Document:

Amended and Restated 1997 Non-Employee Director Stock Compensation Plan

 Exhibit 10.32 
 MOHAWK INDUSTRIES, INC. 
 1997 NON-EMPLOYEE DIRECTOR STOCK COMPENSATION PLAN 
 (Amended and Restated Effective as of January 1, 2009) 
 ARTICLE 1 
 PURPOSE OF THE PLAN 
 1.1 Background and Purpose. Mohawk Industries, Inc. maintains the 1997 Non-Employee Director Stock Compensation Plan (the “Plan”) to promote the long-term growth of Mohawk Industries, Inc. by
providing a vehicle for Non-Employee Directors to increase their proprietary interest in the Corporation and to attract and retain highly qualified and capable Non-Employee Directors. The Plan was amended and restated as of October 23, 1997 in
order to add a feature whereby Non-Employee Directors may elect to defer their Annual Retainer into a phantom stock account the performance and value of which shall be measured by reference to the performance of the Corporation’s common stock
from time to time. The deferred compensation feature of the Plan became effective for Annual Retainer payable in 1998 or thereafter. The Plan was further amended and restated as of March 31, 2003 to change the timing of the grant of Shares to
annual rather than quarterly grants, so as to facilitate Participants’ compliance with the filing requirements under Section 16(a) of the Securities Exchange Act of 1934, as amended. The Plan was further amended and restated effective as
of January 1, 2009, to bring the Plan into documentary compliance with Section 409A of the Internal Revenue Code. 
 1.2 Status
of Plan. Article 7 of the Plan is intended to be a nonqualified, unfunded plan of deferred compensation under the Internal Revenue Code of 1986, as amended. 
 ARTICLE 2 
 DEFINITIONS 
 2.1 Defined Terms. Unless the context clearly indicates otherwise, the following terms shall have the following meanings: 
 “Annual Retainer” means the annual cash retainer fee (excluding any meeting fees) payable by the Corporation to a Non-Employee Director for services as a director (and, if applicable, as the chairman of a
committee of the Board) of the Corporation, as such amount may be changed from time to time. 
 “Beneficiary” means any person or
persons designated by a Participant, in accordance with procedures established by the Plan Administrator, to receive benefits hereunder in the event of the Participant’s death. If any Participant shall fail to designate a Beneficiary or shall
designate a Beneficiary who shall fail to survive the Participant, the Beneficiary shall be the Participant’s surviving spouse, or, if none, the Participant’s surviving descendants (who shall take per stirpes), and if there are no
surviving descendants, the Beneficiary shall be the Participant’s estate. 

 “Board” means the Board of Directors of the Corporation. 
 “Business Day” shall mean a day on which the Nasdaq National Market or any national securities exchange or over-the-counter market on which the
Shares are traded is open for business. 
 “Cash Election Form” means a form, substantially in the form attached hereto as
Exhibit A, pursuant to which a Non-Employee Director elects to receive his Annual Retainer for a particular Service Year in the form of cash, as provided in Section 6.2. 
 “Change of Control” means and includes each of the following: 
 (1) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act) (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of 25% or more of the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the
election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (1), the following acquisitions shall not constitute a Change of Control: (i) any acquisition by a Person who
is on the Effective Date the beneficial owner of 25% or more of the Outstanding Company Voting Securities, (ii) any acquisition directly from the Corporation, (iii) any acquisition by the Corporation, (iv) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Corporation or any corporation controlled by the Corporation, or (v) any acquisition by any corporation pursuant to a transaction which complies with clauses (i),
(ii) and(iii) of subsection (3) of this definition; or 
 (2) Individuals who, as of the Effective Date, constitute
the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election
by the Corporation’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by
or on behalf of a Person other than the Board; or 
 (3) Consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Corporation (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who
were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more 

  

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than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation
resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Voting Securities, and (ii) no Person (excluding any corporation resulting from such Business
Combination or any employee benefit plan (or related trust) of the Corporation or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or more of the combined voting power of the then outstanding
voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination. 
 “Committee” means the Compensation Committee of the Board. 
 “Common Stock” means the $0.01 par value common stock of the Corporation. 
 “Corporation” means Mohawk Industries, Inc. 
 “Deferral Election Form” means a form, substantially in the form
attached hereto as Exhibit B, pursuant to which a Non-Employee Director elects to defer his or her Annual Retainer under the Plan. 
 “Election Date” means the date established by the Plan as the date by which a Participant must submit to the Plan Administrator (i) a valid Shares Election Form in order to receive Shares in lieu of Annual Retainer for a
Service Year, (ii) a valid Cash Election Form to receive cash in a subsequent Service Year, or (iii) a valid Deferral Election Form to defer Annual Retainer pursuant to Article 7. The Election Date is December 31 of each year with
respect to an election to be effective for the Service Year beginning on the following annual meeting date. For example, the Election Date with respect to the Service Year from May 2003 to May 2004 would be December 31, 2002; provided, however,
that the Election Date for a newly eligible Participant shall be the 30th day following the date on which such individual becomes a Non-Employee Director. 
 “Fair Market Value per Share” as of a particular date means the closing sales price of one share of Common Stock on such date as reported on the Nasdaq National Market or any national securities exchange or
over-the-counter market on which the Shares are then traded or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported. 
  

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 “Non-Employee Director” means a director of the Corporation who is not an employee of the
Corporation or any subsidiary of the Corporation. 
 “Participant” means any Non-Employee Director who is participating in the
Plan. 
 “Phantom Stock” means a hypothetical unit of value equal to the Fair Market Value of one share of Common Stock. The
concept of Phantom Stock is for bookkeeping purposes only. 
 “Plan” means the Mohawk Industries, Inc. 1997 Non-Employee Director
Stock Compensation Plan, as amended and restated. 
 “Plan Administrator” means the Committee or the agent(s), if any, appointed by
the Committee pursuant to Section 3.2 to assist in the administration of the Plan. 
 “Service Year” means a year of director
service, which is the approximate 12-month period between annual meetings of the Corporation’s shareholders. 
 “Shares” means
shares of Common Stock. 
 “Shares Election Form” means a form, substantially in the form attached hereto as Exhibit C, pursuant to
which a Non-Employee Director elects to receive Shares in lieu of all (but not less than all) of such Non-Employee Director’s Annual Retainer, as provided in Section 6.1. 
 “Stock Account” means the account established by the Corporation for each Participant for Annual Retainer deferred pursuant to Article 7 of the
Plan, the performance and value of which shall be measured by reference to the Fair Market Value of the Common Stock from time to time. The maintenance of individual Stock Accounts is for bookkeeping purposes only. 
 “Termination of Service” occurs when a Participant ceases to serve as a Non- Employee Director for any reason. 
 ARTICLE 3 
 ADMINISTRATION OF THE PLAN

 3.1 Administrator of the Plan. The Plan shall be administered by the Committee. 
 3.2 Authority of Committee. The Committee shall have full power and authority to: (i) interpret and construe the Plan and adopt such rules
and regulations as it shall deem necessary and advisable to implement and administer the Plan, and (ii) designate persons other than members of the Committee or the Board to carry out its responsibilities, subject to such limitations,
restrictions and conditions as it may prescribe, such determinations to be made in accordance with the Committee’s best business judgment as to the best interests of the Corporation and its stockholders and in accordance with the 

  

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purposes of the Plan. The Committee may delegate administrative duties under the Plan to one or more agents as it shall deem necessary or advisable, such
agents to be referred to herein as the Plan Administrator. 
 3.3 Effect of Committee Determinations. No member of the Committee or
the Board or the Plan Administrator shall be personally liable for any action or determination made in good faith with respect to the Plan or as to any settlement of any dispute between a Non-Employee Director and the Corporation. Any decision or
action taken by the Committee or the Board with respect to the administration or interpretation of the Plan shall be conclusive and binding upon all persons. 
 ARTICLE 4 
 ELIGIBILITY 
 4.1 Eligibility. All active Non-Employee Directors of the Corporation shall be eligible to participate in the Plan. 
 ARTICLE 5 
 SHARES SUBJECT TO THE PLAN 
 5.1 Shares Subject to the Plan. Subject to adjustment as provided in the Plan, the maximum number of Shares which may be granted under Article 6
or distributed pursuant to Article 7 under the Plan is 37,500 (post-split) Shares. The Shares distributable under the Plan must be previously issued and repurchased Shares and may not be original issue Shares. 
 ARTICLE 6 
 ELECTIVE RECEIPT OF SHARES

 Each Non-Employee Director shall be granted Shares subject to the following terms and conditions: 
 6.1 Election to Receive Shares. On the first Business Day of January following each annual meeting of shareholders of the Corporation, Shares
shall be granted to each Non-Employee Director who either (i) on or before the Election Date for the then-current Service Year, filed with the Plan Administrator a written irrevocable Shares Election Form, indicating such Non-Employee
Director’s election to receive Shares in lieu of all (but not less than all) of his or her Annual Retainer payable with respect to such Service Year, or (ii) filed a Shares Election Form for any prior Service Year and did not file a Cash
Election Form (as described in Section 6.2 below) with respect to the current Service Year. 
 6.2 Subsequent Elections to Receive
Cash. Once a Non-Employee Director files a Shares Election Form or a Deferral Election Form for any Service Year, that election will carry forward into subsequent Service Years unless, on or before the Election Date for any subsequent Service
Year, the Non-Employee Director files a Cash Election Form for 

  

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such subsequent Service Year. A Cash Election Form shall be valid for one Service Year only. A new Cash Election Form will be required to be filed for any
Service Year in which the Non-Employee Director desires to receive his or her Annual Retainer in cash. Once a Non-Employee Director files a Shares Election Form or a Deferral Election Form for any Service Year, then thereafter for any Service Year
for which a Cash Election Form is not timely filed, the election will automatically revert to the last-filed Shares Election Form or Deferral Election Form, as the case may be. 
 6.3 Number of Shares. The payment of the Annual Retainer in the form of Shares shall be paid approximately mid-way through the Service Year
(January), but based on the quarterly price points during the preceding calendar year. Therefore, the number of Shares to be granted in January of each year pursuant to this Article 6 shall be the sum of A, B, C and D below: 
 A = (i) one quarter ( 1/
4) of the Annual Retainer for the applicable Service Year, divided by (ii) the Fair Market Value per Share as of January 1 of the immediately prior calendar year (whether
or not the director was in office on such prior January 1). 
 B = (i) one quarter ( 1/4) of the Annual Retainer for the applicable Service Year, divided by (ii) the Fair
Market Value per Share as of April 1 of the immediately prior calendar year (whether or not the director was in office on such prior April 1). 
 C = (i) one quarter ( 1/
4) of the Annual Retainer for the applicable Service Year, divided by (ii) the Fair Market Value per Share as of July 1 of the immediately prior calendar year.

