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Exhibit 10.5    
  

 
 

ARCHIBALD CANDY CORPORATION
  2002 Stock Option Plan    
  

1.    Purpose.  

        The purpose of this Archibald Candy Corporation 2002 Stock Option Plan (the "Plan") is to advance the interests of
Archibald Candy Corporation, a Delaware corporation (the "Company"), by enhancing the ability of the Company and its Subsidiaries (as defined below)
(a) to attract and retain directors or employees who are in a position to make significant contributions to the success of the Company, (b) to reward such individuals for their
contributions and (c) to encourage such individuals to take into account the long-term interests of the Company and its Subsidiaries. The Plan provides for the award of options to
purchase shares of the Company's Common Stock, $.01 par value per share (the "Shares"). 

        Options
granted pursuant to the Plan may be incentive stock options as defined in section 422 of the Code (as defined below), or options that are not incentive stock options, or
both. Each such option that is intended to qualify as an incentive stock option is referred to herein as an "incentive option". Options granted pursuant
to the Plan shall be presumed to be non-incentive options unless expressly designated as incentive options. 

2.    Eligibility for Awards.  

        Persons (as defined below) eligible to receive awards under the Plan shall be all directors (including directors who are not employees) of the Company and all
executive officers of the Company and its Subsidiaries and other employees who, in the opinion of the Board, are in a position to make a significant contribution to the success of the Company and its
Subsidiaries. Incentive options shall be granted only to "employees" as defined in the provisions of the Code or the regulations thereunder applicable to incentive stock options. Persons selected for
awards under the Plan are referred to herein as "participants". 

3.    Administration.  

        The Plan shall be administered by the Board of Directors (the "Board") of the Company or, if applicable, the
successors and assigns of the Company. The Board shall have authority, not inconsistent with the express provisions of the Plan: (a) to grant awards to such participants as the Board may
select; (b) to determine the time or times when awards shall be granted and the number and type of Option Shares (as defined below) subject to each award; (c) to determine which awards
are, and which awards are not, incentive options; (d) to determine the terms and conditions of each award; (e) to prescribe the form or forms of any instruments evidencing awards and any
other instruments required under the Plan and to change such forms from time to time; (f) to adopt, amend and rescind rules and regulations for the administration of the Plan; and (g) to
interpret the Plan and any award granted hereunder and to decide any questions and settle all controversies and disputes that may arise in connection with the Plan or any award granted hereunder. Such
determinations of the Board shall be conclusive and shall bind all Persons. Subject to Section 8, the Board also shall have the authority, both generally and in particular instances, to waive
compliance by any participant with any obligation to be performed by such participant under any award, to waive any condition or provision of any award and to amend or cancel any award (and if any
award is canceled, to grant a new award on such terms as the Board shall specify); provided, however,
that except as expressly provided in the Plan or in any award granted hereunder, the Board may not take any action with respect to any outstanding award that would adversely affect the rights of the
participant under such award without such participant's consent. Nothing in the immediately preceding sentence shall be construed as limiting the power of the Board to make adjustments required by
Section 5(c) or 6(k). 

        The
Board may, in its sole discretion, delegate some or all of its powers with respect to the Plan to a committee (the "Committee"), in
which event all references in this Plan (as appropriate) to the Board shall be deemed to refer to the Committee. The Committee, if one is appointed, shall consist of at least two directors. A majority
of the members of the Committee shall constitute a quorum, and all determinations of the Committee shall be made by a majority of its members. Any determination of the Committee under the Plan may be
made without notice or meeting of the Committee by a writing signed by a majority of the Committee members. 

4.    Effective Date and Term of Plan.  

        The Plan shall become effective on the date on which it is approved by the Board. 

 

        Except
as otherwise determined by the Board, no awards shall be granted under the Plan after the completion of ten years from the date on which the Plan was adopted by the Board, but
awards previously granted may extend beyond such date. 

5.    Shares Subject to the Plan.  

        (a)    Number of Shares.    Subject to adjustment as provided in Section 5(c), the aggregate number of Shares
that may be delivered upon the exercise of awards granted under the Plan (the "Option Shares") shall be 13,815, which Option Shares may be designated
"Regular Option Shares", "Superincentive Option Shares" or any combination of the foregoing or may be
given such other designation as is determined by the Board. If any award granted under the Plan terminates without having been exercised in full, or upon exercise is satisfied other than by delivery
of Shares, the number of Shares as to which such award was not exercised shall be available for future grants within the limits set forth in this Section 5(a). 

        (b)    Shares to Be Delivered.    Shares delivered under the Plan shall be authorized but unissued Shares or, if the
Board in its sole discretion so decides, previously issued Shares acquired by the Company and held in its treasury. 

        (c)    Changes in Shares.    If the Company (i) pays a dividend or makes a distribution on the Shares in
Shares, (ii) subdivides its outstanding Shares into a greater number of Shares, (iii) combines its outstanding Shares into a smaller number of Shares, (iv) makes a distribution on
the Shares in shares of its capital stock other than Shares, (v) issues by reclassification of its Shares any shares of its capital stock or (vi) changes its capital stock, then the
number and kind of shares of capital stock or other securities of the Company subject to awards then outstanding or subsequently granted under the Plan, the exercise price of such awards, the maximum
number of shares of capital stock or other securities that may be delivered under the Plan and other relevant provisions shall be appropriately adjusted by the Board in an equitable manner which
provides similar treatment to similarly situated participants, and the Board's determination shall be binding on all Persons. 

        The
Board may also adjust the number of shares of capital stock or other securities subject to outstanding awards and the exercise price and other terms of outstanding awards, to take
into consideration changes in accounting practices or principles, extraordinary dividends, consolidations or mergers, acquisitions or dispositions of stock or property or any other event, in each case
if it is determined by the Board that such adjustment is necessary, advisable or appropriate so that the options granted hereunder constitute a continuing incentive;  provided, however, that without the consent of the participant, no such adjustment shall be made in the
case of an incentive option if it would constitute a modification, extension or renewal of the option within the meaning of section 424(h) of the Code. 

