconsistency between the FX Definitions and the
Bullion Definitions, the FX Definitions will prevail for the purposes of this Agreement. The following terms have the following meanings: 

“Bullion Direct Transactions” means Direct Transactions that are Bullion Options or Bullion Trades. 

“Bullion NOP” means, in respect of all Bullion Offsetting Transactions, Bullion Novated Transactions, and Bullion
Direct Transactions between JPMC and the Fund, the amount calculated by JPMC as follows: 

 (i) for Bullion Options, (x) determine the delta equivalent of each Bullion
Option, (y) for each type of Bullion, aggregate and net the delta equivalents owed by the Fund to JPMC or owed by JPMC to the Fund, and (z) aggregate (without netting) the amounts determined pursuant to subclause (y) immediately above
in respect of those types of Bullion with respect to which the Fund owes a net amount to JPMC plus the amounts determined pursuant to subclause (y) immediately above in respect of types of Bullion with respect to which JPMC owes a net amount to
the Fund; 
 (ii) for each Bullion Trade, (x) determine the Dollar Value for each type of Bullion owed by the Fund to
JPMC or owed by JPMC to the Fund under such Bullion Trade, (y) for each type of Bullion, determine the net Dollar Value amount owed by the Fund to JPMC or owed by JPMC to the Fund by summing the Dollar Values of all long and short positions in
such Bullion as determined pursuant to subclause (x) immediately above, and (z) aggregate (without netting) the amounts determined pursuant to subclause (y) immediately above in respect of types of Bullion with respect to which the
Fund owes a net amount to JPMC plus the amounts determined pursuant to subclause (y) immediately above in respect of types of Bullion with respect to which JPMC owes a net amount to the Fund; and 

(iii) aggregate the amounts determined pursuant to subclauses (i) and (ii) immediately above. 

“Bullion NOP Limit” means USD0. 

“Bullion Novated Transactions” means Novated Transactions that are Bullion Options or Bullion Trades. 

“Bullion Offsetting Transactions” means Offsetting Transactions that are Bullion Options or Bullion Trades. 

“Calculation Period” means, each period from, and including, the first day of each calendar month to, and including,
the last day of such calendar month, provided, however, that (i) the initial Calculation Period will commence on, and include, the date hereof and (ii) the final Calculation Period will end on, and include, the Termination Date. 

“Calculation Period Aggregate Amount” means, in respect of any Calculation Period, the sum of the USD Equivalents of
all Offsetting Transactions (including Novated Transactions, Disclosed ETS Transactions, Corresponding Transactions, Reverse Dealer Transactions, and Double Give Up Transactions) and ETS Transactions that are Direct Transactions between JPMC and the
Fund, JPMC and a Counterparty, JPMC and a Reverse Dealer, and JPMC and a Double Give Up Dealer, as applicable, entered into during such Calculation Period. 

  
 2 

 “Client” means, a third party customer for which the Counterparty or
Double Give Up Dealer, as the case may be, is acting as the prime broker. 
 “Corresponding Transaction” means, a
transaction entered into between the Investment Manager and a Counterparty pursuant to the terms of a Reverse Give-In Agreement. 

“Counterparty” means, a third party dealer who has entered into a Reverse
Give-In Agreement with JPMC, the Investment Manager, and, if applicable, the Investment Manager’s or Fund’s authorized trading agent and/or a Client. 

“Designated Third Party” means an entity other than the Investment Manager that (a) has been identified by the
Investment Manager and approved by JPMC in its sole discretion to (i) enter into FX Transactions, Currency Option Transactions, Bullion Trades and/or Bullion Options on behalf of the Investment Manager, or (ii) has authorized the
Investment Manager to enter into FX Transactions and/or Currency Option Transactions, Bullion Trades and/or Bullion Options on its behalf, and (b) has entered into a Designated Trading Agreement. 

“Designated Trading Agreement” means, (1) a trading agreement among JPMC, the Investment Manager and a
Designated Third Party which agreement authorizes the Investment Manager to enter into FX Transactions and/or Currency Option Transactions, Bullion Trades and/or Bullion Options in the name of JPMC, but as agent for such Designated Third Party from
time to time, for give up to a Reverse Dealer identified in such trading agreement and describes the rights and responsibilities of the parties resulting therefrom; or (2) a trading agreement among JPMC, the Investment Manager and a Designated
Third Party which agreement authorizes the Designated Third Party to enter into FX Transactions, Currency Option Transactions, Bullion Trades and/or Bullion Options on behalf of the Fund as agent for the Investment Manager from time to time and
describes the rights and responsibilities of the parties resulting therefrom. 
 “Direct Transaction” means any
Transaction other than an Offsetting Transaction or a Novated Transaction, between JPMC and the Fund that is governed by the Master Agreement, including, without limitation any ETS Transaction entered into directly with JPMC. 

“Disclosed ETS Transactions” has the meaning set forth in Section 2. 

“Dollar Value” means (i) with respect to an amount of currency at any time, (y) if such currency is USD,
such amount and (z) in all other cases, the amount of USD which could be purchased at the market rate against delivery of such amount of currency and (ii) in respect of a quantity of Bullion at any time, the amount of USD payable at the
market rate for the purchase of the relevant quantity of Bullion. The market rate shall be determined by JPMC (in good faith and in a commercially reasonable manner) to be the market rate available to JPMC at such time in a foreign exchange or
Bullion market, as the case may be, reasonably selected by JPMC in which the currency or Bullion is traded. 

  
 3 

 
If JPMC is unable to obtain a market rate pursuant to the immediately preceding sentence, JPMC will determine the applicable rate in good faith and in a commercially reasonable manner. 

“Double Give Up Agreement” means, a give up agreement entered into among JPMC, a Double Give Up Dealer, the
Investment Manager and/or the Fund, and a Client, pursuant to which the Investment Manager and/or the Fund and such Client may enter into transactions on behalf of JPMC and such Double Give Up Dealer, respectively, subject to and in accordance with
the terms of such agreement and, in respect of the Investment Manager and/or the Fund, subject to the terms and conditions of this Agreement. 

“Double Give Up Dealer” means a third party dealer who has entered into a Double Give Up Agreement with JPMC, the
Investment Manager and/or the Fund, and a Client. 
 “Double Give Up Transaction” means a transaction entered into
between the Investment Manager and/or the Fund (on behalf of JPMC) and a Client (on behalf of a Double Give Up Dealer) pursuant to the terms of a Double Give Up Agreement. 

“ETS Limits” has the meaning set forth in Section 2(c). 

“ETS Transactions” means FX Transactions and/or Currency Option Transactions and/or Bullion Options and/or Bullion
Trades as authorized by JPMC on the relevant ET System or otherwise. 
 “FX Direct Transactions” means Direct
Transactions that are FX Transactions or Currency Option Transactions. 
 “FX NOP” means, in respect of all FX
Offsetting Transactions, FX Novated Transactions, and FX Direct Transactions between JPMC and the Fund, the amount, if positive, calculated by JPMC as follows: 

(A)(i) for each FX Transaction (assuming, in respect of any Non-Deliverable FX
Transaction, the actual exchange of the amounts of the relevant currencies), determine the Dollar Value for each currency (including USD) owed by the Fund to JPMC or owed by JPMC to the Fund under such FX Transaction; and (ii) for each currency
(including USD), determine the net Dollar Value amount owed by the Fund to JPMC or owed by JPMC to the Fund by summing the Dollar Values of all JPMC’s long and short positions in such currency as determined pursuant to subclause
(i) immediately above; 
 (B) in respect of Currency Option Transactions, (i) determine the delta equivalent of
each leg of the Currency Pair in respect of each Currency Option Transaction, (ii) for each currency, aggregate and net the delta equivalents of amounts in such currency (assuming exercise of each Currency Option Transaction on its

  
 4 

 
expiration date or the latest date on which exercise is permitted thereunder) owed by the Fund to JPMC and owed by JPMC to the Fund, and (iii) for each currency, add the net delta equivalent
for such currency to the net Dollar Value determined in respect of such currency pursuant to subclause (A)(ii); and 
 (C)
aggregate the amounts determined pursuant to subclause (B)(iii) in respect of currencies with respect to which the Fund owes a net aggregate amount to JPMC. 

“FX NOP Limit” means USD58,000,000. 

“FX Novated Transactions” means Novated Transactions that are FX Transactions or Currency Option Transactions. 

“FX Offsetting Transactions” means Offsetting Transactions that are FX Transactions or Currency Option Transactions.

 “Investment Manager Notice” has the meaning set forth in Section 4. 

“Master Agreement” means the ISDA Master Agreement, dated as of July 12 2017, between JPMC and the Fund, as may
be amended, modified or supplemented from time to time. 
 “Non-Conforming ETS
Transaction” has the meaning set forth in Section 2(c). 
 “Novated Transaction” has the meaning set
forth in Section 5(b). 
 “Offsetting Transaction” has the meaning set forth in Section 5(a). 

