Document:

EX-10.20

    
      

    

     

    Exhibit
      10.20

     

     

     

     

     

     

     

     

     

     

     

    

    COMMUNITY
      CAPITAL BANCSHARES, INC.

    2006
      EMPLOYEE STOCK PURCHASE PLAN

    

    

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    TABLE
      OF
      CONTENTS

    

    
      	
              Purpose

            	
              1

            
	 	 
	
              Definitions

            	
              1

            
	 	 
	
              Eligibility

            	
              2

            
	 	 
	
              Offering
                Periods

            	
              2

            
	 	 
	
              Participation

            	
              2

            
	 	 
	
              Method
                of Payment of Contributions

            	
              3

            
	 	 
	
              Matching
                Credits

            	
              3

            
	 	 
	
              Purchase
                of Shares

            	
              3

            
	 	 
	
              Delivery

            	
              3

            
	 	 
	
              Withdrawal

            	
              4

            
	 	 
	
              Interest

            	
              4

            
	 	 
	
              Stock

            	
              4

            
	 	 
	
              Administration

            	
              4

            
	 	 
	
              Designation
                of Beneficiary

            	
              5

            
	 	 
	
              Transferability

            	
              5

            
	 	
               

            
	
              Use
                of Funds

            	
              5

            
	 	 
	
              Reports

            	
              5

            
	 	 
	
              Adjustments
                Upon Changes in Capitalization; Corporate Transactions

            	
              5

            

    

     

     

    
 

    
      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

    

    

    

    

      
        	
                Amendment
                  or Termination

              	
                6

              
	 	 
	
                Notices

              	
                6

              
	 	 
	
                Conditions
                  Upon Issuance of Shares

              	
                6

              
	 	 
	
                Additional
                  Restrictions of Rule 16b-3

              	
                7

              
	 	 
	
                No
                  Contract

              	
                7

              
	 	 
	
                Waiver

              	
                7

              
	 	 
	
                Securities
                  Law Restrictions

              	
                7

              

      

    

    

     

     

     

     

     

     

     

     

     

    
 

    
      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

    

    

     

    COMMUNITY
      CAPITAL BANCSHARES, INC.

    2006
      EMPLOYEE STOCK PURCHASE PLAN

    

    Community
      Capital Bancshares, Inc. (the “Company”) does hereby adopt the Community Capital
      Bancshares, Inc. 2006 Employee Stock Purchase Plan (the “Plan”), effective as of
      June 1, 2006. This Plan replaces the Community Capital Bancshares, Inc. Restated
      Employee Stock Purchase Plan, originally effective as of January 1, 2000, and
      terminated effective as of September 30, 2005 (the “Prior Plan”).

    

    1. Purpose.
      The
      purpose of the Plan is to provide eligible employees of the Designated
      Subsidiaries with an opportunity to purchase Common Stock so as to retain and
      attract key employees and to enable them to participate in the long-term success
      and growth of the Company by providing them with an opportunity to acquire
      a
      proprietary interest in the Company.

    

    
      	
              2.

            	
              Definitions.

            

    

     

           
      (a)    “Board”
shall
      mean the Board of Directors of the Company.

    

    (b)    “Common
      Stock”
shall
      mean the common stock, $1.00 par value per share, of the Company.

    

    (c)    “Company”
shall
      mean Community Capital Bancshares, Inc., a bank holding company organized under
      the laws of the State of Georgia. 

    

    (d)    “Compensation”
shall
      mean all regular wages, exclusive of bonuses, commissions and other forms of
      compensation paid on an irregular basis; except as the Company may otherwise
      determine from time to time pursuant to rules uniformly applied.

    

    (e)    “Contributions”
shall
      mean all amounts of a Participant’s Compensation credited to that Participant’s
      Plan account to be applied to the purchase of Common Stock.

    

    (f)    “Designated
      Subsidiaries”
shall
      mean the Subsidiaries which have been designated by the Board from time to
      time
      in its sole discretion as eligible to participate in the Plan.

    

    (g)    “Effective
      Date”
shall
      mean June 1, 2006.

    

    (h)    “Eligible
      Employee”
shall
      mean any Employee of a Designated Subsidiary who is customarily employed for
      at
      least twenty (20) hours per week by one or more Designated
      Subsidiaries.

    

    (i)    “Employee”
shall
      mean any employee treated as a common law employee of a Subsidiary.

    

    (j)    “Exercise
      Date”
shall
      mean the last business day of each Offering Period.

    

    (k)    “Offering
      Date”
shall
      mean the first business day of each Offering Period.

    

    
      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

    

    

    (l)    “Offering
      Period”
shall
      mean the period from June 1, 2006 through June 30, 2006 and each calendar
      quarter thereafter until the Plan is suspended or terminated pursuant to
      paragraph 19. 

    

    (m)    “Participant”
shall
      mean an Eligible Employee who has elected to participate in the Plan pursuant
      to
      paragraph 5.

    

    (n)    “Plan”
shall
      mean the Community Capital Bancshares, Inc. 2006 Employee Stock Purchase
      Plan.

    

    (o)    “Subsidiary”
means
      any corporation (other than the Company) in an unbroken chain of corporations
      beginning with the Company where each corporation other than the last
      corporation in the unbroken chain owning stock possessing fifty percent (50%)
      or
      more of the total combined voting power of all classes of stock in one of the
      other corporations in the chain, whether
      or not such corporation now exists or is hereafter organized or acquired by
      the
      Company.