6.    Terms and Conditions of Options.  

        (a)    Exercise Price of Options.    The exercise price of each option shall be determined by the Board, but, in the
case of an incentive option, shall not be less than 100% (110%, in the case of an incentive option granted to a ten-percent shareholder) of the fair market value of the Shares at the time
the option is granted; nor shall the exercise price be less, in the case of an original issue of authorized stock, than par value. For this purpose, "fair market value" in the case of incentive
options shall have the same meaning as it does in the provisions of the Code and the regulations thereunder applicable to incentive options; and "ten-percent shareholder" shall mean any
participant who at the time of grant owns directly, or by reason of the attribution rules set forth in section 424(d) of the Code
is deemed to own, shares possessing more than 10% of the total combined voting power of all classes of capital stock of the Company, any of its parent corporations or any of its Subsidiaries. 

        (b)    Duration of Options.    An option shall be exercisable
("Vested") during such period or periods as the Board may specify. The latest date on which an option may be exercised (the
"Final Exercise Date") shall be the date which is ten years (five years, in the case of an incentive option granted to a "ten-percent
shareholder" as defined in Section 6(a)) from the date the option was granted or such earlier date as the Board may specify at the time the option is granted. 

        (c)    Exercise of Options.    

        (i)    An
option shall become Vested at such time or times and upon such conditions as the Board shall specify. Without limiting the generality of the foregoing, the Board may
specify a different time or 

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times and different conditions with respect to the exercisability of options for Regular Option Shares and for Superincentive Option Shares granted in the same stock option award. In the case of an
option not immediately Vested in full, the Board may at any time accelerate the time at which all or any part of the option may become Vested. 

        (ii)  During
the participant's lifetime, an option may be exercised only by the participant (unless the participant is disabled and a legal representative has been appointed
for the participant, in which event the option may be exercised on the participant's behalf by such legal representative). After the participant's death, an option may be exercised by the
participant's executor, administrator or heirs. 

        (iii)  Any
Person entitled to exercise any option in accordance with the terms of the option may exercise such option by delivering to the Company a written notice signed by
such Person, which notice shall be accompanied by (A) such documents as may be required by the Board and (B) payment in full as specified in Section 6(d) for the number of Shares
for which such option is being exercised. Such notice shall state the number of Shares in respect of which such option is being exercised and shall contain the acknowledgment and agreement of the
participant (or the participant's legal representative, executor, administrator or heirs, if applicable) that such Shares are subject to the Stockholders Agreement (as defined below). The Company
shall not be obligated to deliver any certificates representing any Shares to be issued upon the exercise of such option until the Company receives a written acknowledgment and agreement in form and
substance reasonably satisfactory to the Company that such Shares are subject to all the provisions of the Stockholders Agreement and that such Person is bound thereby as a holder of Shares. 

        (iv)  In
the case of any option that is not an incentive option, the Board shall have the right to require the participant exercising such option to remit to the Company an
amount sufficient to satisfy any federal, state, or local withholding tax requirements (or make other arrangements satisfactory to the Company with regard to such taxes) prior to the delivery of any
certificates representing any Shares to be issued upon the exercise of such option. If permitted by the Board, either at the time of the grant of such option or the time of exercise of such option,
the participant may elect, at such time and in such manner as the Board may prescribe, to satisfy such withholding obligation by (A) delivering to the Company Shares owned by such participant
having a fair market value equal to such withholding obligation or (B) requesting that the Company withhold from the Shares to be delivered upon the exercise of such option a number of Shares
having a fair market value equal to such withholding obligation. 

        In
the case of any incentive option, if at the time such option is exercised the Board determines that under applicable law and regulations the Company could be liable for the
withholding of any federal or state tax with respect to a disposition of the Shares to be issued upon exercise of such option, the Board may require as a condition of exercise that the participant
exercising such option agree (A) to satisfy any withholding obligations arising in connection with the exercise of such option in accordance with the rules described in the immediately
preceding paragraph and (B) with respect to any withholding obligations that may arise in connection with a disposition of Shares to be issued upon exercise of such option, (1) to inform
the Company promptly of any disposition (within the meaning of section 424(c) of the Code and the regulations thereunder) of Shares received upon exercise of such option, (2) to give
such security as the Board deems adequate to meet the potential liability of the Company for the withholding of tax and (3) to augment such security from time to time in any amount reasonably
deemed necessary by the Board to preserve the adequacy of such security. 

        (v)  If
any Person other than the applicable participant attempts to exercise any option in accordance with this Section 6(c), the Company shall be under no obligation
to deliver Shares pursuant to the exercise of such option until the Company is satisfied as to the authority of the Person exercising such option. 

        (d)    Payment for and Delivery of Shares.    Shares purchased upon exercise of an option under the Plan shall be paid
for as follows: (i) in cash or by certified check, bank draft or money order payable to the order of the Company; or (ii) if so permitted by the Board (which, in the case of any
incentive option, shall specify such method of payment at the time of grant), (A) through the delivery of Shares (which, in the case of Shares acquired from the Company, shall have been held
for at least six months) having a fair market value on the last business day preceding the date of exercise equal to the purchase price, (B) by delivery of an unconditional and irrevocable
undertaking by a broker to deliver promptly to the Company sufficient funds to pay the exercise price or (C) by any combination of the permissible forms of payment. 

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        (e)    Rights as Shareholder; Delivery of Shares.    A participant shall not have the rights of a shareholder with
regard to awards under the Plan unless and until a certificate or certificates representing the purchased Shares are duly issued and delivered to the participant. No adjustment shall be made for
dividends or other rights for which the record date is prior to the date upon which such stock certificate is issued. 

        Upon
exercise of any option, the Company shall not be obligated to deliver any certificates representing the Shares to be issued upon the exercise of such option (i) until, in the
opinion of the Company's counsel, the Act and all other applicable federal, state and foreign laws and regulations have been complied with, (ii) if the outstanding Shares are at the time listed
on any stock exchange, until the specific Shares to be issued have been listed or authorized to be listed on such exchange upon official notice of issuance and (iii) until all other legal
matters in connection with the issuance and delivery of such Shares have been approved by the Company's counsel. If the sale of Shares has not been registered under the Act, the Company may require,
as a condition to exercise of such option, (A) such representations, warranties or agreements as the Company may deem necessary or desirable in order or assure compliance with the Act and all
other applicable federal, state and foreign laws and regulations or as may otherwise be reasonably requested by the Company and (B) that the certificates evidencing the Shares to be issued upon
the exercise of such option bear an appropriate legend restricting transfer. 