“Permitted ETS Currency” means AUD, BRL, CAD, CHF, CLP, CNH, CNY, COP, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR,
JPY, KRW, MXN, MYR, NOK, NZD, PHP, PLN, RUB, SAR, SEK, SGD, THB, TRY, TWD, USD, ZAR, provided, however, that such Permitted ETS Currencies can be amended by JPMC at any time with notice to the Investment Manager. 

“Permitted ETS Bullion” has the meaning set forth in Section 2(c). 

“Proceedings” means any suit, action, or other proceeding relating to this Agreement. 

“Qualifying Transactions” means any combination of Direct Transaction(s), Offsetting Transaction(s), and/or Novated
Transaction(s) selected by JPMC in its discretion that are (i) Deliverable FX Transactions with the same Settlement Date involving the same Currency Pair and under each of which the Fund is required to deliver one type of currency and JPMC is
required to deliver the other type of currency or (ii) Bullion Trades with the same Bullion Transaction Settlement Date involving the same 

  
 5 

 
pair of Bullion and currency and under each of which either (y) the Fund is required to deliver the relevant type of Bullion and JPMC is obligated to deliver the relevant type of currency or
(z) the Fund is required to deliver the relevant type of currency and JPMC is obligated to deliver the relevant type of Bullion. 

“Reverse Dealer” means, a dealer (i) that has executed a Reverse Dealer
Give-Up Agreement with JPMC pursuant to which such dealer is acting in the capacity of prime broker for the Investment Manager, a Fund, and/or a Designated Third Party, as the case may be, and (ii) that
enters into a Reverse Dealer Transaction pursuant to such Reverse Dealer Give-Up Agreement. 

“Reverse Dealer Give-Up Agreement” means, a give up agreement between a
Reverse Dealer and JPMC (which may also include the Investment Manager, a Fund or Funds, and/or a Designated Third Party), pursuant to which such Reverse Dealer has agreed to act as a prime broker for the Investment Manager, a Fund or Funds, and/or
a Designated Third Party, as the case may be, and has agreed to enter into transactions with JPMC in accordance with the terms of such agreement. 

“Reverse Dealer Transaction” has the meaning set forth in Section 5(c). 

“Reverse Give-In Agreement” means, a
give-up agreement entered into among JPMC, a Counterparty, the Investment Manager, and, if applicable, the Investment Manager’s authorized trading agent and/or a Client, governing the relevant
Corresponding Transactions. 
 “Termination Date” means the earlier of (i) any date on which this Agreement
is terminated pursuant to Section 11 and (ii) any date as of which JPMC terminates the authority of the Investment Manager to enter into Corresponding Transactions with a Counterparty, Designated Transactions on its behalf with all
Dealers, Double Give Up Transactions on its behalf with all Double Give Up Dealers, and ETS Transactions on its behalf over all ET Systems pursuant to Section 3. 

“USD Equivalent” means (i) in respect of each FX Offsetting Transaction, each FX Direct Transaction and each
Reverse Dealer Transaction that is a FX Transaction or Currency Option Transaction (assuming (1) the exercise of any Currency Option Transaction and (2) in respect of any Non-Deliverable FX
Transaction, the actual exchange of the amounts of the relevant currencies), (y) if there is a USD amount payable either to or by JPMC under such FX Offsetting Transaction, FX Direct Transaction, or Reverse Dealer Transaction, as the case may be,
such USD amount or (z) if there is no USD amount payable either to or by JPMC under such FX Offsetting Transaction, FX Direct Transaction, or Reverse Dealer Transaction, as the case may be, then the Dollar Value, determined by JPMC, of the
amount of currency payable to JPMC under such FX Offsetting Transaction or Reverse Dealer Transaction, as the case may be, and (ii) in respect of each Bullion Offsetting Transaction, each Bullion Direct Transaction, or Reverse Dealer
Transaction that is a Bullion Trade or Bullion Option, as the case may be, (assuming the exercise of any Bullion Option), the Dollar Value, determined by JPMC, of 

  
 6 

 
the relevant quantity of Bullion payable to JPMC under such Bullion Offsetting Transaction, Bullion Direct Transaction, or Reverse Dealer Transaction, as the case may be,. 

2. (a) JPMC may, from time to time in its discretion, authorize the Investment Manager to enter into Designated Transactions
on behalf of JPMC with a Dealer by executing and delivering to such Dealer a Designation Notice under the Give-Up Agreement between JPMC and such Dealer in which the Investment Manager is designated as the
Agent. Such authorization shall be subject to the terms and conditions of this Agreement and the applicable Give-Up Agreement. Not in limitation of the foregoing, (i) Designated Transactions shall be
limited to the types set forth in the applicable Designation Notice and to the restrictions set forth in such Designation Notice (including, without limitation, restrictions relating to Permitted Currencies, Permitted Bullion Types, and Maximum
Tenor) and (ii) any such authorization in respect of any particular Dealer is expressly limited to a Net Open Position not to exceed the Net Open Position Limit and a Bullion NOP not to exceed the Bullion NOP Limit set forth in the applicable
Designation Notice. For purposes of calculating the Net Open Position and Bullion NOP, “Investment Manager” shall be deemed to mean the Investment Manager or any Designated Third Party trading in the name of the Investment Manager pursuant
to a Designated Trading Agreement, and the Net Open Position Limit or Bullion NOP Limit, as the case may be, shall include Designated Transactions entered into by the Investment Manager hereunder and pursuant to a Designated Trading Agreement or a
Reverse Dealer Give-Up Agreement and Double Give Up Transactions entered into by the Investment Manager and/or the Fund pursuant to a Double Give Up Agreement. 

(b) JPMC may, from time to time in its discretion, authorize the Investment Manager to enter into Corresponding Transactions
pursuant to Reverse Give-In Agreement(s) and/or Double Give Up Transactions pursuant to Double Give Up Agreement(s). Such authorization is subject to the terms and conditions of this Agreement and the Reverse Give-In Agreement or Double Give Up Agreement, as applicable. Not in limitation of the foregoing, (i) Corresponding Transactions shall be limited to (A) the types set forth in the applicable Reverse Give-In Agreement and to the restrictions set forth in such Reverse Give-In Agreement (including, without limitation, restrictions relating to currencies and tenor) and
(B) any net open position limit (howsoever described) set forth in the Reverse Give-In Agreement, and (ii) Double Give Up Transactions shall be limited to (A) the types set forth in the
applicable Double Give Up Agreement and to the restrictions set forth in such Double Give Up Agreement (including, without limitation, restrictions relating to currencies and tenor) and (B) any net open position limit (howsoever described) set
forth in the Double Give Up Agreement. 
 (c) JPMC may, from time to time in its discretion, authorize the Investment
Manager and/or a Designated Third Party to enter into ETS Transactions on an ET System with one or more ETS Counterparties and/or with JPMC directly, subject to compliance with financial limits (“ETS Limits”) and other restrictions
established by JPMC on such ET System or communicated in writing to the Investment Manager by 

  
 7 

 
notice or otherwise available on the applicable ET System. The Investment Manager agrees that it or a Designated Third Party will not enter into any transaction on an ET System that
(i) causes any ETS Limit to be exceeded or further exceeded, (ii) is not an authorized ETS Transaction, (iii) involves a currency other than a Permitted ETS Currency, (iv) involves a type of Bullion other than the types of
Bullion specified by JPMC on the ET System or otherwise (“Permitted ETS Bullion”), or (v) otherwise does not comply with any restrictions established by JPMC from time to time (any ETS Transaction that does not conform to these
criteria is hereinafter referred to as a “Non-Conforming ETS Transaction”). 

(d) Each ETS Transaction shall be a Direct Transaction except (i) in the case of an ET System under which the Investment
Manager and the ETS Counterparty are identified to each other at the time that an ETS Transaction is entered into on that ET System or (ii) where the ETS Transaction was entered into by a Designated Third Party or by the Investment Manager on
behalf of a Designated Third Party pursuant to a Reverse Dealer Give-Up Agreement or a Double Give Up Agreement (in the case of either (i) or (ii), a “Disclosed ETS Transaction”). A Disclosed
ETS Transaction shall be authorized only if the Investment Manager and/or a Designated Third Party has been designated as an Agent under a Give-Up Agreement between JPMC and the relevant ETS
Counterparty/Dealer or pursuant to the terms of a Reverse Dealer Give-Up Agreement or a Double Give Up Agreement, as applicable. Each Disclosed ETS Transaction must comply with the limitations and restrictions
set forth in, and pursuant to, both Sections 2(a) and (c). 
 (e) The Investment Manager shall not enter into any FX Direct
Transaction, Designated Transaction or ETS Transaction or any FX Offsetting Transaction on behalf of the Fund which results in the FX NOP exceeding or further exceeding the FX NOP Limit. The Investment Manager shall not enter into any Bullion Direct
Transaction, Designated Transaction or ETS Transaction or any Bullion Offsetting Transaction on behalf of the Fund which results in the Bullion NOP exceeding or further exceeding the Bullion NOP Limit. 