    

    3.    Eligibility.
      Any
      person who is employed as an Eligible Employee shall be eligible to participate
      in the Plan as of the Offering Period which first commences at least fifteen
      (15) days following his or her date of hire.

    

    4.    Offering
      Periods.
      Participation in the Plan shall be implemented through a series of successive
      Offering Periods commencing with the Effective Date and continuing until the
      Plan is suspended or terminated in accordance with paragraph 19. The Board
      shall
      have the power to change the duration of Offering Periods by announcing any
      such
      change at least thirty (30) days prior to the scheduled beginning of the first
      Offering Period to be affected by such change.

    

    
      	
              5.

            	
              Participation.

            

    

    

    (a)    An
      Eligible Employee may become a Participant by completing an enrollment form
      provided by the Company and filing it with the Company at least fifteen (15)
      calendar days prior to the applicable Offering Date, unless a later time for
      filing the enrollment form is set by the Board for all Eligible Employees with
      respect to a given offering. The enrollment form shall set forth either a
      specific dollar amount (which may be subject to a minimum amount per payroll
      period, as determined from time to time by the Company) or a percentage (which
      shall be not less than one percent (1%) and not more than fifteen percent (15%))
      of the Participant’s Compensation that becomes payable during the Offering
      Period which is to be treated as Contributions.

    

    (b)    A
      Participant who elects to participate in the Plan will be deemed to have elected
      to continue to participate in the Plan for successive Offering Periods until
      a
      voluntary withdrawal pursuant to paragraph 10; an involuntary withdrawal
      pursuant to paragraph 10; or the suspension or termination of the Plan pursuant
      to paragraph 19.

    

    (c)    A
      Participant may not change the rate of Contributions during an Offering Period.
      However, a Participant may change the level of his or her contributions by
      filing a change of election form at least fifteen (15) days prior to the
      Offering Period for which the change is to be effective.

    

    (d)    For
      the
      Offering Period commencing June 1, 2006, refunds attributable to rescinded
      purchases of Common Stock made under the Prior Plan shall be applied to the
      purchase of Common Stock as of the Exercise Date for that Offering Period unless
      an affected Participants otherwise advise the Company to refund such amounts
      in
      cash in accordance with administrative procedures communicated to such
      Participants.

    

    
      
        
          
          

        

        
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              6.

            	
              Method
                of Payment of Contributions.

            

    

    

    (a)    All
      Contributions shall be made by payroll deductions and such Contributions shall
      be credited to the Participant’s account under the Plan. A Participant may not
      make any additional payments into such account.

    

    (b)    With
      respect to each Offering Period as to which a Participant has elected to
      participate in the Plan, payroll deductions shall commence on the first payday
      following the Offering Date and shall end with the last payday on or prior
      to
      the Exercise Date, unless the Plan is suspended or terminated prior to the
      Exercise Date in accordance with paragraph 19.

    

    7.    Matching
      Credits.
      The
      Company shall credit to each Participant’s account for an Offering Period a
      matching amount equal to thirty-three and one-third percent (331/3%)
      of the
      Participant’s Contributions, but such matching credits shall be made only with
      respect to a Participant’s Contributions which do not exceed nine percent (9%)
      of the Participant’s Compensation for the Offering Period. 

    

    8.    Purchase
      of Shares.

    

    (a)    A
      Participant’s option for the purchase of Common Stock will be exercised
      automatically as of the Exercise Date for an Offering Period. The accumulated
      Contributions, matching amounts and, if applicable, refund amounts described
      under paragraph 5(d) credited to a Participant’s account will be applied as soon
      as practicable after the Exercise Date to the purchase of the maximum number
      of
      whole shares of Common Stock at then prevailing prices, if the shares are
      purchased on the open market, or at then fair market value, if the shares are
      purchased from the Company. Any brokerage expenses incurred in the purchase
      of
      shares may, at the discretion of the Company, be included in the cost of shares
      to Participants. During his or her lifetime, a Participant’s option to purchase
      shares hereunder is exercisable only for the benefit of the
      Participant.

    

    (b)    For
      purposes of this paragraph, the fair market value of a share of Common Stock
      shall be determined by the Company taking into account material facts and
      circumstances pertinent to such determination, as determined by the Company
      in
      its sole discretion.

    

    (c)    The
      shares of Common Stock sold to Participants may be acquired on the open market
      or, at the election of the Board, acquired from the Company either from treasury
      shares or shares originally issued for such purpose.

    

    9.    Delivery.
      The
      Company shall deliver to a custodian designated by the Company the shares of
      Common Stock purchased in connection with the exercise of the option. A
      Participant shall have no rights as a shareholder with respect to shares of
      Common Stock so purchased until the date of the certificate so issued. A
      Participant may elect at any time thereafter to have such shares of Common
      Stock
      delivered to the Participant or to an account established by the Participant
      with any brokerage firm. Any cash remaining to the credit of a Participant’s
      account under the Plan after a purchase of Common Stock at the termination
      of
      each Offering Period which is insufficient to purchase a whole share of Common
      Stock shall be carried over to the next Offering Period if the Participant
      remains an Eligible Employee. If the Participant has elected to withdraw from
      the Plan as of the end of that Offering Period or is no longer an Eligible
      Employee, the excess amount shall be paid to the Participant.

    

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

    

    

    10.    Withdrawal.

    

    (a)    A
      Participant may not voluntarily withdraw from the Plan during an Offering
      Period. By giving at least five (5) business days’ notice to the Company prior
      to the commencement of the next succeeding Offering Period, a Participant may
      withdraw from the Plan immediately prior to the commencement of such Offering
      Period. Any excess amounts credited to a Participant’s account as of the
      effective date of a voluntary withdrawal will be paid to him in cash as soon
      as
      reasonably practicable after such effective date.

