Document:

Exhibit 10.2

     

    

    
      AMENDMENT TO THE AMENDED AND RESTATED ALTERNATIVE INVESTMENT SELLING AGENT AGREEMENT

      This amendment (“Amendment”) dated as of the 31st day of December, 2020 to the Amended and Restated Alternative Investment Selling Agent Agreement (the “Agreement”) dated as of
        March 3, 2016, as amended from time to time, by and among each of the limited partnerships listed on Schedule 1 hereto (each, a “Partnership,” and together, the “Partnerships”), Ceres Managed Futures LLC, a Delaware limited liability company (the
        “General Partner”), and Morgan Stanley Smith Barney LLC, a Delaware limited liability company, currently doing business as Morgan Stanley Wealth Management (“MSSB” or “Placement Agent”). Capitalized terms used herein but not otherwise defined shall
        have the respective meanings assigned to them in the Agreement.

      W I T N E S S E T H:

      WHEREAS, the General Partner, the Partnerships and the Placement Agent agree to amend the Agreement to (i) reflect a reduction in the
        annual Ongoing Selling Agent Fee payable to the Placement Agent with respect to Class A Units of each Partnership from 1.00% to 0.75% of the adjusted net assets of the Class A Units and (ii) update and replace Schedules 1 and 2; and

      WHEREAS, pursuant to Section 15(c) of the Agreement, any change to the Agreement must be in writing and signed by all parties.

      NOW, THEREFORE, the parties agree as follows:

      1. Schedule 1 of the Agreement shall be deleted in its entirety
        and replaced by Schedule 1 attached hereto.

      2. Schedule 2 of the Agreement shall be deleted in its entirety
        and replaced by Schedule 2 attached hereto.

      3. The effective date of this Amendment shall be January 1, 2021.  Except as
        specifically provided for in this Amendment, the terms of the Agreement are hereby ratified and confirmed and remain in full force and effect.

      

      

      4. This Amendment, together with the Agreement and any other documents referred to
        herein, constitutes the whole agreement between the parties relating to the subject matter of this Amendment and supersedes and extinguishes any prior drafts, agreements, undertakings, representations, warranties and arrangements of any nature,
        whether in writing or oral, relating to such subject matter.

      

      

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

      
        
          

      

      

      

      6. This Amendment shall be governed by and construed in accordance with the laws of
        the State of New York.

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

        	 	
                THE PARTNERSHIPS LISTED ON

                SCHEDULE 1 HERETO

              
	 	 
	 	 
	 	
                By: Ceres Managed Futures LLC

              
	 	 
	 	 
	 	
                Name:

              	
                /s/ Patrick T. Egan

              
	 	 	
                Patrick T. Egan

              
	 	 	
                Title: President

              
	 	 
	 	 
	 	
                Morgan Stanley Smith Barney LLC

              
	 	 
	 	 
	 	
                Name:

              	/s/ Carmen Lai

              
	 	 	Carmen Lai

              
	 	 	
                Title: Executive Director

                

              
	 	 
	 	 
	 	
                Ceres Managed Futures LLC

              
	 	 
	 	 
	 	
                Name:

              	
                /s/ Patrick T. Egan

              
	 	 	
                Patrick T. Egan

              
	 	 	
                Title: President

              
	 	 
	 	 
	 	 
	 	 

        

        

      

       

      

       

      

       

      

      

      
        
          

      

      

      

      Schedule 1

      	
              PARTNERSHIP

            	
              STATE AND DATE OF ORGANIZATION

            	
              EFFECTIVE DATE

            
	
              Ceres Tactical Commodity L.P.

              (formerly Managed Futures Premier Aventis II L.P.)

            	
              New York; April 20, 2005

            	
              October 1, 2013

            
	
              Ceres Tactical Systematic L.P. (formerly Tactical Diversified Futures Fund L.P.)

            	
              New York; December 3, 2002

            	
              October 1, 2013

            
	
              Ceres Orion L.P.

              (formerly Orion Futures Fund L.P.)

            	
              New York; March 22, 1999

            	
              March 1, 2014

            

      

      

      
        
          

      

      

      

      Schedule 2

      

      

      	
              PARTNERSHIP

            	
              ONGOING SELLING AGENT FEE

            
	
              Ceres Tactical Commodity L.P.

              (formerly Managed Futures Premier Aventis II L.P.)

            	
              0.75% per year of the adjusted net assets of Class A Units and Class D Units (computed monthly by multiplying the adjusted net assets of the Class A Units by 0.75%
                and the adjusted net assets of the Class D Units by 0.75% and dividing the result thereof by 12).1 Class Z Units will not be subject to an ongoing selling agent fee.

            
	
              Ceres Tactical Systematic L.P.

              (formerly Tactical Diversified Futures Fund L.P.)

            	
              0.75% per year of the adjusted net assets of Class A Units and Class D Units (computed monthly by multiplying the adjusted net assets of the Class A Units by 0.75%
                and the adjusted net assets of the Class D Units by 0.75% and dividing the result thereof by 12).1  Class Z Units will not be subject to an ongoing selling agent fee.

            
	
              Ceres Orion L.P.

              (formerly Orion Futures Fund L.P.)

            	
              0.75% per year of the adjusted net assets of Class A Units (computed monthly by multiplying the adjusted net assets of the Class A Units by 0.75% and dividing the
                result thereof by 12).1  Class Z Units will not be subject to an ongoing selling agent fee.