(f) JPMC shall promptly notify the Investment Manager of the material terms of any Designation Notice in which the Investment
Manager is named as Agent and provide to the Investment Manager upon request a copy of the applicable Give-Up Agreement, if not previously provided to the Investment Manager. JPMC shall also notify the
Investment Manager of any material amendment to any such Designation Notice or Give-Up Agreement. JPMC shall notify the Investment Manager of each ET System on which the Investment Manager is authorized to
enter into ETS Transactions, the nature of the authorized ETS Transactions, the applicable ETS Limits, the Permitted ETS Currencies, the Permitted ETS Bullion, and any other applicable restrictions. 

3. JPMC may at any time in its sole discretion, by notice to the Investment Manager, amend the terms of any Designation
Notice, terminate the authority of the Investment Manager to enter into Designated Transactions on its behalf with any or all Dealers or to enter into ETS Transactions using any ET System, amend any ETS Limit or

  
 8 

 
other restriction applicable to ETS Transactions that the Investment Manager is authorized to enter into on behalf of JPMC on any ET System, terminate the authority of the Investment Manager to
enter into ETS Transactions with any or all ETS Counterparties, amend any limits or restrictions in the Reverse Give-In Agreement(s), Reverse Dealer Give-Up
Agreement(s), or Double Give Up Agreement(s), terminate the authority of the Investment Manager to enter into Corresponding Transactions, terminate the authority of the Investment Manager or a Designated Third Party to commit JPMC to enter into
Reverse Dealer Transactions, terminate the authority of the Investment Manager and/or the Fund to enter into Double Give Up Transactions under the Double Give Up Agreement(s), or amend the FX NOP Limit, the Bullion NOP Limit. Any such notice shall
not affect any Direct Transactions, Novated Transactions, or any Designated Transactions entered into by the Investment Manager on behalf of JPMC with any applicable Dealer or any ETS Transactions entered into by the Investment Manager, any
Corresponding Transactions entered into by the Investment Manager on behalf of JPMC with a Counterparty under the Reverse Give-In Agreement(s) or any Reverse Dealer Transactions under the Reverse Dealer Give-Up Agreement(s) or any Double Give Up Transactions under the Double Give Up Agreement(s) before the Investment Manager’s receipt of such notice, or any corresponding Offsetting Transactions.
Notwithstanding anything to the contrary in any agreement (including without limitation any Give-Up Agreement, Designation Notice, Reverse Give-In Agreement, Reverse
Dealer Give-Up Agreement, or Double Give Up Agreement), any such notice shall be effective immediately upon receipt by the Investment Manager and JPMC shall be entitled to take the actions specified in
Section 5(i) hereof based on the authority and limits established in such notices. 
 4. (a) The Investment Manager shall promptly
notify JPMC, by means of an electronic system acceptable to JPMC (provided, however, that if such electronic system is not available at that time, the notice shall be made by telephone to JPMC at the telephone number set forth on the signature page
hereof (or such other telephone number of which JPMC notifies the Investment Manager), with notice to be made by the Investment Manager by such electronic system as soon as reasonably practicable after it becomes available) (each such notice, a
“Investment Manager Notice”), of (i) the Material Terms of each Designated Transaction, Disclosed ETS Transaction (except as otherwise provided in subsection (b) below), Corresponding Transaction or Double Give Up Transaction,
(ii) the identity of such Dealer, Counterparty, ETS Counterparty, Client, or Designated Third Party, as the case may be, the Fund(s) that are the parties to the corresponding Offsetting Transaction(s) or Direct Transaction(s), and the
allocations of the amounts or quantities involved in such Offsetting Transaction(s) or Direct Transaction(s) to such Fund(s) or Client, as the case may be, (iii) if applicable, the name of the Reverse Dealer with which JPMC will be entering
into a Reverse Dealer Transaction, (iv) if applicable, the name of the Double Give Up Dealer involved in the Double Give Up Transaction, and (v) if applicable, the Investment Manager’s or Fund’s authorized trading agent or Client
with respect to the Corresponding Transaction. Material Terms of each Disclosed ETS Transaction entered into by the Investment Manager on behalf of JPMC with an ETS Counterparty and the identify of such ETS Counterparty. Material Terms in respect of
any type of transaction include those set forth 

  
 9 

 
in Exhibit A hereto. Notwithstanding anything to the contrary in this Agreement, if the Investment Manager does not notify JPMC of any of the Material Terms set forth in italics on Exhibit A with
respect to a particular transaction type, the Fund and JPMC hereby agree that such Material Terms confirmed between JPMC and the Dealer, Double Give Up Dealer, Counterparty or ETS Counterparty will be deemed to apply to the Offsetting Transaction
entered into between JPMC and the Fund pursuant to Section 5 of this Agreement. Any electronic message sent by the Investment Manager to JPMC pursuant to Part 6 of the Master Agreement in respect of a Designated Transaction shall constitute
notice of the Material Terms of such Designated Transaction for the purposes of this provision. 
 (b) If an ET System makes
available to JPMC, either directly or through a separate trade communication system, the record of the Material Terms of any ETS Transaction entered into thereon by the Investment Manager, a Fund, or, if applicable, a Designated Third Party, or the
Investment Manager’s authorized trading agent or Client, the Investment Manager is not required to notify JPMC of the Material Terms of any such ETS Transaction hereunder. The Fund shall be bound by any record of Material Terms of an ETS
Transaction that the relevant ET System makes available to JPMC. 
 5. (a) If JPMC is liable in respect of a Designated
Transaction under the terms of the applicable Give-Up Agreement, Disclosed ETS Transaction entered into by the Investment Manager, JPMC and the Fund, a Corresponding Transaction under the terms of the
applicable Reverse Give-In Agreement(s), or a Double Give Up Transaction under the terms of the applicable Double Give Up Agreement, JPMC and each Fund identified by the Investment Manager in the relevant
Investment Manager Notice shall be deemed to have entered into a transaction (each, an “Offsetting Transaction”) subject to identical terms as such Designated Transaction, Disclosed ETS Transaction, Corresponding Transaction, or Double
Give Up Transaction, except that the obligations of the Fund shall be identical to those of JPMC under the applicable Designated Transaction, Disclosed ETS Transaction, Corresponding Transaction, or Double Give Up Transaction, as the case may be,
and the obligations of JPMC shall be identical to those of the Dealer under the applicable Designated Transaction, the Counterparty under the applicable Corresponding Transaction, the ETS Counterparty under the applicable Disclosed ETS Transaction,
or the Double Give Up Dealer under the applicable Double Give Up Transaction, as the case may be, and such obligations shall be in the relevant amounts or quantities allocated in such Investment Manager Notice. 

(b) JPMC may, from time to time in its sole discretion, cancel Qualifying Transactions and simultaneously replace such
Qualifying Transactions with a new transaction (a “Novated Transaction”) for the same Settlement Date or Bullion Transaction Settlement Date, as the case may be, under which each party shall be obligated to deliver the aggregate of the
amounts of the type of currency or Bullion, as the case may be, that would otherwise have been deliverable by such party on the relevant Settlement Date or Bullion Transaction Settlement Date, as the case may be, under such Qualifying Transactions.
Except as otherwise provided, each Novated 

  
 10 

 
Transaction will be treated as an Offsetting Transaction for the purposes of this Agreement. 

(c) If (i) JPMC is liable in respect of a Designated Transaction or a Disclosed ETS Transaction entered into by the
Investment Manager or a Designated Third Party pursuant to a Reverse Dealer Give-Up Agreement, and (ii) for any reason, the Reverse Dealer does not enter into a transaction (each, a “Reverse Dealer
Transaction”) having identical terms, then the Reverse Dealer Transaction shall be deemed to be an Offsetting Transaction between JPMC and Fund(s) pursuant to the terms, and for all purposes, of this Agreement. 

(d) Each Offsetting Transaction and Novated Transaction with the Fund shall be governed by the Master Agreement. The Fund
shall execute and return to JPMC any Confirmation of an Offsetting Transaction or Novated Transaction delivered by JPMC to the Fund. The Fund shall, in any event, be liable in respect of each Offsetting Transaction or Novated Transaction between the
Fund and JPMC notwithstanding the absence of a Confirmation thereof. 
 (e) On the Expiration Date of a Currency Option
Transaction or Bullion Option that is an Offsetting Transaction and either a Designated Transaction or Disclosed ETS Transaction which is a physically-settled option, and notwithstanding anything to the contrary in the relevant Confirmation, such
Currency Option Transaction or Bullion Option shall be deemed to be an expired out of the money option with zero value. If the relevant Dealer or ETS Counterparty chooses to exercise any physically-settled Currency Option Transaction or Bullion
Option that formed part of a Designated Transaction or Disclosed ETS Transaction in which JPMC was the Seller and corresponded to an Offsetting Transaction within the applicable Exercise Period, the Investment Manager and/or the Fund shall notify
JPMC immediately of such Notice of Exercise. The Investment Manager and/or the Fund is authorized to exercise on behalf of JPMC any physically-settled Currency Option Transaction or Bullion Transaction of which JPMC was the Buyer and that
formed part of an Offsetting Transaction and corresponded to a Designated Transaction or Disclosed ETS Transaction within the applicable Exercise Period. The Investment Manager and/or the Fund shall simultaneously deliver any Notice of Exercise
sent to the relevant Dealer or ETS Counterparty to JPMC. In the event either the Dealer, ETS Counterparty or Investment Manager and/or the Fund chooses to exercise a physically-settled Currency Option Transaction or Bullion Option in accordance
with the above provisions, the Dealer or ETS Counterparty and the Investment Manager and/or the Fund shall be required to enter into a new, spot Designated Transaction or Disclosed ETS Transaction and submit such transaction to JPMC in accordance
with the terms set forth in the Give-Up Agreement and this Agreement, as applicable. If the relevant Dealer or ETS Counterparty chooses to exercise or decides not to exercise any cash-settled Currency Option
Transaction or Bullion Option that formed part of a Designated Transaction or Disclosed ETS Transaction in which JPMC was the Seller and corresponded to an Offsetting Transaction 