 D = (i) one quarter ( 1
/4) of the Annual Retainer for the applicable Service Year, divided by (ii) the Fair Market Value per Share as of October 1 of the immediately prior
calendar year. 
 Notwithstanding the above, for the grant date in January 2004, the number of Shares to be granted shall be the
number of whole Shares equal to the sum of B, C and D above, so as not to duplicate Share grants made prior to the 2003 amendment of the Plan. 
 In determining the number of Shares to be granted, any fraction of a share will be disregarded and the remaining amount of the Annual Retainer shall be paid in cash. 
 ARTICLE 7 
 ELECTION TO DEFER ANNUAL RETAINER 
 7.1 Election to Defer. A Non-Employee Director may elect to defer his or her Annual Retainer under the Plan by delivering a properly completed and
signed Deferral Election Form to the Plan Administrator on or before the Election Date. The Non-Employee Director’s deferral will be effective as of the first day of the Service Year 

  

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beginning after the Plan Administrator receives the Non-Employee Director’s Deferral Election Form, or, in the case of a newly eligible Participant, on
the first day of the calendar month beginning after the Plan Administrator receives such Non-Employee Director’s Deferral Election Form. 
 7.2 Termination or Continuation of Deferral Election Form. 
 (a) Voluntary Termination. A Participant may terminate
his or her Deferral Election Form at any time. Such termination will be effective on the first day of the Service Year following the end of the calendar year in which the Participant notifies the Plan Administrator of the Participant’s
termination of the Deferral Election Form. Any Annual Retainer deferred prior to the termination of the Deferral Election Form shall remain deferred in accordance with the original Deferral Election Form and the Plan. The Participant may deliver a
new Deferral Election Form and thereby defer the receipt of any future Annual Retainer, effective as of the first day of the Service Year following the end of the calendar year in which the Participant files the new Deferral Election Form or the
first day of any subsequent Service Year. 
 (b) Continuation of Deferral Election Form. If the Participant fails to terminate an
effective Deferral Election Form prior to the Election Date preceding the next Service Year, the Participant’s Deferral Election Form in effect during the previous Service Year shall continue in effect during the new Service Year. 

(c) Automatic Termination of Deferral Election Form. A Participant’s Deferral Election Form will automatically terminate at the earlier of
(i) the Participant’s Termination of Service, or (ii) at the end of the Service Year following the termination of the Plan in accordance with Code Section 409A (see Treas. Reg. Section 1.409A-3(j)(4)(ix)). 
 7.3 Stock Account. For bookkeeping purposes, the Annual Retainer which a Non-Employee Director elects to defer pursuant to the Plan shall be
transferred to and held in an individual Stock Account in the name of such Participant. Amounts to be deferred shall be credited to the Participant’s Stock Account as of the date such Annual Retainer is otherwise payable. Amounts deferred into
a Stock Account are recorded as units of Phantom Stock, and fractions thereof, with one unit equating to a single share of Common Stock. Thus, the value of one unit of Phantom Stock shall equal the Fair Market Value of a single share of Common
Stock. The use of units is merely a bookkeeping convenience; the units are not actual shares of Common Stock. As described below in Section 7.5, a Participant may elect to have some or all of the value of his or her Stock Account distributed in
actual shares of Common Stock. The maximum number of Phantom Stock units that may be allocated by deferral of Annual Retainer to Stock Accounts under the Plan is 25,000. To the extent required for bookkeeping purposes, a Participant’s Stock
Account will be subdivided to reflect deferred Annual Retainer on a year-by-year basis. For example, a 1998 Stock Sub-Account, a 1999 Stock Sub-Account, and so on. 
  

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 7.4 Credits to the Stock Account. 
 (a) Initial Crediting of Stock Account. If a Participant elects to defer Annual Retainer into his or her Stock Account, such account shall be
credited, as of the date described in Section 7.1, with that number of units of Phantom Stock, and fractions thereof, obtained by dividing the dollar amount to be deferred into the Stock Account by the Fair Market Value of the Common Stock as
of such date. 
 (b) Dividend Equivalents. Effective as of the payment date for each cash dividend on the Common Stock, the Stock
Account of each Participant who had a balance in his or her Stock Account on the record date for such dividend shall be credited with a number of units of Phantom Stock, and fractions thereof, obtained by dividing (i) the aggregate dollar
amount of such cash dividend payable in respect of such Participant’s Stock Account (determined by multiplying the dollar value of the dividend paid upon a single share of Common Stock by the number of units of Phantom Stock credited to the
Participant’s Stock Account on the record date for such dividend); by (ii) the Fair Market Value of the Common Stock on the business day immediately preceding the payment date for such cash dividend. 
 (c) Stock Dividends. Effective as of the payment date for each stock dividend on the Common Stock, additional units of Phantom Stock shall be
credited to the Stock Account of each Participant who had a balance in his or her Stock Account on the record date for such dividend. The number of units that shall be credited to the Stock Account of such a Participant shall equal the number of
shares of Common Stock, and fractions thereof, which the Participant would have received as stock dividends had he or she been the owner on the record date for such stock dividend of the number of shares of Common Stock equal to the number of units
credited to his or her Stock Account on such record date. 
 (d) Allocation of Dividends. To the extent required for bookkeeping
purposes, the allocation of additional units of Phantom Stock attributable to cash dividends or stock dividends will be made to the Stock Sub-Account holding existing units to which the cash dividend or stock dividend relates. For example, a
Participant’s 1998 Stock Sub-Account will be credited with dividends attributable to units held in the 1998 Stock Sub-Account. A Participant’s 1999 Stock Sub-Account will be credited with dividends attributable to units held in the 1999
Stock Sub-Account, and so on. 
 (e) Recapitalization. If, as a result of a recapitalization of the Corporation, the outstanding
shares of Common Stock shall be changed into a greater number or smaller number of shares, the number of units of Phantom Stock credited to a Participant’s Stock Account shall be appropriately adjusted on the same basis. 
 7.5 Distributions. 
 (a)
Distributions. Distributions from the Stock Account shall be made either in ash or shares of Common Stock, as indicated by the Participant at least six months prior 

  

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to the scheduled distribution. Any fractional units shall be paid in cash. The number of units to be distributed from a Participant’s Stock Account
shall be valued by multiplying the number of such units of Phantom Stock by the Fair Market Value of the Common Stock as of the business day immediately preceding the date such distribution is to occur. The shares of Common Stock distributable to
Non-Employee Directors under the Plan must be previously issued and repurchased shares and may not be original issue shares. 
 (b)
Timing. Distributions from a Participant’s Stock Account shall commence on the date the Participant selects on the initial Deferral Election Form. Any date selected by the Participant must be at least two calendar years following the
date of the initial Deferral Election Form and will apply to all amounts (including future deferrals) held in the Stock account. In no event, however, shall a Participant’s Stock Account commence to be distributed later than 90 days following
the Participant’s death. If the Participant fails to designate a payment commencement date in the Participant’s initial Deferral Election Form or within six months of such initial Deferral Election Form, the Participant’s Stock
Account shall commence to be distributed no later than 90 days following the Participant’s Termination of Service. 
 (c) Optional
Forms of Payment. Distributions from Participant Stock Accounts (either in cash or in Common Stock) may be paid to the Participant either in a lump sum or in a number of approximately equal annual installments designated by the Participant on
the Participant’s initial Deferral Election Form. Such annual installments may be for 5 years, 10 years or 15 years. The method of payment (e.g., in lump sum or installments) elected on the Participant’s initial Deferral Election Form will
apply to all amounts (including future deferrals) held in the Stock Account. If a Participant elects to receive a distribution of his or her Stock Account in cash installments, the Plan Administrator may purchase an annuity from an insurance company
which annuity will pay the Participant the desired annual installments. If the Plan Administrator purchases an annuity contract, the Non-Employee Director will have no further rights to receive payments from the Corporation or the Plan with respect
to the amounts subject to the annuity. If the Plan Administrator does not purchase an annuity contract, the value of the Stock Account remaining unpaid shall continue to receive allocations of dividends as provided in Section 7.4. If the
Participant fails to designate a payment method in his or her initial Deferral Election Form or within six months of such initial Deferral Election Form, the Participant’s Stock Account shall be distributed in a lump sum. 
 (d) Irrevocable Elections. The payment commencement date and payment form elected or deemed elected on the Participant’s initial Deferral
Election Form shall become irrevocable and may not be modified after the execution of such initial Deferral Election Form; provided that such a modification is permitted within six months after execution of such initial Deferral Election Form and in
accordance with the following: 
 (i) the Participant must change his election not less than twelve (12) months before a
scheduled payment; 
  