    

    (b)    Upon
      termination of the Participant’s status as an Eligible Employee prior to the
      Exercise Date for any reason, including a change in employment status,
      termination of employment or death, no further Contributions to the Plan shall
      be made on behalf of the Participant and any Contributions and, if applicable,
      any refund amounts described under paragraph 5(d) then credited to the
      Participant’s account will be returned as soon as practicable to the Participant
      or, in the case of his death, to the person(s) entitled thereto under paragraph
      14 hereof. All corresponding matching credits will be forfeited and the
      Participant’s option for the purchase of Common Stock for that Offering Period
      will automatically terminate.

    

    (c)    A
      Participant’s voluntary withdrawal from the Plan will not in itself have any
      effect upon his eligibility to participate in a succeeding Offering Period
      or in
      any similar plan which may hereafter be adopted by the Company.

    

    11.    Interest.
      No
      interest shall accrue on the Contributions, any refund amounts and matching
      credits credited to a Participant’s account under the Plan.

    

    12.    Stock.

    

    (a)    The
      maximum number of shares of the Common Stock which shall be made available
      for
      sale under the Plan shall be fifty thousand (50,000) shares, subject to
      adjustment upon changes in capitalization of the Company as provided in
      paragraph 18. If the total number of shares for which options are to be
      exercised under the Plan exceeds the number of shares then available under
      the
      Plan (after deduction of all shares for which options have been exercised or
      are
      then outstanding), the Company shall make a pro rata allocation of the shares
      available in as uniform a manner as shall be practicable and as it shall
      determine to be equitable. In such event, the Company shall give written notice
      of such reduction of the number of shares subject to the option to each
      Participant affected thereby.

    

    (b)    Shares
      to
      be delivered to a Participant under the Plan will be registered in the name
      of
      the Participant, or, if the Participant so directs, by written notice to the
      Company prior to the Exercise Date, in the names of the Participant and one
      other person designated by the Participant, as joint tenants with rights of
      survivorship, to the extent permitted by applicable law.

    

    (c)    Shares
      of
      Common Stock purchased under the terms of the Plan by a Participant, including
      Participants who are subject to Section 16 of the Securities Exchange Act
      of 1934, may not be sold prior to the expiration of six (6) months from the
      date
      of their purchase, except in the event of the Participant’s disability, as
      determined by the Company, or death.

    

    13.    Administration.
      The
      Board, or a committee designated by the Board, shall supervise and administer
      the Plan and shall have full power to adopt, amend and rescind any rules deemed
      desirable and appropriate for the administration of the Plan and not
      inconsistent with the Plan, to construe and interpret the Plan, and to make
      all
      other determinations necessary or advisable for the administration of the Plan.
      All such determinations by the Board, or its designee, shall be final and
      binding upon all persons.

    

    
      
        
          
          

        

        
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              14.

            	
              Designation
                of Beneficiary.

            

    

    

    (a)    A
      Participant may file with the Company a written designation of a beneficiary
      who
      is to receive any cash to his or her credit under the Plan in the event of
      the
      Participant’s death before an Exercise Date, or any shares of Common Stock and
      cash to his or her credit under the Plan in the event of the Participant’s death
      on or after an Exercise Date. A beneficiary may be changed by the Participant
      at
      any time by notice in writing to the Company.

    

    (b)    Upon
      the
      death of a Participant and upon receipt by the Company of proof of the identity
      and existence at the time of the Participant’s death of a beneficiary designated
      by the Participant in accordance with the immediately preceding subparagraph,
      the Company shall deliver such shares of Common Stock or cash, or both, to
      the
      beneficiary. In the event a Participant dies and is not survived by a then
      living or in existence beneficiary designated by him in accordance with the
      immediately preceding subparagraph, the Company shall deliver such shares of
      Common Stock or cash, or both, to the personal representative of the estate
      of
      the deceased Participant. If, to the knowledge of the Company, no personal
      representative has been appointed within ninety (90) days following the date
      of
      the Participant’s death, the Company, in its discretion, may deliver such shares
      of Common Stock or cash, or both, to the surviving spouse of the deceased
      Participant, or to any one or more dependents or relatives of the deceased
      Participant, or if no spouse, dependent or relative is known to the Company,
      then to such other person as the Company may designate.

    

    (c)    No
      designated beneficiary shall, prior to the death of the Participant by whom
      the
      beneficiary has been designated, acquire any interest in the shares of Common
      Stock or cash credited to the Participant under the Plan.

    

    15.    Transferability.
      Neither
      Contributions, matching amounts or refund amounts credited to a Participant’s
      account nor any rights with regard to the exercise of an option or to receive
      shares of Common Stock under the Plan may be assigned, transferred, pledged
      or
      otherwise disposed of in any way (other than by will, the laws of descent and
      distribution, or as otherwise provided in paragraph 14) by the Participant.
      Any
      such attempt at assignment, transfer, pledge or other disposition shall be
      without effect, except that the Company may treat such act as an election to
      withdraw from the Plan in accordance with paragraph 10.

    

    16.    Use
      of
      Funds.
      All
      amounts received or held by the Company under the Plan may be used by the
      Company for any corporate purpose, and the Company shall not be obligated to
      segregate such amounts.