  
 11 

 
within the applicable Exercise Period, the Investment Manager and/or the Fund shall notify JPMC immediately of such Notice of Exercise or such notice of expiration. The Investment Manager
and/or the Fund is authorized to exercise on behalf of JPMC any cash-settled Currency Option Transaction or Bullion Transaction of which JPMC was the Buyer and that formed part of an Offsetting Transaction and corresponded to a Designated
Transaction or Disclosed ETS Transaction within the applicable Exercise Period. The Investment Manager and/or the Fund shall simultaneously deliver any Notice of Exercise sent by the Investment Manager and/or the Fund to the relevant Dealer or
ETS Counterparty to JPMC, or, where applicable, any notice of expiration. 
 (f) Notwithstanding anything to the contrary in
any Confirmation of an Offsetting Transaction and notwithstanding whether JPMC or the Fund is the Calculation Agent in respect of an Offsetting Transaction or Seller in respect of an Offsetting Transaction that is a Currency Option Transaction or
Bullion Option, any determination, election, or calculation (i) by the Dealer, Counterparty, or ETS Counterparty as Calculation Agent or by JPMC and the Dealer, Counterparty, or ETS Counterparty as
co-Calculation Agents in respect of a Designated Transaction, Corresponding Transaction or Disclosed ETS Transaction shall be binding on JPMC and the Fund under the corresponding Offsetting Transaction as if
made by the Calculation Agent under such Offsetting Transaction, (ii) by the Dealer, Counterparty, or ETS Counterparty as Seller in respect of a Designated Transaction, Corresponding Transaction or Disclosed ETS Transaction that is a Currency
Option Transaction or Bullion Option shall be binding on JPMC and the Fund under the corresponding Offsetting Transaction as if made by the Seller under such Offsetting Transaction or Disclosed ETS Transaction or (iii) by the Dealer,
Counterparty, or ETS Counterparty as the party determining whether a barrier has been breached or met in respect of a Designated Transaction, Corresponding Transaction, or Disclosed ETS Transaction that is a Currency Option Transaction or Bullion
Option shall be binding on JPMC and the Fund under the corresponding Offsetting Transaction as if made by the relevant party under such Offsetting Transaction. 

(g) Notwithstanding anything to the contrary in this Agreement, the following shall apply if JPMC and the Fund are not
parties to a Master Confirmation Agreement for Non-Deliverable Forward FX Transactions: if, on the Trade Date of an Offsetting Transaction or Direct Transaction that is a
Non-Deliverable FX Transaction (a “NDF Transaction”), template terms for the Confirmation of a NDF Transaction in the Currency Pair that is the subject of such Offsetting Transaction or Direct
Transaction, as the case may be, are recommended by EMTA, Inc. (“EMTA”) or a recognized successor and have an effective date that falls on or before such Trade Date (“Relevant NDF EMTA Template”), then all of the terms of such
Relevant NDF EMTA Template (published and available at www.emta.org or any successor website) shall apply to such Offsetting Transaction or Direct Transaction, as the case may be, except to the extent otherwise agreed in writing by JPMC and
the Fund. Notwithstanding anything to the contrary in this Agreement, the following shall apply if JPMC and the Fund are not parties to a Master Confirmation Agreement for Non-Deliverable Currency Option
Transactions (European Style) between them: if, on the Trade Date of an Offsetting 

  
 12 

 
Transaction or Direct Transaction that is a Non-Deliverable Currency Option Transaction (a “NDO Transaction”), template terms for the
Confirmation of a NDO Transaction in the Currency Pair that is the subject of such Offsetting Transaction or Direct Transaction, as the case may be, are recommended by EMTA or a recognized successor and have an effective date that falls on or before
such Trade Date (“Relevant Option EMTA Template”), then all of the terms of such Relevant Option EMTA Template (published and available at www.emta.org or any successor website) shall apply to such Offsetting Transaction or Direct
Transaction, as the case may be, except to the extent otherwise agreed in writing by JPMC and the Fund. For the avoidance of doubt, if a Relevant EMTA NDF Template in the case of a NDF Transaction or Relevant Option EMTA Template in the case of a
NDO Transaction becomes effective after the Trade Date of an Offsetting Transaction or Direct Transaction, such Relevant EMTA Template or Relevant Option EMTA Template, as the case may be, shall not apply to or amend the terms of the relevant
Offsetting Transaction or Direct Transaction, as the case may be, unless otherwise agreed between JPMC and the Fund. 
 (h)
Notwithstanding anything to the contrary in this Agreement, with respect to all Offsetting Transaction and Direct Transactions that are Bullion Trades and Bullion Options, (i) Settlement by Delivery, (ii) Bullion Business Days,
(iii) a Delivery Location of London for Bullion Trades and Bullion Options, will be deemed to apply. 
 (i) If, at any
time, the Net Open Position in respect of a Dealer exceeds the applicable Net Open Position Limit or the Bullion NOP in respect of a Dealer exceeds the applicable Bullion NOP Limit, JPMC may, by notice to the Investment Manager and the Fund,
terminate any Offsetting Transaction(s) and/or any portions thereof with the Fund as JPMC selects in its discretion such that after termination, the Net Open Position in respect of the relevant Dealer would no longer exceed the applicable Net Open
Position Limit and the Bullion NOP in respect of the relevant Dealer would no longer exceed the applicable Bullion NOP Limit. If, at any time, the net open position (howsoever described in, and as calculated in a Reverse Give-In Agreement) exceeds the applicable net open position limit (howsoever described in a Reverse Give-In Agreement), JPMC may, by notice to the Investment Manager or the
Fund, terminate any Offsetting Transaction(s) as JPMC selects in its discretion such that if the Corresponding Transaction(s) were terminated, the net open position would no longer exceed the applicable net open position limit. If, at any time, the
net open position (howsoever described in, and as calculated in a Double Give Up Agreement) exceeds the applicable net open position limit (howsoever described in a Double Give Up Agreement), JPMC may, by notice to the Investment Manager, terminate
any Offsetting Transaction(s) as JPMC selects in its discretion such that if the corresponding Double Give Up Transaction(s) were terminated, the net open position would no longer exceed the applicable net open position limit. If the Investment
Manager enters into any Non-Conforming ETS Transaction that is a Disclosed ETS Transaction, JPMC may, by notice to the Investment Manager or the Fund, terminate the corresponding Offsetting Transaction or
portions thereof. If the Investment Manager enters into any Non-Conforming ETS Transaction that is a Direct Transaction, JPMC may, by notice to the Investment Manager or the Fund, terminate such Direct
Transaction or portions thereof. 

  
 13 

 
If, at any time, the FX NOP exceeds the FX NOP Limit, and/or the Fund Bullion NOP exceeds the Bullion NOP Limit, JPMC may, by notice to the Investment Manager and the Fund, terminate any
Offsetting Transaction(s), Direct Transaction(s), and/or Novated Transaction(s) or portions thereof as JPMC selects in its discretion such that, after such termination, the FX NOP would no longer exceed the FX NOP Limit, and/or the Bullion NOP would
no longer exceed the Bullion NOP Limit. A payment shall be made by JPMC or the Fund, as the case may be, in respect of any Offsetting Transaction(s), Direct Transaction(s), and/or Novated Transaction(s) or portions thereof terminated pursuant to
this subsection as if an Additional Termination Event had occurred under the Master Agreement, in respect of which the Fund was the sole Affected Party and the terminated Offsetting Transaction(s), Direct Transaction(s), and/or Novated
Transaction(s) or portions thereof were Affected Transaction(s) (terms used in this sentence without definition have the meanings set forth in the Master Agreement). 