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 (ii) the first payment with respect to such changed election must be deferred at least
five (5) years from the date such payment would otherwise have been made; and 
 (iii) the changed election shall not
become effective for twelve (12) months. 
 A Participant’s election of payment commencement date and payment form shall be uniform
for all years’ Annual Retainer deferred under the Plan. 
 (e) Acceleration of Payment. The Plan Administrator may involuntarily
cash out a Participant’s interest in this Plan in a single lump sum cash payment if the following criteria are satisfied: 
 (i) The Plan Administrator determines in writing to involuntarily cash out the Participant (such writing must be completed before the payment is distributed); 
 (ii) The payment results in the termination and liquidation of the Participant’s entire interest under this Plan as well as under any
agreement, program, or arrangement that is aggregated with this Plan under Treas. Reg. Section 1.409A-1(c)(2); and 
 (iii) The lump sum cash payment is not greater than the applicable dollar amount under Section 402(g)(1)(B) (the maximum permissible 401(k) contribution – not including catch-up contributions). 
 (f) Payment to Beneficiary. Upon the Participant’s death, all unpaid amounts held in the Participant’s Stock Account shall be paid to
the Participant’s Beneficiary in the same benefit payment form the Participant elected on the Deferral Election Form and in accordance with the payment distribution rules set forth in the Plan. Such payment will commence to be paid on the first
business day of the fourth month following the Participant’s death. 
 (g) Payment to Minors and Incapacitated Persons. In the
event that any amount is payable to a minor or to any person who, in the judgment of the Plan Administrator, is incapable of making proper disposition thereof, such payment shall be made for the benefit of such minor or such person in any of the
following ways as the Plan Administrator, in its sole discretion, shall determine: 
 (i) By payment to the legal representative of such
minor or such person; 
 (ii) By payment directly to such minor or such person; 
 (iii) By payment in discharge of bills incurred by or for the benefit of such minor or such person. The Plan Administrator shall make such payments
without the necessary 

  

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intervention of any guardian or like fiduciary, and without any obligation to require bond or to see to the further application of such payment. Any payment
so made shall be in complete discharge of the Plan’s obligation to the Participant and his or her Beneficiaries. 
 7.6 Change of
Control. Notwithstanding any other provisions in the Plan, in the event there is a Change of Control, (i) any Participant whose service is terminated on account of such Change of Control shall receive an immediate lump sum payment of the
Participant’s Stock Account balance, and (ii) any Participant who has commenced receiving installment distributions from the Plan (other than from an annuity contract purchased from an insurance company) shall immediately receive a lump
sum payment in an amount equal to the unpaid balance of the Participant’s Stock Account. A Participant’s service shall be considered to have “terminated on account of such Change of Control” only if the Participant’s service
on the Board is terminated without cause during the 24-month period following the Change of Control. 
 7.7 Financial Hardship. The
Committee may, in its sole discretion, accelerate the making of payment to a Participant of an amount reasonably necessary to handle a severe financial hardship of a sudden and unexpected nature due to causes not within the control of the
Participant. Such payment may be made even if the Participant has not incurred a Termination of Service. All financial hardship distributions shall be made in cash in a lump sum. Such payments will be made on a first-in, first-out basis so that the
oldest Annual Retainer deferred under the Plan shall be deemed distributed first in a financial hardship. 
 7.8 Application for
Benefits. The Plan Administrator may require a Participant or Beneficiary to complete and file certain forms as a condition precedent to receiving the payment of benefits. The Plan Administrator may rely upon all such information given to it,
including the Participant’s current mailing address. It is the responsibility of all persons interested in receiving a distribution pursuant to the Plan to keep the Plan Administrator informed of their current mailing addresses. 
 7.9 Designation of Beneficiary. Each Participant from time to time may designate any person or persons (who may be designated contingently or
successively and who may be an entity other than a natural person) as his or her Beneficiary or Beneficiaries to whom the Participant’s Stock Account is to be paid if the Participant dies before receipt of all such benefits. Each Beneficiary
designation shall be on the form prescribed by the Plan Administrator and will be effective only when filed with the Plan Administrator during the Participant’s lifetime. Each Beneficiary designation filed with the Plan Administrator will
cancel all Beneficiary designations previously filed with the Plan Administrator. The revocation of a Beneficiary designation, no matter how effected, shall not require the consent of any designated Beneficiary. 
 7.10 Responsibility for Investment Choices. Each Participant is solely responsible for any decision to defer Annual Retainer into his or her Stock
Account and accepts all investment risks entailed by such decision, including the risk of loss and a decrease in the value of the amounts he or she elects to defer into his or her Stock Account. 
  

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 7.11 Funding. Deferred benefits under this Article 7 shall be paid from the general assets of the
Corporation or as otherwise directed by the Corporation. To the extent that any Participant acquires the right to receive payments under the Plan (from whatever source), such right shall be no greater than that of an unsecured general creditor of
the Corporation. Participants and their Beneficiaries shall not have any preference or security interest in the assets of the Corporation other than as a general unsecured creditor. 
 ARTICLE 8 
 AMENDMENT AND TERMINATION 
 8.1 Amendment, Suspension or Termination. The Board may amend, suspend or terminate the Plan, at any time and from time to time, without notice,
to any extent deemed advisable; provided, however, that (i) the Board may condition any amendment or modification on the approval of stockholders of the Corporation if such approval is necessary or deemed advisable with respect to tax,
securities or other applicable laws, policies or regulations, and (ii) no such amendment or termination shall (without the written consent of the Participant, if living, and if not, the Participant’s Beneficiary) adversely affect any
benefit under the Plan which has accrued with respect to the Participant or Beneficiary as of the date of such amendment or termination regardless of whether such benefit is in pay status. 
 ARTICLE 9 
 MISCELLANEOUS 
 9.1 Right to Service. Except as provided in the Plan, no Non-Employee Director shall have any claim or right to be granted Shares under the Plan.
Neither the Plan nor any action pursuant thereto shall be construed as giving any Non-Employee Director a right to be retained in the service of the Corporation. The adoption of this Plan shall not affect any other compensation, retirement or other
benefit plan or program in effect for the Corporation. 
 9.2 Validity. In the event that any provision of the Plan is held to be
invalid, void or unenforceable, the same shall not affect, in any respect whatsoever, the validity of any other provision of the Plan. 
 9.3
Inurement of Rights and Obligations. The rights and obligations under the Plan and any related agreements shall inure to the benefit of, and shall be binding upon the Corporation, its successors and assigns, and the Non-Employee Directors and
their beneficiaries. 
 9.4 Headings. Headings are provided herein for convenience only and are not to serve as a basis for
interpretation or construction of the Plan. 
  

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 9.5 Governing Law. The Plan shall be construed, governed and enforced in accordance with the law
of Georgia, except as such laws are preempted by applicable federal law. 
 9.6 Spendthrift Clause. None of the benefits, payments,
proceeds or distribution under the Plan shall be subject to the claim of any creditor of any Participant or Beneficiary, or to any legal process by any creditor of such Participant or Beneficiary, and none of them shall have any right to alienate,
commute, anticipate or assign any of the benefits, payments, proceeds or distributions under the Plan except to the extent expressly provided herein to the contrary. 
 9.7 Merger. The Plan shall not be automatically terminated by the Corporation’s acquisition by, merger into, or sale of substantially all of its assets to any other organization, but the Plan shall be
continued thereafter by such successor organization. All rights to amend, modify, suspend or terminate the Plan shall be transferred to the successor organization, effective as of the date of the combination or sale. 
 9.8 Release. Any payment to Participant or Beneficiary, or to their legal representatives, in accordance with the provisions of the Plan, shall to
the extent thereof be in full satisfaction of all claims hereunder against the Plan Administrator and the Corporation, either of whom may require such Participant, Beneficiary, or legal representative, as a condition precedent to such payment, to
execute a receipt and release therefore in such form as shall be determined by the Plan Administrator or the Corporation, as the case may be. 
  

 - 13 -WCM Pool LLC Organization Agreement

 Exhibit 10.1 
 WCM POOL LLC 
 ORGANIZATION AGREEMENT 
 dated as of November 20, 2006 

 WCM POOL LLC 
 ORGANIZATION AGREEMENT 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	ORGANIZATION	  	2
			
	1.1.    	  	Formation	  	2
	1.2.    	  	Name	  	2
	1.3.    	  	Purposes	  	2
	1.4.    	  	Duration	  	3
	1.5.    	  	Registered Office and Registered Agent; Principal Office	  	3
	1.6.    	  	Qualification in Other Jurisdictions	  	4
	1.7.    	  	No State-Law Partnership	  	4
			
	ARTICLE II	  	MEMBERS	  	4
			
	2.1.    	  	Initial Members	  	4
	2.2.    	  	Admission of Additional Members	  	4
	2.3.    	  	Classes of Members	  	5
			
	ARTICLE III	  	CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	  	5
			
	3.1.    	  	Initial Capital Contributions	  	5
	3.2.    	  	Initial Membership Interests	  	5
	3.3.    	  	No Further Required Capital Contributions	  	5
	3.4.    	  	Additional Capital Contributions	  	5
	3.5.    	  	Additional Capital Contributions Permitted Only In Cash	  	5
	3.6.    	  	Capital Accounts	  	6
	3.7.    	  	Return of Capital Contributions	  	6
	3.8.    	  	Interest	  	7
	3.9.    	  	Distributions	  	7
			
	ARTICLE IV	  	ALLOCATIONS AND DISTRIBUTIONS	  	7
			
	4.1.    	  	Allocations of Gross Income, Gain and Loss for Financial Purposes	  	7
	4.2.    	  	Allocation of Commissions, Fees and Expenses for Financial Purposes	  	7
	4.3.    	  	Tax Allocations	  	8
	4.4.    	  	Limitations on Loss Allocation	  	8
	4.5.    	  	Costs of Effecting Allocations	  	8
	4.6.    	  	Members’ Tax Liabilities	  	8

  

 i 

 WCM POOL LLC 
 ORGANIZATION AGREEMENT 
 TABLE OF CONTENTS 
 (continued) 
  

					
	ARTICLE V	  	TRANSFERS AND ASSIGNMENTS PROHIBITED; WITHDRAWALS	  	9
			
	5.1.    	  	Transfers and Assignments Prohibited	  	9
	5.2.    	  	Withdrawals	  	9
			
	ARTICLE VI	  	MANAGEMENT OF THE COMPANY	  	10
			
	6.1.    	  	Management of Business	  	10
	6.2.    	  	General Powers of Voting Members	  	10
	6.3.    	  	Delegation of Administrative Authority	  	10
	6.4.    	  	Delegation of Trading Authority	  	10
	6.5.    	  	Standard of Care; Liability	  	11
	6.6.    	  	Limitations on Powers of Members	  	11
	6.7.    	  	Other Business	  	11
			