    

    17.    Reports.
      Individual accounts will be maintained for each Participant in the Plan.
      Statements of accounts will be given to Participants no less frequently than
      quarterly.

    

    18.    Adjustments
      Upon Changes in Capitalization; Corporate Transactions.

    

    (a)    In
      the
      event that the outstanding shares of Common Stock of the Company are hereafter
      increased or decreased or changed into or exchanged for a different number
      or
      kind of shares or other securities of the Company by reason of a
      recapitalization, reclassification, stock split, combination of shares or
      dividend payable in shares of Common Stock, an appropriate adjustment shall
      be
      made by the Company to the number and kind of shares available for the granting
      of purchase opportunities, or as to which outstanding purchase opportunities
      shall be exercisable. No fractional shares shall be issued or optioned in making
      any such adjustments. All adjustments made by the Company under this paragraph
      shall be conclusive.

    

    
      
        
          
          

        

        
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    (b)    Subject
      to any required action by the shareholders, if the Company shall be a party
      to
      any reorganization involving merger or consolidation with respect to which
      the
      Company will not be the surviving entity or acquisition of substantially all
      of
      the stock or assets of the Company, the Company in its discretion (i) may
      declare the Plan’s termination in the same manner as if the Board had terminated
      the Plan pursuant to paragraph 19 below, or (ii) may declare that any
      purchase opportunity granted hereunder shall pertain to and apply with
      appropriate adjustment as determined by the Board to the securities of the
      resulting corporation to which a holder of the number of shares of Common Stock
      subject to the purchase opportunity would have been entitled.

    

    (c)    Any
      issue
      by the Company of any class of preferred stock, or securities convertible into
      shares of common or preferred stock of any class, shall not affect, and no
      adjustment by reason thereof shall be made with respect to, the number or
      purchase price of shares of Common Stock subject to any purchase opportunity
      except as specifically provided otherwise in this paragraph 18. The grant of
      a
      purchase opportunity pursuant to the Plan shall not affect in any way the right
      or power of the Company to make adjustments, reclassifications, reorganizations
      or changes of its capital or business structure or to merge or to consolidate
      or
      to dissolve, liquidate or sell, or transfer all or any part of its business
      or
      assets.

    

    19.    Amendment
      or Termination.

    

    (a)    The
      Board
      may at any time terminate, suspend or amend the Plan, subject to any shareholder
      approval that the Board determines is necessary or advisable under any
      applicable law, regulation or rule. Any such termination, suspension or
      amendment, to the extent the same may affect options previously granted, shall
      either, at the election of the Board, provide for the protection of such option
      rights or shall provide for the return of all Contributions which have not
      then
      been applied to the purchase of shares of Common Stock.

    

    (b)    The
      Board
      shall be entitled to change the Offering Periods, permit payroll withholding
      in
      excess of the amount designated by a Participant in order to adjust for delays
      or mistakes in the Company’s processing or properly completed withholding
      elections, establish reasonable waiting and adjustment periods and/or accounting
      and crediting procedures to ensure that amounts applied toward the purchase
      of
      Common Stock for each Participant properly correspond with amounts withheld
      from
      the Participant’s Compensation, and establish such other limitations or
      procedures as the Board determines in its sole discretion advisable which are
      consistent with the Plan.

    

    20.    Notices.
      All
      notices or other communications by a Participant to the Company under or in
      connection with the Plan shall be deemed to have been duly given when received
      in the form specified by the Company at the location, or by the person,
      designated by the Company for the receipt thereof.

    

    21.    Conditions
      Upon Issuance of Shares.
      Shares
      of Common Stock shall not be issued with respect to an option unless the
      exercise of such option and the issuance and delivery of such shares pursuant
      thereto shall comply with all applicable provisions of law, domestic or foreign,
      including without limitations, the Securities Act of 1933, as amended, the
      Securities Exchange Act of 1934, as amended, the rules and regulations
      promulgated thereunder, and the requirements of any stock exchange upon which
      the shares may then be listed, and shall be further subject to the approval
      of
      counsel for the Company with respect to such compliance.

    

    
      
        
          
          

        

        
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    As
      a
      condition to the issuance of shares of Common Stock in the name of any person
      under the Plan, the Company may require the person to represent and warrant
      at
      the time of any such issuance that the shares are being purchased only for
      investment and without any present intention to sell or distribute such shares
      if, in the opinion of counsel for the Company, such a representation is required
      by any of the aforementioned applicable provisions of law.

    

    22.    Additional
      Restrictions of Rule 16b-3.
      The
      terms and conditions of options granted hereunder to, and the purchase of shares
      by, persons subject to the reporting requirements of Section 16 of the
      Securities Exchange Act of 1934, as amended, shall comply with the applicable
      provisions of Rule 16b-3. This Plan and the options granted hereunder shall
      be
      deemed to contain, and the shares issued upon exercise thereof shall be subject
      to, such additional conditions and restrictions as may be required by Rule
      16b-3
      to qualify for the maximum exemption from Section 16 of the Securities Exchange
      Act of 1934 with respect to Plan transactions.

    

    23.    No
      Contract.
      This
      Plan shall not be deemed to constitute a contract between the Company or any
      Subsidiary and any Employee or to be a consideration or an inducement for the
      employment of any Employee. Nothing contained in this Plan shall be deemed
      to
      give any Employee the right to be retained in the service of the Company or
      any
      Subsidiary or to interfere with the right of the Company or any Subsidiary
      to
      discharge any Employee at any time regardless of the effect which such discharge
      shall have upon him as a Participant.