        (f)    Nontransferability of Awards; Transfer of Shares.    Except as otherwise set forth in a stock option award, no
award may be transferred other than by will or by the laws of descent and distribution. 

        In
the absence of an effective registration statement under the Act relating to a transfer of Shares purchased upon the exercise of an award hereunder, the Company shall not be required
to register such transfer of Shares on its books unless the Company shall have been provided with a legal opinion satisfactory to the Company in form and substance from counsel reasonably satisfactory
to the Company prior to such transfer that registration under the Act is not required in connection with the transaction resulting in such transfer. Each certificate evidencing such Shares or issued
upon any transfer of such Shares shall bear an appropriate restrictive legend, except that such certificate shall not bear such a restrictive legend if the opinion of counsel referred to above is to
the further effect that such legend is not required in order to establish compliance with the provisions of the Act. Nothing in this paragraph shall modify or otherwise affect the provisions
applicable to the Option Shares under, or the obligations of the participants pursuant to, the Stockholders Agreement. 

        (g)    Death.    Except as otherwise set forth in a stock option award, if a participant dies, each award held by such
participant immediately prior to his death may be exercised, to the extent it was Vested immediately prior to such participant's death, by his executor or administrator, or by the Person or Persons to
whom the award is transferred by will or the applicable laws of descent and distribution, at any time on or prior to the earlier of (i) the date which is 120 days after such
participant's death or (ii) the Final Exercise Date. Except as otherwise set forth in a stock option award, all awards held by a participant immediately prior to his death that are not then
Vested shall terminate on the date of such participant's death. 

        (h)    Termination for Cause.    Except as otherwise set forth in a stock option award, if any employee's employment
with the Company or any of its Subsidiaries is terminated for Cause (as defined below), all Vested and unexercisable awards held by such employee shall terminate immediately upon such employee's
discharge. 

        Except
as otherwise set forth in a stock option award, the following events or conditions, as determined by the Board in its reasonable judgment, shall constitute
"Cause" for termination of any participant's employment: (i) the conduct of such participant in the performance of his duties and
responsibilities in a manner materially adverse to the Company, any of its Subsidiaries or any of its shareholders; (ii) a material conflict of interest or any other material breach by such
participant of any of the provisions of any employment, nondisclosure/noncompete/inventions or other agreement, if any, between such participant and the Company or any of its Subsidiaries;
(iii) conduct of such participant consisting of fraud, embezzlement or other material dishonesty with respect to the Company, any of its Subsidiaries or any of its shareholders;
(iv) commission by such participant of any felony or any other crime involving dishonesty or moral turpitude; or (v) failure by such participant to execute a directive of such
participant's superior or the Board (if such directive is consistent with such participant's position and not in violation of generally accepted moral, ethical or professional standards). 

        (i)    Other Termination.    Except as otherwise set forth in a stock option award, if any employee's employment with
the Company and its Subsidiaries terminates for any reason other than death or termination for Cause, then (A) any award held by such employee that is not Vested prior to the date of such
termination 

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of employment shall immediately terminate and (B) any award held by such employee that is Vested prior to the date of such termination of employment may be exercised at any time on or prior to
the earlier of (1) the date that is 60 days after the date of such termination of employment (or such later date as the Board may determine or as may be set forth in such award) or
(2) the Final Exercise Date. 

        After
completion of the 60-day period referred to in clause (B) above (or any applicable longer period), each such award shall terminate to the extent not previously
exercised, expired or terminated, unless otherwise specified in the stock option award. For purposes of this Section 6(i), employment shall not be considered terminated (1) in the case
of sick leave or other bona fide leave of absence approved for purposes of the Plan by the Board, so long as the employee's right to reemployment is guaranteed either by statute or by contract, or
(2) in the case of a transfer of employment between the Company and any of its Subsidiaries or between any of its Subsidiaries, or to the employment of a corporation (or a parent or subsidiary
corporation of such corporation) issuing or assuming an award in a transaction to which section 424(a) of the Code applies. 

        (j)    Termination of Service of Non-Employees.    In the case of any participant who is not an employee
of the Company or any of its Subsidiaries, provisions relating to the exercisability of awards following termination of service shall be specified in the stock option award;  provided, however, that if such provisions are not so specified, then upon the termination of service of
such participant, all awards held by such participant shall be subject to the provisions of Sections 6(h) and 6(i). 

        (k)    Mergers, etc.    Except as otherwise set forth in any stock option award, in the event of a consolidation or
merger in which the Company is not the surviving corporation, or a sale of all or substantially all of the assets of the Company, all outstanding awards shall thereupon terminate;  provided, however, that at least 20 days prior to the effective date of any such merger,
consolidation or sale of assets, the Board, in its sole discretion, may either (i) make all outstanding awards Vested immediately prior to consummation of such merger, consolidation or sale of
assets or (ii) if there is a surviving or acquiring corporation or other related entity, arrange, subject to consummation of such merger or consolidation, to have such corporation or related
entity or an affiliate of such corporation or related entity grant to participants replacement awards which provide similar treatment to similarly situated participants and which, in the case of
incentive options, satisfy, in the determination of the Board, the requirements of section 424(a) of the Code. 

        The
Board may grant awards under the Plan in substitution for awards held by employees, consultants or advisers of another corporation who concurrently become employees of the Company or
any of its Subsidiaries as the result of a merger or consolidation of such other corporation with the Company or any of its Subsidiaries, or as the result of the acquisition by the Company or any of
its Subsidiaries of property or stock of such other corporation. The Company may direct that substitute awards be granted on such terms and conditions as the Board considers appropriate in the
circumstances. 

7.    Certain Rights.  

        Neither the adoption of the Plan nor the grant of awards shall confer upon any participant any right to continue as a director or employee of the Company, any
parent of the Company or any Subsidiary of the Company or affect in any way the right of the Company, any parent of the Company or any Subsidiary of the Company to terminate such participant at any
time. Except as specifically provided by the Board in any particular case, the loss of existing or potential profit in awards granted under this Plan shall not constitute an element of damages in the
event of any termination of the relationship of any participant, even if such termination is in violation of any obligation of the Company to such participant by contract or otherwise. 