	ARTICLE VII	  	OWNERSHIP OF COMPANY PROPERTY	  	12
			
	ARTICLE VIII	  	FISCAL MATTERS; BOOKS AND RECORDS	  	12
			
	8.1.    	  	Bank Accounts; Investments	  	12
	8.2.    	  	Records Required by Act; Right of Inspection	  	12
	8.3.    	  	Books and Records of Account	  	13
	8.4.    	  	Tax Returns and Information	  	13
	8.5.    	  	Delivery of Financial and Tax Information to Members	  	13
	8.6.    	  	Audits	  	13
	8.7.    	  	Fiscal Year	  	13
	8.8.    	  	Tax Elections	  	13
	8.9.    	  	Tax Matters Member	  	14
	8.10.  	  	Regulatory Reporting	  	14
			
	ARTICLE IX	  	INDEMNIFICATION	  	14
			
	9.1.    	  	Indemnification by the Members	  	14
	9.2.    	  	Indemnification by Preferred of the Members	  	14

  

 ii 

 WCM POOL LLC 
 ORGANIZATION AGREEMENT 
 TABLE OF CONTENTS 
 (continued) 
  

					
	ARTICLE X	  	DISSOLUTION AND WINDING UP	  	15
			
	10.1.    	  	Events Causing Dissolution	  	15
	10.2.    	  	Winding Up	  	15
	10.3.    	  	Compensation of Liquidator	  	16
	10.4.    	  	Distribution of Company Property	  	16
	10.5.    	  	Final Audit	  	16
	10.6.    	  	Deficit Capital Accounts	  	17
			
	ARTICLE XI	  	MISCELLANEOUS PROVISIONS	  	17
			
	11.1.    	  	Approval of Administration Agreement	  	17
	11.2.    	  	Interpretation	  	17
	11.3.    	  	“Commodity Pool” Status of the Company	  	17
	11.4.    	  	Compliance with the “Blue Sky” Guidelines	  	18
	11.5.    	  	Organizational and Maintenance Expenses	  	18
	11.6.    	  	Counterparts	  	18
	11.7.    	  	Entire Agreement	  	18
	11.8.    	  	Partial Invalidity	  	18
	11.9.    	  	Amendment	  	18
	11.10.  	  	Binding Effect	  	18
	11.11.  	  	Governing Law	  	19
	11.12.  	  	Effect of Waiver or Consent	  	19
	11.13.  	  	Further Assurances	  	19
		
	     Testimonium
	  	18
	     Signatures
	  	20
	     Schedule I
	  	21

  

 iii 

 Exhibit 10.1 
 WCM POOL LLC 
 ORGANIZATION AGREEMENT (this “Agreement”) dated as of
November 20, 2006 by and among (A) the commodity pools (each, a “Member” and, collectively, the “Members”) signatory from time to time hereto, each of which (i) has as its sole managing owner or
trading manager (or its functional equivalent in another type of entity) Preferred Investment Solutions Corp. (“Preferred”), a “commodity pool operator” registered with the Commodity Futures Trading Commission (the
“CFTC”), (ii) is no longer engaged in the distribution of its units of beneficial interest (or equivalent common equity securities), and (iii) intends to open a trading account managed pursuant to the Diversified Program
(the “WCM Program”) of Winton Capital Management Limited, United Kingdom company (“Winton”) and (B) Preferred, not as a Member, but for the limited purposes set forth herein. 
 W I T N E S S E T H 
 WHEREAS, the Company has been formed as a means of consolidating the commodity interest trading of the Members; and 
 WHEREAS, the Company’s trading will at all times be managed exclusively pursuant to the WCM Program (Winton being delegated trading management
authority over the Company pursuant to Section 18-407 of the Delaware Limited Liability Company Act, 6 Del. C. §18-101 et seq. (the “Act”), and an Advisory Agreement by and among the Company, Preferred and
Winton of even date herewith); and 
 WHEREAS, all Members shall share pro rata in the profits and losses of the Company, based
on the relative values (prior to reduction for all accrued but unpaid fees or expenses) of their respective Membership Interests (“Membership Interest” to mean, with respect to any Member at any time, the entire interest of such
Member in the Company at such time. A Membership Interest includes, without limitation, (a) all rights of a Member to receive distributions of revenues, allocations of income and loss and distributions of liquidation proceeds under this
Agreement and (b) all management rights, if any, voting rights or rights to consent of the respective Members) in the Company — applicable CFTC policies prohibiting any Member’s investment in the Company being traded at a higher
degree of leverage than any other Member’s investment or pursuant to any different trading program than that employed to direct the Company’s trading with respect to any other Member; and 
 WHEREAS, pursuant to Section 18-407 of the Act, Preferred (which is either the sole managing owner or the trading manager of each of the
Members) shall be delegated administrative authority over the operations of the Company; and 
 WHEREAS, pursuant to
Section 18-302 of the Act, the Company shall issue two classes of Membership Interests: Non-Voting Membership Interests and Voting Membership Interests. These two classes of Membership Interests shall have identical pro rata economic
interests in the Company, but the Non-Voting Membership Interests shall in no respect participate in the management of the Company, such management to be vested solely in the Voting Membership Interests; and 

 WHEREAS, all Members (“Non-Voting Members”) which are non-United States persons
shall acquire “Non-Voting Membership Interests”, and shall not participate in any respect in the management of the Company, or engage, directly or indirectly, in the participation in or control of all or any portion of the business
activities or affairs of the Company (Non-Voting Members being the functional equivalent of limited partners in a limited partnership); and 
 WHEREAS, the Members (“Voting Members”) which are United States persons shall acquire “Voting Membership Interests” and shall, acting as Members without any “manager,” mutually dominate and
control all business activities and affairs of the Company by agreement of the majority in interest of such Members, subject to the authority vested in and delegated to Winton and the administrative authority vested in and delegated to Preferred
hereunder; and 
 WHEREAS, upon the terms and subject to the conditions set forth herein, each of the initial Members are,
concurrently with the execution of this Agreement, acquiring either Voting Membership Interests or Non-Voting Membership Interests in the Company; and 
 WHEREAS, it is the express intent of the Members that their participation in the Company be, other than in respect of the consolidation of the Members’ WCM Program trading accounts, the functional
equivalent of each Member opening such trading accounts on an individual basis; and 
 WHEREAS, in accordance with the Act, each of
the Members desires to enter into this Agreement to set forth the respective rights, powers and interests of the Members with respect to the Company and their respective Voting Membership Interests or Non-Voting Membership Interests (as the case may
be) and to provide for the management of the business and operations of the Company. 
 NOW, THEREFORE, in consideration of the
premises and of the mutual promises and agreements made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows. 
 ARTICLE I 
 ORGANIZATION

 1.1. Formation. The Company has been organized as a Delaware limited liability company under and pursuant to the Act by the
filing of a Certificate of Formation with the Office of the Secretary of State of Delaware as required by the Act. This Agreement embodies the agreement among the Members as to the governance of the Company and related matters. However, in the event
of a conflict between the terms of this Agreement and the Certificate of Formation, the terms of the Certificate of Formation shall prevail. 
 1.2. Name. The name of the Company is WCM Pool LLC (the “Company”). 
 1.3. Purposes. The purposes of
the Company are to engage in any activity and/or business for which limited liability companies may be formed under the Act including, without 

  

 2 

 
limitation, the activities set forth in the recitals to this Agreement. For greater certainty and not by way of limitation, the Company’s business and
purpose is to trade, buy, sell or otherwise acquire, hold or dispose of forward and futures contracts for all manner of commodities, financial instruments and currencies, as well as options and rights pertaining thereto (collectively,
“commodity interests”), and to engage in all activities necessary, convenient or incidental thereto. The Company may also engage in “hedge,” arbitrage and cash trading of commodities, futures, forwards and options. The objective
of the Company’s business is appreciation of its assets through speculative trading. The Company may engage in the foregoing speculative trading directly and through investing in other entities which are themselves “commodity pools”
rather than private “investment companies” within the meaning of Section 3(c)(1) of the Investment Company Act of 1940 (the “Company Act”); provided, that in all cases, the Company’s commodity interest trading shall be
directed exclusively pursuant to Winton implementing its Portfolio, as the same may change and develop over time. 
 The Company may not
engage in any “yield enhancement” activities or securities trading, but only (i) acquire government interest-bearing securities with the intent of holding such securities until maturity and/or (ii) receive interest credits on
cash deposits made by it. 
 The Company may not admit as a Member any entity which is engaged in soliciting additional investments in such
entity. 
 The Company shall have all the powers necessary or convenient to effect any purpose for which it is formed, including all powers
granted by the Act. 
 1.4. Duration. The Company shall continue in existence until December 31, 2056 or until the Company shall
be sooner dissolved and its affairs wound up in accordance with the Act or this Agreement. 
 1.5. Registered Office and Registered Agent;
Principal Office. (a) The registered office of the Company required by the Act to be maintained in the State of Delaware shall be the initial registered office named in the Certificate of Formation or such other office (which need not be a
place of business of the Company) as the Voting Members holding a majority in interest of the Voting Membership Interests (the affirmative vote of such a majority in interest of the Voting Membership Interests being hereinafter referred to as a
“Majority Vote”) may designate from time to time in the manner provided by Section 18-104 of the Act. 
 (b) The
registered agent of the Company in the State of Delaware shall be the initial registered agent named in the Certificate of Formation or such other person or persons as the Voting Members by Majority Vote may designate in the manner provided by
Section 18-104 of the Act. 
 (c) The principal office of the Company shall be c/o Preferred Investment Solutions Corp., 900 King
Street, Suite 100, Rye Brook, New York 10573; telephone: (914) 307-7000, or at such place as the Voting Members by Majority Vote may designate from time to time, which need not be in the State of Delaware. The Company shall maintain at its
principal office, available for inspection, the records required by the Act and the Commodity Exchange Act (the “CEA”). 
  