(j) If JPMC is notified by the relevant ETS Counterparty within thirty (30) minutes after such ETS Counterparty has
entered into a Disclosed ETS Transaction with the Investment Manager or, if applicable, a Designated Third Party or the Investment Manager’s authorized trading agent or Client on an ET System that such Disclosed ETS Transaction had been entered
into at an off-market rate mistakenly entered by such ETS Counterparty on such ET System, (i) JPMC and such ETS Counterparty may agree to adjust the rate applicable to such Disclosed ETS Transaction to
what they agree to be a market rate, (ii) the rate applicable to the corresponding Offsetting Transaction(s) shall be automatically deemed to have been adjusted in the same manner and any other terms of such Offsetting Transaction(s) affected
by such rate adjustment shall be revised by JPMC accordingly, and (iii) JPMC shall promptly notify the Investment Manager of any such adjustment and revision. If the Investment Manager or, if applicable, a Designated Third Party or the
Investment Manager’s authorized trading agent or Client enters into an ETS Transaction that is a Direct Transaction and JPMC determines that such ETS Transaction had been entered into at an off-market
rate mistakenly entered by JPMC or a third party on such ET System, (x) JPMC may adjust the rate applicable to such ETS Transaction to what JPMC determines in good faith to be a market rate, (y) any other terms of such Direct Transaction
affected by such rate adjustment shall be revised by JPMC accordingly, and (z) JPMC shall promptly notify the Investment Manager of any such adjustment and revision.  

6. (a) In respect of each Calculation Period, the Fund shall pay to JPMC a fee in an amount equal to USD5 per each
USD1,000,000 of the applicable Calculation Period Aggregate Amount, pro rated if the applicable Calculation Period Aggregate Amount is not an integral multiple of USD1,000,000 (the “Calculation Period Fee Amount”). JPMC may amend the
amount of such fees and/or impose new fees or a new fee methodology by at least ninety (90) days’ prior notice to the Investment Manager or each Fund. 

(b) JPMC shall notify the Investment Manager or the Fund of the fee in respect of each Calculation Period. The Fund shall pay
to JPMC the amount of any such fee on or before the fifth New York Business Day after the Investment Manager’s or 

  
 14 

 
the Fund’s receipt of the applicable notice. Each such payment to be made by the Fund shall be made by wire transfer, or its equivalent, of immediately available and freely transferable
funds to the bank account designated by JPMC for such purpose. 
 (c) In addition to any other rights or remedies of JPMC
provided hereunder or otherwise provided by law, JPMC shall have the right upon notice to the Fund (any such notice being expressly waived to the extent permitted by applicable law) upon any amount becoming due and payable by the Fund to
(i) debit any account, in any currency, of the Fund in such amount or the equivalent thereof and (ii) set-off and apply against any such amount any and all deposits (whether general or special, time
or demand, provisional or final), in any currency, and any other credits, indebtedness, or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by JPMC to or for
the credit or the account of the Fund. JPMC agrees to notify the Fund promptly after any such debit, set-off, or application made by JPMC, provided, however, that failure to give such notice shall not affect
the validity of such set-off, debit, or application. For the avoidance of doubt, the obligation of the Fund to pay fees and the ability of JPMC to amend the amount of such fees and/or impose new fees or a new
fee methodology in accordance with Section 6(a) will survive the termination of this Agreement with respect to outstanding Offsetting Transactions and Direct Transactions. If, at any time, the Fund fails to pay any fees with respect to sub-section (a) above and such failure continues for ninety (90) days after payment of such fees is due, JPMC may, by notice to the Fund, terminate all Offsetting Transaction(s) between JPMC and the Fund.
A payment shall be made by JPMC or the Fund, as the case may be, in respect of Offsetting Transaction(s) terminated pursuant to this subsection (c) as if an Additional Termination Event had occurred under the Master Agreement in respect of
which the Fund was the sole Affected Party and the terminated Offsetting Transaction(s) were Affected Transaction(s) (terms used in this sentence without definition have the meaning set forth in the Master Agreement). 

7. Each party represents and warrants to the other parties as of the date of this Agreement and as of the date of the entry
into each Offsetting Transaction and, in the case of the Investment Manager, as of the date of the entry into each Designated Transaction, Reverse Dealer Transaction, and ETS Transaction that: (i) it has authority to enter into this Agreement
and such Offsetting Transaction (in the case of the Investment Manager, on behalf of the Fund) and, in the case of the Investment Manager, such Designated Transaction, Reverse Dealer Transaction, or ETS Transaction; (ii) the persons executing
this Agreement and entering into such Offsetting Transaction (and, in the case of the Investment Manager, such Designated Transaction, Reverse Dealer Transaction, or ETS Transaction) have been duly authorized to do so; and (iii) this Agreement
is binding upon it and enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to
equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)) and does not and will not violate the terms of any agreements to which such party is bound. 

  
 15 

 8. No party may assign, transfer, or charge or purport to assign, transfer, or
charge, any of its rights or its obligations under this Agreement or any interest therein without the prior written consent of the other parties, and any purported assignment, transfer, or charge in violation of this Section 8 shall be void.

 9. The parties agree that each party may electronically record all telephonic conversations between any parties relating
to the subject matter of this Agreement and that any such tape recordings may be submitted in evidence in any Proceedings or in any suit, action, or other proceeding relating to any Offsetting Transaction. 

10. Unless otherwise agreed or set forth herein, all notices, instructions and other communications to be given to a party
under this Agreement shall be given electronically (through e-mail, an ET System or otherwise), or to the address, facsimile number, or telephone number specified by such party on the signature page hereof (or
such other contact details of which such party notifies the other parties.) Each notice, instruction, or communication hereunder shall be effective upon receipt; provided, however, that if a notice, instruction, or communication is received by JPMC
(i) in New York, after 5:00 p.m. (New York time) on a New York Business Day or on a day that is not a New York Business Day, such notice shall be effective on the immediately succeeding New York Business Day at 9:00 a.m. (New York time), (ii)
in New York, before 9:00 a.m. (New York time) on a New York Business Day, such notice shall be effective at 9:00 a.m. (New York time) on that New York Business Day, (iii) in London, after 5:00 p.m. (London time) on a London Business Day or on a
day that is not a London Business Day, such notice shall be effective on the immediately succeeding London Business Day at 9:00 a.m. (London time), and (iv) in London, before 9:00 a.m. (London time) on a London Business Day, such notice shall
be effective at 9:00 a.m. (London time) on that London Business Day. 
 11. This Agreement (i) may be terminated by
either JPMC, the Investment Manager, or the Fund at any time upon thirty (30) Business Days’ written notice to the other parties and (ii) shall automatically terminate with respect to the Fund upon the designation of an Early
Termination Date under the Master Agreement as the result of the occurrence of an Event of Default in respect of which the Fund is the Defaulting Party or a Termination Event in respect of which the Fund is the sole Affected Party (terms used in
this subsection (ii) shall have the meanings set forth in the Master Agreement); provided, however, that any termination pursuant to subsections (i) or (ii) immediately above shall not affect any outstanding Designated Transactions, ETS
Transactions, Corresponding Transactions, Double Give Up Transactions, Novated Transactions or Offsetting Transactions entered into in accordance with this Agreement and any fees payable by the Fund in respect thereof, and the provisions of this
Agreement shall continue to apply in respect of such Designated Transactions, ETS Transactions, Corresponding Transactions, Double Give Up Transactions, Novated Transactions, or Offsetting Transactions, and fees until all obligations of each party
to the other parties under this Agreement have been fully performed. 
 12. In the event any one or more of the provisions
contained in this Agreement is held invalid, illegal, or unenforceable in any respect under the law of any jurisdiction, the 

  
 16 

 
validity, legality, and enforceability of the remaining provisions under the law of such jurisdiction, and the validity, legality, and enforceability of such and any other provisions under the
law of any other jurisdiction, shall not in any way be affected or impaired thereby. 
 13. No indulgence or concession
granted by a party and no omission or delay on the part of a party in exercising any right, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or privilege
preclude any other or further exercise thereof or the exercise of any other right, power, or privilege. 
 14. No amendment,
modification, or waiver of this Agreement will be effective unless in writing executed by each of the parties. 
 15. The
Fund agrees to indemnify JPMC against, and hold JPMC harmless from, all costs, losses, judgments, and expenses (including, without limitation, attorneys’ fees) (collectively, “Indemnified Costs”) incurred by JPMC as a result of the
failure of the Investment Manager or the Fund to comply with this Agreement or the Investment Manager’s acting as Agent or use of any ET System, or as a result of the actions or inactions of a Designated Third Party, Reverse Dealer,
Counterparty, ETS Counterparty, or Double Give Up Dealer arising out of or in any way connected to this Agreement, except to the extent that such Indemnified Costs directly result from the gross negligence, fraud or willful misconduct of JPMC. This
Section 15 shall survive any termination of this Agreement. 
 16. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York without giving effect to conflict of laws provisions. With respect to any Proceedings, each party irrevocably (i) submits to the non-exclusive
jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings
brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have jurisdiction over such party.
Nothing in this Agreement precludes a party from bringing Proceedings in any other jurisdiction nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

17. Each party hereby irrevocably waives any and all right to trial by jury in any Proceedings. 

18. This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in
counterparts (including by facsimile transmission), each of which will be deemed an original. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communications
and prior writings with respect thereto. 

  
 17 

									
	JPMORGAN CHASE BANK, N.A.	 		  	SECOR MASTER FUND L.P.
				