8.    Effect, Discontinuance, Cancellation, Amendment and Termination.  

        Neither the adoption of the Plan nor the grant of awards to a participant shall affect the Company's right to make awards to such participant that are not subject
to the Plan, to issue to such participant Shares as a bonus or otherwise or to adopt other plans or arrangements under which Shares may be issued. 

        The
Board may at any time discontinue granting awards under the Plan. With the consent of any participant, the Board may at any time cancel in whole or in part any existing award held by
such participant and grant another award for such number of Shares as the Board specifies. The Board may at any time or times amend the Plan or any outstanding award for the purpose of satisfying the
requirements of section 422 of the Code or of any changes in applicable laws or regulations or for any other purpose that may at the time be permitted by law, or 

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may at any time terminate the Plan as to any further grants of awards; provided, however, that except
as expressly provided in the Plan or in any award granted hereunder, no such amendment shall adversely affect the rights of any participant (without the consent of such participant) under such award. 

9.    Definitions.  

        "Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

        "Board" has the meaning set forth in Section 3. 

        "Cause" has the meaning set forth in Section 6(h). 

        "Code" means the Internal Revenue Code of 1986, as amended. 

        "Committee" has the meaning set forth in Section 3. 

        "Company" has the meaning set forth in Section 1. 

        "Final Exercise Date" has the meaning set forth in Section 6(b). 

        "incentive option" has the meaning set forth in Section 1. 

        "Option Shares" has the meaning set forth in Section 5(a). 

        "participants" has the meaning set forth in Section 2. 

        "Person" means any individual, partnership, joint venture, corporation, trust, unincorporated organization or entity, or any government,
or department or agency thereof, or any other similar entity. 

        "Plan" has the meaning set forth in Section 1. 

        "Regular Option Shares" has the meaning set forth in Section 5(a). 

        "Shares" has the meaning set forth in Section 1. 

        "Stockholders Agreement" means the Stockholders Agreement dated as of November 1, 2002, as amended and in effect from time to time,
among the Company and the other parties named therein. 

        "Subsidiary" means any Person of which the Company at the time (a) shall own, directly or indirectly through a Subsidiary, at least
a majority of the outstanding capital stock (or other shares of beneficial interest) entitled to vote generally or (b) shall control the board of directors of such Person. 

        "Superincentive Option Shares" has the meaning set forth in Section 5(a). 

        "Vested" has the meaning set forth in Section 6(b). 

As
of November 1, 2002 

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Exhibit 10.5

ARCHIBALD CANDY CORPORATION 2002 Stock Option Plan<Page>

                                                                   EXHIBIT 10.03

                               GLOBAL MACRO TRUST
                           (A DELAWARE BUSINESS TRUST)

                              WHOLESALING AGREEMENT

                                                                   ______ , 200_

[Wholesaler]

Dear Sirs:

      MILLBURN RIDGEFIELD CORPORATION, a Delaware corporation (THE "MANAGING
OWNER"), has caused the formation of a business trust pursuant to the Delaware
Statutory Trust Act (the "Delaware Act") under the name, GLOBAL MACRO TRUST (THE
"TRUST"), for the purpose of engaging in speculative trading of futures and
forward contracts, options on futures and forward contracts and other commodity
interests, implementing the systematic trading methods of the Managing Owner.
The Trust is engaged in a public offering of units of beneficial interest in the
Trust (the "Units") through UBS PaineWebber, Inc. (the "Selling Agent"), on a
best-efforts basis pursuant to the Selling Agreement dated as of April 1, 2002
among the Managing Owner, the Selling Agent, and the Trust (the "Selling
Agreement"), a copy of which has been furnished to you. In connection with the
public offering, the Trust has filed with the United States Securities and
Exchange Commission (the "SEC"), pursuant to the United States Securities Act of
1933, as amended (the "1933 Act"), a registration statement on Form S-1 to
register the Units (Reg. No. 333-67072) which because effective on March 26,
2002, and as part thereof a prospectus (which registration statement, together
with all amendments thereto, shall be referred to herein as the "Registration
Statement" and which prospectus together with all amendments and supplements
thereto in the forms filed with the SEC pursuant to Rule 424 under the Act shall
be referred to herein as the "Prospectus"). Other selling agents, including
those introduced by wholesalers ("Wholesalers") to us (the "Additional Selling
Agents" and together with the Selling Agent, the "Selling Agents"), may be
selected by the Managing Owner with the consent of the Selling Agent. You have
agreed to act as a wholesaler. We confirm our agreement with you as follows.

     1.   APPOINTMENT AND UNDERTAKINGS OF THE WHOLESALER

     (a)  Subject to the terms and conditions set forth in this Agreement,
the Selling Agreement and the Registration Statement, the Wholesaler is
hereby appointed, and hereby accepts such appointment, as one of the Trust's
nonexclusive wholesalers to identify and introduce to us one or more
Additional Selling Agents. It is understood and agreed that the Managing
Owner, with the consent of the Selling Agent, may retain other selling agents
(including those introduced by the Wholesaler or other Wholesalers) and that
the Additional Selling Agent or any other Additional Selling Agent, with the
consent of the Selling Agent and Managing Owner in their sole discretion, may
retain correspondent selling agents ("Correspondents"). The Wholesaler agrees
to comply with the terms and conditions of this Agreement.

<Page>

     (b)  The Wholesaler agrees to use diligent efforts, so long as this
Agreement and the Selling Agreement remain in effect, to identify and
introduce to us one or more Additional Selling Agents, each of which shall
agree to offer and sell the Units on a best-efforts basis without any
commitment on the Additional Selling Agent's part to purchase any Units
pursuant to an Additional Selling Agent Agreement (the form of which is
attached as Exhibit A to the Selling Agreement).

     (c)  The Wholesaler covenants and agrees to wholesale Units through
registered broker-dealers which are member of the National Association of
Securities Dealers, Inc. ("NASD") and which have signed Additional Selling
Agent Agreements. The Wholesaler's wholesaling activities will consist
primarily of providing sales literature and other information, all of which
shall have been prepared or approved by the Trust and the Managing Owner,
concerning the Trust to qualified broker-dealers and their principals and
Registered Representatives who will be participating in the offering of Units
and assisting such person in marketing Units and in providing additional
services on an ongoing basis to Unitholders. The Wholesaler may participate
in presentations to prospective investors, receive or handle any part of the
purchase price paid for Units or effect any transactions in Units.