    

    24.    Waiver.
      No
      liability whatsoever shall attach to or be incurred by any past, present or
      future shareholders, officers or directors, as such, of the Company or any
      Subsidiary, under or by reason of any of the terms, conditions or agreements
      contained in this Plan or implied therefrom, and any and all liabilities of,
      and
      any and all rights and claims against, the Company or any Subsidiary, or any
      shareholder, officer or director as such, whether arising at common law or
      in
      equity or created by statute or constitution or otherwise, pertaining to this
      Plan, are hereby expressly waived and released by every Eligible Employee as
      a
      part of the consideration for any benefits by the Company under this
      Plan.

    

    25.    Securities
      Law Restrictions.
      The
      Company reserves the right to place an appropriate legend on any certificate
      representing shares of Common Stock issuable under the Plan with any such legend
      reflecting restrictions on the transfer of the shares as may be necessary to
      assure the availability of applicable exemptions under federal and state
      securities laws.

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Plan to be executed as of April
      12,
      2006.

    

    
      	 	
              COMMUNITY
                CAPITAL BANCSHARES, INC.

            
	 	 
	 	
              By: 
                /s/ David J. Baranko

            
	 	 
	 	 
	 	
              Title: 
                Chief Financial Officer

            

    

    
 

     

     

     

     

     

     

     

    7Management Agreement

 Exhibit 10.12 
 MANAGEMENT AGREEMENT 
 AGREEMENT made as of the 3rd day of April, 2006, among CITIGROUP MANAGED
FUTURES LLC, a Delaware limited liability company (“CMF” or the “General Partner”), CITIGROUP DIVERSIFIED FUTURES FUND L.P., a New York limited partnership (the “Partnership”) and AAA CAPITAL MANAGEMENT ADVISORS, LTD.,
a Texas limited partnership (the “Advisor”). 
 W I T N E S S E T
H : 
 WHEREAS, CMF is the general partner of CITIGROUP DIVERSIFIED FUTURES FUND L.P., a limited partnership organized for the purpose
of speculative trading of commodity interests, including futures contracts, options, swaps and forward contracts with the objective of achieving substantial capital appreciation initially through an investment in AAA Master Fund LLC (the
“Master Fund”); and 
 WHEREAS, the Limited Partnership Agreement establishing the Partnership (the “Limited Partnership
Agreement”) permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership; and 
 WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”); and 

WHEREAS, CMF is registered as a commodity pool operator with the CFTC and is a member of the NFA; and 
 WHEREAS, CMF, the Partnership and AAA Capital Management, Inc., a Texas corporation, entered into a management agreement dated as of September 30,
2005 (the “Initial Management Agreement”), pursuant to which AAA Capital Management, Inc. agreed to render and implement advisory services to the Partnership; and 
 WHEREAS, the Advisor and AAA Capital Management, Inc. have the same beneficial ownership; and 
 WHEREAS, AAA Capital Management, Inc. wishes to transfer all of its rights and obligations under the Initial Management Agreement to the Advisor, and the
Advisor wishes to assume all such rights and obligations of AAA Capital Management, Inc. under the Initial Management Agreement; and 
 WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement in order to set forth the terms and conditions upon which the Advisor will (i) render and implement advisory services in connection with the conduct by the
Partnership of its commodity trading activities during the term of this Agreement and (ii) assume the rights and obligations of AAA Capital Management, Inc. under the Initial Management Agreement; 

 NOW, THEREFORE, the parties agree as follows: 
 1. DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and
responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by the General Partner in commodity interests,
including commodity futures contracts, options, swaps and forward contracts. All such trading on behalf of the Partnership shall be in accordance with the trading policies set forth in the Partnership’s Prospectus and Disclosure Document dated
as of June 30, 2005, as supplemented (the “Prospectus”), and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and pursuant to the trading strategy selected by
CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Advisor’s Energy Program-Futures and Swaps (the “Program”) to manage the Partnership’s assets allocated to it. Any open
positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the
trading policies set forth in the Prospectus without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not
result in losses. 
 (b) CMF acknowledges receipt of the Advisor’s draft Disclosure Document dated March 31, 2006, as filed with
the NFA (the “Disclosure Document”). All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and
the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged
therefor. However, the Advisor, with the prior written permission (by either original or fax copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution
with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF. All give-up or similar fees
relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (by either original or fax copy). 
 (c) The allocation of the Partnership’s assets to the Advisor will be made to the Program as described in the Disclosure Document. In the event the Advisor wishes to use a trading system or methodology other than
or in addition to the system or methodology outlined in the Disclosure Document in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to
utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the
Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the
prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the 

  

 -2- 

 
description of the trading strategy or methods described in the Disclosure Document. Further, the Advisor will provide the Partnership with a current list of
all commodity interests to be traded for the Partnership’s account and will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees
to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. 
 (d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s
regulations (“principals”), partners, shareholders, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its
customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by Federal or state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor is not required to
disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing
or other obligations imposed on it by Federal or state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such
advice confidential. Further, CMF agrees to treat as confidential any results of proprietary accounts and/or proprietary information with respect to trading systems obtained from the Advisor. 
 (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other
trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to
any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. 
 (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among the trading advisors for the
Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole
discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the
Advisor. CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations. 
 (g) The
Advisor will not be liable for trading losses in the Partnership’s account including losses caused by errors; provided, however, that (i) the Advisor will be liable to the Partnership with respect to losses incurred due to errors committed
or caused by it or any of its principals or employees in communicating improper trading instructions or orders to any broker on behalf of the Partnership and (ii) the Advisor will be liable to the Partnership with 