		 		  	By:	 	Ceres Managed Futures LLC
	By:	 	   /s/ Leila Safai
	 		  		 	
	Name: Leila Safai	 		  	By:	 	   /s/ Patrick T. Egan

	Title: Vice President
 Address: 4 New York Plaza, Floor 21

New York, New York 10004
 Attention: Elizabeth Percontino

Facsimile Number: 212-622-3491
	 		  	Name: Patrick T. Egan
 Title: President & Director—Ceres Managed Futures LLC

Address: 522 Fifth Avenue, Floor 7
 New York, New York 10036

Attention: Patrick Egan
 Facsimile Number: 212-507-2065

			
	 SECOR CAPITAL ADVISORS LP, in its individual capacity with respect to the representations, warranties and
covenants made by it
	 		  	
				
	By:	 	   /s/ Raymond Iwanowski
	 		  	
	Name: Raymond Iwanowski
 Title: Managing Principal

Address: One Penn Plaza, Suite 4625
 New York, New York 10119

Attention: Raymond Iwanowski
 Facsimile Number: 212-980-7399
	 		  

  
 18 

 Exhibit A 

FX TRANSACTIONS 
 Trade Date: 

Amount and Currency Payable by the Investment Manager: 
 Amount
and Currency Payable by JPMC: 
 Settlement Date: 
  

			
	 NON-DELIVERABLE FX AND CURRENCY OPTION TRANSACTIONS

 

	General Terms	  	
	Trade Date:	  	[DD-MM-YYYY]
	Reference Currency Buyer:	  	[JPMC / Investment Manager]
	Reference Currency Seller:	  	[JPMC / Investment Manager]
	Currency Option Style:	  	European Option
	Currency Option Type:	  	[CCY] Put / [CCY] Call
	Reference Currency Notional Amount :	  	[CCY and Amount]
	Notional Amount or Forward Rate :	  	[CCY and Amount]
	Strike Price:	  	[Rate CCY/CCY]
	Expiration Date:	  	[DD-MM-YYYY] (“Scheduled Valuation Date”)
	Expiration Time:	  	[            ]
	Settlement	  	Non/Deliverable
	Settlement Date:	  	[DD-MM-YYYY]
	Premium:	  	[CCY and Amount]
	Premium Payment Date:	  	[DD-MM-YYYY]
	Price Source Disruption	  	[Applicable]

			
	 Business Days applicable to the Expiration and Valuation Date:
[                    ]

	 Business Days applicable to the Settlement Date:
[                    ]

	 Settlement
Currency:                     [            ]

	 Settlement Rate Option for Reference Currency:
[            ]

	 Settlement Rate Option for Settlement Currency: (If applicable)

	 Disruption Fallbacks:
[            ]

  

							
	 VANILLA AND EXOTIC CURRENCY OPTION TRANSACTIONS

 

	General Terms:	  		  		  	
	Trade Date: [dd/mmmm/yyyy]	  		  		  	
	Buyer: [JPMorgan/Counterparty]	  		  		  	
	Seller: [JPMorgan/Counterparty]	  		  		  	
	Currency Option Style:                    European Option	  	
	Currency Option Type: [            ]	  		  		  	
	Call Currency and Call Currency Amount:	  		  	[CCY] [Amount] (if applicable)
	Put Currency and Put Currency Amount:	  		  	[CCY] [Amount]	  	
	Strike Price:	  		  	[Rate] [CCY/CCY]	  	
	Expiration Date: [dd/mmmm/yyyy]	  		  		  	

  
 19 

			
	Settlement: Non-Deliverable	  	
	Settlement Amount: [Curr] [Amount]	  	
	Settlement Date:[dd/mmmm/yyyy]	  	
	Premium: [Curr] [Amount]	  	
	Premium Payment Date:[dd/mmmm/yyyy],	  	
	Event Type: [            ]	  	
	Spot Exchange Rate Direction: [Greater than or equal to][Less than or equal to] the Barrier
		
	Level	  	
	Expiration Time: [time]a.m. (local time in [city location]) (if applicable)
	Barrier Level:	  	[Rate] [CCY/CCY]
	Barrier Event Rate Source:	  	
	Event Period Start Date and Time:	  	Expiration Date at the Expiration Time
	Event Period End Date and Time:	  	Expiration Date at the Expiration Time

  

			
	BULLION TRADES	  	
		
	Trade Date	  	
	Purchaser of Bullion	  	
	Seller of Bullion	  	
	Bullion:	  	[Gold][Silver][Platinum][Palladium]
	Number of Ounces	  	
	Contract Price	  	
	Bullion Transaction Settlement Date	  	
		
	BULLION OPTIONS	  	
		
	General Terms	  	
	Trade Date:	  	[DD-MM-YYYY]
	Bullion:	  	[Gold][Silver][Platinum][Palladium]
	Number of Ounces:	  	[            ]
	Bullion Option Buyer:	  	[JPMC / Investment Manager]
	Bullion Option Seller:	  	[JPMC / Investment Manager]
	Bullion Option Style:	  	European Option
	Bullion Option Type:	  	[Put / Call]
	Bullion Strike Price:	  	[Rate CCY/CCY]
	Bullion Premium:	  	[CCY and Amount]
	Bullion Premium Payment Date:	  	[DD-MM-YYYY]
	Bullion Expiration Date:	  	[DD-MM-YYYY]
	Bullion Expiration Time:	  	[            ]
	Bullion Settlement Date:	  	[                    ]
	Business Days:	  	[            ]

  
 20 

 Exhibit B 

MASTER FOREIGN EXCHANGE AND BULLION GIVE-UP AGREEMENT, dated as of
[                    ] (the “Agreement”), between JPMorgan Chase Bank, N.A. (“JPMC”) and
[                    ] (the “Dealer”). 

In consideration of the representations and premises set forth herein, JPMC and the Dealer hereby agree as follows: 

1. All capitalized terms used herein without definition shall have the meanings set forth in the 1998 FX and Currency Option Definitions
(published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association and The Foreign Exchange Committee). The following terms shall have the following meanings: 

“Agent” means each entity designated as such in a Designation Notice.  

“Bullion” has the meaning set forth in the 2005 ISDA Commodity Definitions. 

“Bullion NOP” means, with respect to Designated Transactions entered into by an Agent, an amount calculated by JPMC
as follows: 
 (i) for Designated Bullion Option Transactions, (x) determine the delta equivalent of
each Designated Bullion Option Transaction, (y) for each type of Bullion, aggregate and net the delta equivalents owed by the Dealer to JPMC or owed by JPMC to the Dealer, and (z) aggregate (without netting) the amounts determined pursuant
to subclause (y) immediately above in respect of those types of Bullion with respect to which the Dealer owes a net amount to JPMC plus the amounts determined pursuant to subclause (y) immediately above in respect of types of Bullion with
respect to which JPMC owes a net amount to the Dealer; 
 (ii) for each Designated Bullion Trade Transaction,
(x) determine the Dollar Value for each type of Bullion owed by the Dealer to JPMC or owed by JPMC to the Dealer under such Designated Bullion Trade Transaction, (y) for each type of Bullion, determine the net Dollar Value amount owed by
the Dealer to JPMC or owed by JPMC to the Dealer by summing the Dollar Values of all long and short positions in such Bullion as determined pursuant to subclause (x) immediately above, and (z) aggregate (without netting) the amounts
determined pursuant to subclause (y) immediately above in respect of types of Bullion with respect to which the Dealer owes a net amount to JPMC plus the amounts determined pursuant to subclause (y) immediately above in respect of types of
Bullion with respect to which JPMC owes a net amount to the Dealer; and 

  
 21 

 (iii) aggregate the amounts determined pursuant to subclauses (i) and (ii)
immediately above. 
 “Bullion Option” has the meaning set forth in the 2005 ISDA Commodity Definitions. 

“Bullion Trade” has the meaning set forth in the 2005 ISDA Commodity Definitions. 

“Designated Bullion Trade Transaction” means a Designated Transaction that is a Bullion Trade entered into by an
Agent on behalf of JPMC in accordance with this Agreement. 
 “Designated Bullion Option Transaction” means a
Designated Transaction that is a Bullion Option entered into by an Agent on behalf of JPMC in accordance with this Agreement. 

“Designated FX Transaction” means a Designated Transaction that is an FX Transaction entered into by an Agent on
behalf of JPMC in accordance with this Agreement. 
 “Designated Option Transaction” means a Designated
Transaction that is a Currency Option Transaction entered into by an Agent on behalf of JPMC in accordance with this Agreement. 

“Designated Transactions” has the meaning set forth in Section 2(a).  

“Designation Notice” means a notice substantially in the form of Exhibit A hereto from JPMC to the Dealer. 