     (d)  The Wholesaler shall offer and sell Units in compliance with the
requirements set forth in the Registration Statement (particularly the
"Subscription Requirements" attached as Exhibit B thereto), this Agreement
and the Blue Sky Survey delivered to the Selling Agent by the Managing
Owner's counsel, a copy of which has been provided to the Wholesaler and will
be provided by the Managing Owner to each Additional Selling Agent introduced
by the Wholesaler. The Wholesaler shall comply fully at all times with all
applicable federal and state securities and commodities laws (including
without limitation the 1933 Act, the Securities Exchange Act of 1934, as
amended (the "1934 Act"), the Commodity Exchange Act, as amended (the "CEA"),
and the securities and Blue Sky laws of the jurisdictions in which the
Wholesaler solicits subscriptions, all applicable rules and regulations under
such laws, and all applicable requirements, rules, policy statements and
interpretations of the NASD, and the securities and commodities exchanges and
other governmental and self-regulatory authorities and organizations having
jurisdiction over it or the offering of Units). The Wholesaler shall under no
circumstances engage in any activities hereunder in any jurisdiction (i) in
which the Managing Owner has not informed the Wholesaler that counsel's
advice has been received that the Units are qualified for sale or are exempt
under the applicable securities or Blue Sky laws thereof or (ii) in which the
Wholesaler may not lawfully engage.

     (e)  The Wholesaler further covenants and agrees to comply with any
terms and conditions of the Selling Agreement applicable to Additional
Selling Agents and the provisions of Sections 1(f)(i) and (ii) hereof
applicable to Additional Selling Agents.

     (f)  The Wholesaler has received a copy of the Prospectus and, if
requested, a copy of the Registration Statement as amended to the date
hereof. The Wholesaler further acknowledges, and agrees to assist each
Additional Selling introduced by it (references hereafter in this Agreement,
except Sections 7 and 9, to Additional Selling Agent(s) shall mean only those
Additional Selling Agent(s) introduced to us by the Wholesaler) in compliance
with, the following:

                                       2

<Page>

          (i)  Units shall be offered at the offering price and minimum amounts
     and on the other terms and conditions set forth in the Prospectus and the
     Selling Agreement.  The Additional Selling Agents shall offer and sell
     Units only to persons and entities who satisfy the suitability and/or
     investment requirements set forth in the Prospectus and the subscription
     agreements attached thereto and who, to the Managing Owner's satisfaction,
     complete the subscription agreements and related subscription documents
     used in connection with the offering of the Units (the "Subscription
     Documents") and remit good funds for the full subscription price.  An
     Additional Selling Agent shall not forward to the Managing Owner any
     Subscription Documents that are not in conformity with the requirements
     specified in the Prospectus and in the Subscription Documents appropriate
     for the particular subscriber or that represents the subscription of a
     person or entity not satisfying the suitability and/or investment
     requirements applicable to such person or entity.  No Additional Selling
     Agent shall execute any transactions in Units in a discretionary account
     over which it has control without prior written approval of the customer
     in whose name such discretionary account is maintained.

            An Additional Selling Agent shall not recommend the purchase of
     Units to any subscriber unless the Additional Selling Agent shall have
     reasonable grounds to believe, on the basis of information obtained from
     the subscriber concerning, among other things, the subscriber's investment
     objectives, other investments, financial situation and needs, that the
     subscriber is or will be in a financial position appropriate to enable the
     subscriber to realize to a significant extent the benefits of the Trust,
     including the tax benefits (if any) described in the Prospectus; the
     subscriber has a fair market net worth sufficient to sustain the risks
     inherent in participating in the Trust, including loss of investment and
     lack of liquidity; and the Units are otherwise a suitable investment for
     the subscriber. In addition to submitting such information to the Managing
     Owner, the Additional Selling Agent shall agree to maintain files, as
     required by NASD and state securities examiners, of information disclosing
     the basis upon which the Additional Selling Agent determined suitability
     as to each subscriber. In connection with making the foregoing
     representations and warranties, the Additional Selling Agent shall further
     represent and warrant that it has, among other things, examined the
     following sections in the Prospectus and obtained such additional
     information from the Managing Owner regarding the information set forth
     thereunder as the Additional Selling Agent has deemed necessary
     appropriate to determine whether the Prospectus adequately and accurately
     discloses all material facts relating to an investment in the Trust and
     provides an adequate basis to subscribers for evaluating an investment in
     the Units:

                  "The Risks You Face"
                  "Investment Factors"
                  "Performance of the Trust"
                  "The Managing Owner"
                  "Use of Proceeds"
                  "Charges"
                  "Redemptions; Net Asset Value"
                  "Conflicts of Interest"
                  "The Trust and the Trustee"
                  "Federal Income Tax Aspects"

                                       3

<Page>

                  "The Futures and Forward Markets"
                  "Supplemental Performance Information"

            In connection with making the representations and warranties set
      forth in this paragraph, the Additional Selling Agent shall not rely on
      inquiries made by or on behalf of any other parties.

            The Additional Selling Agents shall inform all prospective
      purchasers of Units of all pertinent facts relating to the liquidity and
      marketability of the Units as set forth in the Prospectus.

            The Additional Selling Agent shall offer and sell Units in
      compliance with the requirements set forth in the Registration Statement
      (particularly the "Subscription Requirements" attached as Exhibit B
      thereto), this Agreement and the Blue Sky Survey delivered to the Selling
      Agent by the Managing Owner's counsel, a copy of which has been provided
      to each Additional Selling Agent. An Additional Selling Agent shall
      represent and warrant that it shall comply fully at all times with all
      applicable federal and state securities and commodities laws (including
      without limitation the 1933 Act, the Securities Exchange Act of 1934, as
      amended (the "1934 Act"), the Commodity Exchange Act, as amended (the
      "CEA"), and the securities and Blue Sky laws of the jurisdictions in which
      the Additional Selling Agent solicits subscriptions, all applicable rules
      and regulations under such laws, and all applicable requirements, rules,
      policy statements and interpretations of the NASD, and the securities and
      commodities exchanges and other governmental and self-regulatory
      authorities and organizations having jurisdiction over it or the offering
      of Units). The Additional Selling Agent shall under no circumstances
      engage in any activities hereunder in any jurisdiction (i) in which the
      Managing Owner has not informed the Additional Selling Agent that
      counsel's advice has been received that the Units are qualified for sale
      or are exempt under the applicable securities or Blue Sky laws thereof or
      (ii) in which the Additional Selling Agent may not lawfully engage.