  

 -3- 

 
respect to losses incurred due to errors committed or caused by any executing broker (other than any CMF affiliate) selected by the Advisor, (it also being
understood that CMF, with the assistance of the Advisor, will first attempt to recover such losses from the executing broker). 
 2.
INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor shall be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any
way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor. 
 3. COMPENSATION.
(a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable as of the end of each calendar
quarter equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly fee for professional management services equal to 1/6 of 1% (2% per year) of the month-end Net Assets of
the Partnership allocated to the Advisor. 
 (b) “Net Assets” shall have the meaning set forth in Paragraph 7(d)(1) of the Limited
Partnership Agreement dated as of December 3, 2002, and without regard to further amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made to reflect any distributions,
redemptions or incentive fees payable as of the date of such determination. 
 (c) “New Trading Profits” shall mean the excess, if
any, of Net Assets managed by the Advisor at the end of the fiscal period over Net Assets managed by the Advisor at the end of the highest previous fiscal period or Net Assets allocated to the Advisor at the date trading commences, whichever is
higher, and as further adjusted to eliminate the effect on Net Assets resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made during the fiscal period decreased by interest or other income, not
directly related to trading activity, earned on the Partnership’s assets during the fiscal period, whether the assets are held separately or in margin accounts. Ongoing expenses shall be attributed to the Advisor based on the Advisor’s
proportionate share of Net Assets. Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership. Interest income earned, if any, will not be taken into account in computing New
Trading Profits earned by the Advisor. If Net Assets allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there will be a corresponding proportional reduction in the related loss carryforward
amount that must be recouped before the Advisor is eligible to receive another incentive fee. 
 (d) Quarterly incentive fees and monthly
management fees shall be paid within twenty (20) business days following the end of the period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar quarter or
month, as the case may be, the quarterly incentive fee shall be computed as if the effective date of termination were the last day of the then current quarter and the monthly management fee shall be prorated to the effective date of termination. If,
during any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services 

  

 -4- 

 
contemplated herein for more than two successive business days, the monthly management fee shall be prorated by the ratio which the number of business days
during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 
 (e) The provisions of this Paragraph 3 shall survive the termination of this Agreement. 
 4. RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The services provided by the Advisor hereunder are not to be deemed exclusive. CMF on its own
behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and shareholder(s), may render advisory, consulting and management services to other clients and
accounts. The Advisor and its officers, directors, employees and shareholder(s) shall be free to trade for their own accounts and to advise other investors and manage other commodity accounts during the term of this Agreement and to use the same
information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes the
rendering of such consulting, advisory and management services to other accounts and entities will not require any material change in the Advisor’s basic trading strategies and will not affect the capacity of the Advisor to continue to render
services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 
 (b) If, at any time during the term of this
Agreement, the Advisor is required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will
promptly notify CMF in writing if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the
application of any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the
Advisor’s other accounts. The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading strategies or methods for the Partnership that are inferior to strategies or methods
employed for any other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being acknowledged, however, that different trading strategies or
methods may be utilized for differing sizes of accounts, accounts with different trading policies, accounts experiencing differing inflows or outflows of equity, accounts which commence trading at different times, accounts which have different
portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results. 
 (c) It is acknowledged that the Advisor and/or its officers, employees, directors and shareholder(s) presently act, and it is agreed that they may
continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with 

  

 -5- 

 
respect to services for such accounts in amounts which may be more or less than the amounts received from the Partnership. 
 (d) The Advisor agrees that it shall make such information available to CMF respecting the performance of the Partnership’s account as compared to
the performance of other accounts managed by the Advisor or its principals as shall be reasonably requested by CMF. The Advisor presently believes and represents that existing speculative position limits will not materially adversely affect its
ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which they have contracted to act as trading
advisor. 
 5. TERM. (a) This Agreement shall continue in effect until June 30, 2006. CMF may, in its sole discretion, renew
this Agreement for additional one-year periods upon notice to the Advisor not less than 30 days prior to the expiration of the previous period. At any time during the term of this Agreement, CMF may terminate this Agreement at any month-end upon 30
days’ notice to the Advisor. At any time during the term of this Agreement, CMF may elect to immediately terminate this Agreement upon 30 days’ notice to the Advisor if (i) the Net Asset Value per unit shall decline as of the close of
business on any day to $400 or less; (ii) the Net Assets allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 50% or more as of the end of a trading day from such Net Assets’
previous highest value; (iii) limited partners owning at least 50% of the outstanding units shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement; (v) CMF, in good
faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative
position limits will substantially affect the performance of the Partnership; or (vii) the Advisor fails to conform to the trading policies set forth in the Limited Partnership Agreement or the Prospectus as they may be changed from time to
time. At any time during the term of this Agreement, CMF may elect immediately to terminate this Agreement if (i) the Advisor merges, consolidates with another entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent,
(ii) A. Anthony Annunziato dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the trading programs or systems of the Advisor, or (iii) the Advisor’s registration
as a commodity trading advisor with the CFTC or its membership in the NFA or any other regulatory authority, is terminated or suspended. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading prior
to dissolution. 
 (b) The Advisor may terminate this Agreement by giving not less than 30 days’ notice to CMF (i) in the event
that the trading policies of the Partnership as set forth in the Prospectus are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) after June 30, 2006; or
(iii) in the event that CMF or the Partnership fails to comply with the terms of this Agreement. The Advisor may immediately terminate this Agreement if CMF’s registration as a commodity pool operator or its membership in the NFA is
terminated or suspended. 
  