“Dollar Value” means (i) with respect to an amount of currency at any time, (y) if such currency is USD,
such amount and (z) in all other cases, the amount of USD which could be purchased at the spot market rate against delivery of such amount of currency and (ii) in respect of a quantity of Bullion at any time, the amount of USD payable at
the spot market rate for the purchase of the relevant quantity of Bullion. The spot market rate shall be determined by JPMC (in good faith and in a commercially reasonable manner) to be the spot market rate available to JPMC at such time in a
foreign exchange or Bullion market, as the case may be, reasonably selected by JPMC in which the currency or Bullion is traded. If JPMC is unable to obtain a spot market rate pursuant to the immediately preceding sentence, JPMC will determine the
applicable rate in good faith and in a commercially reasonable manner. 
 “Material Terms” means (i) for
Designated FX Transactions, the Settlement Date, amounts of each currency to be delivered by each party, and any other terms considered material in the market, (ii) for Designated Option Transactions, the amounts of each currency, the style
(e.g., American or European) of option, the strike price, premium, 

  
 22 

 
expiration date, and any other terms considered material in the market, (iii) for Designated Bullion Trade Transactions, the Trade Date, Purchaser, Seller, Bullion, number of Ounces,
Contract Price, Value Date, and any other material terms and (iv) for Designated Bullion Option Transactions, Trade Date, Buyer, Seller, Bullion, number of Ounces, style, type, Strike Price, Expiration Date, Settlement Date, Premium, Premium
Payment Date, and any other material terms (terms used in subsection (iii) and (iv) in this definition have the means set forth in the 2005 ISDA Commodity Definitions). 

“Net Daily Settlement Amount” means, with respect to Designated Transactions entered into by an Agent for any
Settlement Date, the aggregate amount owed by the Dealer to JPMC calculated by JPMC as follows: 
  

	 	(A)	 for each such Designated Transaction (excluding, for this purpose, any option premia that may be owed to JPMC
and assuming (1) in respect of any Designated Option Transaction, the exercise thereof on its expiration date and (2) in respect of any Non-Deliverable FX Transaction, the actual exchange of the
amounts of the relevant currencies), determine the Dollar Value for each currency (including USD) owed by the Dealer to JPMC or owed by JPMC to the Dealer under such Designated Transaction; 

 

	 	(B)	 for each currency (including USD), determine the net Dollar Value amount owed by the Dealer to JPMC or owed by
JPMC to the Dealer by summing the Dollar Values of all long and short positions in such currency as determined pursuant to subclause (A) immediately above; and 

 

	 	(C)	 aggregate the Dollar Value(s) for all currencies determined pursuant to subclause (B) immediately above
in respect of which the Dealer owes a net aggregate amount to JPMC. 

 “Net Open Position”
means, with respect to Designated Transactions entered into by an Agent, the aggregate amount owed by the Dealer to JPMC, calculated by JPMC as follows: 

(A) in respect of Designated FX Transactions: 

(i) for each Designated FX Transaction (assuming, in respect of any
Non-Deliverable FX Transaction, the actual exchange of the amounts of the relevant currencies), determine the Dollar Value for each currency (including USD) owed by the Dealer to JPMC or owed by JPMC to the
Dealer under such Designated FX Transaction; 
 (ii) for each currency (including USD), determine the net
Dollar Value amount owed by the Dealer to JPMC or owed by JPMC to the Dealer by summing the Dollar Values of all long and short positions in such currency as determined pursuant to subclause (i) immediately above; 

  
 23 

 (B) in respect of Designated Option Transactions, (i) determine the delta
equivalent of each leg of the Currency Pair in respect of each Designated Option Transaction, (ii) for each currency, aggregate and net the delta equivalents of amounts in such currency (assuming exercise of each Designated Option Transaction
on its expiration date) deliverable to JPMC and payable by JPMC, and (iii) for each currency, add the net delta equivalent for such currency to the net Dollar Amount determined in respect of such currency pursuant to clause (A)(ii); and 

(C) aggregate the amounts determined pursuant to clause (B)(iii) in respect of currencies with respect to which the Dealer owes
a net aggregate amount to JPMC. 
 “Proceedings” means any suit, action or other proceedings relating to this
Agreement. 
 “USD” means the lawful currency of the United States of America. 

2. (a) JPMC may, from time to time, authorize an entity designated as an Agent in a Designation Notice to enter into the types of transactions
(the “Designated Transactions”) set forth in the applicable Designation Notice on its behalf with the Dealer. Such authorization shall be subject to the restrictions specified in the applicable Designation Notice in respect of the relevant
Designated Transactions (including, without limitation, restrictions relating to Permitted Currencies, Permitted Bullion Types, and Maximum Tenor). Not in limitation of any other restrictions on Designated Transactions, any such authorization in
respect of any particular Agent to enter into Designated Transactions on behalf of JPMC is expressly limited to a Net Daily Settlement Amount not to exceed the Settlement Limit and a Net Open Position not to exceed the Net Open Position Limit and a
Bullion NOP not to exceed the Bullion NOP Limit set forth in the applicable Designation Notice. Such Settlement Limit, Net Open Position Limit, and Bullion NOP Limit shall apply only to Designated Transactions entered into by such Agent on behalf of
JPMC with the Dealer. 
 (b) Each Designation Notice shall supplement, be governed by, and form a part of this Agreement.

 3. JPMC may at any time in its sole discretion, by notice to the Dealer, amend the terms of any Designation Notice or terminate the
authority of any Agent. Any such notice by JPMC shall be effective one (1) hour after receipt thereof by the Dealer and shall not affect any Designated Transactions entered into by the Agent on behalf of JPMC with the Dealer before JPMC’s
notice becomes effective. 
 4. The Dealer shall promptly notify JPMC of the Material Terms of each Designated Transaction entered into by
an Agent on behalf of JPMC and the identity of such Agent by Reuters, e-mail, or such other method(s) to which JPMC and the Dealer mutually agree (or by means of telephonic communication if Reuters or any
agreed alternative 

  
 24 

 
method is not available or operational) (a “Dealer Notice”). The Dealer acknowledges that (i) each Agent has agreed to provide a notice (an “Agent Notice”) to JPMC of the
Material Terms of each Designated Transaction entered into by such Agent on behalf of JPMC, setting forth the Material Terms and the identity of the relevant Dealer, and (ii) JPMC has no liability for the failure of any Agent to provide an
Agent Notice. 
 5. JPMC and the Dealer agree that JPMC will only be liable for a Designated Transaction if (i) such Designated
Transaction is of the type, and otherwise complies with the restrictions, set forth in the Designation Notice relating to the Agent entering into such Designated Transaction, (ii) giving effect to such Designated Transaction will not cause the
Net Daily Settlement Amount to exceed or further exceed the applicable Settlement Limit or the Net Open Position to exceed or further exceed the applicable Net Open Position Limit (without the written consent of JPMC) or the Bullion NOP to exceed or
further exceed the applicable Bullion NOP Limit, (iii) the Dealer and such Agent have agreed to the Material Terms of such Designated Transaction, (iv) such Designated Transaction has been booked by the Dealer at a Specified Office
identified in the applicable Designation Notice, and (v) JPMC has received an Agent Notice and Dealer Notice in respect of such Designated Transaction setting forth matching Material Terms. 

6. JPMC shall notify the Dealer within two hours after JPMC’s receipt of the later of the Agent Notice or the Dealer Notice if
(i) the Material Terms set forth in the Agent Notice differ from the Material Terms set forth in the Dealer Notice or (ii) JPMC is not liable for such Designated Transaction because the Designated Transaction does not satisfy the criteria
set forth in subsections (i) through (v) of Section 5. JPMC shall notify the Dealer within three hours after JPMC’s receipt of the Dealer Notice if JPMC does not receive an Agent Notice in respect of such Designated Transaction. 

7. (a) Each Designated Transaction entered into hereunder shall be confirmed by the Dealer and JPMC to each other in accordance with their
standard practice and shall be subject to the Master Agreement identified in the applicable Designation Notice. [For the avoidance of doubt, each Designated Transaction shall be subject to the Master Confirmation Agreement for Non-Deliverable Forward FX Transactions [and the Master Confirmation Agreement for Non-Deliverable Currency Option Transactions] between JPMC and the Dealer.] No Agent may
make or receive deliveries of currencies or Bullion on behalf of JPMC, or give any directions in respect of deliveries of currencies or Bullion, in connection with any Designated Transaction. Notwithstanding anything to the contrary set forth in a
Confirmation of any Designated Option Transaction or Designated Bullion Option Transaction, any such Designated Option Transaction or Designated Bullion Option Transaction may be exercised by JPMC or the Agent that entered into such Designated
Option Transaction or Designated Bullion Option Transaction on behalf of JPMC. Notwithstanding anything to the contrary in this Agreement, with respect to Designated Bullion Trade Transactions and Designated Bullion Option Transactions, unless the
parties otherwise agree in writing, (i) Settlement by Delivery will be deemed to apply for all Designated Transactions, and (ii) the Delivery Location for Designated Transactions entered into by the relevant Agent on our behalf will be
London, England. 

  
 25 

 [(b) Notwithstanding anything to the contrary in the Agreement, the following
shall apply if JPMC and the Dealer are not parties to a Master Confirmation Agreement for Non-Deliverable Forward FX Transactions: if, on the Trade Date of a Designated Transaction that is a Non-Deliverable FX Transaction (a “NDF Transaction”), template terms for the Confirmation of a NDF Transaction in the Currency Pair that is the subject of such Designated Transaction are recommended by
EMTA, Inc. (“EMTA”) or a recognized successor and have an effective date that falls on or before such Trade Date (“Relevant NDF EMTA Template”), then all of the terms of such Relevant NDF EMTA Template (published and available at
www.emta.org or any successor website) shall apply to such Designated Transaction, except to the extent otherwise agreed in writing by JPMC and the Dealer. 