 3 

 The Company may have such other offices as the Voting Members by Majority Vote may designate from time to
time. 
 1.6. Qualification in Other Jurisdictions. The Members shall have authority to cause the Company to do business in
jurisdictions other than the State of Delaware only if either of the following conditions is satisfied: 
 (a) such jurisdiction has enacted a
limited liability company statute, and the Voting Members by Majority Vote shall have approved the qualification of the Company under such statute to do business as a foreign limited liability company in such jurisdiction; or 
 (b) the Company shall have obtained an opinion of counsel qualified to practice law in such jurisdiction to the effect that under the laws of such
jurisdiction the Members will not be held liable for any debts or obligations of the Company. 
 The Voting Members by Majority Vote, will
determine whether and where the Company will qualify to do business as a foreign limited liability company from time to time. 
 1.7. No
State-Law Partnership. No provision of this Agreement shall be deemed or construed to constitute the Company a partnership (including, without limitation, a limited partnership) or joint venture, or any Member a partner or joint venturer of or
with any other Member, for any purposes other than federal and state tax purposes. 
 ARTICLE II 
 MEMBERS 
 2.1. Initial Members.
The initial Members of the Company are listed on Schedule I of this Agreement, and the addresses of such initial Members are as set forth on such Schedule I. As of the date hereof, there are no other Members of the Company and no
other person (other than Preferred and Winton acting pursuant to delegated authority as contemplated by Section 6.3 and 8.4 respectively) has any right to take part in the management (except as contemplated in the second and fourth recitals to
this Agreement) or ownership of the Company. 
 2.2. Admission of Additional Members. Additional Members of the Company may only be
admitted if (i) such proposed Members are “commodity pools” of which Preferred is the sole managing owner (if such “commodity pools” are United States trusts) or sole trading manager (if such “commodity pools” are
foreign corporations) or the functional equivalent thereof and (ii) such proposed Members are no longer accepting additional investments, (iii) such pools contributing to the Company will be managed exclusively pursuant to the WCM Program,
and (iv) the admission of such additional Members is approved by Majority Vote of the Voting Members. 
 If a new Member is admitted to
the Company, the books and records of the Company (including Schedule I hereto) shall be amended to reflect such addition, as contemplated by Section 18-301 of the Act. 
  

 4 

 2.3. Classes of Members. There shall be two classes of Members: Voting Members and Non-Voting
Members. All United States persons which are admitted as Members shall be admitted as Voting Members, and all foreign persons which are admitted as Members shall be admitted as Non-Voting Members. 
 ARTICLE III 
 CAPITAL CONTRIBUTIONS;
CAPITAL ACCOUNTS 
 3.1. Initial Capital Contributions. Each initial Member shall contribute to the capital (a “Capital
Contribution”) of the Company, as of January 1, 2007 the amount set forth as such Member’s initial capital contribution (“Initial Capital Contribution”) on Schedule I. Such Initial Capital
Contributions may include, provided the necessary regulatory approvals are obtained, open futures positions (and will include open forward positions), as well as cash (U.S. dollars in immediately available funds). If any Initial Capital Contribution
includes open futures and forward positions that are not “Section 1256 contracts” as defined in Section 1256(b) of the Internal Revenue Code of 1986, as amended (the “Code”) (“Non-Section 1256
Contracts”), the tax basis and fair market values of such Non-Section 1256 Contracts shall be set forth on Schedule I. 
 3.2. Initial Membership Interests. Upon making the Initial Capital Contribution specified on Schedule I, each Member shall be entitled to the Membership Interest (Voting or Non-Voting, as the case may be) set forth opposite such
Member’s name on Schedule I. 
 3.3. No Further Required Capital Contributions. No Member shall be obligated to make any
Capital Contributions to the Company or be subject to any form of capital call or assessment with respect to such Member’s Membership Interest. 
 3.4. Additional Capital Contributions. Additional Capital Contributions of existing Members may be made, unless objected to by a Majority Vote of the Voting Members, at any time; provided, that the Member
making such additional Capital Contribution has done so pursuant to the Advisory Agreement and has received the approval of Winton that Winton is willing to manage such additional capital. 
 The initial capital contributions of Members admitted pursuant to Section 2.2 shall require the approval of the majority vote of the Voting Members.
Schedule I shall be appropriately amended to reflect any such capital contributions. 
 3.5. Additional Capital Contributions Permitted
Only In Cash. All additional Capital Contributions to the Company, whenever made, shall be made exclusively in U.S. dollars and in immediately available funds. Open futures and forward positions may, if at all, only be accepted as Capital
Contributions at the time of an initial Member’s initial capital contribution, and only subject to receipt of all necessary regulatory approvals and such Member shall provide the company with the tax basis and fair market value of any
Non-Section 1256 Contracts contributed to the Company. 
  

 5 

 3.6. Capital Accounts. (a) A capital account (“Capital Account”) shall be
established and maintained for each Member on the books of the Company. The initial balance in each Member’s Capital Account shall equal such Member’s initial capital contribution. Each Member’s Capital Account (i) shall be
increased by (A) the amount of any additional Capital Contribution made by that Member, and (B) allocations to that Member of Company income and gain (or items thereof), including income and gain exempt from tax and income and gain
described in Section 1.704-1(b)(2)(iv)(g) of the Treasury Regulations, and (ii) shall be decreased by (A) the amount of cash distributed to that Member by the Company, (B) allocation of commissions, fees and expenses pursuant to
Section 4.2, (C) allocations to that Member of expenditures described under Section 705(a)(2)(B), and (D) allocations of Company loss and deduction (or items thereof), including loss and deduction described in
Section 1.704-1(b)(2)(iv)(g) of the Treasury Regulations. 
 (b) In addition to the adjustments required by the foregoing provisions of
this Section 3.6, the Capital Accounts of the Members shall be adjusted in accordance with the capital account maintenance rules of Section 1.704-1(b)(2)(iv) of the Treasury Regulations. 
 (c) Except as otherwise provided herein, whenever it is necessary to determine the Capital Account of any Member for purposes of this Agreement, the
Capital Account of such Member shall be determined after giving effect to (i) all Capital Contributions made to the Company on or after the date of such Member’s initial capital contribution, (ii) all allocations of income, gain,
deduction and loss for operations and transactions effected on or after the date of such Member’s initial capital contribution and prior to the date such determination is required to be made under this Agreement and (iii) all distributions
made on or after the date of such Member’s initial capital contribution. 
 (d) The Capital Accounts of the Members shall be determined,
and allocations of Company income, gain, loss and deduction made (and adjustments made to reflect additional Capital Contributions or withdrawals, if any), as of the close of business on every Friday and on December 31 of each year; provided
that Preferred may, pursuant to the authority delegated to it pursuant to Section 6.3, cause the current accounting period for the Company to end and a new accounting period for the Company to begin at such other time or times as
Preferred may, in its discretion, determine. 
 (e) The foregoing provisions of this Section 3.6 are intended to comply with
Section 1.704-1(b)(2)(iv) of the Treasury Regulations and shall be interpreted and applied in a manner consistent with such Treasury Regulations. If the Voting Members, by Majority Vote, shall determine that it is prudent to modify the manner
in which the Capital Accounts are computed in order to comply with Section 1.704-1(b)(2)(iv) of the Treasury Regulations, the Voting Members, by Majority Vote, may make such modification, provided that such modification is not likely to have a
material effect on the amounts allocable to any Member, Voting or Non-Voting. 
 3.7. Return of Capital Contributions. Except as
otherwise provided in Section 5.2 or in the Act, no Member shall have the right to withdraw, or receive any return of, all or any portion of such Member’s Capital Contribution. No Member shall have the right to receive any assets upon
withdrawal of any or all of such Member’s Capital Accounts, other than U.S. dollars. 
  

 6 

 3.8. Interest. No interest shall be paid by the Company on Capital Contributions or on balances in
Members’ Capital Accounts, although Members’ Capital Accounts shall, as provided herein, be allocated their pro rata share of all interest earned by the Company. 
 3.9. Distributions. Any distributions made by the Company must be made, except as may be necessary to ensure that the assets of the Company not be
deemed to constitute “plan assets” within the meaning of the Employee Retirement Income Security Act of 1974 (“ERISA”) and that the Company will continue to satisfy the requirements of a “qualified electing fund”
under Section 988 of the Code, pro rata among all Members based on their respective Membership Interests. The Company does not intend to make any distributions. 
 ARTICLE IV 
 ALLOCATIONS AND DISTRIBUTIONS 
 4.1. Allocations of Gross Income, Gain and Loss for Financial Purposes. Financial income, gain and loss from the Company’s operations, prior
to the allocations of commissions, fees and expenses prescribed in Section 4.2, shall be allocated to the Members as of the end of each accounting period (as contemplated by Section 3.6(d)) in accordance with the ratio of the
balance in each such Member’s Capital Account — unreduced by any accrued but unpaid fees or expenses — as of the beginning of such accounting period to the aggregate of such balances in all such Members’ Capital Accounts as of
the beginning of such accounting period (such ratio to equal such Member’s “Company Percentage”). 
 4.2. Allocation
of Commissions, Fees and Expenses for Financial Purposes. Following the allocation of Company income, gain and loss among the Members’ respective Capital Accounts, as provided in Section 4.1, Preferred shall calculate the
brokerage commissions, advisory fees, administrative fees and other expenses due from the Company to third parties, in respect of the Company’s trading on behalf of the respective Members (the Company being subject to different commissions and
fees in respect of its trading as allocable to the various different Members). Such commissions, fees and expenses shall be specially allocated as of the end of each accounting period (not pro rata based on the Members’ Company
Percentages) to, and deducted from, the appropriate Members’ Capital Accounts and paid out by the Company. 
 The Company shall, upon
each Member’s investment in the Company, assume the obligations to make all payments due in respect of or attributable to such Member’s WCM Program trading account. Preferred, as administrator of the Company, shall determine the amounts of
all such payments, and these shall become obligations and expenses of the Company, not of any such Member, although the commissions, fees and expenses attributable to a particular Member’s trading pursuant to the WCM Program may be specially
allocated to such Member’s Capital Account. As provided in Section 9.2, Preferred shall indemnify and hold harmless each Member from any commissions, fees and expenses which may be allocated to such Member’s Capital Account, but which
should have been specially allocated to another Member’s Capital Account. 
  