 -6- 

 (c) Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with
this Paragraph 5 or Paragraph 1(e) shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof. 
 6. INDEMNIFICATION. (a) (i) In any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in
connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subparagraph (a)(iii) of this Paragraph 6, indemnify and hold harmless the
Advisor against any loss, liability, damage, cost, expense (including, without limitation, attorneys’ and accountants’ fees), judgments and amounts paid in settlement actually and reasonably incurred by it in connection with such action,
suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, intentional misconduct, or a
breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and further provided that no
indemnification shall be available from the Partnership if such indemnification is prohibited by Section 16 of the Limited Partnership Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of
itself, create a presumption that the Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership. 
 (ii) Without limiting sub-paragraph (i) above, to the extent that the Advisor has been successful on the merits or otherwise in
defense of any action, suit or proceeding referred to in subparagraph (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify it against the expenses (including, without limitation, attorneys’ and
accountants’ fees) actually and reasonably incurred by it in connection therewith. 
 (iii) Any indemnification under
subparagraph (i) above, unless ordered by a court or administrative forum, shall be made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is
proper in the circumstances because the Advisor has met the applicable standard of conduct set forth in subparagraph (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval,
which approval shall not be unreasonably withheld. The Advisor will be deemed to have approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice
of CMF’s selection, that the Advisor does not approve the selection. 
 (iv) In the event the Advisor is made a party to
any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold
harmless the Advisor against any loss, liability, damage, cost or 

  

 -7- 

 
expense (including, without limitation, attorneys’ and accountants’ fees) incurred in connection therewith. 
 (v) As used in this Paragraph 6(a), the term “Advisor” shall include the Advisor, its principals, officers, directors,
stockholders and employees and the term “CMF” shall include the Partnership. 
 (b) (i) The Advisor agrees to indemnify, defend and
hold harmless CMF, the Partnership and their affiliates against any loss, liability, damage, cost or expense (including, without limitation, attorneys’ and accountants’ fees), judgments and amounts paid in settlement actually and
reasonably incurred by them (A) as a result of the material breach of any material representations and warranties made by the Advisor in this Agreement, or (B) as a result of the material breach of any material representation, warranty or
covenant made by AAA Capital Management, Inc. under the Initial Management Agreement, or (C) as a result of any act or omission of the Advisor or AAA Capital Management, Inc. relating to the Partnership if there has been a final judicial or
regulatory determination or, in the event of a settlement of any action or proceeding with the prior written consent of the Advisor or AAA Capital Management, Inc., a written opinion of an arbitrator pursuant to Paragraph 14 hereof, to the effect
that such acts or omissions violated the terms of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor or AAA Capital Management, Inc. (except as otherwise
provided in Section 1(g)). 
 (ii) In the event CMF, the Partnership or any of their affiliates is made a party to any
claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor, AAA Capital Management, Inc. or their principals, officers, directors, shareholder(s) or
employees unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage, cost or expense (including, without
limitation, attorneys’ and accountants’ fees) incurred in connection therewith. 
 (c) In the event that a person entitled to
indemnification under this Paragraph 6 is made a party to an action, suit or proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be
indemnified only for that portion of the loss, liability, damage, cost or expense incurred in such action, suit or proceeding which relates to the matters for which indemnification can be made. 
 (d) None of the indemnifications contained in this Paragraph 6 shall be applicable with respect to default judgments, confessions of judgment or
settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld, of the party obligated to indemnify such party. 
 (e) The provisions of this Paragraph 6 shall survive the termination of this Agreement. 
  

 -8- 

 7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 
 (a) The Advisor represents and warrants that: 
 (i) All references to the Advisor and its principals in the Disclosure Document are accurate in all material respects and as to them the Disclosure Document does not contain any untrue statement of a material fact or
omit to state a material fact which is necessary to make the statements therein not misleading. All references to the Advisor and its principals, if any, in the Prospectus or supplement thereto will, after review and approval of such references by
the Advisor prior to the use of such Prospectus in connection with the offering of the Partnership’s Units, be accurate in all material respects, except that with respect to any pro forma or hypothetical performance information in such
Prospectus, if any, this representation and warranty extends only to any underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments. 
 (ii) The information with respect to the Advisor set forth in the actual performance tables in the Disclosure Document is based on all of
the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein. 
 (iii) The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a securities investment adviser
and is duly registered with the CFTC as a commodity trading advisor, is a member of the NFA, and is in compliance with such other registration and licensing requirements as shall be necessary to enable it to perform its obligations hereunder, and
agrees to maintain and renew such registrations and licenses during the term of this Agreement. 
 (iv) The Advisor is a
limited partnership duly organized, validly existing and in good standing under the laws of the State of Texas and has full limited partnership power and authority to enter into this Agreement and to provide the services required of it hereunder.