(c) Notwithstanding anything to the contrary in this Agreement, the following shall apply if JPMC and the Dealer are
not parties to a Master Confirmation Agreement for Non-Deliverable Currency Option Transactions (European Style) between them: if, on the Trade Date of a Designated Transaction that is a Non-Deliverable Currency Option Transaction (a “NDO Transaction”), template terms for the Confirmation of a NDO Transaction in the Currency Pair that is the subject of such Designated Transaction are
recommended by EMTA or a recognized successor and have an effective date that falls on or before such Trade Date (“Relevant Option EMTA Template”), then all of the terms of such Relevant Option EMTA Template (published and available at
www.emta.org or any successor website) shall apply to such Designated Transaction, except to the extent otherwise agreed in writing by JPMC and the Dealer. For the avoidance of doubt, if a Relevant EMTA NDF Template in the case of a NDF
Transaction or Relevant Option EMTA Template in the case of a NDO Transaction becomes effective after the Trade Date of an Designated Transaction, such Relevant NDF EMTA Template or Relevant Option EMTA Template, as the case may be, shall not apply
to or amend the terms of the relevant Designated Transaction, unless otherwise agreed between JPMC and the Dealer.] 
 8. For the purpose of
calculating Net Daily Settlement Amount and Net Open Position, a Designated Option Transaction sold by JPMC and owned by the Dealer shall be discharged and terminated together with a Designated Option Transaction sold by the Dealer and owned by JPMC
upon satisfying the following criteria: 
  

	 	(i)	 each Designated Option Transaction being with respect to the same Put Currency and Call Currency;

	 	(ii)	 each having the same Expiration Date and Expiration Time; 

	 	(iii)	 each being of the same style, i.e. either both being American Style Options or both being European Style
Options; 

	 	(iv)	 each having the same Strike Price; 

	 	(v)	 each being transacted by the same pair of offices of the Dealer and JPMC; and 

  
 26 

	 	(vi)	 neither of which shall have been exercised by delivery of a Notice of Exercise. 

Where the relevant Designated Option Transactions are for different amounts of the Currency Pair, such Designated Option
Transactions shall be partially discharged and terminated for the purpose of calculating Net Daily Settlement Amount and Net Open Position. 

9. Each party represents and warrants to the other party as of the date of this Agreement and as of the date of each Designated Transaction
entered into in accordance with this Agreement that: (i) it has authority to enter into this Agreement and such Designated Transaction; (ii) the persons executing this Agreement and entering into such Designated Transaction have been duly
authorized to do so; and (iii) this Agreement is binding upon it and enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights
generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)) and does not and will not violate the terms of any agreements to which
such party is bound. 
 10. Neither party may assign, transfer, or charge or purport to assign, transfer, or charge, any of its rights or
its obligations under this Agreement or any interest therein without the prior written consent of the other party, and any purported assignment, transfer, or charge in violation of this Section 10 shall be void. 

11. The parties agree that each party may electronically record all telephonic conversations between the parties relating to the subject
matter of this Agreement and that any such tape recordings may be submitted in evidence in any Proceedings. 
 12. Unless otherwise agreed,
all notices, instructions and other communications to be given to a party under this Agreement shall be given electronically (over e-mail or otherwise), or to the address, facsimile number, Reuters address, or
telephone number specified by such party on the signature page hereof (or such other contact details of which one party notifies the other party). Each notice, instruction, or communication hereunder (including without limitation, any Agent Notice
or Dealer Notice) shall be effective upon receipt; provided, however, that if a notice, instruction, or communication is received by JPMC (i) in New York, after 5:00 p.m. (New York time) on a New York Business Day or on a day that is not a New
York Business Day, such notice shall be effective on the immediately succeeding New York Business Day, (ii) in New York, before 9:00 a.m. (New York time) on a New York Business Day, such notice shall be effective at 9:00 a.m. (New York time) on
that New York Business Day, (iii) in London, after 5:00 p.m. (London time) on a London Business Day or on a day that is not a London Business Day, such notice shall be effective on the immediately succeeding London Business Day, and
(iv) in London, before 9:00 a.m. (London time) on a London Business Day, such notice shall be effective at 9:00 a.m. (London time) on that London Business Day. 

  
 27 

 13. Either party may terminate this Agreement at any time by written notice to the other party;
provided, however, that any such termination shall not affect any outstanding Designated Transactions entered into in accordance with this Agreement, and the provisions of this Agreement shall continue to apply in respect of such Designated
Transactions until all the obligations of each party to the other party under this Agreement have been fully performed. 
 14. In the event
any one or more of the provisions contained in this Agreement is held invalid, illegal, or unenforceable in any respect under the law of any jurisdiction, the validity, legality, and enforceability of the remaining provisions under the law of such
jurisdiction, and the validity, legality, and enforceability of such and any other provisions under the law of any other jurisdiction, shall not in any way be affected or impaired thereby. 

15. No indulgence or concession granted by a party and no omission or delay on the part of a party in exercising any right, power, or
privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or privilege preclude any other or further exercise thereof or the exercise of any other right, power, or privilege.

 16. No amendment, modification, or waiver of this Agreement will be effective unless in writing executed by each of the parties. 

17. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to conflict
of laws provisions. With respect to any Proceedings, each party irrevocably (i) submits to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court
located in the Borough of Manhattan in New York City and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an
inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have jurisdiction over such party. Nothing in this Agreement precludes a party from bringing Proceedings in any other jurisdiction
nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 18.
Each party hereby irrevocably waives any and all right to trial by jury in any Proceedings. 

  
 28 

 19. This Agreement (and each amendment, modification and waiver in respect of it) may be executed
and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 
 JPMORGAN CHASE BANK, N.A.
[            ] 
  

			
	 By:
                                         
       
	  	 By:
                                         
       

	 Name:
	  	 Name:

	 Title:
	  	 Title:

	 Address: 4 New York Plaza
	  	 Address:

	 21st Floor
	  	
	 New York, N.Y. 10004
	  	
	 Attention: Elizabeth Percontino
	  	 Attention:

	 Facsimile Number: 646-622-3491
	  	 Facsimile Number:

	 Telephone Number:
	  	 Telephone Number:

		
	 Email:
	  	 Email:

  

	
	 Addresses for Dealer Notices:

New York Branch
  

	 Attention: Kareim Emam

383 Madison, 11th Floor

	 New York, NY 10179

	 Facsimile Number:
646-534-0646

	 Reuters Direct Dealing: JPPB

	 Telephone Number: 212-622-9563

 

	 London Branch
  

	 Attention: James M Hunt

25 Bank Street, 6th Floor Canary Wharf

	 London, E14 5JP

	 Reuters Direct Dealing: JPPS

	 Telephone Number: +44 (0) 207 134 8086

  
 29 

 Exhibit A 

DESIGNATION NOTICE 

                [     
       ] 
 [            ]

 Ladies and Gentlemen: 

JPMorgan Chase Bank and [            ] are parties to a Master
Foreign Exchange Give-Up Agreement dated as of [            ] (the “Agreement”). All capitalized terms used in this Designation Notice
without definition shall have the meanings given to such terms in the Agreement. 
  

					
	1.  	  	 Agent:
	    	[            ]
		
	2.
	  	 Designated Transactions: [spot] [forward] [Deliverable FX Transactions]
[Non-Deliverable FX Transactions] [Deliverable Currency Option Transactions] [Non-Deliverable Currency Option Transactions] [(including/excluding single barriers, double
barriers, and digitals) [Non-Deliverable Currency Option Transactions] [Bullion Trades] [Bullion Options]

		
	3.	  	 Permitted Currencies:

Deliverable FX Transactions and Currency Option Transactions:
[            ]
  

Non-Deliverable FX Transactions and Currency Option Transactions:
[            ]
  

Unless JPMC and the Dealer agree in writing, Designated Transactions that involve THB shall be deemed to be offshore
Designated Transactions that are limited to Non-Resident Thai Baht Account (and all regulations, guidelines and limits applicable to such accounts) settled transactions only.

 

	4.	  	 Permitted Bullion:
	    	[            ]
			
	5.	  	 Maximum Tenor:
	    	
[            ] from Trade 
Date

			
	6.	  	 Settlement Limit:
	    	[            ]
			
	7.	  	 Net Open Position Limit:
	    	[            ]
			
	8.	  	 Bullion NOP Limit:
	    	[            ]
			
	9.	  	 Specified Offices:
	    	For JPMC:

  
 30 

 For Dealer: 

10. Master Agreement: The [ISDA][IFEMA][ICOM] Master Agreement between JPMC and the Dealer dated as of
[            ], as amended from time to time  
  

			
	 Very truly yours,

	
	 JPMORGAN CHASE BANK

			
		
	 By:
	 	  

	 Title:

  

			
	 Agreed to by:

	
	
[            ]

			
		
	 By:
	 	  

	 Title:

  
 31

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