            Each Additional Selling Agent shall further agree to comply with the
      requirement under applicable federal and state securities laws to deliver
      to each offeree a Prospectus and any amendments or supplements thereto
      (including summary financial information). Neither the Additional Selling
      Agent nor any of its employees, agents or representatives will use or
      distribute any marketing material or information other than that prepared
      by the Trust and the Managing Owner.

            (ii)  The additional services that an Additional Selling Agent will
      provide on an ongoing basis to Unitholders at no charge will include but
      not be limited to: (i) inquiring of the Managing Owner from time to time,
      at the request of Unitholders, as to the Net Asset Value of a Unit,
      (ii) inquiring of the Managing Owner from time to time at the request of
      the Unitholders, as to the commodities markets and the activities of the
      Fund, (iii) assisting, at the request of the Managing Owner, in the
      redemption of Units sold by the Additional Selling Agent, (iv) responding
      to question of Unitholders from time to time with respect to monthly
      account statements, annual reports, financial statements, and annual tax
      information furnished to Unitholders, and (v) providing such

                                       4

<Page>

      other services to the owners of Units as the Managing Owner may, from time
      to time, reasonably request.

            All payments for subscriptions shall be made as described in the
      Selling Agreement and the Prospectus.

      (g)   The Wholesaler (i) acknowledges that, other than as set forth
herein, it is not authorized to act as agent of the Managing Owner or the
Trust in any connection or transaction and (ii) agrees not to so act or to
purport to so act.

      2.    COMPENSATION

      (a)   In consideration for the Wholesaler performing the obligations
under this Agreement, the Managing Owner shall pay the Wholesaler, from the
Managing Owner's own funds, a selling commission of _% of the subscription
value of the Unit(s) sold by each Additional Selling Agent (it being
understood that the Managing Owner shall pay each Additional Selling Agent's
share of selling commission, ongoing compensation, installment selling
commissions or administrative fees directly to such Additional Selling Agent
in accordance with the applicable Additional Selling Agent Agreement). Such
commissions will be paid in respect of each subscription as promptly as
practicable after each month-end closing.

      (b)   The Wholesaler shall receive ongoing compensation, payable
quarterly by the Managing Owner, of _% (a _% annual rate) of the month-end
Net Asset Value of the Units sold by a Registered Representative of an
Additional Selling Agent which remain outstanding for more than twelve months
(including the month as of the end of which such Unit is redeemed) assuming
(i) the continued registration of the Wholesaler with the Commodity Futures
Trading Commission (the "CFTC") as a futures commission merchant or
introducing broker and continued membership with the National Futures
Association ("NFA") in such capacity and (ii) the Wholesaler's compliance
with the additional requirements described in subsection 1 (d), registration
of Wholesaler's registered representatives with the CFTC and compliance with
applicable proficiency requirements by either passing the Series 3 National
Commodity Futures Exam or the Series 31 exam and provision of the additional
services described in subsection 1(f)(ii). Such ongoing compensation shall
begin to accrue with respect to each Unit only after the end of the twelfth
full month after the sale of such Unit. Such ongoing compensation will be
paid by the Managing Owner from its own funds. For purposes of determining
when ongoing compensation should begin to accrue, Units shall not be deemed
to be sold until the day Units are issued, and in either case not the day
when subscriptions are accepted by the Managing Owner or subscriptions funds
are received by the Trust.

      Furthermore, the Managing Owner shall not compensate the Wholesaler unless
the Wholesaler is legally qualified and permitted to receive such compensation.

      If the Wholesaler (or its registered representatives) is not qualified
to receive ongoing compensation as set forth above or does not provide the
additional services described above in Section 1(f)(ii), the Managing Owner
will pay the Wholesaler installment selling commissions at the same rate as
in the case of ongoing compensation, but the sum of such installment selling
commissions and the initial selling commission paid to the Wholesaler and
each Additional

                                       5

<Page>

Selling Agent and administrative fees paid to each Additional Selling Agent
in respect of sales of Units to participants in such Additional Selling
Agents "wrap account" program, which Units participate in such program, is
limited in amount, pursuant to applicable NASD policy, to 9.5% of the initial
subscription price of the Units sold by each Registered Representative of
such Additional Selling Agent; provided, that no such installment selling
commissions shall be payable until the Managing Owner and the Wholesaler
determine that the payment of such installment selling commission is in
compliance with Rule 2810 of the NASD on aggregate compensation which may be
received by the Selling Agents.

      The Wholesaler shall not, directly or indirectly, pay or award any
finder's fees, commissions or other compensation to any person engaged by a
potential investor for investment advice as an inducement to such advisor to
advise the purchase of Units; provided, however, the normal sales commissions
payable to a registered broker-dealer or other properly licensed person for
selling Units shall not be prohibited hereby.

      (c)  Notwithstanding any other provision of this Agreement to the
contrary, the Managing Owner shall have sole discretion to accept or reject
any subscription for the Units in whole or in part.

      (d)  The Managing Owner agrees to make all payments to the Wholesaler
pursuant to this Section 2 within 15 business days following the end of each
calendar quarter in which compensation is earned.

      3.    REPRESENTATIONS AND WARRANTIES OF THE MANAGING OWNER

      The Managing Owner hereby represents and warrants as follows:

      (a)  The Trust is a business trust duly organized pursuant to the
Delaware Act and is validly existing and in good standing under the laws of
the State of Delaware with full power and authority to engage in the business
to be conducted by it, as described in the Prospectus. The Trust is in good
standing and qualified to do business in each jurisdiction in which such
qualification is necessary in order to protect the limited liability of
Unitholders and in which the nature or conduct of its business as described
in the Registration Statement requires such qualification and the failure to
be so qualified would materially adversely affect the Trust.