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

 -9- 

 (b) CMF represents and warrants for itself and the Partnership that: 
 (i) The Prospectus (as from time to time amended or supplemented, which amendment or supplement is approved by the Advisor as to
descriptions, if any, of itself and its actual performance) does not contain any untrue statement of a material fact or omit to state a material fact which is necessary to make the statements therein not misleading, except that the foregoing
representation does not apply to any statement or omission concerning the Advisor in the Prospectus, if any, which is made in reliance upon, and in conformity with, information furnished to CMF by or on behalf of the Advisor expressly for use in the
Prospectus (it being understood that any hypothetical and pro forma adjustments in the Prospectus, if any, will not be deemed to be furnished by the Advisor). 
 (ii) It is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and
has full limited liability company power and authority to perform its obligations under this Agreement. 
 (iii) CMF and the
Partnership have the capacity and authority to enter into this Agreement on behalf of the Partnership. 
 (iv) This Agreement
has been duly and validly authorized, executed and delivered on CMF’s and the Partnership’s behalf and is a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 
 (v) CMF will not, by acting as General Partner to the Partnership and the Partnership will not, breach or cause to be breached any
undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit or affect the performance of its duties under this Agreement. 
 (vi) It is registered as a commodity pool operator and is a member of the NFA, and it will maintain and renew such registration and
membership during the term of this Agreement. 
 (vii) The Partnership is a limited partnership duly organized and validly
existing under the laws of the State of New York and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement. 
 8. COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP. 
 (a) The Advisor agrees as follows: 
 (i) In connection with its activities on behalf of the
Partnership, the Advisor will comply with all applicable rules and regulations of the CFTC and/or the commodity exchange on which any particular transaction is executed. 
 (ii) The Advisor will promptly notify CMF of the commencement of any material suit, action or proceeding involving it, whether or not any
such suit, action or proceeding also involves CMF. The Advisor will provide CMF with copies of any 

  

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correspondence from or to the CFTC, NFA or any commodity exchange in connection with an investigation or audit of the Advisor’s business activities.

 (iii) In the placement of orders for the Partnership’s account and for the accounts of any other client, the Advisor
will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the Partnership than to any other account managed by the Advisor. The Advisor acknowledges its obligation to
review the Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business days to notify, in writing, the broker and CMF and the Partnership’s brokers of (i) any error committed by the
Advisor or its principals or employees; (ii) any trade which the Advisor believes was not executed in accordance with its instructions; and (iii) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices
or equity in the account) between its records and the information reported on the account’s daily and monthly broker statements. 
 (iv) The Advisor will maintain a net worth of not less than $1,000,000 during the term of this Agreement. 
 (v) The Advisor will make no representations to investors or prospective investors in the Partnership with respect to the offering and sale of Units without the prior written approval of CMF. 
 (b) CMF agrees for itself and the Partnership that: 
 (i) CMF and the Partnership will comply with all applicable rules and regulations of the CFTC and/or the commodity exchange on which any particular transaction is executed. 
 (ii) CMF will promptly notify the Advisor of the commencement of any material suit, action or proceeding involving it or the Partnership,
whether or not such suit, action or proceeding also involves the Advisor. 
 (iii) CMF will be responsible for compliance with
the USA Patriot Act and related anti-money-laundering regulations with respect to the Partnership and its limited partners. 
 9. COMPLETE
AGREEMENT. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof. 
 10.
ASSIGNMENT. This Agreement may not be assigned by any party without the express written consent of the other parties. 
 11.
AMENDMENT. This Agreement may not be amended except by the written consent of the parties. 
 12. NOTICES. All notices, demands
or requests required to be made or delivered under this Agreement shall be in writing and delivered personally or by registered or 

  

 -11- 

 
certified mail or expedited courier, return receipt requested, postage prepaid, to the addresses below or to such other addresses as may be designated by the
party entitled to receive the same by notice similarly given: 
 If to CMF: 
 Citigroup Managed Futures LLC 
 731 Lexington
Avenue 
 25th Floor 
 New York,
New York 10022 
 Attention: David J. Vogel 
 If to the Advisor: 
 AAA Capital Management Advisors, Ltd. 
 1300 Post Oak Blvd. 
 Suite 350 
 Houston, TX 77056 
 United States 

Attention: A. Anthony Annunziato 
 With a
copy to: 
 David R. Allen, Esq. 
 407 East Main Street 
 Murfreesboro, TN 37130 
 13. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
 14. ARBITRATION. The parties agree that any dispute or controversy arising out of or relating to this Agreement or the interpretation thereof, shall be settled by arbitration in accordance with the rules, then
in effect, of the NFA or, if the NFA shall refuse jurisdiction, then in accordance with the rules, then in effect, of the American Arbitration Association; provided, however, that the power of the arbitrator shall be limited to
interpreting this Agreement as written and the arbitrator shall state in writing his reasons for his award. Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction. 
 15. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement. 
  

 -12- 

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

									
		 		 	CITIGROUP MANAGED FUTURES LLC
					
		 		 		 	By:	 	/s/ David J. Vogel
		 		 		 		 	 David J. Vogel
 President and
Director

			
		 		 	CITIGROUP DIVERSIFIED FUTURES FUND L.P.
					
		 		 		 	By:	 	Citigroup Managed Futures LLC
		 		 		 		 	(General Partner)
					
		 		 		 	By:	 	/s/ David J. Vogel
		 		 		 		 	 David J. Vogel
 President and
Director

			
		 		 	AAA CAPITAL MANAGEMENT ADVISORS, LTD.
					
		 		 		 	By:	 	AAA Capital Management, Inc.
		 		 		 		 	(General Partner)
					
		 		 		 	By:	 	/s/ A. Anthony Annunziato
		 		 		 		 	 A. Anthony Annunziato
 President

	 Acknowledged and agreed to by:
  
 AAA CAPITAL MANAGEMENT, INC.
	 		 	
					
	By:	 	/s/ A. Anthony Annunziato	 		 		 	
		 	Name:	 		 		 	
		 	Title:	 		 		 	

  

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]