 7 

 4.3. Tax Allocations. (a) Items of income, gain, loss, deduction and credit from the
Company’s operations shall be allocated to the Members in such manner as Preferred, acting pursuant to the administrative authority delegated to it pursuant to Section 6.3, and pursuant to the Administrative Services Agreement by
and between Preferred and the Company, executed and delivered pursuant to said Section 6.3, may determine shall equitably reflect the financial allocations made pursuant to Section 4.1 and Section 4.2. Preferred
may, in effecting such tax allocations, allocate gain and loss separately and not on a netted basis, if Preferred believes that doing so would be more consistent with the manner in which the Voting Members intend to allocate the tax effects of their
investment in the Company among their respective unitholders. 
 (b) The allocation of profit and loss for federal income tax purposes set
forth herein is intended to allocate taxable profit and loss among Members generally in the ratio and to the extent that profit and loss are allocated to such Members so as to eliminate, to the extent possible, any disparity between a Member’s
financial and its tax allocations, consistent with principles set forth in Section 704(c) of the Code, and the Tax Matters Member may select any permissible method under Section 704(c) of the Code to make the allocations required to
eliminate any disparity between a Member’s book capital account and tax capital account. 
 (c) The Company intends to allocate taxable
profit and loss in a manner consistent with Section 704(b) of the Code, including, without limitation, a “Qualified Income Offset.” 
 (d) The allocations of profit and loss of the Members shall not exceed the allocations permitted under Subchapter K of the Code, as determined by Preferred, whose determination shall be binding. 
 4.4. Limitations on Loss Allocation. Notwithstanding any other provision of this Agreement to the contrary, no item of loss or deduction of the
Company shall be allocated to a Member if such allocation would result in a negative balance in such Member’s Capital Account. Such loss or deduction shall be allocated first among the Members with positive balances in their Capital Accounts in
proportion to (and to the extent of) such positive balances, and thereafter in accordance with their interests in the Company as determined under Section 1.704-1(b)(3) of the Treasury Regulations. 
 4.5. Costs of Effecting Allocations. Preferred shall bear, without reimbursement from the Company (other than in respect of administrative fees
due from the Company to Preferred pursuant to Section 6.3 and the Administrative Services Agreement therein contemplated), all costs and expenses related to effecting the Company’s tax and financial allocations. 
 4.6. Members’ Tax Liabilities. Although not a Member of the Company, Preferred is hereby authorized by all Members to withhold or withdraw
from each Member’s Capital Account any amount which Preferred reasonably believes may be owing by the Company to any federal or state tax authority in respect of such Member’s investment in the Company. Any such withholding or withdrawal
shall reduce each affected Member’s Membership Interest and Company Percentage until such time, if any, as the amount of any such withholding or withdrawal is returned in whole or in part, to such Member’s Capital Account. 
  

 8 

 ARTICLE V 
 TRANSFERS AND ASSIGNMENTS PROHIBITED; WITHDRAWALS 
 5.1. Transfers and Assignments Prohibited.
No Member may transfer or assign all or any part of its Membership Interest to any other party (including, without limitation, to any other Member) without the unanimous consent of all Members, Voting and Non-Voting. Any transferee which is
permitted to acquire a Membership Interest pursuant to any such unanimous consent shall be admitted to the Company as a Member (no transferee or assignee of a Membership Interest shall be recognized which does not itself become a Member) and shall
succeed to the Capital Account or portion thereof transferred or assigned, as if (insofar as the Company’s accounting is concerned) no such transfer or assignment had occurred. 
 Only “commodity pools” of which Preferred is either the managing owner (or its functional equivalent in another type of entity) or the trading
manager, which are no longer accepting additional investments, shall be eligible transferees or assignees of Membership Interests. Only domestic statutory trusts of which Preferred is the manager owner (or its functional equivalent in another type
of entity) shall be eligible transferees or assignees of Voting Membership Interests, and only foreign corporations of which Preferred is the trading manager (or its functional equivalent in another type of entity) shall be eligible transferees or
assignees of Non-Voting Membership Interests. 
 No “commodity pool,” even if otherwise qualified for admission as a Member
pursuant to the preceding paragraph, shall be eligible for such admission if such “commodity pool” continues to be engaged — either directly or indirectly through accepting investments from “feeder funds” or similar entities
— in the distribution of interests in such “commodity pool” (whether on a public or private basis). 
 The limitations set
forth in the preceding two paragraphs may be amended by a Majority Vote of the Voting Members, but only provided that, in doing so, such Voting Members explicitly agree that in their good faith judgment the admission of entities otherwise proscribed
under the foregoing paragraphs as Members will not expose any other Member to any additional risk or potential liability. 
 5.2.
Withdrawals. A Member may withdraw all or any portion of its Capital Account at any time upon ten (10) calendar days’ notice to Preferred or such lesser period of notice as Preferred may approve. There shall be no penalty or fee
assessed upon any such withdrawal. Preferred shall itself reimburse the Company for any cost or expense which the Company may incur as a result of the processing of any such withdrawal, so that such cost or expense will in no respect reduce any
Member’s Capital Account. 
 All withdrawals shall be paid exclusively in cash (U.S. dollars in immediately available funds) and within
ten (10) business days of the effective date of withdrawal. No interest shall accrue on any withdrawal proceeds while held by the Company pending payment out to the withdrawing Member, provided that such payment is made within such ten
(10) business-day period. 
  

 9 

 Although Members shall be entitled to withdraw from the Company at any time, all Members agree to use
best efforts to withdraw capital from the Company only as of a Friday. 
 ARTICLE VI 
 MANAGEMENT OF THE COMPANY 
 6.1.
Management of Business. Except as otherwise expressly provided in this Agreement, the powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of,
the Voting Members. 
 6.2. General Powers of Voting Members. Except as may otherwise be expressly provided in this Agreement, the
Voting Members shall have complete and exclusive discretion in the management and control of the business and affairs of the Company, including the right to make and control all ordinary and usual decisions concerning the business and affairs of the
Company. The Voting Members shall, subject to the provisions hereof, possess all power, on behalf of the Company, to do or authorize the Company to do all things necessary or convenient to carry out the business and affairs of the Company.

 6.3. Delegation of Administrative Authority. The Voting Members shall manage the Company to the exclusion of the Non-Voting
Members. However, the Voting Members herewith delegate (under the ultimate supervision and authority of the Voting Members) authority over the administrative management of the Company to Preferred, to the same extent and with the same effect as
Preferred is given authority over the administrative management of each Voting Member, in Preferred’s capacity as managing owner of such Voting Member (or its functional equivalent in another form of entity). 
 In connection with the delegation of administrative authority for the Company to Preferred as contemplated by this Section 6.3, each officer
of Preferred is hereby designated as an officer of the Company, to serve, without compensation, at the pleasure of the Majority Vote of the Voting Members. Successors or replacements to the foregoing officers shall be made by the Majority Vote of
the Voting Members. 
 In performing administrative services for the Company — which Preferred shall do in consideration of
Preferred’s receipt of an administrative fee from the Company, as provided in the Administrative Services Agreement by and between the Company and Preferred, as well as in consideration of Preferred continuing to act as managing owner of the
Voting Members and trading manager of the Non-Voting Members (or in a functionally equivalent capacity). Preferred shall act as an independent contractor and not in any respect as a “manager” of the Company within the meaning of the Act.

 6.4. Delegation of Trading Authority. Pursuant to an Advisory Agreement dated as of November 20, 2006 by and among the
Company, Preferred and Winton, the Company (with the unanimous approval of the Members as evidenced by their signatures to this Agreement) has appointed Winton as the sole trading advisor to the Company, with authority and direction to manage the
Company’s commodity interest trading pursuant to the WCM Program, as such Portfolio may change and develop from time to time, all as contemplated by said Advisory Agreement. 
  

 10 

 In acting as the sole trading advisor to the Company, Winton shall act as an independent contractor and
not in any respect as a “manager” of the Company within the meaning of the Act. 
 Each Member, in consideration of such Member
being admitted to the Company, agrees, acknowledges and approves the terms of the Advisory Agreement dated as of November 20, 2006 by and among the Company, Winton and Preferred. 
 6.5. Standard of Care; Liability. Each Member shall discharge its duties under this Agreement in good faith, with the care an ordinarily prudent
person in a like position would exercise under similar circumstances, and in a manner it reasonably believes to be in, or not opposed to, the best interests of the Company. A Member will not be liable for any monetary damages to the Company for any
breach of such duties except for receipt of a financial benefit to which the Member is not entitled; voting for or assenting to a distribution to Members in violation of this Agreement or the Act; or a knowing violation of the law. 
 The standard of care set forth in this Section 6.5 and applicable to the Members shall in no respects qualify, restrict or limit the standard
of care applicable to Preferred as managing owner or trading manager of such Members (or in a functionally equivalent capacity), as otherwise provided by and among such Members, respectively, and Preferred. 
 6.6. Limitations on Powers of Members. The enumeration of powers in this Agreement shall not limit the general or implied powers of the Members or
any additional powers provided by law; provided, that the Non-Voting Members may in no event participate in any respect in the management of the Company. 
 Notwithstanding the foregoing, no Member may cause the Company to become engaged or involved in any business other than the speculative trading of commodity interests pursuant to the Portfolio under the direction of
Winton without the consent of all Members, Voting and Non-Voting. Furthermore, no Member or Members, Voting or Non-Voting, may reduce or modify (except as contemplated pursuant to a withdrawal of capital as permitted under Section 5.2) the
economic interest of any other Member or Members (including the percentage of profits, losses or distributions, the tax allocations and the indemnities to which such Member is entitled hereunder) or such other Member’s or Members’ ability
to withdraw from the Company other than with the express written consent of the affected Member or Members. 
 Any modification of
Sections 1.7, 3.3, 3.5, Article IV, Article V and this Section 6.6 shall require unanimous consent of all Members, Voting and Non-Voting. 
 6.7. Other Business. The Members may engage in or possess an interest in other business ventures, by virtue of this Agreement or any relationships
created or deemed created hereby, of every kind and description, independently or with others. Neither the Company nor the Members shall have any rights in or to such independent ventures of the Members or the income or profits therefrom.