      (b)  The Managing Owner is, and will continue to be so long as it is
the managing owner of the Trust, a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware and is
in good standing and qualified to do business in each jurisdiction in which
the nature or conduct of its business as described in the Registration
Statement and Prospectus requires such qualification and the failure to be so
qualified would materially adversely affect the Trust or the Managing Owner's
ability to perform its obligations hereunder.

      (c)  The Trust and the Managing Owner each have full trust and
corporate power and authority, as the case may be, under applicable law to
perform its respective obligations under this Agreement, and to conduct its
business as described in the Registration Statement and Prospectus.

                                       6

<Page>

      (d)  Since the respective dates as of which information is given in the
Registration Statement and the Prospectus, there have not been any adverse
change in the condition (financial or otherwise), business or prospects of
the Managing Owner or the Trust, whether or not arising in the ordinary
course of business.

      (e)  This Agreement has been duly and validly authorized, executed and
delivered by the Managing Owner on behalf of the Trust and by the Managing
Owner, and constitutes a valid, binding and enforceable agreement of the
Trust and the Managing Owner in accordance with its terms.

      (f)  The execution and delivery of this Agreement, the incurrence of
the obligations set forth herein and the consummation of the transactions
contemplated herein and in the Prospectus: (i) will not constitute a breach
of, or default under, any instrument or agreement by which the Managing Owner
or the Trust, as the case may be, or any of their property or assets is
bound, or any statute, order, rule or regulation applicable to the Managing
Owner or the Trust, as the case may be, of any court or any governmental body
or administrative agency having jurisdiction over the Managing Owner or the
Trust, as the case may be; (ii) will not result in the creation or imposition
of any lien, charge or encumbrance on any property or assets of the Managing
Owner or the Trust; (iii) will not give any party a right to terminate its
obligations or result in the acceleration of any obligations under any
material instrument or agreement by which the Managing Owner or the Trust, as
the case may be, or any of their respective property or assets is bound; and
(iv) will not result in any material liability (other than such as may be
contemplated hereby) on the part of either the Managing Owner or the Trust.

      (g)  Except as otherwise disclosed in the Registration Statement or the
Prospectus, there is not pending nor, to the best of the Managing Owner's
knowledge, threatened any action, suit or proceeding before or by any court
or other governmental body to which the Managing Owner or the Trust is a
party, or to which any of the assets of the Managing Owner or the Trust is
subject, which might reasonably be expected to result in any material adverse
change in the condition (financial or otherwise), business or prospects of
the Managing Owner or the Trust or which is required to be disclosed in the
Registration Statement or Prospectus pursuant to the CEA, the 1933 Act, the
Regulations of the CFTC or SEC.

      (h)  The Managing Owner and each of its principals and employees have,
and will continue to have so long as it is the managing owner of the Trust,
all federal and state governmental, regulatory, self-regulatory and commodity
exchange approvals and licenses, and the Managing Owner (either on behalf of
itself or its principals and employees) has effected all filings and
registrations with federal and state governmental, regulatory or
self-regulatory agencies required to conduct its business and to act as
described in the Registration Statement and Prospectus (including, without
limitation, registration (i) as a commodity pool operator and commodity
trading advisor under the CEA, (ii) membership in the NFA as a commodity pool
operator and commodity trading advisor, and (iii) as a "transfer agent" with
the Securities and Exchange Commission), and this Agreement and the
performance of such obligations will not contravene or result in a breach of
any provision of the Managing Owner's certificate of incorporation, by-

                                       7

<Page>

laws or any agreement, instrument, order, law or regulation binding upon it
or any of its employees or principals.

      (i)  The Managing Owner has the financial resources necessary to meet
its obligations to the Wholesaler hereunder.

      4.    REPRESENTATIONS AND WARRANTIES OF THE WHOLESALER

      The Wholesaler hereby represents and warrants as follows:

      (a)  The Wholesaler is a __________ duly organized, validly existing,
and in good standing under the laws of the state of its incorporation and has
power and authority to enter into and carry out its obligations under this
Agreement.

      (b)   The Wholesaler has all governmental and regulatory registrations,
qualifications, approvals and licenses required to perform its obligations
under this Agreement (including, but not limited to, registration as
broker-dealer with the SEC, membership in such capacity in the NASD, and
registration and qualification under the laws of each state in which the
Wholesaler will offer and sell Units); the performance by the Wholesaler of
its obligations under this Agreement will not violate or result in a breach
of any provision of its certificate of incorporation or by-laws or any
agreement, order, law, or regulation binding upon it.

      (c)  This Agreement has been duly and validly authorized, executed, and
delivered on behalf of the Wholesaler and is a valid and binding agreement of
the Wholesaler enforceable against the Wholesaler in accordance with its
terms, subject only to bankruptcy, insolvency, reorganization, moratorium or
similar laws at the time in effect affecting the enforceability generally of
rights of creditors except as enforceability of the indemnification
provisions contained in this Agreement may be limited by applicable law and
the enforcement of specific terms or remedies may be unavailable.

      (d)  Neither the Wholesaler nor any of its principals have been the
subject of any administrative, civil, or criminal actions within the five
years preceding the date hereof that would be material for an investor's
decision to purchase the Units which are not disclosed to the Trust and the
Managing Owner.

      5.    COVENANTS OF THE MANAGING OWNER

      (a)  The Managing Owner will notify the Wholesaler immediately (i) when
any amendment to the Registration Statement shall have become effective and
(ii) of the issuance by the SEC, CFTC or any other Federal or state
regulatory body of any order suspending the effectiveness of the Registration
Statement under the 1933 Act, the CFTC registration or NFA membership of the
Managing Owner as a commodity pool operator, or the registration of Units
under the Blue Sky or securities laws of any state or other jurisdiction or
any order or decree enjoining the offering or the use of the then current
Prospectus or of the institution, or notice of the intended institution, of
any action or proceeding for that purpose.

      (b)  The Managing Owner will deliver to the Wholesaler as promptly as
practicable from time to time during the period when the Prospectus is
required to be delivered under the

                                       8

<Page>

1933 Act, such number of copies of the Prospectus (as amended or
supplemented) as the Wholesaler may reasonably request for the purposes
contemplated by the 1933 Act or the SEC Regulations.