            

      

      

      

      

      ____________________________________

      

      1  Adjusted net assets are
        month-end Net Assets increased by that current month’s ongoing selling agent fee, management fee, the general partner’s administrative fee, the incentive fee accrued, other expenses and any redemptions or distributions as of the end of such month.Exhibit 10.3

  

  
    AMENDMENT TO THE ALTERNATIVE INVESTMENT SELLING AGENT AGREEMENT

    This amendment (“Amendment”) dated as of the 31st day of December, 2020 to the Alternative Investment Selling Agent Agreement (the “Agreement”) dated as of
      November 1, 2018 by and among each of the limited partnerships listed on Schedule 1 hereto (each, a “Partnership,” and together, the “Partnerships”), Ceres Managed Futures LLC, a Delaware limited liability company (the “General Partner”), Morgan
      Stanley Distribution Inc., a corporation incorporated under the laws of the Commonwealth of Pennsylvania (“MSDI” or “Selling Agent”), and Harbor Investment Advisory, LLC, a Maryland limited liability company (“Harbor” or “Sub-Selling Agent”).
      Capitalized terms used herein but not otherwise defined shall have the respective meanings assigned to them in the Agreement.

    W I T N E S S E T H:

    WHEREAS, the General Partner, the Partnerships, the Selling Agent and the Sub-Selling Agent agree to amend the Agreement
      to (i) reflect a reduction in the annual Ongoing Sub-Selling Agent Fee payable to the Sub-Selling Agent with respect to Class A Units of each Partnership from 1.00% to 0.75% of the adjusted net assets of the Class A Units only and (ii) update and
      replace Schedules 1 and 2; and

    WHEREAS, pursuant to Section 15(c) of the Agreement, any change to the Agreement must be in writing and signed by all
      parties.

    NOW, THEREFORE, the parties agree as follows:

    1. Schedule 1 of the Agreement shall be deleted in its entirety and replaced by Schedule 1 attached hereto.

    2. Schedule 2 of the Agreement shall be deleted in its entirety and replaced by Schedule 2 attached hereto.

    3. The effective
        date of this Amendment shall be January 1, 2021.  Except as specifically provided for in this Amendment, the terms of the Agreement are hereby ratified and confirmed and remain in full force and effect.

    

    

    4. This Amendment,
        together with the Agreement and any other documents referred to herein, constitutes the whole agreement between the parties relating to the subject matter of this Amendment and supersedes and extinguishes any prior drafts, agreements, undertakings,
        representations, warranties and arrangements of any nature, whether in writing or oral, relating to such subject matter.

    

    

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

    
      1

      
        

    

    

    

    6. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

    IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be executed as of the day and year first above written.

    

    

    	
            THE PARTNERSHIPS LISTED

            ON SCHEDULE 1 HERETO

             

            By: Ceres Managed Futures LLC

             

            Name: /s/ Patrick T. Egan    

              

                        Patrick T. Egan

             

            Title:    President

          	
            Morgan Stanley Distribution, Inc. 

            

             

            Name: /s/ Frank Famiglietti     

              

                        Frank Famiglietti

             

            Title:   Managing Director

          
	 	
            Harbor Investment Advisory, LLC

             

            Name: /s/ Will Schadty            

              

                        Will Schadty

             

            Title:    Chief Compliance Officer

              

            

             

            

          
	 	
            Ceres Managed Futures LLC

             

            Name: /s/ Patrick T. Egan        

              

                        Patrick T. Egan

             

            Title:    President

          

    
      2

      
        

    

    Schedule 1

    	
            PARTNERSHIP

          	
            STATE AND DATE OF ORGANIZATION

          	
            EFFECTIVE DATE

          
	
            Ceres Orion L.P.

          	
            New York; March 22, 1999

          	
            November 1, 2018

          
	
            Ceres Classic L.P. (formerly Managed Futures Premier Graham L.P.)

          	
            Delaware; July 15, 1998

          	
            November 1, 2018

          
	
            Ceres Tactical Systematic L.P.

          	
            New York; December 3, 2002

          	
            November 1, 2018

          

    

    

    
      3

      
        

    

    

    

    Schedule 2

    	
            Fee1

          	
            Brokerage/Non-Consulting Clients

          	
            Advisory/Consulting Clients

          
	
            Ceres Orion L.P.

          
	
            Ongoing Sub-Selling Agent Fee

          	
            0.75% per year of the adjusted net assets of Class A Units (computed monthly by multiplying the adjusted net assets of the Class A Units by 0.75%
              and dividing the result thereof by 12).2

          	
            Class Z units will not be subject to an ongoing sub-selling agent fee.

          
	
            Ceres Tactical Systematic L.P.

          
	
            Ongoing Sub-Selling Agent Fee

          	
            0.75% per year of the adjusted net assets of the Partnership (computed monthly by multiplying the adjusted net assets of the Partnership by 0.75%
              and dividing the result thereof by 12)2. 0.75% annual of the net asset value per unit of Class D Units paid on a monthly basis.

          	
            Class Z units will not be subject to an ongoing sub-selling agent fee.

          
	
            Ceres Classic L.P. (formerly Managed Futures Premier Graham L.P.)

          
	
            Ongoing Sub-Selling Agent Fee

          	
            0.75% per year of the net asset value per unit of Class A Units paid on a monthly basis.

          	
            Class Z units will not be subject to an ongoing sub-selling agent fee.

          

    _________________________________________

    1 For the avoidance of doubt, the calculation of the Ongoing Sub-Selling Agent Fee shall be based on units of each Partnership sold by
      Sub-Selling Agent only.

    2 Adjusted net assets are month-end Net Assets increased by that current month’s ongoing sub-selling agent fee, management fee, the general
      partner’s administrative fee, the incentive fee accrued, other expenses and any redemptions or distributions as of the end of such month.

  

  

  

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