  

 11 

 ARTICLE VII 
 OWNERSHIP OF COMPANY PROPERTY 
 Company property shall be deemed to be owned by the Company as an
entity, and no Member, individually or collectively, shall have any ownership interest in such Company property or any portion thereof. Title to any or all Company property may be held in the name of the Company or one or more nominees, as the
Voting Members by Majority Vote may determine. All Company property shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such Company property is held. 
 ARTICLE VIII 
 FISCAL MATTERS; BOOKS
AND RECORDS 
 8.1. Bank Accounts; Investments. Capital Contributions, revenues and any other Company funds shall, as directed by
Preferred, be deposited by the Company in trading accounts (whether “regulated” or “unregulated”) established in the name of the Company. As provided by Rule 4.20(c) of the Commodity Futures Trading Commission (the
“CFTC”), no other funds shall be deposited into the Company’s trading accounts or commingled with Company investments. Funds deposited in the Company’s trading accounts may be withdrawn only to be invested in furtherance
of the Company’s purposes, to pay Company debts or obligations or to be distributed to the Members pursuant to this Agreement. 
 8.2.
Records Required by Act; Right of Inspection. (a) During the term of the Company’s existence and for a period of six (6) years thereafter, there shall be maintained in the Company’s principal office specified pursuant to
Section 1.5(c) all records required to be kept pursuant to the Act and the CEA, including, without limitation, a current list of the names, addresses, Membership Interests and Company Percentages held by each of the Members (including
the dates on which each of the Members became a Member), copies of federal, state and local information or income tax returns for each of the Company’s tax years, copies of this Agreement and the Certificate of Formation, including all
amendments or restatements, and correct and complete books and records of account of the Company. 
 (b) On written request stating the
purpose, a Member may examine and copy in person, at any reasonable time, and at the Member’s expense, records required to be maintained under the Act and the CEA and such other information regarding the business, affairs and financial
condition of the Company as such Member may reasonably request. Upon written request by any Member made to the Company at the address of the Company’s principal office specified in Section 1.5(c), the Company shall provide to the
Member without charge true copies of (i) this Agreement and the Certificate of Formation and all amendments or restatements, and (ii) any of the tax returns of the Company described above. 
 The provisions of this Section 8.2(b) shall in no event be construed so as to provide any investor in any Member with any greater access (on
a direct or derivative basis) to the books and records of, or to information concerning, such Member than would such investor under the constituent documents of such Member. In no event shall any provision hereof be interpreted so as to permit any
investor in any Member to obtain any information relating to another Member (except as may otherwise be required by law). 
  

 12 

 8.3. Books and Records of Account. The Company shall maintain adequate books and records of
account that shall be maintained on the accrual method of accounting and on a basis consistent with appropriate provisions of the Code. 
 8.4. Tax Returns and Information. The Members intend for the Company to be treated as a partnership for tax purposes. The Company shall prepare or cause there to be prepared all federal, state and local income and other tax returns
that the Company is required to file. As promptly as practicable after the end of each calendar year, the Company shall send or deliver to each person who was a Member at any time during such year such tax information as shall be reasonably
necessary for the preparation by such person of such person’s federal income tax return, state income and any other applicable tax returns. 
 8.5. Delivery of Financial and Tax Information to Members. Each of the Members is itself an investment fund and each of the Voting Members, as a United States trust, must furnish tax information on an annual basis to each of its
investors. Preferred, as administrator of the Company, undertakes to supply to all Members, on a timely basis, all financial and tax information relating to each such Member’s investment in the Company as each such Member is required, or
reasonably wishes, to provide to its investors. The cost of providing such information shall be solely for the account of Preferred except as may be otherwise provided in writing between a particular Member and Preferred. 
 8.6. Audits. The fiscal year-end financial statements and the financial statements to be delivered pursuant to Section 10.5 shall be
audited. The audit shall be performed by an accounting firm approved by the Majority Vote of the Voting Members, which may be the same such firm as is used by one or more such Members. The Company shall arrange, at the expense of Preferred, for
sufficient information to be made available to each Member that such Member may itself obtain an audit of such Member’s own financial statements, in full compliance with all applicable CFTC requirements. 
 8.7. Fiscal Year. The Company’s fiscal year shall end on December 31 of each calendar year. 
 8.8. Tax Elections. The Company shall make the following elections on the appropriate tax returns: 
 (a) to adopt the calendar year as the Company’s fiscal year; 
 (b) to adopt the accrual method of accounting, and to keep the Company’s books and records on the basis of such method; 
 (c) to be a “qualified electing fund” (if possible) under Section 988 of the Code; and 
 (d)
any other election the Voting Members may, by Majority Vote, deem appropriate and in, or not opposed to, the best interests of the Members. 
  

 13 

 Neither the Company nor any Member may make an election for the Company to be excluded from the application of the
provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law. 
 8.9.
Tax Matters Member. The Members shall designate one Member to be the “tax matters partner” (the “Tax Matters Member”) of the Company pursuant to Section 6231(a)(7) of the Code. Such Member shall take such
action as may be necessary to cause each other Member to become a “notice partner” within the meaning of Section 6223 of the Code. Such Member shall inform each other Member of all significant matters that may come to its attention in
its capacity as “Tax Matters Member” by giving notice thereof on or before the fifth Business Day after becoming aware thereof and, within that time, shall forward to each other Member copies of all significant written communications it
may receive in that capacity. Such Member may not take any action contemplated by Sections 6222 through 6232 of the Code without the consent of the Majority Vote of the Voting Members but this sentence does not authorize such Member to take any
action left to the determination of an individual Member under Sections 6222 through 6232 of the Code. The initial Tax Matters Member shall be Diversified Futures Trust I. Diversified Futures Trust I hereby appoints Preferred to perform all
necessary administrative procedures for and on behalf of Diversified Futures Trust I, as Tax Matters Member of the Company. 
 8.10.
Regulatory Reporting. The Company’s Voting Members are each subject to various regulatory and investor reporting requirements imposed by the CFTC. The Company itself may also be so subject. Preferred, as administrator of the Company,
shall be responsible for ensuring that all such reporting requirements are duly met and complied with at no additional cost to the Company. 
 ARTICLE IX 
 INDEMNIFICATION 
 9.1. Indemnification by the Members. Each of the Members agrees that the various indemnifications which they have provided to Preferred, as either the managing owner or the trading manager of such Member or in
a functionally equivalent capacity, as the case may be, shall be equally applicable to the component of such Member’s operations attributable to its investment in the Company. However, such investment shall in no respect increase the
indemnification obligation of any Member towards Preferred or any “related or associated party.” 
 9.2. Indemnification by
Preferred of the Members. Preferred shall indemnify and hold harmless each Member from and against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by them as a result of such Member having
invested in the Company rather than maintained an individual WCM Program trading account in such Member’s own name. 
  

 14 

 ARTICLE X 
 DISSOLUTION AND WINDING UP 
 10.1. Events Causing Dissolution. The Company shall be dissolved
upon the first of the following events to occur: 
 (a) December 31, 2056; 
 (b) The written consent of all Members (Voting and Non-Voting) at any time to dissolve and wind up the affairs of the Company; 
 (c) The death, retirement, resignation, expulsion, bankruptcy or dissolution of a Member or the occurrence of any other event that terminates the
continued membership of a Member in the Company, unless there are at least two remaining Members and the business of the Company is continued by the consent of all remaining Members (Voting and Non-Voting) within 10 days following the occurrence of
any such event; or 
 (d) The occurrence of any other event that causes the dissolution of a limited liability company under the Act.

 10.2. Winding Up. If the Company is dissolved pursuant to Section 10.1, the Company’s affairs shall be wound up as
soon as reasonably practicable in the manner set forth below. 
 (a) The winding up of the Company’s affairs shall be supervised by
Preferred, as liquidator, or such other entity as may be selected by the Majority Vote of the Voting Members. 
 (b) In winding up the
affairs of the Company, the liquidator shall have full right and unlimited discretion, in the name of and for and on behalf of the Company to: 
 (i) prosecute and defend civil, criminal or administrative suits; 
 (ii) collect Company
assets, including obligations owed to the Company; 
 (iii) settle and close the Company’s business; 
 (iv) close out all open commodity interest positions held in the name of the Company, having due regard for the activity and condition of
the relevant market and general financial and economic conditions; 
 (v) pay all reasonable costs and other expenses incurred
in connection with the winding up out of the proceeds of the disposition of Company property; 
 (vi) discharge the
Company’s known liabilities and, if necessary, to set up, for a period not to exceed five (5) years after the date of dissolution, such cash reserves as the liquidator may deem reasonably necessary for any contingent or unforeseen
liabilities or obligations of the Company; 
  