      (c)  The Managing Owner will furnish to the Wholesaler a reasonable
number of copies of any amendment or amendments of, or supplement or
supplements to, the Prospectus which will amend or supplement the Prospectus.

      6.    INDEMNIFICATION

      (a)  The Managing Owner shall indemnify, hold harmless, and defend the
Wholesaler and any person who controls the Wholesaler within the meaning of
Section 15 of the 1933 Act, to the same extent, and subject to the same
conditions and procedural requirements, that the Managing Owner agrees to
indemnify the Additional Agents pursuant to Section 8 of the Additional
Selling Agent Agreement. The Wholesaler agrees that in no event shall the
Trust be liable for any loss, liability, claim, damage or expense whatsoever
suffered by the Wholesaler in connection with the offering of Units or this
Agreement.

      (b)  The Wholesaler shall indemnify, hold harmless, and defend the
Trust and the Managing Owner and any person who controls any of the foregoing
within the meaning of Section 15 of the 1933 Act against any and all loss,
liability, claim, damage and expense whatsoever incurred by any such party
arising from any material breach by the Wholesaler of its representations,
warranties, obligations and undertakings set forth in this Agreement.

      7.    RELATIONSHIP OF WHOLESALERS, ADDITIONAL SELLING AGENTS AND THE
            MANAGING OWNER

      The obligations of each of the Wholesalers and Additional Selling
Agents, (including their Correspondents) are several and not joint. Nothing
herein contained shall constitute the Wholesalers, Additional Selling Agents
(including Correspondents), or any of them, as an association, partnership,
unincorporated business or other separate entity, but the Wholesaler shall be
liable for its proportionate share of any tax, liability or expense based on
any claim to the contrary. The Managing Owner and the Trust shall be under no
liability to the Wholesaler except for lack of good faith and for obligations
expressly assumed by the Managing Owner and the Trust in this Agreement.

      8.    TERMINATION

      (a)  This Agreement shall terminate on the earlier of (i) such date as
the Managing Owner or Wholesaler may determine by giving __ days' prior
written notice to the other, (ii) the termination of the offering of the
Units or (iii) by the Managing Owner, without notice, upon breach by the
Wholesaler of, or non-compliance by the Wholesaler with, any material term of
this Agreement.

      (b)  The termination of this Agreement for any reason set forth in
Sections 8(a)(i) or 8(a)(ii) shall not affect (i) the ongoing obligations of
the Managing Owner to pay selling commissions, ongoing compensation or
installment selling commissions accrued prior to the termination hereof, (ii)
the Wholesaler's obligations under the second sentence of Section 7

                                       9

<Page>

hereof or (iii) the indemnification obligations under Section 6 hereof. In
the event this Agreement is terminated pursuant to Section 8(a)(iii), the
Managing Owner may withhold accrued but unpaid selling commissions and
ongoing compensation or installment selling commissions due the Wholesaler
until the Managing Owner has been put in the same financial position as it
would have been in absent such breach or non-compliance.

      9.    CONFIDENTIALITY

      (a)  The Managing Owner hereby covenants and agrees that under no
circumstances will it solicit any of the Wholesaler's customers whose names
become known to the Managing Owner in connection with the offering of the
Units. The Managing Owner agrees that it will take such steps to ensure the
confidentiality of the Wholesaler's client list as the Wholesaler may
reasonably request.

      (b)  The Wholesaler hereby covenants and agrees that under no
circumstances will it solicit any customer of any other Wholesaler or any
Additional Selling Agent for the Trust whose name becomes known to the
Wholesaler in connection with the offering of the Units. The Wholesaler
agrees that it will take such steps to ensure the confidentiality of any
other Wholesaler's or any Additional Selling Agent's client list as the owner
of such list may reasonably request. The Wholesaler further covenants and
agrees not to solicit any selling agent which has been introduced to the
Managing Owner by any other Wholesaler or any Additional Selling Agent.

      10.   MISCELLANEOUS

      (a)  This Agreement shall be binding upon and inure to the benefit of
the respective successors and permitted assigns of the parties hereto;
provided, however, that a party hereto may not assign any rights,
obligations, or liabilities hereunder without the prior written consent of
the other parties.

      (b)  All notices required or desired to be delivered under this
Agreement shall be in writing and shall be effective when delivered
personally on the day delivered or, when given by registered mail, postage
prepaid, return receipt requested, on the day of receipt, addressed as
follows (or to such other address as the party entitled to notice shall
hereafter designate in accordance with the terms hereof):

      if to the Managing Owner or Trust:

            Millburn Ridgefield Corporation
            411 West Putnam Avenue
            Greenwich, Connecticut 06830

      if to the Wholesaler:

            ----------------------------

            ----------------------------

            ----------------------------

                                       10

<Page>

      (c)  This Agreement shall be governed by, and construed in accordance
with, the law of the State of Connecticut without regard to the principles of
choice of law thereof.

      (d)  All captions used in this Agreement are for convenience only, are
not a part hereof, and are not to be used in construing or interpreting any
aspect hereof.

      (e)  This Agreement may be executed in counterparts, each such
counterpart to be deemed an original, but which all together shall constitute
one and the same instrument.

      (f)  This Agreement may not be amended except by the express written
consent of the parties hereto. No waiver of any provision of this Agreement
may be implied from any course of dealing between or among any of the parties
hereto or from any failure by any party hereto to assert its rights under
this Agreement on any occasion or series of occasions.

      (g)  The provisions of this Agreement shall survive the termination of
this Agreement with respect to any matter arising while this Agreement was in
effect.

                                       11

<Page>

      If the foregoing is in accordance with your understanding of our
agreement, please sign and return a counterpart hereof, whereupon this
instrument along with all counterparts will become a binding agreement
between us in accordance with its terms.

                        Very truly yours,

                        GLOBAL MACRO TRUST

                        By:    MILLBURN RIDGEFIELD CORPORATION,
                               Managing Owner

                        By:
                               ---------------------------------------------
                               Name:
                               Title:

                               MILLBURN RIDGEFIELD CORPORATION

                        By:
                               ---------------------------------------------
                               Name:
                               Title:

CONFIRMED AND ACCEPTED

[Wholesaler]

By:
       --------------------------
       Name:
       Title:

                                       12

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