 15 

 (vii) distribute any remaining assets of the Company to the Members as contemplated by
Section 10.4; 
 (viii) prepare, execute, acknowledge and file articles of dissolution under the Act and any other
certificates, tax returns or instruments necessary or advisable under any applicable law to effect the winding up and termination of the Company; 
 (ix) assist the former Members, to the extent that they so request, in establishing individual WCM Program trading accounts, to be maintained in their own names; and 
 (x) exercise, without further authorization or consent of any of the parties hereto or their legal representatives or successors in
interest, all of the powers conferred upon the Members under the terms of this Agreement to the extent necessary or desirable in the good faith judgment of the liquidator to perform its duties and functions. 
 10.3. Compensation of Liquidator. The liquidator, if Preferred, shall act without compensation. If the liquidator is not Preferred,
the compensation due to the liquidator shall be as agreed to by the Majority Vote of the Voting Members and shall be allocated pro rata among all Members as based on their respective Company Percentages. 
 10.4. Distribution of Company Property. (a) Upon completion of all desired sales of Company property, and after payment of all selling costs
and expenses, the liquidator shall distribute the proceeds of such sales, and any Company property that is to be distributed in kind, to the following groups in the following order of priority: 
 (i) to satisfy Company liabilities to creditors, whether by payment or establishment of reserves; and 
 (ii) to the Members, in accordance with the positive balances in their respective Capital Accounts determined after allocating all items
for all periods prior to and including the date of distribution. 
 All distributions required under this Section 10.4 shall be made to the
Members by the end of the taxable year in which the liquidation occurs or, if later, within 90 days after the date of such liquidation. 
 (b) If the assets available for disposition pursuant to Section 10.4(a)(ii) are insufficient to dispose of all of the claims of a priority group, the available assets shall be distributed in proportion to the amounts owed to
each creditor or the respective Capital Account balances of each Member in such group. 
 10.5. Final Audit. Within a reasonable time
following the completion of the liquidation (and, in all events, in full compliance with all applicable CFTC rules), the liquidator shall supply to each of the Members a statement that shall set forth the assets and the liabilities of the Company as
of the date of complete liquidation and each Member’s portion of the distributions made pursuant to Section 10.4. 
  

 16 

 10.6. Deficit Capital Accounts. As contemplated by Section 4.4, notwithstanding
anything to the contrary contained in this Agreement, and notwithstanding any custom or rule of law to the contrary, to the extent that the deficit, if any, in the Capital Account of any Member results from or is attributable to deductions and
losses of the Company, or distributions of money pursuant to this Agreement to all Members in proportion to their respective Membership Interests, upon dissolution of the Company such deficit shall not be an asset of the Company and such Members
shall not be obligated to contribute such amount to the Company to bring the balance of such Member’s Capital Account to zero. 
 ARTICLE XI 
 MISCELLANEOUS PROVISIONS 
 11.1. Approval of Administration Agreement. The Company and Preferred have entered into an Administrative Services Agreement with Preferred as contemplated by Section 6.3. Each Member herewith
expressly approves and consents to such Agreement as a condition of such Member’s admission to the Company. 
 11.2.
Interpretation. The Company has been formed with the specific intent of permitting the Members to consolidate their trading pursuant to the WCM Program in accordance with the Securities and Exchange Commission No-Action Letter, The Managed
Futures Association (publicly available July 15, 1996). This No-Action Letter contemplates that “commodity pools” such as the Members could consolidate their commodity interest trading through investing in entities such as the
Company without thereby becoming subject to the Company Act. The terms and operations of the Company are intended to be, and are to be interpreted so as to be, in full compliance with the intent as well as the particular requirements of such
No-Action Letter. Other than in respect of permitting such consolidated trading, the Members’ investment in the Company is intended to have no effect upon the Members which differs in any respect from their continuing to maintain individual WCM
Program trading accounts, and this Agreement is to be interpreted so as to achieve this result. 
 This Agreement shall be deemed to be
amended ab initio in whatever manner it may be determined by Majority Vote of the Voting Members to be necessary or advisable to ensure compliance with the requirements of the foregoing No-Action Letter and that none of the Members, solely as
a result of investing in the Company, has become an “investment company” within the meaning of the Company Act. 
 11.3.
“Commodity Pool” Status of the Company. It is unclear whether the CFTC will require the Company to report its operations on the basis that it is a “commodity pool” on a stand-alone basis, as opposed to having the
respective attributable results of their investments in the Company reflected in the performance reports of the Members. Preferred, as administrator of the Company, shall be responsible, at Preferred’s own cost and expense, for all
CFTC-required reporting of the Company, and shall ensure that the Company is operated in full compliance with all substantive requirements (as opposed to procedural or reporting requirements, which the CFTC might waive) relating to the operation of
“commodity pools.” 
  

 17 

 11.4. Compliance with the “Blue Sky” Guidelines. The Voting Members are each
“commodity pools” which were publicly offered in the United States and which, accordingly, were structured in respect of certain of their business terms so as to comply with the “Guidelines for the Registration of Commodity Pool
Programs” (the “Guidelines”) promulgated by the North American Association of Securities Administrators, Inc. It is the express intent of all Members that the investment by the Voting Members in the Company, and the terms of
this Agreement, in no respect whatsoever permit the Voting Members to act in a manner inconsistent with the Guidelines (except as may have been previously agreed to by a Voting Member with the state securities administrators, as reflected in such
Voting Member’s constituent documents), and this Agreement is in all respects to be interpreted in a manner consistent with such intent. 
 11.5. Organizational and Maintenance Expenses. Preferred shall pay, without reimbursement from the Company or any Member, all organizational costs relating to the formation of the Company as well as all ongoing costs of maintaining
the Company as a Delaware limited liability company and a foreign limited liability company (if and as applicable), in each case in good standing. 
 11.6. Counterparts. This Agreement may be executed in several counterparts, each of which will be deemed an original but all of which will constitute one and the same. 
 11.7. Entire Agreement. This Agreement (which refers to and must be interpreted in light of certain agreements among the respective Members,
Preferred, Winton and others as contemplated herein) constitutes the entire agreement among the parties hereto and contains all of the agreements among such parties with respect to the subject matter hereof. This Agreement supersedes any and all
other agreements, either oral or written, between such parties with respect to the subject matter hereof. 
 11.8. Partial Invalidity.
Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such invalid, illegal or unenforceable provision or
provisions or any other provisions hereof, unless such a construction would be unreasonable. 
 11.9. Amendment. Except as expressly
provided to the contrary herein (for example, in Sections 5.1 and 6.6), this Agreement may be amended by, and only by, a written agreement executed by all Voting Members. 
 11.10. Binding Effect. Subject to the provisions of this Agreement relating to transferability, this Agreement will be binding upon and shall
inure to the benefit of the parties, and their respective distributees, heirs, successors and assigns. 
  

 18 

 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LOCAL, INTERNAL LAWS OF THE STATE OF DELAWARE; PROVIDED, HOWEVER, THAT CAUSES OF ACTION FOR VIOLATION OF THE FEDERAL OR STATE SECURITIES LAWS SHALL NOT BE GOVERNED BY THIS SECTION 11.11. IN PARTICULAR, THIS AGREEMENT IS INTENDED TO COMPLY WITH THE
REQUIREMENTS OF THE ACT AND THE CERTIFICATE OF FORMATION. IN THE EVENT OF A DIRECT CONFLICT BETWEEN THE PROVISIONS OF THIS AGREEMENT AND THE MANDATORY PROVISIONS OF THE ACT OR ANY PROVISION OF THE CERTIFICATE OF FORMATION, THE ACT AND THE
CERTIFICATE OF FORMATION, IN THAT ORDER OF PRIORITY, WILL CONTROL. 
 11.12. Effect of Waiver or Consent. A waiver or consent, express
or implied, to or of any breach or default by any person in the performance by that person of its obligations with respect to the Company is not a consent or waiver to or of any other breach or default in the performance by that person of the same
or any other obligations of that person with respect to the Company. Failure on the part of a person to complain of any act of any person or to declare any person in default with respect to the Company, irrespective of how long that failure
continues, does not constitute a waiver by that person of its rights with respect to that default until the applicable statute-of-limitations period has run. 
 11.13. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Member shall execute and deliver any additional documents and instruments and perform any additional
acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and such transactions. For greater certainty and not by way of limitation, each Member agrees to take all steps and perform such additional acts as
the CFTC or the Securities and Exchange Commission, respectively, may deem to be necessary or appropriate in connection with the consolidation of the Members’ respective WCM Program trading accounts into the sole trading account of the Company.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the year and date first
above written, to be effective on the date first above written. 
  

					
	WCM POOL LLC
		
	By:	 	Diversified Futures Fund LP, a Member
			
		 	By:	 	Preferred Investment Solutions Corp.,
		 		 	its General Partner
			
		 	By:	 	 /s/ Esther E. Goodman

		 	Name:	 	Esther E. Goodman
		 	Title:	 	Senior Executive Vice President and
		 		 	Chief Operating Officer
		
	By:	 	Diversified Futures Trust I, a Member
			
		 	By:	 	Preferred Investment Solutions Corp.,
		 		 	its Managing Owner
			
		 	By:	 	 /s/ Esther E. Goodman

		 	Name:	 	Esther E. Goodman
		 	Title:	 	Senior Executive Vice President and
		 		 	Chief Operating Officer
		
	By:	 	Kenmar Global Trust, a Member
			
		 	By:	 	Preferred Investment Solutions Corp.,
		 		 	its Managing Owner
			
		 	By:	 	 /s/ Esther E. Goodman

		 	Name:	 	Esther E. Goodman
		 	Title:	 	Senior Executive Vice President and
		 		 	Chief Operating Officer

  

 20 

 Schedule I 
 MEMBERS AND INITIAL CAPITAL CONTRIBUTIONS 
 Initial Positions Transferred 
 Capital Contribution (see attached Cash schedule) 
  

							
	 Member
	  	Initial Company
Percentage	  	Non-Voting
Membership
Interest	  	Voting Membership
Interest
	 Diversified Futures Fund LP
	  	$	  	%	  	X
				
	 Diversified Futures Trust I
	  	$	  	%	  	X
				
	 Kenmar Global Trust
	  	$	  	%	  	X

 The address of all the Members is Preferred Investment Solutions Corp., 900 King Street, Suite 100, Rye Brook, NY
10573; telephone: (914) 307-7000. 
  

 21

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